Dubai-based retail group Majid Al-Futtaim (MAF) announced it will invest LE4 billion (around $500 million) in building a new shopping mall on Cairo’s northeastern outskirts.
The project will provide about 36,000 direct and indirect job opportunities, the Egyptian Ministry of Investment said in an e-mailed statement.
The mall is expected to open in 2019, the ministry said.
MAF, which has exclusive rights on the giant French franchise Carrefour in the MENA region and Central Asia, is currently building Mall of Egypt, another mega-project expected to be inaugurated this year with investments worth LE4.5 billion ($575 million). It is considered the first shopping destination of its kind in Egypt.