Majid Al Futtaim to Open 100 Additional Carrefour (France) Stores in Egypt
21 Feb 2018 - The company is already implementing Dh4.77bn investment strategy in Egyptian market
Majid Al Futtaim, the Dubai-based conglomerate whose businesses span shopping mall, real estate, retail and leisure sectors, is opening 100 additional Carrefour stores in Egypt, adding to 37 outlets it already operates in the most populous Arab country.
The company has signed a “cooperation protocol agreement” with the Egyptian investment ministry and the National Service Projects Organization, an affiliate of the country’s armed forces to open new stores in industrial zones across various governorates in the country, it said in a statement on Monday without giving the financial details or the timeline of the project.
The investment into new outlets, is on top of the Majid Al Futtaims’s previously announced 23 billion Egyptian pound (Dh4.77bn) investment strategy for Egypt, Africa's third largest economy. The company’s ongoing projects in the country include Mall of Egypt and its various leisure and entertainment attractions such as Ski Egypt, the expansion of VOX Cinema in the country and development of City Centre Almaza.