Majid Al Futtaim (MAF) Holding, developer of shopping malls and hotels across the Middle East, has announced expansion plans for Egypt.
According to a report on Arabianbusiness.com, company CEO Uyad Malas has met with Egypt's Prime Minister Essam Sharaf to discuss upping its involvement in the country.
MAF already operates two shopping malls and eight Carrefour supermarkets in Egypt.
MAF Properties, the conglomerate’s real estate unit, is due to open its third mall here in 2014. The ‘Mall of Egypt’ development will add 160,800sqm of retail space and is expected to create 7,000 permanent jobs when completed.
This marks part of MAF's plans to double its malls in the Middle East and North Africa from 10 to 20 by 2020 and will involve a total investment of US$4 billion, the company said.