gulfnews : Majid Al Futtaim in talks to finance new Egypt mall

Majid Al Futtaim (MAF) may issue a planned sukuk programme as early as next month and is pushing ahead with growth plans in Egypt despite operations being severely hit by months of unrest, its chief executive said yesterday.

The mall developer, which is the sole franchisee for hypermarket chain Carrefour in the Gulf, was forced to shut down its malls and hypermarkets in Egypt due to riots following the uprising against former president Hosni Mubarak.

The company is now racing ahead with plans to grow in Egypt as it seeks financing for a new mall. "We're discussing with banks to get 13-year financing in Egypt ... we are in talks with local banks in Egypt for this," Eyad Malas, CEO of Majid Al Futtaim, told the Reuters Middle East Investment summit.

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