The company said in a press release on its website on Wednesday that the company’s development projects in Egypt are going according to plan, noting that it will continue to expand its investments in Egypt during this year.
The company announced on Tuesday that results of its business in 2016 showed an increase of 8% in its profits, compared to 2015.
Mall of Egypt is located on an area of 455,500 sqm on Al-Wahat Road in 6th of October City.
The company plans to open City Center Almaza by 2019. The mall will be considered the third mall with the City Center label in Egypt, according to the report.
Alain Bejjani, CEO of Majid Al Futtaim Holding, said in the report that the company will continue its plans to expand in several markets, most importantly the United Arab Emirates, Egypt, Oman, and Saudi Arabia.
The company works in 14 markets around the world. It currently owns and runs about 19 shopping malls, 12 hotels, and three projects of integrated cities, in addition to several projects under construction.
The company also owns the exclusive franchise right to use the name of Carrefour stores in 38 markets in the Middle East, Africa, and Central Asia.