UAE’s Al-Futtaim Group invests up to $1bln in Egypt

UAE’s Al-Futtaim Group announced on Sunday that it plans to inject new investments of $1 billion into the Egyptian market in the near future, on top of existing investments of $2.5 billion.

This came in a meeting held between Majid Al Futtaim’s CEO Ahmed Galal Ismail and the Egyptian Prime Minister Moustafa Madbouly to review the company’s upcoming investments and projects in the Egyptian market during the coming period.

Ismail stated that the group’s aim is to pump 20 billion pounds (about $645 million) into establishing new projects until 2030, according to a statement by the Egyptian Cabinet.

Moreover, the group will also allocate another 4.6 billion pounds ($148 million) for investment in the local market, the statement added.

Ismail also continued: “the group is confident in Egypt’s bright future and its outstanding investment environment, even with the difficulties, and this has encouraged the group to inject more investments.”

He mentioned the variety of the group’s investments, as the establishment of a new company in Egypt (Integrated Solutions) was declared, indicating that the company has transferred a thousand jobs to Egypt, along with a plan to transfer another thousand jobs. 

Ismail also added that the group exports various services and competencies from Egypt, pointing out that the group acquired a permit (export of farm products) and is presently exporting to 16 nations. 

The Egyptian Prime Minister praised Al-Futtaim Group – Egypt as a serious company that is keen to deliver its services in Egypt at a high quality level.