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Sunday, 18 September 2016

MAF to open Mall of Egypt in March 2017, expand into mixed-use real estate in Egypt

Majid Al Futtaim (MAF) announced it will open its Mall of Egypt in March 2017, according to a company statement. The mall will include Africa’s first indoor ski slope and the country’s first VOX cinemas. MAF also plans to start mixed-use real estate development in Egypt in 2017 as it expands from its core retail activities, Sananda Sahoo writes for The National. The CEO of MAF Communities said the company is awaiting land acquisition, without providing further details. “While the capital repatriation restrictions are off-putting to other investors [those from the Gulf] take this into account and often reinvest, partially mitigating the effect … More recently we are seeing investors looking at the education and healthcare sectors both as real estate investment and as business opportunities,” says Ian Albert, regional director for the Middle East and North Africa at consultancy Colliers International.

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