Majid Al Futtaim invests over $2.5B in Egypt in 25 years
Updated 10/17/2023 3:06:00 PM
Arab Finance: Majid Al Futtaim has strategically invested over $2.5 billion in Egypt since 1998, according to an emailed press release.
The leading shopping mall, communities, retail, and leisure pioneer has also offered more than 144,000 direct and indirect jobs in the North African country during this period.
Over the past 25 years, the group’s retail and leisure outlets have succeeded to attract more than 90 million visitors a year, which account for nearly 21% of the market share of modern retail in Egypt.
As for future plans, the company is planning to quadruple the number of Carrefour stores across the country by 2025.
"As we commemorate the 25th anniversary of Majid Al Futtaim’s presence in Egypt, we could not be more proud of the role we have played in contributing to the delivery of the Republic’s national growth agenda in that time,” Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, said.
“We have witnessed first-hand the cultural shift in consumer habits our destination shopping malls, entertainment venues and retail centers have enabled, establishing community hubs that have created investment opportunities to reshape landscapes and create countless employment opportunities for the country’s remarkable talent,” Ismail added.
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