Majid Al Futtaim plans to invest EGP 1.9 bn in Egypt’s retail sector this year, Egypt country manager Mohamed Khafaga said on the sidelines of the inauguration of its first Carrefour branch in Suez attended by EnterpriseAM. “We are committed to being part of Egypt’s future through local investment and contributing to achieving Egypt Vision 2030,” said Majid Al Futtaim Retail CEO Günther Helm.

More expansion plans ahead through 2030: The company aims to expand its retail footprint in Egypt over the coming five years, opening 300 new outlets across its brand portfolio, which currently includes 70 Carrefour stores, 25 Supeco outlets, and five Myli stores. Majid Al Futtaim Retail is currently present in 18 governorates and plans to expand nationwide by 2030.

Egyptian-made goods to hit Careffour shelves abroad: The Emirati retailer has also begun exporting some Egyptian agricultural, food, and textile products to its branches abroad, Khafaga said, highlighting the company’s commitment to supporting local production and supply chains.

DATA POINT- Around 99% of the more than 25k products offered at Carrefour Egypt are sourced locally through partnerships with some 800 suppliers, including farmers, SMEs, and factories.

Tags: