Majid Al Futtaim is doubling down on Egypt with another USD 1 bn investment: Retail giant Majid Al Futtaim (MAF) is expected to invest USD 1 bn (EGP 30 bn) in Egypt over the coming period, Asharq Business quotes MAF CEO Ahmed Galal Ismail as saying.

Carrefour is growing in Egypt: The firm has plans to double the number of branches of the supermarket chain Carrefour to 140 in 25 non-major cities by 2025, Asharq quotes Ismail as saying. MAF wants to double that figure again to 300 branches in Egypt by 2030, with plans to invest up to USD 807 mn (EGP 25 bn) in the expansion, Ismail told Enterprise Egypt last month. The company is also planning to open a Carrefour in Egypt’s New Administrative Capital by February 2024, according to Asharq.

What MAF has done in Egypt thus far: MAF invested USD 2.5 bn (EGP 77 mn) in the Egyptian market over recent years. The company currently employs more than 9k workers in Egypt, with over 6k Egyptians working for the group in other countries, making them the most highly represented nationality among MAF employees, Al Arabiya reports.

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