Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Egypts Minister of Investment visits Mall of the Emirates  Join our daily free Newsletter

MENAFN Press - 22/01/2014
No. of Ratings : 0
Add to Mixx!



(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


About Majid Al Futtaim Properties
Majid Al Futtaim Properties has its core operations in three key business units: shopping malls; hotels, and communities across the Middle East and North Africa region. The Shopping Malls Business Unit, which together makes the company an industry leader, owns, manages and develops mall destinations that provide memorable shopping, entertainment and social experiences for its customers. Majid Al Futtaim Properties has revamped the regional face of retail, leisure and entertainment, since the launch of its first mall, Deira City Centre in 1995. Currently, the company's mall portfolio includes 16 shopping centres, in UAE, Bahrain, Oman, Egypt and Lebanon, with a combined gross leasable area (GLA) of over 1 million sqm, more than 2,800 tenants and an increasing footfall of over 160 million visitors in 2012. Majid Al Futtaim Properties has three flagship shopping malls in Dubai: Mall of the Emirates, Mirdif City Centre and Deira City Centre. The Hotels Business Unit develops and manages hotels and branded serviced apartments that are synergistic with the company's malls. Majid Al Futtaim owns nine hotels in the UAE and two in Bahrain. Their strategic proximity to the malls contributes to welcoming over 1.2 million guests annually. The Communities Business Unit develops and sells quality residential housing. Majid Al Futtaim currently has three communities under development. The Wave, a joint venture with the government of Oman to develop Muscat's largest ocean-front integrated community; Al Zahia, a joint venture with the Government of Sharjah, to build the Emirate's first gated residential community with a regional mall in a prime growth corridor; The 250,000 sqm Waterfront City development in Beirut, Lebanon, a joint venture with Socit Joseph Khoury & Fils Holding SAL to build Beirut's premier mixed used community with one of the largest marinas in the Mediterranean. Majid Al Futtaim Properties is recognised as a sustainability leader in the MENA region since the launch of the first phase of the company's sustainability strategy in 2009. According to the 2013 Global Real Estate Sustainability Benchmark (GRESB) survey, the company ranks second in the Asia-Pacific region and in the top 133 property businesses worldwide. In 2013, Majid Al Futtaim launched its new five-year sustainability strategy with the vision to enhance people's lives through sustainable real estate. This commitment is reflected in Majid Al Futtaim Properties' pioneering standards, prosperous communities and high performance assets.

 


MENAFN Press




  MENA News Headlines
 Apr 30 2016 - Qatar's MPHC net profit up 83 percent in Q1MENAFN
(MENAFN) Mesaieed Petrochemical Holding Co. posted net profit of USD 58.28mn for the first quarter of this year, an increase of 83 percent.Furthermore, the increase was attributed to growth sales ...

 Apr 30 2016 - Aaml Co. net profit jumps 33.7 percent in Q1MENAFN
(MENAFN) Aamal firm, one of the GCC's fastest growing firms, proclaimed net profit of USD 42.18mn for Q1 of this year, a jump of 33.7 percent.Additionally, group profit were up 6.9 percent to USD ...

 Apr 30 2016 - Egypt, UAE to discuss relations in real estate projectsMENAFN
(MENAFN)Egypt and UAE will discuss real estate investment projects that UAE seeks to participate in.Moreover, these projects involve the New Administrative Capital, as well as housing projects in ...

 Apr 29 2016 - Omani power firm to build vital power facilityMENAFN
(MENAFN) Omani Musandam Power Company SAOC (MPC) will construct the Musandam Independent Power Plant (Musandam IPP) in the Musandam Governorate.As a high level official stated, the firm's strategy ...

 Apr 29 2016 - Saudi, French bilateral trade to reach USD13.6bMENAFN
(MENAFN) The Saudi-French Business Opportunities Forum taking place in Saudi Arabia delivers the finest stage to advance parts of mutual collaboration in many new areas.The two countries enjoy great ...

 Apr 29 2016 - KSA continues to prioritize low spendingMENAFN
(MENAFN) Saudi plans to return unspent money which was allocated in this year's budget for the purpose of cutting waste as state revenues weakens due to low oil prices.In the recent past, government ...

 Apr 29 2016 - Qatar- El Jaish aim to dethrone LekhwiyaThe Peninsula
(MENAFN - The Peninsula) Lekhwiya players lift the Qatar Cup trophy in this May 2 2015 file picture. Doha: El Jaish will be looking for a repeat of their 2014 Qatar Cup success when they ...

 Apr 29 2016 - Qatar Cup Trophy Tour stops at OoredooThe Peninsula
(MENAFN - The Peninsula) Doha: The Qatar Cup tour made its final stop at Ooredoo the official telecom partner of the Qatar Cup 2016. Staff and management took an opportunity to take photos and ...

 Apr 29 2016 - Al Rayyan rally to win Qatar Cup titleThe Peninsula
(MENAFN - The Peninsula) Al Rayyan SC players and officials celebrate while receiving the Qatar Cup after they beat El Jaish SC 21-25 25-18 25-17 32-34 18-16 in the final played at Ali Bin Hamad Al ...

 Apr 29 2016 - Qatar- Emir Cup: Al Kharaitiyat Al Gharafa earn thrilling wins to advanceThe Peninsula
(MENAFN - The Peninsula) Al Sailiya’s Abdurahman Al Harazi (left) celebrates after scoring the first goal for his team during their Emir Cup third round match against Al Wakrah SC at Al Arabi ...

 Apr 29 2016 - Steinmeier doubts Trump's 'America first' planThe Peninsula
(MENAFN - The Peninsula) German Foreign Minister Frank-Walter Steinmeier gestures during a joint press conference with Portuguese Foreign Minister Augusto Santos Silva (not seen) after their meeting ...

 Apr 29 2016 - Qatar- Met predicts a hot day with some cloudsThe Peninsula
(MENAFN - The Peninsula) Doha: The weather forecast for Qatar valid until 6pm Thursday inshore will be hot during the day with some clouds offshore will be hazy to misty at places and partly ...

 Apr 29 2016 - Qatar key to boosting Turkey-GCC tiesThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani met Turkey’s Prime Minister Dr Ahmet Davutoglu and his delegation at the Emiri Diwan yesterday. They discussed relations ...

 Apr 29 2016 - Qatar- Emir welcomes King Mohammed of MoroccoThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani welcomes King Mohammed VI of the Kingdom of Morocco and his delegation at Hamad International Airport. Doha: Emir H H Sheikh ...

 Apr 29 2016 - Qatar eyes 'best of the best' turf for 2022The Peninsula
(MENAFN - The Peninsula) A worker tends to grass being grown at a research and development centre in Murakh to find the best playing surface for FIFA 2022 yesterday. Doha: Watching grass grow ...

 Apr 29 2016 - Qatar discusses WTD eventsThe Peninsula
(MENAFN - The Peninsula) Doha: Qatar Tourism Authority (QTA) yesterday held a meeting with UN World Tourism Organisation (UNWTO) to discuss Qatar’s preparations to host World Tourism Day 2017. ...

 Apr 29 2016 - Qatar- Premier meets EU Counterterrorism CoordinatorThe Peninsula
(MENAFN - The Peninsula) Doha: Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani yesterday met European Union Counterterrorism Coordinator Gilles de Kerchove ...

 Apr 29 2016 - Qatar- QU University of Illinois sign dealThe Peninsula
(MENAFN - The Peninsula) DOHA: An agreement signed between Qatar University College of Medicine (QU-CMED) and the Board of Trustees of the University of Illinois at Chicago (UIC) has established ...

 Apr 29 2016 - Qatar- AZF Ramadan Sports Festival from June 10The Peninsula
(MENAFN - The Peninsula) DOHA: Aspire Zone Foundation (AZF) has added cricket and rugby to its annual Ramadan Sports Festival which starts on June 10. The two-week event will end on June 24 (5-19 ...

 Apr 29 2016 - Qatar- First phase of mapping genetic code of citizens in final stageThe Peninsula
(MENAFN - The Peninsula) By Fazeena Saleem DOHA: The initial phase of an initiative to map the genetic code of citizens for better diagnoses and treatment of diseases in Qatar has reached the ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help