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Sunday, 18 April 2021

Egypt “very resilient” market for MAF

Egypt, UAE and Saudi expected to lead post-covid recovery for MAF: Egypt proved to be a “very resilient” market for Majid Al Futtaim, which has seen its fastest recovery from last year’s pandemic business slump in the UAE and Saudi Arabia, CEO Alain Bejjani told the Associated Press. The Dubai-based real estate developer and retail giant’s rebound in Saudi and the UAE comes as these countries make solid progress on their vaccination programs, the newswire notes. Bejjani did not mention specific investment plans for Egypt this year, but Carrefour Egypt Director Jean-Luc Graziato had said last week the MAF-owned retailer is planning to invest EGP 400 mn to set up 20 new branches in Egypt this year.


The Sovereign Fund of Egypt (SFE) has denied news that it plans to sell the Mogamma El Tahrir to private investors, according to a cabinet statement. The fund fully owns the building, which will be transformed into a mixed-use development that includes a hotel as well as commercial, administrative and cultural spaces. The fund plans to contract with a private sector player as part of the transformation.

The partnership model: The SFE will contribute to the technical studies and surveying work, while the partner will finance the development. The fund has issued the conditions booklet for the project to foreign and local investors and developers, and an agreement may be reached by 3Q2021. The statement does not make clear whether the private sector partner will be involved on an equity, revenue or profit sharing basis. One or more private companies could be brought in to run parts of the facility on a model similar to the hotel industry, where a property owner brings in a global brand as an operator.

Eni could ramp up spending on its exploration and production activities in Egypt, CEO Claudio Desclazi said during a meeting with President Abdel Fattah El Sisi.

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