Majid Al Futtaim Holding Group to invest $1B into Egyptian markets

Majid Al Futtaim Holding Group plans to invest $1 billion in the Egyptian market in the near future, the CEO of the group, Ahmed Ismail, said during his meeting with Prime Minister, Mostafa Madbouly.

The CEO of the group also mentioned that the company has already invested $2.5 billion in Egypt so far. Additionally, he further disclosed that a new Carrefour branch will be opening at Administrative Capital in February 2024.

Furthermore, he revealed the company's strategy to expand the number of Supeco stores, which offer wholesale prices, to 144 by 2030.

Ismail highlighted that Majid Al Futtaim Holding Group currently operates 70 Carrefour branches and aims to double this number to reach 140 branches across 25 cities nationwide.

The company has set a target of injecting EGP 20 billion into new projects, as well as expansion and renovation initiatives for existing commercial and entertainment centers until 2030.

The CEO emphasized that a significant portion of the group's investments in Egypt has been made over the past nine years, citing the positive investment climate in the country as a contributing factor.

In recent news, Egypt introduced the first phase of the electronic platform for the golden license, a single approval system.

The CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, explained that this platform enables investors to access information and data regarding the golden license. It also allows them to submit requests for a single approval and track the progress of their applications.