Middle eastern retailer Majid Al Futtaim has detailed an EGP16.5bn (US$2.36bn) five-year investment plan for Egypt, which will include the opening of 32 Carrefour outlets as well as three new shopping malls.
The investment will add more than 300,000 square metres of retail space to Majid Al Futtaim’s existing portfolio in Egypt.
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The company said it received the backing of the Egyptian government late last week (22 March) following a meeting between Egyptian prime minister H.E. Ibrahim Mehleb, Majid Al Futtaim’s CEO Iyad Malas and country head Abdalla El Nockrashy.
Iyad Malas, CEO of Majid Al Futtaim Holding, said: “Egypt continues to be a key market for us and we remain committed to our investments there. H.E. Ibrahim Mehleb endorsed our EGP16.5bn planned investments and has taken prompt action to facilitate pending approvals and permits from relevant government entities.”
Majid Al Futtaim operates the Carrefour banner in the region under a franchise agreement with the French retail giant. Earlier this month,
Majid Al Futtaim is focused on growing its presence in the Middle East and North Africa. Earlier this month, the group announced that former Coles MD Ian McLeod will join its board as a non-executive director.
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