Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, is celebrating a significant milestone this month as it marks a quarter century of operations in Egypt. To explore the impact of its history and operations in the country, the company has commissioned a report with thought partner Jones Lang LaSalle (JLL). Today, the initial findings of the report have been shared by Chief Executive Officer of Majid Al Futtaim Holding, Ahmed Galal Ismail, who was in Cairo to discuss with a small group of media. Over the past 25 years, Majid Al Futtaim has transformed the retail, real estate, and entertainment landscape in Egypt. In 2002 the opening of City Centre Maadi marked a revolutionary addition to the country’s retail offering, bringing the concept of modern malls to a nation that traditionally enjoyed a ‘high-street’ model. The success of this opening brought opportunity, and today, Majid Al Futtaim’s Egypt portfolio, which spans 14 cities and welcomes more than 90 million visitors per year, accounts for 21% of the market share of modern Egyptian retail and includes four destination shopping malls and 70 Carrefour stores, including four Supeco and five Myli stores. For the leisure market, there are six family entertainment centres which include an indoor ski experience and one-third of the country’s modern cinema screens (44 screens), as operated by VOX Cinemas.
Ahmed Galal Ismail, CEO of Majid Al Futtaim – Holding, said: "As we commemorate the 25th anniversary of Majid Al Futtaim’s presence in Egypt, we could not be more proud of the role we have played in contributing to the delivery of the Republic’s national growth agenda in that time. We have witnessed first-hand the cultural shift in consumer habits our destination shopping malls, entertainment venues and retail centres have enabled, establishing community hubs that have created investment opportunities to reshape landscapes and create countless employment opportunities for the country’s remarkable talent.
Our investment of $2.5 billion over the last two decades is a testament to our unwavering support for the country while our future investments include robust growth plans for Carrefour and Supeco stores and our aspiration is to achieve EGP 100 billion in revenues over the next decade. However, the Majid Al Futtaim journey in Egypt extends far beyond direct capital spend, supporting key initiatives in support of Vision 2030, such as of education, employment, sustainable and economic prosperity. As Egypt continues to unlock its full potential, Majid Al Futtaim is immensely proud to contribute to the Republic’s people, its progress, and its prosperity."
A Continued Partnership
Majid Al Futtaim remains steadfast in its commitment to create great moments for everyone, everyday across Egypt. With 25 years of positive impact in the country, the Group continues to place the Egyptian community at the heart of its sustainable growth agenda with an unwavering focus on fostering economic progress and community development.
Significant investments are planned for the coming years, with a solid ambition from Majid Al Futtaim Properties to invest EGP20 billion in new projects, plus extensions and refurbishments of existing malls and entertainment centres by 2030. A further EGP4.6 billion is slated for local market investment by the Retail business, specifically focusing on the expansion of the Carrefour network to reach 130 stores across 25 cities in Egypt by 2025, and scaling operations of Supeco which will grow to 144 stores by 2030.
The VOX Studios business, which was launched in 2021 and produced ‘Voy Voy Voy’ is also to be the recipient of investment and growth. The studio is currently on track to produce 25 Arabic films by 2025.
Majid Al Futtaim’s commitment to the communities in which it operates has actively driven strategic investment decisions, totalling more than US$2.5 billion over the last two and half decades. These investments have catalysed urban and social development positioning Majid Al Futtaim as one of Egypt’s largest non-oil foreign investors, directly employing 9,000 people in Egypt and contributing to thousands of indirect employment opportunities through construction projects, tenants and through entertainment assets.
In order to build a sustainable future for the company in support of the national agenda, it is recognised that the creation of employment is not enough, and the need to upskill in an evolving labour market and offer access to education that supports that is critical.
In line with the Company’s ESG commitments, Majid Al Futtaim has actively engaged in partnerships to equip its Egyptian workforce, as well as youth and underserved societies. This has included collaboration with UNICEF in support of the ‘No Last Generation’ initiative which has enabled access to education for over 2 million children and extended support to an additional 1 million young people in partner countries, in addition to fund-raising campaigns and donations to aid those in need.
Majid Al Futtaim has always understood that to build a legacy that lasts, it must be built with an understanding of its impact, whether that be its customers, the environment or, more broadly, the economic growth opportunities that emerge because of its success. Decision-making is driven by the company’s “Dare Today, Change Tomorrow” strategy, and is aligned to 14 of the United Nations Sustainable Development Goals (SDGs) which constantly analyses the issues that are most relevant and important, to respond in a responsible way. This focus is as much about the community as it is the company’s stakeholders, supply chains and governments.
Proof of this strategy lies in the Group’s local Egyptian partnerships and initiatives. The exploration of solutions to address renewable energy production and water scarcity in Egypt, the company’s ability to generate 4,700,000 kWh of renewable energy on-site at Mall of Egypt, City Centre Al Maza, City Centre Alexandria and City Centre Maadi and a partnership with Engazaat, Egypt’s first integrated independent power and water producer (IPWP), developer, and operator, which focuses on enabling businesses with sustainable and affordable clean-energy and water utilities.
The Majid Al Futtaim 25 Years of Impact Report will be released later this year.