UAE’S MAJID AL FUTTAIM TO INVEST $796MLN IN EGYPT BY 2030

Dubai-based retail conglomerate Majid Al Futtaim (MAF) has shared plans to invest around EGP24.6 billion ($796 million) in Egypt by 2030 as it looks to expand its presence in the North African country. Around EGP20 billion of the amount will be allocated by Majid Al Futtaim Properties to invest in new projects that include extensions and refurbishments of existing malls and entertainment centres by 2030, the company said in a statement on Tuesday. The remaining EGP4.6 billion is slated for local market investment by the company’s retail business. The investment will focus on growing MAF’s Carrefour network to reach 130 stores across 25 cities in Egypt by 2025 and expanding Supeco’s footprint to 144 stores by 2030. The UAE company shared the expansion plans as it released the initial findings of a report that explores the impact of its operations in Egypt in over two decades. Since 1998, MAF has invested around $2.5 billion into the Egyptian market and created 144,000 jobs. The company said it has transformed the retail, real estate and entertainment landscape in Egypt over its 25-year presence in the country. Source: Zawya