Out of the $2 billion earmarked for Lebanon projects, the UAE-based Majid Al Futtaim Holding (MAF) still has $1 billion to go, according to Alain Bejjani, CEO of MAF. MAF is the developer of Beirut City Centre, Waterfront City, Carrefour, VOX cinemas, and Magic Planet.
Bejjani said: “We have already invested $1 billion in our various affiliations in Lebanon. The balance will be invested in the coming years, in the same sectors we are already involved in.”
MAF is planning to build a mall in Waterfront City. Bejjani said that MAF’s investments in Lebanon are for the long term. It aims at developing new projects, operating them, and then moving to new projects.
MAF has created 6,000 direct local jobs already. It considers its investment in Lebanon so far as successful, as all its affiliations are achieving successes. “We are optimistic about our long term profitability,” said Bejjani.