Dubai-headquartered Majid Al Futtaim Properties has awarded the $400m (€309m) construction contract for the Mall of Egypt shopping and leisure complex near Cairo.
The project is the largest foreign investment in Egypt since the election of the country’s new government.
A 50:50 joint venture between Belgian group BESIX and Egypt’s Orascom Construction will build the scheme, which is located in the Sixth of October City near Cairo. The 162,500 m2 Mall of Egypt will include an indoor ski park, a 17-screen cinema complex, 380 shop units, a Carrefour hypermarket, an outdoor plaza and an amusement.
“Egypt’s strong economic fundamentals, such as its young and growing population, make it an attractive growth market. We are committed to building on our success in Egypt and investing in the country’s long-term economic growth,” Peter Walichnowski, Majid Al Futtaim Properties CEO, said.
Majid Al Futtaim Properties develops shopping malls, hotels and communities throughout the Middle East and North Africa and has four flagship shopping malls: Mall of the Emirates, Midriff City Centre and Deira City Centre in Dubai and Bahrain City Centre.
The company also owns nine hotels in the UAE and two in Bahrain, all of which are linked to the company’s shopping malls.
The company is currently developing three master-planned communities: The Wave, Muscat, a joint venture with the government of Oman; Waterfront City in Beirut, Lebanon, a joint venture with Société Joseph Khoury & Fils Holding; and SAL, Al Zahia, developed by Sharjah Holding, a joint venture between the government of Sharjah and Majid Al Futtaim Properties.
