Another mammoth investment by Majid Al Futtaim which will mean Carrefour stores are almost quadrupling.
Almost two decades after drastically modernising Cairo's retail and shopping industries, Carrefour Egypt is taking another huge step with the announcement of major expansion plans that will see them open over 100 more locations in industrial zones around the country. The news was announced during a signing ceremony between Egypt's Minister of Investment, Sahar Nasr, and Majid Al Futtaim's Egypt Director, Abdalla El Nockrashy, on Sunday.
The agreement will mean that, for the firs time, Egyptians outside of Cairo and Alexandria will have access to Carrefour products and services in their own cities.
“This agreement comes in line with Majid Al Futtaim’s commitment towards the socio-economic development of Egypt and subsequently fulfills the Government’s vision,” explains El Nokrashy. “This protocol is not only a monumental milestone for Majid Al Futtaim in Egypt, but also a clear testament to the efforts of the National Service Projects Organisation in supporting Egyptian citizens and giving them access to primary goods. The Ministry of Investment and International Cooperation has given us full support throughout the process of this agreement as part of its consistent encouragement for investment in Egypt.”
Majid Al Futtaim Group, which owns the Carrefour brand in Egypt and the Middle East, is a Dubai-based company that's been operating since 1992 in the fields of real estate, retail and leisure. It has since grown to be a regional powerhouse and is one of the biggest foreign investors in Egypt.
The opening dates and exact locations of the stores are yet to be revealed.
Main Photo by @MO4Network's #MO4Productions.