Carrefour retail Store – Photo courtesy to Majid Al Futtaim website
CAIRO - 2 June 2022: The Emirati Al-Futtaim Group intends to inject investments amounting to $1 billion in Egypt during the next three years.
This came during a meeting with the Egyptian Prime Minister, Mostafa Madbouli, on Wednesday, June 1, with Emirati businessman Omar Abdullah Al-Futtaim, CEO of the Al-Futtaim Group.
Omar Abdullah Al-Futtaim said that the Al-Futtaim Group has been present in the Egyptian market for nearly 40 years, pointing out that during his work in Egypt he considers himself in his second country, and despite the challenges, the group is working to expand its investments in the Egyptian market, and has a vision to pump investments from $700 million to $1 billion in Egypt over the next three years.
Al-Futtaim expressed his optimism about the contents of the Integrated Industrial Partnership Initiative for sustainable economic development between Egypt, the UAE and Jordan, as well as the reassuring messages that were reflected in the "State Ownership Policy Document", stressing that the Egyptian state's support for the private sector is a motive for him to think about how to invest the real opportunities that the Egyptian economy abounds.
He also reviewed some of the challenges currently facing the retail sector in Egypt, as one of the repercussions of the current Russian-Ukrainian crisis.
The CEO of Al-Futtaim Group confirmed that the group has important relations with international companies by virtue of its work, and that it is working to cooperate with them in several projects in Egypt currently, indicating that he wants to invest more in the Egyptian market, and convince all the global investors represented by the group, to pump investments In Egypt, especially in the industrial sector, he has already confirmed that some of them have declared their readiness to do so, stressing that periodic reports are submitted to the Prime Minister on the progress of the group's work in terms of attracting major companies to pump investments in Egypt.
The Egyptian Prime Minister stressed the government's keenness to communicate directly with investors, as part of the state's efforts to solve all their problems, overcome obstacles, and facilitate procedures, noting that there are many incentives in the investment law, and Egypt currently represents a fertile ground for attracting investment opportunities, as Egypt has Infrastructure at the highest level, including industrial lands ready for investment, with complete facilities, and facilities are provided for obtaining licenses, within a period not exceeding 20 working days, as well as issuing the golden license.