The company inaugurates its first store in Egypt in 2016 within its plan to open 10 hypermarkets all over the country - Wikimedia Commons
CAIRO – 9 October 2018: A major foreign retail chain will invest LE10 billion in Egypt over two years by establishing five hypermarkets in Greater Cairo on a total area of 100,000 square meters, and two logistic zones in Alexandria and Upper Egypt on 10 and five feddans, respectively.
The investment comes as per a deal with the Ministry of Supply and Internal Trade, Chairman of the Internal Trade Development Authority (ITDA) Ibrahim Ashmawy told press on Oct.9. The official added that the deal is the outcome of the authority’s efforts and visits to Gulf countries to attract foreign direct investment (FDI).
Ashmawi added that the prospective projects will increase goods supply and the share of the formal sector against the informal sector. He clarified that those investments are the first after a protocol was signed by ITDA and the New Urban Communities Authority so that the latter offers lands for investors in the internal trade sector.
The chain chose the Logistics Centre in Alexandria to be an export base for its branches in the Gulf and other countries in the region. The company inaugurated its first store in Egypt in 2016 within its plan to open 10 hypermarkets all over the country.
Ministry of Planning, Follow-Up and Administrative Reform announced in September that the total cost of programs targeting the development of the supply and internal trade sector in the fiscal year 2018/2019 hits LE 130 billion. The purpose is securing strategic commodities in affordable prices and preventing any monopolistic practices in the Egyptian market.
Egypt is on top of the 21 COMESA members in terms of foreign direct investment (FDI) with a share of 42 percent in the value of $7.4 billion achieved in 2017, Head of COMESA Regional Investment Agency Heba Salama told African Business Magazine.