Desert Ski Slopes Lay Path for Egypt’s Consumer-Led Revival
- Mall developers, retailers plan expansion despite pound drop
- Economy moving off black market seen as boost to spending
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Weaving through the packed parking lot toward the Mall of Egypt, a new $700 million retail palace complete with a Dubai-style indoor ski slope, it’s easy to think that the country’s economy is well and truly on the mend after years of crisis.
In fact, Egypt’s biggest shopping center is opening its doors after household spending power was hit by a 50 percent drop in the pound’s value following a decision to lift currency controls to ease a crippling dollar shortage. Instead of sounding the retreat, companies like the mall’s developer, Majid Al Futaim, are doubling down on their commitments to the Arab world’s most populous nation as they bet on its most resilient asset: consumers.