With pyramids, pharaohs and a recent revolution, Egypt is known for many things - but skiing is not one of them. That is set to change.
The developer behind some of Dubai's biggest shopping malls and Ski Dubai plans to open Ski Egypt in three years.
The move comes as Majid Al Futtaim seeks opportunities to launch its leisure attractions globally, a senior executive said yesterday.
The indoor ski slope will be part of the company's 4.4 billion Egyptian pound (Dh2.71bn) Mall of Egypt project, which is scheduled to open in 2014. "It's going to be more of a snow park, but there's going to be a slope element," said Arnaud Palu, the chief executive of Majid Al Futtaim Leisure. It is provisionally called Ski Egypt, he said.
The design has not been finalised, but it will not be as big as the 400-metre slope in Dubai, nor would it have a black run, he said.
The company has two malls already operating in Egypt and is "very actively" looking at other opportunities in the country.
"Egypt is definitely one of the biggest markets we are going after."
One of its malls in Egypt, the Maadi City Centre mall in Cairo, suffered severe damage during the uprisings. It "was seriously impacted and remained entirely closed for two months after being damaged on January 29", Jones Lang LaSalle said in a report this month. "The damage, including structural damage from the fire and stolen merchandise, was estimated at around US$34 million [Dh124.8m]." The mall reopened in March.
The company's malls in Dubai include Mall of the Emirates and Deira City Centre.
Majid Al Futtaim currently owns and operates its attractions, which include indoor skydiving at its Playnation entertainment venue at Dubai's Mirdif City Centre. But the plan is to branch out the leisure division as a global operator, Mr Palu said. This would mean the company, based in Dubai, would not have to fund the development of projects, but would manage the attractions.
It has already been approached to operate a snow park in Pune in India, as well as Magic Planet amusement centre in Nigeria, and there are opportunities in the US, he said.
The company is also studying opportunities to develop malls in Azerbaijan and Georgia. There are also plans to launch its malls in Jordan and Lebanon, but plans for development in Syria have been put on hold because of uprisings there, said Mr Palu. Majid Al Futtaim's mall in Lebanon was expected to open next year and would have an "outdoor entertainment" feature, he said.
"Unlike the GCC, quality shopping centres in Egypt and the Levant are fairly limited," Jones Lang LaSalle said. "Although current political uncertainties may have implications on project deliveries in Egypt, significant opportunities for further retail development or expansion remain.
"Older malls that lack 'pull' factors such as entertainment and food and beverage options will ultimately suffer and some may be converted to non-retail uses," according to the consultancy.
"It's an international trend," said Mr Palu. "Dubai is very much symptomatic of a global trend of people that want something more. A retail mix is just one part of the equation and it's definitely not enough."
Mr Palu said visitor numbers at Ski Dubai were up about 5 per cent this year compared with the same time last year. Annually, the indoor ski slope attracts about 800,000 visitors.
There are plans to add new attractions to Ski Dubai this year, Mr Palu said. "It's contributing quite effectively to the bottom line of Mall of the Emirates," he said, declining to provide figures.
Majid Al Futtaim is Carrefour's joint venture partner for the Middle East region and this plays a part in determining where the developer expands, he added.
"We pay close attention to what our colleagues in Carrefour do. Anywhere that Carrefour goes, we tend to look closely at what they do."
rbundhun@thenational.ae
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
UAE currency: the story behind the money in your pockets
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
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