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Dubai-based retail conglomerate Majid Al Futtaim (MAF) has shared plans to invest around EGP24.6 billion ($796 million) in Egypt by 2030 as it looks to expand its presence in the North African country.
Around EGP20 billion of the amount will be allocated by Majid Al Futtaim Properties to invest in new projects that include extensions and refurbishments of existing malls and entertainment centres by 2030, the company said in a statement on Tuesday.
The remaining EGP4.6 billion is slated for local market investment by the company’s retail business. The investment will focus on growing MAF’s Carrefour network to reach 130 stores across 25 cities in Egypt by 2025 and expanding Supeco’s footprint to 144 stores by 2030.
The UAE company shared the expansion plans as it released the initial findings of a report that explores the impact of its operations in Egypt in over two decades. Since 1998, MAF has invested around $2.5 billion into the Egyptian market and created 144,000 jobs.
The company said it has transformed the retail, real estate and entertainment landscape in Egypt over its 25-year presence in the country.
Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, said the company will continue to invest in the country as it looks to generate EGP100 billion in revenues over the next several years.
“Our investment of $2.5 billion over the last two decades is a testament to our unwavering support for the country while our future investments include robust growth plans for Carrefour and Supeco stores and our aspiration is to achieve EGP100 billion in revenues over the next decade,” Ismail said.
“However, the Majid Al Futtaim journey in Egypt extends far beyond direct capital spend, supporting key initiatives in support of Vision 2030, such as of education, employment, sustainable and economic prosperity.”
Global management consultancy firm Kearney ranked Egypt in the 7th position in its Global Retail Development Index (GRDI) in 2021, climbing several sports from the 19th place in the previous study.
The country’s retail market, estimated to be around $200 billion as of 2020, is forecast to post a CAGR of 5% to reach $254 billion in 2025, according to Kearney.
(Writing by Cleofe Maceda; editing by Seban Scaria)
