Egypt is going through a turn-around phase and it requires critical investment in new projects and infrastructure, Osama Saleh, Egypt's minister of investment, said during his recent visit to Mall of the Emirates, one of the most successful shopping mall in the world.
"Retail and entertainment is a key contributor to the Egyptian economy, and projects such as Mall of Egypt are exactly what we need to boost the sector," Osama Saleh added.
The minister's visit comes as Majid Al-Futtaim progresses its development of Mall of Egypt in Cairo, which represents an investment of 4.9 billion Egyptian pounds. Mall of Egypt will comprise a gross leasable area of 172,000sqm offering a premium shopping and entertainment experience to Egypt's community. Among the leisure and entertainment facilities in Mall of Egypt, will be a state-of-the-art indoor ski slope similar to Ski Dubai in Mall of the Emirates. This will be the first time the highly successful concept is taken outside the UAE.
"Mall of the Emirates is a great success story and we wish to see its state-of-the-art retail experience and excellence of standards replicated in Egypt," said the minister.
"Egypt is a key expansion market for us and we have several other investments in the pipeline, including the expansion of Maadi City Centre and the development of a new shopping center in Almaza. Overall, our planned investments for Egypt amount to more than EGP16.5 billion, and will generate around 125,000 jobs directly and indirectly in the coming 5 years," said Iyad Malas, CEO, Majid Al-Futtaim Holding, who was accompanying Osama Saleh during his tour to the Emirates Mall.
Egypt seeks investment in new projects
Egypt seeks investment in new projects
Saudi Mawani, Arabian Chemical Terminals sign $133m land lease for Jubail port storage tanks
RIYADH: The Saudi Ports Authority, or Mawani, has signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SR500 million ($133 million) on an area of 49,000 sq. meters.
The project will help enhance operational efficiency and increase handling capacity, in line with the objectives of the National Transport and Logistics Strategy, which aims to consolidate the Kingdom’s position as a global logistics hub.
This step forms part of Mawani’s efforts to strengthen private-sector participation in supporting gross domestic product growth and to reinforce the role of Jubail Commercial Port as a key driver of commercial activity.
The project’s storage capacity will reach 70,000 cubic meters, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.
It aims to develop and expand storage capacity and support the export of chemical and petrochemical materials in accordance with the highest international standards, while strengthening supply chains.
The project includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international imports and exports, in line with global quality and safety standards.
It will contribute to supporting national supply chains, enhancing the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness.
The initiative also supports the objectives of Saudi Vision 2030 by promoting infrastructure development across the energy, industry, and supply chain sectors.
