SHARM EL SHEIKH // Majid Al Futtaim is set to to embark on a massive mall building spree in Egypt as it prepares to open Africa's first indoor ski slope.
It aims to have opened 55 supermarkets and hypermarkets across the country by 2019 as part of an 18 billion Egyptian pound (Dh8.67bn) spending plan.
At present it has 11 properties in the country.
“Egypt is our second market and will see one of our largest expansions,” said MAF’s chief executive, Alain Bejjani, on the sidelines of the Egypt The Future investment conference in Sharm El Sheikh.
MAF has been both a driver and beneficiary of Dubai’s retail boom and is now developing its overseas assets while expanding its real estate, health-care and finance units.
The UAE retail sector grew at 7.5 per cent last year, almost twice that of the wider region, to be worth an estimated $33bn. The group’s revenue rose 11 per cent last year to Dh25bn.
The company’s big push into Egypt is part of a wider expansion that has been spurred by the acquisition of the rights to develop Carrefour outlets in 38 markets as far apart as Russia and South Africa.
Now the Egyptian government has endorsed MAF’s five-year plan to expand across the country, adding another 300,000 square metres of retail space.
That will include the development of three malls and the expansion of its City Centre Malls in Alexandria and Maadi.
The conglomerate already has a major presence in the country, employing about 3,500 people. Its Mall of Egypt development, which will include an indoor ski slope – similar to its existing Ski Dubai located in Mall of the Emirates – is expected to complete next year.
Mr Bejjani was appointed to lead the group last month following the departure of Iyad Malas.
scronin@thenational.ae
Follow The National's Business section on Twitter
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia