2016-12-04 14:13:18date was

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  • Mall of Egypt to finish in 2013 & MAF To buy METRO Market

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    According to  (Reuters, Bloomberg)  MAF (Majid Al Futtaim)  has committed that it will indeed finish the construction of Mall of Egypt in 6th of October in 2013, and to help finance the project it will sign in February a loan syndicated by a group led by the National Bank of Egypt and Banque Misr for around 450 Mil USD / 3 Billion EGP.  And as I mentioned earlier here,  the SKI SLOPE is still on plan, as you know thats the most important thing.

    While on the topic of MAF, aslo (Reuters, Bloomberg) mentioned that MAF group is still in talks with Egypt’s Mansour Group on a potential bid to buy supermarket chain Metro and discount grocery store Kheir Zaman, which could be finalised within a month or so.

    So the good news there is emirate money coming in the country. Emiratee money is good unlike Qatari/Turkish money.  in lamen terms Qatari/Turkish money  = support for Muslim Brotherhood. Emirate money = support for the egyptian people. But on the down side, with the sale of Metro, is Egypt loosing another influential family ? another influential business ? considering that OCI is also moving its headquarters to netherlands (read here)

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