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Dubai retailer Al Futtaim to invest $2.3bn in Egypt
Daily News Egypt ^ | January 22, 2014 | unattributed

Posted on 01/25/2014 2:54:34 PM PST by SunkenCiv

The investment plan is positive for Egypt’s army-backed government, which is trying to attract foreign money back to the country and create jobs to ease social discontent as it manages a difficult transition to elections this year...

MAF, the sole franchisee of French retailer Carrefour in the region, will expand one of its shopping malls in Cairo’s Maadi district at a cost of EGP 3.2bn, and begin construction next week of another mall next to Cairo’s main airport that will cost a similar amount, Malas said.

In addition, the company expects to complete construction of its “Mall of Egypt” project near Cairo by the end of 2015 at a cost of EGP 4.9bn, while the Carrefour operation plans further investments, he said.

New foreign investment in Egypt almost dried up after the revolution which overthrew Hosni Mubarak in 2011 – though Malas said Carrefour had continued to open new stores over the past three years.

The economy has begun to stabilise, helped by billions of dollars of aid which Saudi Arabia, the United Arab Emirates and Kuwait provided after the army ousted Islamist President Mohamed Morsi last July...

“The operational environment remains challenging,” Heikal said. “The best advice I would give investors is to stay out of politics.”

(Excerpt) Read more at ...

TOPICS: Business/Economy; Egypt; Foreign Affairs; War on Terror
KEYWORDS: alfuttaim; carrefour; dubai; egypt; europeanunion; france; kuwait; saudiarabia; unitedarabemirates; waronterror
Dubai retailer Majid Al Futtaim, which holds the Carrefour franchise in the Middle East, plans to invest about $2.3bn in Egypt in the next few years, its chief executive said on Wednesday, a sign of Gulf investors’ growing interest in the Egyptian economy. (Al Futtaim Logo)

Dubai retailer Al Futtaim to invest $2.3bn in Egypt

1 posted on 01/25/2014 2:54:34 PM PST by SunkenCiv
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

Saudi King Sees Egypt Too Big to Fail Under Friendly General
By Alaa Shahine and Glen Carey
Jan 16, 2014

A Change of Course in Cairo?

Examining hints that Egypt is turning East in its search for arms
Alex Edwards
Friday, 24 Jan, 2014

from the allah-akbar corner:

Seven reasons why the Arab uprisings are eclipsing western values
By Mark Leonard JANUARY 21, 2014

and from the waaaah corner:

Running on Empty
Why unbridled oil consumption in the Middle East could pose a threat to the region and beyond.
JANUARY 23, 2014

Support for Egypt’s New Pharaoh Sacrifices Security and Human Rights: U.S. Should Stay Out of Egyptian Disaster
Posted: 01/24/2014
Doug Bandow

same op-ed:

Obama Administration Sacrifices Security and Human Rights in Egypt
JANUARY 21, 2014

2 posted on 01/25/2014 2:59:16 PM PST by SunkenCiv (;
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To: SunkenCiv

So everyone will have a job; selling trinkets made in China to each other...

3 posted on 01/25/2014 6:29:18 PM PST by Iscool
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4 posted on 01/25/2014 6:41:51 PM PST by SunkenCiv (;
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