MAF grows business in Egypt

Dubai: Retail and leisure conglomerate Majid Al Futtaim (MAF) will continue to expand in Egypt, according to Iyad Malas, CEO of MAF Holding.

MAF is looking at “two to three projects” in Egypt which will be built on existing land, he said, adding that these will be major malls.

Mall of Egypt, currently under construction, is expected to open in late 2015 or early 2016.

“Mall of Egypt is an investment [of] around $600 million that has already secured financing through an Egyptian pound syndicated loan with a number of banks, [including] the National Bank of Egypt and Banque Misr,” Malas said. He added that MAF has no current plans to launch mixed-use developments in the country.

Asked if MAF will grow in Egypt through acquisitions, despite failed talks to acquire supermarket chain Metro from family-owned Mansour Group in Egypt, Malas said: “There aren’t too many other opportunities in Egypt…we will continue to grow organically,” he said.

MAF opened seven supermarkets and hypermarkets in Egypt this year and expects to open seven more next year.