British Matalan invests £25M in Egypt

CAIRO - 22 January 2020: British fashion chain Matalan plans to invest £25 million in Egypt, to launch 20 branches during the next five years, spokesperson of the British Government for the Middle East and North Africa, Alyson King announced.

King clarified in a tweet that this comes in accordance with the agreement signed Tuesday by the company during the UK-Africa investment summit in London.

According to King, the summit witnessed the signing of trade agreements worth £6.5 billion.

On Tuesday, President Sisi stressed in a meeting with Prince William Egypt's aspiration to strengthen bilateral relations with the UK, particularly in the fields of tourism and education, as well as on the economic and commercial levels, by maximizing the volume of British investments in Egypt.

For his part, Prince William stressed Britain's keenness to support Egypt's development efforts in all fields through the exchange of experiences and joint investments. He praised the pivotal role played by Egypt to establish stability in the Middle East and Africa, achieving inter-religious coexistence, and supporting peaceful solutions to crises in the region.

Trade exchange between Egypt and the United Kingdom marked an annual increase of 9.4 percent during the first nine months of 2019, recording £1763.8 million, according to the Egyptian Commercial Office in London.