Emirati Al Futtaim to inject $1 bln in investments in Egypt, double number of Carrefour branches to 70

Ahram Online , Monday 27 Nov 2023

Majid Al Futtaim Holding Group, a prominent Emirati conglomerate, announced it is planning to inject $1 billion in new investments into the Egyptian market in the near future, said Ahmed Galal Ismail, the CEO of the group, during a meeting with Prime Minister Mostafa Madbouly on Sunday.

A photo showing Prime Minister Mostafa Madbouly during a meeting with Ahmed Galal Ismail, the CEO of
A photo showing Prime Minister Mostafa Madbouly during a meeting with Ahmed Galal Ismail, the CEO of Majid Al Futtaim Group. Cabinet.


“The group further aims to expand its presence in Egypt by doubling the number of Carrefour branches to 140, spread across 25 cities,” he added.

Ismail emphasized the group's commitment to the Egyptian market, stating that they had already invested $2.5 billion in the country.

He highlighted that the majority of these investments had been made during the past nine years, showcasing the company's long-term dedication to the Egyptian economy.

The group currently employs over 9,000 workers in its Egypt projects.

Ismail underscored the group's commitment to fostering opportunities for Egyptians abroad, revealing that the group employs about 6,000 Egyptians in other countries, making Egyptians the largest nationality represented within the group.

He added that group is set to open a new Carrefour branch in the New Administrative Capital in February.

Ismail noted the group will expand the operations of Supeco stores to reach a total of 144 stores across Egypt by 2030.

Majid Al Futtaim has set its sights on injecting a total of EGP 20 billion in investments to establish new projects in Egypt and expand existing centres by 2030.

Ismail highlighted an additional allocation of EGP 4.6 billion for investment in the local market.

During his speech, Madbouly emphasized the group's significant role in generating employment opportunities across various sectors.

Al Futtaim Group, founded in 1992, operates three key subsidiaries specializing in properties, retail, and enterprises. With a presence in 13 countries, including Egypt, the group has established itself as a multinational corporation.

The UAE is poised to pump additional investments into Egypt across various development sectors, said Mohamed El-Suwaidy, the country’s minister of investment, in early November.

The trade volume between the two countries reached $4.6 billion in the first 11 months of 2022, growing by 6.5 percent compared to the same period in 2021.

Egypt is working on attracting foreign investments, particularly from Gulf countries, to bolster its diminishing US dollar reserves.

The country is projected to face a $17 billion financing gap until 2026, according to a report by the International Monetary Fund (IMF).

To bridge this gap, Egypt aims to sell 35 state-owned assets, including to member states of the Gulf Cooperation Council. 

The privatisation programme is part of Egypt's commitments under its $3 billion loan programme with the IMF.

However, the IMF loan deal is currently facing challenges with the first review, originally scheduled to be completed on 15 March, and is yet to take place at an unspecified date.


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