UAE leading retail developer Majid Al Futtaim is to get a licence to establish an investment zone in Egypt, Egyptian Prime Minister Ibrahim Mahlab issued a decree on Monday.
The investment zone is set to be constructed on the space of 98168.19 metres on Ring Road in Maadi, Cairo and will be dedicated for the activities of commercial projects.
The decree also stated that the firm should fulfill necessary agreements and conditions as well as implementing the plan of carrying out the investment zone within the scheduled deadline.
In its latest meeting, the Cabinet has approved Majid Al Futtaim’s request to construct an investment zone as 3.9 billion Egyptian pounds (US$511.1 million) will be pumped in two years.
Moreover, Majid Al futtaim’s project- signed during Egypt’s March Economic Summit- would provide 42.000 direct and indirect job opportunities.
