Majid Al Futtaim invests $2.5bn over last two decades: CEO

Daily News Egypt
4 Min Read

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, marked a significant milestone this month as it celebrates 25 years of operations in Egypt.

Since 1998, Majid Al Futtaim has transformed the retail, real estate, and entertainment landscape in Egypt with its diverse portfolio of assets and services. The Group’s Egypt portfolio, which spans 14 cities and welcomes more than 90 million visitors per year, accounts for 21% of the market share of modern Egyptian retail and includes four destination shopping malls and 70 Carrefour stores, including four Supeco and five Myli stores. The Group also offers six family entertainment centres, which include an indoor ski experience and one-third of the country’s modern cinema screens (44 screens), as operated by VOX Cinemas.

Ahmed Galal Ismail, CEO of Majid Al Futtaim – Holding, said, “Our investment of $2.5bn over the last two decades is a testament to our unwavering support for the country while our future investments include robust growth plans for Carrefour and Supeco stores and we aspire to achieve EGP 100bn in revenues over the next decade. However, Majid Al Futtaim’s journey in Egypt extends far beyond direct capital spend, supporting key initiatives in support of Vision 2030, such as education, employment, sustainability and economic prosperity. As Egypt continues to unlock its full potential, Majid Al Futtaim is immensely proud to contribute to the Republic’s people, its progress, and its prosperity.”

Majid Al Futtaim remains steadfast in its commitment to creating great moments for everyone, every day across Egypt. With 25 years of positive impact in the country, the Group continues to place the Egyptian community at the heart of its sustainable growth agenda with an unwavering focus on fostering economic progress and community development.

The Group has ambitious plans for the coming years, with a solid vision to invest EGP20 billion in new projects, plus extensions and refurbishments of existing malls and entertainment centres by 2030. A further EGP4.6 billion is slated for local market investment by the Retail business, specifically focusing on the expansion of the Carrefour network to reach 130 stores across 25 cities in Egypt by 2025, and scaling operations of Supeco which will grow to 144 stores by 2030.

The VOX Studios business, which was launched in 2021 and produced ‘Voy Voy Voy’ is also set to receive investment and growth. The studio is currently on track to produce 25 Arabic films by 2025.

Majid Al Futtaim’s commitment to the communities in which it operates has actively driven strategic investment decisions, totalling more than $2.5bn over the last two and half decades. These investments have catalysed urban and social development positioning Majid Al Futtaim as one of Egypt’s largest non-oil foreign investors, directly employing 9,000 people in Egypt and contributing to thousands of indirect employment opportunities through construction projects, tenants and entertainment assets.

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