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MENAFN Press - 22/01/2014
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(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




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