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Majid Al Futtaim Lays Foundation for City Centre Almaza as the 3rd City Centre in Egypt and the 14th in the MENA Region

With over EGP 4 billion investments, the new mall is expected to create 36,000 direct and indirect job opportunities

 

Majid  Al  Futtaim,  the  leading  shopping  mall,  retail and leisure pioneer across the Middle East and North Africa, hosted today a bricklaying event for its latest development in Egypt, City Centre Almaza. The mall will be Majid Al Futtaim’s  3rd  City  Centre  in  Egypt  and  its  14th  in  the  City  Centre  network  -  the  largest  mall network across the Middle East.

The City Centre Almaza bricklaying event was attended by H.E. Minister of Investment Ashraf Salman, H.E. Mostafa Madbouly Minister of Housing as well as Majid Al Futtaim senior  management  including  Alain  Bejjani,  Chief  Executive  Officer  -  Majid  Al  Futtaim  Holding and Abdalla El Nockrashy, Egypt Country Head for Majid Al Futtaim Properties. During  the  bricklaying  event,  which  took  place  at  the  project’s  construction  site,  the  mock-up model of the mall was showcased to attendees. 

The project, worth an estimated EGP 4 billion, is expected to create 22,000 direct and 14,000  indirect  job  opportunities.  Located  in  Cairo’s  high-end  suburb  of  Heliopolis  on  the north eastern quadrant of the junction between the Cairo-Suez Road and Nasr Road in  Heliopolis,  City  Centre  Almaza  is  projected  to  open  by  Q1  2019,  and  will  feature  103,455  square  metres  of  retail  space  offering  over  300  of  the  best  international  and  local  brands,  and  as  well  as  23  restaurants,  18  food  court  outlets  and  nine  cafes.  In  addition to housing a unique retail mix of the leading international and local brands, City Centre  Almaza  will  include  a  13,040  square  metre  Carrefour,  16  state-of-the-art  VOX  cinema  screens,  a  1,800  square  metre  Magic  Planet  family  entertainment  centre  and  4,000 parking spaces.

“Majid Al Futtaim is a long term investor in Egypt having made a significant investment in bringing unrivalled experiences to the country’s retail and leisure sectors since 1998. Our  commitment  to  Egypt’s  long  term  sustainable  development  means  that  we  are  immensely  proud  to  begin  work  on  City  Centre  Almaza  and  deliver  on  our  ongoing  support to Egypt as it moves towards becoming one of the world’s leading economies,” said  Alain  Bejjani,  CEO  of  Majid  Al  Futtaim  Holding.  “Being  our  second  largest  market  after the UAE, Egypt’s importance to our business is reflected in the implementation of our EGP 23 billion investment. Through this sizable investment we continue to expand our  operations  and  hire  Egyptians  in  alignment  with  the  government’s  growth  and  development goals. We see great potential in the economy and with the support of the government we expect many successful years to come for the communities we serve as well as our business. Together we will create great moments for everyone, everyday in Egypt.” 

City Centre Almaza is one component of Majid Al Futtaim’s massive investment plan in Egypt worth EGP 23 billion, which also encompasses the undergoing developments of another  two  shopping  malls;  Mall  of  Egypt  and  the  expansion  of  City  Centre  Maadi,  in  addition  to  four  neighbourhood  centres  in  new  residential  cities  in  Cairo  and  the  development of four new shopping malls in greater Cairo.

H.E Asharf  Salman,  Egypt’s  Minister  of  Investment  said:  “As  we’re  moving  ahead  with  Egypt’s  economic  reform  process,  it  is  important  for  us  to  identify  and  work  with  experienced,  committed  partners.  With  its  massive  investment  plan  that’s  coupled  with  sizable job opportunity creation, Majid al Futtaim is well positioned to play a significant role in the development of our country’s retail landscape and economy in general.”

Majid Al Futtaim’s plan also includes expanding the network of Carrefour hypermarkets and supermarkets to 60 branches by end of 2019, and introducing the largest and first local  VOX  cinemas  over  the  coming  five  years.  Upon  completion,  this  investment  plan  will  have  created  a  sizeable  144,000  direct  and  indirect  jobs  by  providing  significant  employment opportunities for Egyptians.