Majid Al Futtaim, Carrefour’s franchisee in the Middle East and north Africa, has revealed up to 45 stores will be opened under the French retailer’s banner in 2012.
The Dubai-based retail and leisure group said it would open more Carrefour supermarkets and hypermarkets across the region this year.
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“Majid Al Futtaim Retail expects to open around 15 new Carrefour hypermarkets and approximately 25 to 30 new supermarkets in 2012,” Iyla Malas, CEO of Majid Al Futtaim Holding, said.
The news came as the company, which owns a 75% stake in the Carrefour franchise across the Middle East and north Africa, reported its financial results for 2011.
EBITDA from Majid Al Futtaim Retail, the group’s retail unit, increased 20% to AED927m (US$252.4m) last year. The growth in profits led to a “significant rise” in sales during the year, which reached AED15.2bn.
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