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GMG opens Egypt HQ with plans for 1,000 new jobs

Woman, People, Person Nike
GMG plans to open stores across Egypt for brands including Nike, Sun & Sand Sports, Nu Athlete and dropkick
  • Jobs split across retail sales, administration and management
  • GMG looks to open over 100 sports stores across Egypt by 2026 
  • Egypt’s retail sector set to boom thanks to its young urban population

GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced plans to increase its Egyptian workforce 10-fold over the next four years.

The retailer, headquartered in Dubai, said it has opened a dedicated office in Cairo to support plans to create more than 1,000 new jobs in the country. 

The roles will be split across retail sales, administration and management functions as the conglomerate looks to open over 100 sports retail stores across Egypt by 2026 for brands including Sun & Sand Sports, dropkick, Nu Athlete and Nike.

Earlier this year GMG also announced a partnership with Egyptian real estate developer Talaat Moustafa Group to launch a Sun & Sand Sports store at the new All Seasons Park mall and a Nike store at the Open Air Mall. 

GMG is also exploring e-commerce opportunities in the country with local distribution partners, backed by an omnichannel strategy.

“We see strong potential in Egypt for all our sports brands,” Mohammad A Baker, deputy chairman and CEO of GMG, said.

“We will continue investing in this market to deliver new retail experiences while inspiring new lifestyle habits built around health and wellbeing.”

According to consultancy Kearney, the Egyptian retail sector is forecast to grow from $200 billion in 2020 to $254 billion in 2025, with e-commerce expected to increase to a $13.2 billion market in 2025, supported by Egypt’s young, urban and tech-savvy population.

GMG’s entry into Egypt follows a major expansion into Southeast Asia, where it recently opened an office in Malaysia. 

By 2025 the group aims to double its global workforce through acquisitions, developing concepts and entering new countries. 

The announcement comes at a time of economic stress for Egypt. After three devaluations in 2022, the Central Bank of Egypt floated the pound in January to meet a condition for a $3 billion loan from the International Monetary Fund, the country’s fourth bailout since 2016. 

Egypt’s non-oil economy remained in a steep downturn in February, according to the latest S&P Global purchasing managers’ index survey, as demand continued to be hit by high inflation and supply chain pressures. 

In a new research note analysts at Fitch Solutions said the Egyptian retail sector benefits from the continuing popularity of bricks-and-mortar stores despite a recent rise in e-commerce. 

“International retailers continue to enter and expand in the country, particularly through franchise agreements with regional firms,” Fitch said, adding that its “large, growing and youthful population is driving modernisation, resulting in growing demand for foreign brands.”

Analysts said the retail sector has been boosted by the introduction of new legislation in Egypt which requires that for every compound or real estate project, there has to be a corresponding commercial area. 

According to Fitch, household spending will grow by an annual average of 14.8 percent to 2027 to reach EGP12.9 trillion ($433.4 billion), driven by the significantly high levels of inflation.

Last month GMG bought the retailer Aswaaq from the Investment Corporation of Dubai, the principal investment arm of Dubai’s government.

The deal added a total of 11 community malls and 22 supermarkets to GMG’s retail network and positioned GMG as one of the largest operators of community malls in the UAE.

In April it bought Géant’s UAE operations from Urban Foods by Dubai Holding, adding 18 hypermarkets and supermarkets.

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FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

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