MAF Shopping Malls sign key land contract in Egypt

The site, which stretches across 399,400 square metres, is poised to extend the "City Centre" brand further into the burgeoning Egyptian retail market via a signature mixed-use regional mall.

The plot of land, strategically located on Al Wahat Road adjacent to Media City, is an ideal site for this project and is positioned to meet the needs of the local community and tourists alike. The Centre will also be home to anchor stores including; Carrefour - the world's second largest retailer. The mall's primary trade area will comprise of 6th of October City, Sheik Zayed City, Al Giza, Al Haram (Pyramids), Al Doki, Al Mohandiseen, Al Mansooriya, Al Maryoutiya and the downtown area of Cairo City.

The land purchase contract was signed by Mr. Mukbil Hamza, the legal consultant for Bahgat Group of Companies and Mr. Yasser Gamali, Executive Chairman for MAF Misr in the presence of Mr. Yahia Qadri, Dr. Salah Shadi, Mr. Ahmed Abou Bakr, Eng. Issam Tawfiq, Mr. Hassan Al Shafai and Mr. Tariq Muharam.

Mr. Yaser Gamali Chairman of MAF Misr, a subsidiary of the Majid Al Futtaim Group, said,

"The retail landscape in Egypt has been growing at a rapid pace and we expect the market to sustain these high levels of growth. Based on the success of our existing shopping malls in Cairo and Alexandria, MAF Shopping Malls is at an advanced stage to commence construction of a number of new malls in Egypt. This is part of our plans for further expansion into the Egyptian market place in conjunction with the growth of MAF Hypermarkets - Carrefour. Our ambitious plans include provisions for five additional malls in Cairo, comprising three Community Centres - Nasr City Centre, Nozha City Centre and Al Maza City Centre and two regional malls."

MAF Shopping Malls has already established a strong presence in Egypt through Maadi City Centre and Alexandria City Centre. Both properties are currently undergoing expansion to improve the customer experience and retail mix. Maadi City Centre is adding over 5,800 square meters of gross leasable area (GLA) making provisions for 42 new international brands. Alexandria City Centre has also announced that it will be doubling in size to over 60,000 square meters of GLA.

"MAF Shopping Malls is constantly looking for new ways to grow our business whilst continuing to enhance our current offering. These significant expansion plans testify to the success of MAF Shopping Mall's growth strategy in the Egyptian market", added Mr. Gamali.

"As part of the company's aggressive regional expansion, we see Egypt as a key market with tremendous growth potential to expand our presence. We are very keen to grow our investments here and are actively seeking further opportunities for development across the country. In the process, we aim to take MAF Shopping Malls to new heights in Egypt whilst simultaneously using our regional experience to establish the country as a leading retail destination with appeal across the region and beyond."