Majid Al Futtaim Retail invests EGP1.2bln in Egypt over two years
Majid Al Futtaim, the shopping mall, communities, retail, and leisure group across the Middle East, Africa, and Asia, and the operator of Carrefour brand in Egypt, pumps 1.2 billion Egyptian pounds over two years (2019-2020), according to Herve Majidier, Executive Regional Director.
He further told Amwal Al Ghad that his company will direct these investments to open 24 new branches of Carrefour during 2020.
He added that the company has invested 700 million pounds in 2019 to open 9 new Carrefour branches distributed between hypermarkets, hyperboxes and supermarkets.
He also pointed out that the company is targeting to inject new investments amounting to 500 million pounds minimum in 2020.
MAF currently owns 14 hybermarkets and 35 supermarkets, while offering indirect jobs to 6000 employees in Cairo, Alexandria, Sharm El Sheikh, Tanta, Mansoura and Zagazig.
Majidier added that is planning to expand all over Egypt, it is also aiming a 10-15 percent growth in sales during the current year.
The company has recently signed an initiative with the National Service Products Organization and the ministry of investment and international cooperation of Egypt to open 100 new Carrefour branches.
Majidier stated that they plan to add 15 new branches during 2020 in Minya, Marsa Matrouh, Delta, the Red Sea, Qena, and Alexandria, bringing the number of branches in Egypt to about 60 by the end of this year.
Majid Al Futtaim owns and operates 25 shopping malls, 13 hotels, and four mixed-use communities, with further developments underway in the region. The company is the exclusive franchisee for Carrefour in 37 markets across the Middle East, Africa, and Asia, and operates a portfolio of more than 270 outlets in 15 countries.