CAIRO: Prime Minister Ibrahim Mahlab has approved the licensing of Majid Al Futtaim, a leading retail and leisure pioneer, to establish an investment zone on area of 98,168 square meters overlooking the Ring Road in Maadi, Youm7 reported Thursday.
The license requires the company to seek prerequisite approvals, apply stated conditions and implement a plan to establish the zone in a 60-month schedule from the date of licensing.
Mahlab assigned the Egyptian General Survey Authority (ESA) to fulfill the procedures completing the required real estate confiscation to implement the project.
Egyptian Minister of Investments Ashraf Salman signed May14 an agreement with United Arab Emirates’ Majid Al Futtaim to increase its investments by 5 billion EGP ($660 million) to reach up around 23 billion EGP ($3.02 billion) over the coming five years.
In the past 15 years, the company has established a number of projects in Egypt in retail, shopping and real estate sectors through super markets and family shopping centers in Cairo, Alexandria and the recent “Mall of Egypt” in Giza.
The company has businesses across 12 international markets in the region; it operates and owns 17 shopping malls, 11 hotels and three mixed-use communities, according to its official website.