The Emirati Majid Al Futtaim Group (MAF) has declared the commencement of construction of City Centre Almaza, with $510 million in investments.
The launch for the construction was attended by the Ministers of Investment, Supply, Housing and Social Solidarity, as well as representatives of the Ministry of Defence, MAF Executive Director Alain Bejani, MAF Egypt director Abdullah Nockrachy and Carrefour Egypt director Hervé Majidier.
The armed forces undertook the construction of 4,000 metres of roads and bridges as infrastructure for the project, at a cost of $4.5 million.
Minister of Investment, Ashraf Salman, said the launch of the city centre was expected to take place in 2019 and called on MAF to complete the project in early 2018. He said the government is depending on private sector investments to drive Gross Domestic Product (GDP) growth to 5.5%.
He explained that the government intended to achieve it through the pumping of $41 billion in investments by the private sector in the current fiscal year, while the government will pump $10 billion, to achieve the targeted $51 billion in investments.
MAF Egypt Director, Abdullah Nockrachy, revealed that MAF has so far invested EGP 800m of their equity in City Centre Almaza rather than from banking loans, adding that EGP 500m are for the infrastructure works.
The City Centre Almaza is considered MAF’s third City Centre project in Egypt, and its 14th worldwide.
Source: Footprint 2 Africa