UAE, March 05, 2015: Majid Al Futtaim, the leading retail and leisure pioneer across the Middle East and North Africa (MENA) has underlined its commitment to continue contributing to the economic development process in Egypt and will be a platinum sponsor at the inaugural Egypt Economic Development Conference, titled 'Egypt The Future'. The conference will be held at Sharm el-Sheikh from March 13-15, 2015.
The conference, hosted by His Excellency the Egyptian President Abdel-Fattah El-Sisi, has been organised to showcase the development and stabilising of Egypt's economy and encourage international investment. Majid Al Futtaim's sponsorship is a sign of its continued confidence in Egypt and support of its ambitious economic development plans.
Majid Al Futtaim will be represented at the event by a delegation of its senior management, led by the newly appointed CEO of Majid Al Futtaim Holding, Mr. Alain Bejjani, Mr. Mouien Al Madhoun, Chief Human Resources Officer, Majid Al Futtaim Holding, Mr. Ahmed Ismail, CEO, Majid Al Futtaim Ventures, Mr. Abdalla El Nockrashy, Country Head - Egypt, Majid Al Futtaim Properties, Dr. Herve Majidier, Executive Regional Director of Carrefour in Egypt, Saudi Arabia, Yemen and Libya, Majid Al Futtaim Retail, Mrs. Vino El Khatib, Head of Corporate Marketing and Brand, Majid Al Futtaim Holding, and Mr. Mohammad Essa Al Sowaidi, Senior Vice President - Business & Government Relations, Majid Al Futtaim Retail (Carrefour).
Commenting on the participation, Chief Executive Officer of Majid Al Futtaim - Holding, Alain Bejjani, said: "It is an honour to showcase our continuous commitment to Egypt through sponsoring Egypt Economic Development Conference. The current Egyptian government is taking solid steps towards full economic recovery. As such, I believe that now is the time for all stakeholders of the Egyptian economy to stand together and send across a strong message confirming that Egypt is on the right track. We've been successfully operating in Egypt for over 15 years, and are looking forward to further achievements and expansions locally."
This sponsorship comes on the back of Majid Al Futtaim's recently announced EGP18 billion multi-year investment plans in Egypt. That plan is now in the early stages of execution. It includes development of three new shopping malls, including Mall of Egypt with 420 stores and Africa's first indoor ski slope, the redevelopment of its existing City Centre Alexandria and City Centre Maadi malls, and expanding the network of Carrefour hypermarkets and supermarkets to 55 by the end of 2019.
Upon completion, this investment plan will have created a sizeable 144,000 direct and indirect jobs by 2018, providing significant employment opportunities for Egyptians. The Egyptian Government has endorsed Majid Al Futtaim's current investment plan, signalling the successful, historic relations that exist between both parties.
Minister of Investment, H.E Mr. Ashraf Salman commented: "We have worked closely with Majid Al Futtaim for many years and its sponsorship of the Egypt Economic Development Conference is a clear indication of its commitment to Egypt and its future. The Conference is an opportunity for Egypt to showcase its potential to the world, and with the help of regional pioneers like Majid Al Futtaim, we can tell international investors that Egypt is open for business."
Furthermore, Majid Al Futtaim is in the process of finalizing other investment opportunities beyond this plan and is in talks with key Egyptian stakeholders and officials to realize its participation in Egypt's socio-economic development.
Majid Al Futtaim's mall portfolio has become world renowned for innovation within the shopping centre, retail, design and construction industries and its iconic brands are intertwined with the lives of more than 250 million people each year. In 2014, its existing shopping malls in Egypt attracted more than 25 million visitors, highlighting the company's ability to contribute to Egypt's growing tourism industry.
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About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 12 international markets, employing 27,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in MENA, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. It holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, operating a portfolio of over 55 hypermarkets and over 65 supermarkets in 12 countries.
Majid Al Futtaim operates 129 VOX Cinema screens and 17 Magic Planets across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. Majid Al Futtaim launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, Juicy Couture and Halston Heritage, and a healthcare business. In addition, it also has a joint venture operation with Dalkia and has recently expanded into food and beverage in partnership with Gourmet Gulf.
© Press Release 2015
