UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
Al Futtaim’s $ 580 m City Center in Egypt is model of green economy, secures 40,000 jobs
UAE Minister of Climate Change and Environment Thani Ahmed Al Zeyoudi said the 580-million-dollar City Center Almaza shopping mall in Egypt – which was set up by the UAE’s Al Futtaim Group – represents a pioneering project of green economy and environment protection.
Zeyoudi and Egyptian Minister of Investment and International Cooperation Sahar Nasr opened the 29.5-feddan mall on December 5.
The shopping mall – located on the Cairo-Suez road – has more than 260 retail shops and restaurants. The mall houses a number of international brands, including Hugo by Hugo Boss, Emporio Armani, Pinko, Ego, Philipp Plein, Elisabetta Franchi, Billionaire, Armani Caffé, and Twin-Set.
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim, said the company – which started operation in Egypt 21 years ago – pumped about 26 billion investments in Egypt over the past five years and secured about 126,000 direct and indirect jobs.
He added that the company plans to inject about EGP 44 billion in the coming years, stressing the company’s commitment to long-term investments in Egypt.
He lauded the efforts exerted by the Egyptian government, especially the Ministry of Investment and International Cooperation, for supporting private investors and securing the proper investment climate.
Meanwhile, Investment Minister Sahar Nasr commended the shopping mall’s establishment as it is the first investment zone to be set up under the new investment law.
She said there are five investment zones housing 271 projects with a total capital of EGP 11 billion. These projects created 350,000 jobs.
She noted that efforts are underway to establish additional 12 investment zones, adding that these zones are expected to generate about 500,000 direct and indirect jobs and lure about EGP 78 billion investments.
She called on UAE businessmen to continue pumping investments into Egypt.
City Center is Futtaim’s fourth shopping mall in Egypt, but the inauguration of this leading shopping mall marked the first-ever UAE-Egypt Friendship Celebration in line with the UAE government’s commitment to cementing ties with Egypt.
UAE and Egypt have launched a joint strategic investment platform worth $20 billion to implement vital economic and social projects.
The UAE-Egypt Friendship Celebration included a series of curated activities, including a signature fashion show featuring Emirati and Egyptian designers to a showcase of Emirati literature, cuisine and an Emirati film screening open for all to enjoy.
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