By Nick Gilbert
Orascom Construction, a 100% subsidiary of Orascom Construction Industries (OCI), in partnership with BESIX, has bagged a project worth US$ 400 million for the construction of the Mall of Egypt.
The Majid Al Futtaim Properties' Mall of Egypt is a 50/50 joint venture between BESIX and Orascom Construction. The mall will be constructed outside Cairo in the Sixth of October City. This project will be based on a lump sum payment with fixed prices and slated for completion in about 34 months.
Mall of Egypt will be constructed on a 162,500 m2 area and includes shopping and leisure facilities, such as a 17-screen cinema complex, an indoor ski park, a Carrefour hypermarket, 380 retail outlets, an outdoor plaza, a car park, an amusement park, and other mall related facilities. The ski park, Ski Egypt, will be designed and modeled to replicate the Ski Dubai component of Mall of the Emirates, Dubai, which also belongs to Majid Al Futtaim Properties.
The Chief Executive Officer of Majid Al Futtaim Properties, Peter Walichnowski, commented that they are at present in their 20th year of operations, of which 10 years they have been in Egypt. There are strong economic fundamentals in Egypt and the young and increasing population of the country represents it. These economic features make Egypt a potential market for good growth.
Majid Al Futtaim Properties is committed to developing its success in Egypt with long-term investments in the continued economic growth of the country. It owns four flagship malls - Mall of the Emirates, Deira City Centre and Midriff City Centre in Dubai and Bahrain City Centre.