Egypt’s domestic trade sector eyes $4bn investments – minister

The new investments in Egypt’s domestic trade sector are expected to hit 35 billion Egyptian pounds (US$4.4 billion) within the upcoming period, supply minister Khaled Hanafy said Sunday.

Speaking to Amwal Al Ghad, the minister stated that the new investments include the plans of Saudi Panda – Hyperpanda Co. to establish around 16 new branch chains.

The Saudi firm intends to establish six branches in Cairo: in Abbassia, El-Tagamu El Khames (the Fifth Settlement), and 6th of October City that set to be opened in 2015. Meanwhile, the other ten branches will be established in a number of governorates and set to be finished within 24 months.

Hanafy further stated that the French multinational retailer Carrefour aims at establishing around 10 new branches outside Cairo and Alexandria governorates with investments worth more than 2 billion pounds.

Minister Hanafy clarified that Carrefour’s new branch, among the set-to-be established ones, will be inaugurated within days.