Dubai retail giant eyes major Carrefour expansion in Egypt

Majid Al Futtaim signs agreement which could see 100 Carrefour stores open in industrial zones across country
By Staff writer
Mon 19 Feb 2018 04:13 PM

Dubai retail giant Majid Al Futtaim on Monday said it has signed a cooperation protocol agreement to open an additional 100 Carrefour stores in industrial zones across various governorates in Egypt.

The deal was signed with the Ministry of Investment and International Cooperation and the National Service Projects Organization, the company said in a statement.

It added that the agreement is part of Majid Al Futtaim’s aim to contribute to the Egyptian economy by creating direct and indirect job opportunities, in addition to providing retail, entertainment and leisure attractions to Egyptian citizens.

This is directly aligned with the Egyptian government directions to provide high quality commodities with fair market value to Egyptians, in addition to ensuring the facilitation and availability of these commodities to all citizens.

“This agreement comes in line with Majid Al Futtaim’s commitment towards the socio-economic development of Egypt and subsequently fulfills the Government’s vision,” said Abdalla El Nockrashy, country head, Egypt, Majid Al Futtaim Properties.

“This protocol is not only a monumental milestone for Majid Al Futtaim in Egypt, but also a clear testament to the efforts of the National Service Projects Organization in supporting Egyptian citizens and giving them access to primary goods.”

Dr Sahar Nasr, Minister of Investment and International Cooperation, added that the agreement delivers a strong message to leading companies that Egypt and all its governmental bodies are in full support of investors.

Through its current 37 Carrefour stores, Majid Al Futtaim said it is committed to providing the largest range of high quality products at very competitive prices to combat the inflation that the Egyptian citizens are facing. The company also places a strong emphasis on sourcing these products from local suppliers and farmers.

The Ministry of Investment and International Cooperation has recently focused on working to attract foreign direct investments into Egypt, in line with the national leadership’s directions to sustain economic growth in the country.

The agreement strengthens Majid Al Futtaim’s commitment to Egypt and represents a further contribution over its previously announced EGP23 billion investment strategy which includes the opening of Mall of Egypt and its various leisure and entertainment attractions such as Ski Egypt, the expansion of VOX Cinema in the country and development of City Centre Almaza.

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Last Updated: Tue 20 Feb 2018 01:25 PM GST

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