Cairo – Mubasher: Dubai-based retail conglomerate Majid Al Futtaim has unveiled plans to invest EGP 20 billion in new projects across Egypt during the coming years, according to a press release.
The growth plans includes the extensions and development of existing malls and entertainment centres by 2030, in addition to EGP 4.60 billion for local market investment by the retail business.
The investment will be used to expand the Carrefour network to reach 130 stores across 25 cities in Egypt by 2025 and widen operations of Supeco to 144 stores by 2030.
The announcement came as the group celebrated the 25th anniversary of its presence in the Arab Republic.
Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, said: "Our investment of $2.50 billion over the last two decades is a testament to our unwavering support for the country while our future investments include robust growth plans for Carrefour and Supeco stores and our aspiration is to achieve EGP 100 billion in revenues over the next decade.”
“However, the Majid Al Futtaim journey in Egypt extends far beyond direct capital spend, supporting key initiatives in support of Vision 2030, such as of education, employment, sustainable and economic prosperity," Ismail added.
Majid Al Futtaim has committed over commitment $2.50 billion to the communities in which it operates over the last two and half decades. These investments positioned the UAE group as one of Egypt’s largest non-oil foreign investors, creating 9,000 job opportunities in the Arab Republic.
In the first half (H1) of 2023, Majid Al Futtaim logged consolidated revenues valued at AED 18.90 billion, which marked a 5% year-on-year (YoY) growth.
