INVESTMENT WATCH- Majid Al Futtaim to invest EGP 16 bn in next 2-3 years: Emirati real estate developer and retail giant Majid Al Futtaim (MAF) will invest EGP 16 bn in Egypt over the next 2-3 years, CEO Alain Bejjani told Reuters. The company will put EGP 14 bn into the construction of a single shopping mall, he said without providing details. Bejjani said in August that the company was planning 12 new destinations in Egypt. MAF has invested EGP 28 bn in Egypt since the end of 2015.

City Center Almaza mall to officially open tomorrow: MAF will today officially open its EGP 9.35 bn City Center Almaza shopping mall in Heliopolis, Bejjani said.

It’s the first-ever UAE-Egypt Friendship Celebration running through Saturday, 7 December. The event is being hosted Majid Al Futtaim as it officially opens Almaza today. You can read all about it in the company’s statement here (pdf).

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