(MENAFN Press) During an official trip to Dubai, Egypt's Minister of Investment, His Excellency Dr Osama Saleh, toured Mall of the Emirates, the flagship shopping destination by Majid Al Futtaim, which was ranked as the world's seventh most successful shopping mall in 2012 by the International Council of Shopping Centres. His Excellency was accompanied by Iyad Malas, CEO, Majid Al Futtaim Holding, George Kostas, CEO, Majid Al Futtaim Properties and Abdulla Al Nockrashy, Egypt Country Head for Majid Al Futtaim Properties.
The visit comes as Majid Al Futtaim progresses its development of Mall of Egypt in Cairo, which represents an investment of EGP4.9 billion. Mall of Egypt will comprise a gross leasable area of 172,000sqm offering a premium shopping and entertainment experience to Egypt's community. Among the leisure and entertainment facilities in Mall of Egypt, will be a state-of-the-art indoor ski slope similar to Ski Dubai in Mall of the Emirates. This will be the first time the highly successful concept is taken outside the UAE.
HE Dr Osama Saleh, Egypt's Minister of Investment, said: "Egypt is going through a turnaround phase, which requires critical investment in new projects and infrastructure. Retail and entertainment is a key contributor to the Egyptian economy, and projects such as Mall of Egypt are exactly what we need to boost the sector. Mall of the Emirates is a great success story and we wish to see its state-of-the-art retail experience and excellence of standards replicated in Egypt. We thank Majid Al Futtaim for their commitment to Egypt's future, and we look forward to working together for the benefit of the Egyptian community and economy.
Iyad Malas, CEO, Majid Al Futtaim Holding, said: "We are pleased to welcome His Excellency at our flagship shopping mall to witness the premium shopping experience we intend to offer to Egypt's community and tourists through Mall of Egypt. Egypt is a key expansion market for us and we have several other investments in the pipeline, including the expansion of Maadi City Centre and the development of a new shopping centre in Almaza. Overall, our planned investments for Egypt amount to more than EGP 16.5 billion, and will generate around 125,000 jobs directly and indirectly in the coming 5 years
Majid Al Futtaim opened its first mall in Egypt in 2002, Maadi City Centre and Alexandria City Centre in 2003. The two shopping malls offer a combined Gross Leasable Area of over 93,000square metres attracting more than 25 million visitors annually. Majid Al Futtaim also operates 6 Carrefour Hypermarkets and 9 Supermarkets in Egypt and its current investments in Egypt are worth EGP9.1 billion and have created more than 8,000 local jobs directly