Al-Ahram Markets, an Egyptian joint stock company and a subsidiary of the Food Industries Holding Company (FIHC), is currently undergoing the final preparations to establish a consumer compound in Hadayek Helwan.
The compound will be established with an investment of EGP 5m, according to President of the company Tarek Tantawi.
Tantawi said in a statement that the new branch will be on an area of 1,000 sqm on the Nile Corniche, in partnership with the private sector through El-Fouad for Real Estate Investment.
The FIHC is currently affiliated to the Ministry of Supply, as an investment arm of the government for providing people’s basic needs in consumer compounds.
According to a source at the Ministry of Supply, all the branches of consumer compounds and wholesale companies are being developed. There are 4,000 branches and outlets across the republic, making it the largest retail chain in the Middle East.
“Al-Ahram Markets’ branches will be opened in all governorates to make things easier for the people in villages and remote areas by providing food commodities at prices 30% lower than the market,” said Tantawi.
According to Tantawi, the new consumer compound will be the largest, in terms of size, to meet the needs of the residents of this area, adding that the commodities are available in consumer compounds at lower prices.
Fouad Hamed, Chairman of El-Fouad for Real Estate Investment, said: “The new compound is just the beginning for the partnering of the private sector with the government in projects. I expect partnerships between the government and the private sector to increase in the upcoming period.”
“The consumer compound on the Nile Corniche in the area of Hadayek Helwan was functioning before, and generated returns, until it was closed as a result of the security lapse that followed the 25 January Revolution,” added Hamed.
“The new branch is equipped with the most advanced refrigerators and display equipment, and it has an attached storehouse on an area of 1,000 sqm, equipped with refrigerators to store meat,” said Tantawi.
Hamed added that preparations for the reopening of the compound will take a month, for the maintenance of tools and equipment. Al-Ahram Markets will manage this compound.
He also said that partnering with the government for this new project comes in response to the government’s call to increase private-public partnerships.