Skip to content Skip to Search
Skip navigation

Majid Al Futtaim to invest $1bn in Egyptian market

By Pramod Kumar
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.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]