Majid Al Futtaim Properties awarded US$400 Million Mall of Egypt Construction Contract

Dubai, Sept 23, 2012 (WAM) - Majid Al Futtaim Properties, announced yesterday its plans to move forward with the Mall of Egypt. Peter Walichnowski, Chief Executive Officer of Majid Al Futtaim Properties, commented: "We are now in our 20th year of operations and, notably, have been in Egypt for ten of those years. Egypt's strong economic fundamentals, such as its young and growing population, make it an attractive growth market. We are committed to building on our success in Egypt and investing in the country's long-term economic growth." Majid Al Futtaim has awarded the construction contract valued at US$ 400 million for Mall of Egypt to a 50/50 joint venture between Orascom Construction Industries (OCI) and the BESIX Group, which, pending approval by the 6th October Authority, will construct the project on a lump sum fixed price basis. OCI Chairman and Chief Executive Officer, Nassef Sawiris commented: "This is the largest foreign investment in Egypt since the election of the new government. We have been very impressed by the efficient manner in which the new leadership reviewed required regulatory approvals for this project and we look forward to continuing to work together. The Mall of Egypt development marks an important milestone in Egypt's economic recovery and signals a resurgence of private foreign investment in the country. Over the past decade Orascom Construction has been a key player in the construction of Egypt's mega commercial projects and is responsible for a total built-up area of over 2 million square meters, including the extension of Majid Al Futtaim Properties' Maadi City Centre. The Mall of Egypt award underscores the success of the joint venture in constructing large-scale commercial projects and we look forward to building on our long-standing relationship with Majid Al Futtaim Properties. – Emirates News Agency, WAM