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FINANCIAL NEWS
Construction works on Mall of Egypt to begin by year-end
21 Sep 2012
(MENAFN) Majid Al Futtaim (MAF) Properties stated that construction works on the Mall of Egypt will begin by the end of the current year, reported Arabian Business.
The UAE developer said that the USD400 million contract was awarded to a joint venture between Orascom Construction (OC) and the BESIX Group, with each party holding a 50-percent stake.
The firm, which posted USD2.91 billion revenues in the January-June period, said that its total investment in the project will reach USD800 million.
The mall, which will have about 380 shops, a Carrefour hypermarket, 17-screen cinema complex, amusement park and an indoor ski resort similar to MAF Properties’ Ski Dubai in the Mall of the Emirates, will create 9,000 jobs during the construction phase and 7,000 after it opens.
It is worth noting that MAF Properties’ portfolio includes 11 shopping malls and 10 hotels in the Middle East North Africa (MENA) region.
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