https://arab.news/gg45b
RIYADH: Egypt is set to receive an investment of $1 billion from Dubai-based retail company Majid Al Futtaim Group after the firm held talks with the North African country’s prime minister.
According to the presidency of the Egyptian Cabinet, the retail group intends to expand Carrefour branches to 140 in 25 cities and inject an additional $1 billion into the North African country’s market.
The group’s CEO, Ahmed Galal Ismail, stated that they have provided 9,000 job opportunities in Egypt, in addition to having 6,000 Egyptians working for the group in other countries.
Ismail added that despite the difficulties the country is now facing, Egypt has a bright future and a unique investment environment.
“The company is committed to pumping more investments. The company has so far invested $2.5 billion, and we intend to invest another billion dollars,” Ismail said.
During the meeting, he also emphasized that the group holds Arab investments and is proud of its presence in the Egyptian market.
He highlighted the firm’s celebration of its silver jubilee, marking 25 years since its establishment in the North African country.
The largest percentage of the group’s investments in Egypt were pumped during the last nine years, thanks to the comprehensive support it received and the positive investment climate in the country, Ismail emphasized.
Currently, the company manages 70 Carrefour branches, with plans to double this number in 25 cities nationwide.
Furthermore, the CEO pointed out that Carrefour in the Administrative Capital will open next February, before the holy month of Ramadan, and outlined the operational expansion plans for Supeco wholesale stores to reach 144 by 2030.
The company aims to invest 20 billion Egyptian pounds ($646.2 million) in new projects, expansion, and renovations of existing commercial and entertainment centers by 2030, with an additional 4.6 billion pounds allocated for local market investments.
Ismail also discussed the diversity of the group’s investments, including establishing a new company in Egypt for integrated solutions.
The firm has relocated 1,000 jobs to the North African nation and has plans for an additional 1,000. Moreover, it exports services and expertise from Egypt and is currently licensed to trade agricultural products to 16 countries.