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Egypt is going through a turn-around phase and it requires critical investment in new projects and infrastructure, Osama Saleh, Egypt's minister of investment, said during his recent visit to Mall of the Emirates, one of the most successful shopping mall in the world.
"Retail and entertainment is a key contributor to the Egyptian economy, and projects such as Mall of Egypt are exactly what we need to boost the sector," Osama Saleh added.
The minister's visit comes as Majid Al-Futtaim progresses its development of Mall of Egypt in Cairo, which represents an investment of 4.9 billion Egyptian pounds. Mall of Egypt will comprise a gross leasable area of 172,000sqm offering a premium shopping and entertainment experience to Egypt's community. Among the leisure and entertainment facilities in Mall of Egypt, will be a state-of-the-art indoor ski slope similar to Ski Dubai in Mall of the Emirates. This will be the first time the highly successful concept is taken outside the UAE.
"Mall of the Emirates is a great success story and we wish to see its state-of-the-art retail experience and excellence of standards replicated in Egypt," said the minister.
"Egypt is a key expansion market for us and we have several other investments in the pipeline, including the expansion of Maadi City Centre and the development of a new shopping center in Almaza. Overall, our planned investments for Egypt amount to more than EGP16.5 billion, and will generate around 125,000 jobs directly and indirectly in the coming 5 years," said Iyad Malas, CEO, Majid Al-Futtaim Holding, who was accompanying Osama Saleh during his tour to the Emirates Mall.