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Tuesday, 15 April 2025
Read full issueREAL ESTATE
Majid Al Futtaim Holdings’ (MAF) Majid Al Futtaim Properties is investing EGP 15 bn in a new mixed-use project dubbed Junction, which will be located next to Mall of Egypt in West Cairo, CEO Ahmed El Shamy told EnterpriseAM. The project — which is being funded internally — will span 93k sqm and is slated for delivery within five years. It will feature 13 administrative and commercial buildings, as well as a five-star hotel with 150-200 rooms. El Shamy added that the company is close to signing a management contract with one of the world’s leading hospitality brands for the project — a brand that will be making its Egypt debut in this new project.
Egypt remains a promising market for MAF, with growing real estate demand. Majid Al Futtaim Properties is studying additional projects in both East Cairo and West Cairo, as well as the new administrative capital, El Shamy told us. Further expansions into new cities or governorates will come at a later stage, since “developing a successful mall in these areas requires significant population growth and adequate purchasing power,” he added.
MAF’s portfolio in Egypt now stands at around USD 2.5 bn with the addition of Junction, El Shamy said. Across the broader region, the group has invested AED 45 bn (USD 12.25 bn), and sets aside AED 1.5-2 bn annually for new regional investments.
Next stop is Riyadh, El Shamy told us. The company is preparing to launch projects in Saudi Arabia in 2025 and 2026, El Shamy said. The company owns land in Riyadh worth some SAR 3 bn and is looking to develop it, having already entered the Saudi market through its sister companies in retail and entertainment.
But despite the company’s expansions abroad, the UAE still remains one of its top investment priorities. Some 80% of MAF’s total investments are concentrated in the UAE — and that’s not changing any time soon. The group is looking to expand its land bank there and recently completed the third phase of its USD 1 bn Ghaf Woods project in Dubai and is planning to expand it across 7-8 phases due to strong demand.