DAVOS, Switzerland Jan 22 Dubai retail group
Majid Al Futtaim plans to invest about $2.3 billion
in Egypt over the next few years, its chief executive said on
Wednesday, in a sign of Gulf investors' growing interest in the
"Total investments on the plan, including Carrefour, should
be around 16 billion Egyptian pounds over the next four to five
years," Iyad Malas told Reuters on the sidelines of the World
Economic Forum in Davos.
MAF, the sole franchisee of Carrefour hypermarkets
in the Middle East, will expand one of its shopping malls in
Cairo's Maadi district at a cost of 3.2 billion pounds, 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 4.9 billion pounds, while the Carrefour operation plans
further investments, he said.