Majid Al Futtaim Group, the shopping-mall developer that built Dubai’s indoor ski slope, said the violent change of government in Egypt won’t stop the company from proceeding with its expansion plans.
“Egypt’s fundamentals from a consumer perspective haven’t really changed because of the revolution,” Chief Executive Officer Iyad Malas said in a telephone interview. Sales at the company’s Cairo mall are back to “pre-revolution levels,” he said.
Majid Al Futtaim, based in Dubai, last week asked for permission to construct a mall in Cairo with 160,800 square- meters (1.7 million square feet) of leasable space at a cost of 2.8 billion dirhams ($760 million). The company also plans to extend its Maadi City Centre development.
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