The UAE property developer Majid Al-Futtaim (MAF) group began work on a new shopping center in the outskirts of Cairo, Egypt, marking the group’s first investment outside the Gulf region. MAF expects to invest several hundred millions of dollars in a number of projects in Egypt over the next decade, MAF Chairman Saeed Al-Tayer confirmed.
Maadi City Center is one of two MAF projects in Egypt due for completion by the end of next year. The second, also a shopping, entertainment and leisure complex, will be constructed in Alexandria. A third, in the Heliopolis suburb of Cairo, still awaits government approval.
MAF's new construction site was inaugurated by the Cairo Governor Abdel Rehim Shehata, who laid the foundation stone of the complex that will include more than 40 shops, several restaurants and a family entertainment center.
"We intend to expand our investments to other major countries in the Middle East. We are currently seeking sites and official approvals for projects in Saudi Arabia, Lebanon and Jordan and we envisage entering several further markets over the next decade," Al-Tayer added.
The Majid Al-Futtaim Group is a regional property development company, specializing in large Gulf shopping centers. Its portfolio includes the Deira city center project, the largest of its kind in the region, as well as two other malls in Sharjah and Ajman in the United Arab Emirates (UAE) and another in Oman and Qatar. The Group has further interests in tourism, multiplex cinemas and professional and financial services. — (menareport.com)
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