Majid Al Futtaim, the owner of the Carrefour supermarket chain in 38 markets, signed a cooperation protocol with the Ministry of Investment and International Cooperation and the National Service Projects Organisation to establish 100 Carrefour retail stores across several Egyptian governorates.
In a press statement on Monday, the company said that the signing of this protocol comes within the framework of the Egyptian government’s directives to provide Egyptian citizens with high quality products at a fair market value, thus facilitating easier access to commercial centres, as well as benefiting from all products available in the areas surrounding these centres.
In this regard, Minister of Investment and International Cooperation Sahar Nasr said that the protocol aims to bring these centres closer to residential areas and to facilitate access to them and to ease citizens’ burden of having to travel to remote areas to buy their needs, which will revive the Egyptian economy and provide more direct and indirect employment opportunities.
Nasr added that the establishment of these centres will be through a system of flexible investment zones, which provides incentives and privileges to the investor, ultimately reflecting the interest of citizens.
The number of Carrefour branches in Egypt is currently 37 stores, according to the statement.
Through its stores, Carrefour is committed to providing the widest range of quality products at competitive prices to combat price inflation faced by Egyptian society, offering choices of food and non-food products, as well as various household goods.
The protocol comes as part of Majid Al Futtaim’s commitment to Egypt and is an addition to its investment plan in Egypt worth EGP 23bn, which includes the Mall of Egypt and entertainment destinations such as Ski Egypt, as well as constructing City Centre Mall and the expanding of VOX Cinemas, according to the company.