Majid Al Futtaim Holding is planning to invest $1 billion in the Egyptian market over the coming period, the group’s CEO Ahmed Galal Ismail stated.

Moreover, the group is working on doubling the number of Carrefour’s branches to 140 across 25 cities from the current 70 branches, Ismail noted.

He pointed out that a new branch of Carrefour would be inaugurated in the New Administrative Capital in February 2024.

Additionally, the company is targeting injecting EGP 20 billion into new projects in Egypt, along with expanding and revamping the current malls and entertainment centers until 2023, he highlighted.

It will also allocate an additional sum of EGP 4.6 billion for local investments, he added.

Moreover, Ismail said that the group is also planning to expand the operations of its wholesale store Supeco in Egypt to reach 144 branches by 2030.

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