Skip to comments.Dubai retailer Al Futtaim to invest $2.3bn in Egypt
Posted on 01/25/2014 2:54:34 PM PST by SunkenCiv
The investment plan is positive for Egypts 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 Cairos Maadi district at a cost of EGP 3.2bn, and begin construction next week of another mall next to Cairos 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 dailynewsegypt.com ...
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)
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