UAE’s Majid Al Futtaim says to invest $590 mln more in Egypt

Majid Al Futtaim, a big shopping mall and leisure industry operator based in the United Arab Emirates, will increase its planned investments in Egypt by 4.5 billion Egyptian pounds ($590 million), the company said on Sunday.

In a memorandum of understanding signed with Egypt's government at an international economic conference in the Egyptian town of Sharm el-Sheikh, Majid Al Futtaim said the projects would come on top of an existing 18 billion Egyptian pound, five-year plan to invest in Egypt.

The new projects include development of four shopping malls and other facilities in greater Cairo, and the introduction of VOX cinemas over the next five years.

Majid Al Futtaim also released details of projects under its existing investment plan, including a large new shopping complex and redevelopment and expansion of another mall. 

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