UAE’s Majid Al Futtaim to invest $590 mln more in Egypt

Egyptian President Abdel Fattah al-Sisi (R), UAE counterpart Sheikh Mohammed bin Rashid al-Maktoum (2nd R) look at a scale model of the new Egyptian capital Cairo in this March 14, 2015 handout photo. (Reuters)

Majid Al Futtaim, a big shopping mall and leisure industry operator based in the United Arab Emirates, will increase its planned investments in Egypt by 4.5 billion Egyptian pounds ($590 million), the company said on Sunday.

In a memorandum of understanding signed with Egypt’s government at an international economic conference in the Egyptian town of Sharm el-Sheikh, Majid Al Futtaim said the projects would come on top of an existing 18 billion Egyptian pound, five-year plan to invest in Egypt.
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Source News: Alarabiya