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Majid Al Futtaim to invest $1bn in Egyptian market

Shoppers at Dubai's Mall of the Emirates. Owner Majid Al Futtaim Holding currently operates 70 Carrefour branches in Egypt Reuters/Abdel Hadi Ramahi
Shoppers at Dubai's Mall of the Emirates. Owner Majid Al Futtaim Holding currently operates 70 Carrefour branches in Egypt

Dubai-based Majid Al Futtaim Holding plans to invest $1 billion in the Egyptian market, according to CEO Ahmed Galal Ismail.

The retail conglomerate has already invested $2.5 billion in Egypt so far, Ismail told Prime Minister Mostafa Madbouly during a meeting, Egypt Today newspaper reported.

He disclosed that a Carrefour branch will open at Administrative Capital, a new urban community east of Cairo, in February 2024.

In addition, the company will expand its cash and carry Supeco stores to 144 outlets by 2030.

The group currently operates 70 Carrefour branches in Egypt and aims to double the number to 140 across 25 cities, the CEO revealed.

Majid Al Futtaim will also invest EGP20 billion ($650 million) into new projects and expand and renovate existing commercial and entertainment centers until 2030, the media report said.

Majid Al Futtaim and IWG, a Swiss-based flexible workspace provider, this week announced opening five Regus and Spaces locations in the UAE, Oman and Egypt.

Majid Al Futtaim Holding in August reported a 74 percent year-on-year rise in net profit to AED1.7 billion ($462.84 million) for the first half of 2023.

Revenues rose five percent year on year to AED18.9 billion, fueled by a 37 percent increase in income from the property segment.

However, retail revenue declined by two percent annually due to currency devaluations in Egypt, Pakistan, Kenya and Lebanon.

Operating profit increased to AED809 million from AED683 million reported in the prior period, primarily driven by higher revenue and higher margins.

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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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