Majid Al Futtaim plans to invest approximately $996m in Egypt and a further $533m in Saudi Arabia by building new cinemas and shopping malls.
Majid Al Futtaim CEO Alain Bejjani reportedly told Reuters that the company’s investment will be spread over the next two-to-three years and will see the UAE giant spend $866m on one mall in Cairo.
Majid Al Futtaim has already built 100 cinema screens in the kingdom since the ban on commercial cinemas was lifted in 2017. It plans to develop up to 600 in the mid-term future.
Further expansion plans include opening seven Carrefour locations in Uzbekistan in 2020 and to open a Carrefour in Uganda this year, which will be the company’s first investment there, according to Commercial Interior Design's sister title, Arabian Business.