mobanmarketCAIRO: Dubai-based Majid Al Futtaim will invest 16 billion Egyptian pounds ($996.26 million) in Egypt over the next two to three years, its CEO said on Wednesday, 14 billion pounds of which will be for a single mall in Cairo.
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Majid Al Futtaim also plans to expand in Saudi Arabia, Uzbekistan and Uganda, chief executive Alain Bejjani told Reuters in an interview.
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The company will spend 2 billion Saudi riyals ($533.6 million) building cinemas in Saudi Arabia as part of a five-year 16 billion riyal investment plan, he said.
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Majid Al Futtaim, which has already built 100 cinema screens in Saudi Arabia, will bring the total to 600 screens at the end of the five-year plan, which began a year and a half ago. The conservative kingdom lifted a nearly 40-year ban on commercial cinemas in 2017 as part of broad social and economic reforms.
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“We will open seven Carrefour locations in Uzbekistan in 2020 and on Dec. 16 we will open a Carrefour in Uganda,” he said, adding they will also enter other markets. The Carrefour in Uganda will be the company’s first investment there.
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Majid Al Futtaim has invested around 28 billion Egyptian pounds in Egypt since the end of 2015, he said.
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