Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer, and exclusive franchise owner of the Carrefour brand in 38 markets across the Middle East, Africa and Asia, has signed a cooperation protocol agreement with the Ministry of Investment and International Cooperation and the National Service Projects Organization with the aim of opening an additional 100 Carrefour stores in industrial zones across various governorates in Egypt.
This is directly aligned with the Egyptian government directions to provide high quality commodities with fair market value to Egyptians, in addition to ensuring the facilitation and availability of these commodities to all citizens.
The protocol signing ceremony was attended by: Mr. Abdalla El Nockrashy, Country Head, Egypt, Majid Al Futtaim Properties, Lieutenant General Mustafa Amin, Director General of the National Service Projects Organization, an affiliate of the Armed Forces, and Dr. Sahar Nasr, Minister of Investment and International Cooperation and in the presence of several heads of the Armed Forces. This agreement comes in line with Majid Al Futtaim’s contribution to fulfilling the Egyptian government direction as well as contributing to the Egyptian economy by creating direct and indirect job opportunities, in addition to providing retail, entertainment and leisure attractions to Egyptian citizens.
“This agreement comes in line with Majid Al Futtaim’s commitment towards the socio-economic development of Egypt and subsequently fulfills the Government’s vision,” Mr. El Nokrashy stated. “This protocol is not only a monumental milestone for Majid Al Futtaim in Egypt, but also a clear testament to the efforts of the National Service Projects Organization in supporting Egyptian citizens and giving them access to primary goods. The Ministry of Investment and International Cooperation has given us full support throughout the process of this agreement as part of its consistent encouragement for investment in Egypt.”
Dr. Sahar Nasr, Minister of Investment and International Cooperation, stated that the agreement delivers a strong message to leading companies that Egypt and all its governmental bodies are in full support of investors.
The minister also pointed out that this protocol is part of the implementation of the directions from President Abdel Fattah El Sisi to inject new investments that support the provision of commodities of all kinds, including basic commodities for the Egyptian citizens with high quality and low prices, taking into account the social dimension and the proximity of the centers and accessibility for the citizens to drive benefit from all products available. The efforts aim to revive the Egyptian economy and provide more direct and indirect employment opportunities, and the establishment of these centers of excellence will be the system of flexible investment zones, which provide incentives and privileges to investors and ultimately to serve the best interest of the citizens.
Through its current 37 Carrefour stores, Majid Al Futtaim is committed to providing the largest range of high quality products at very competitive prices to combat the inflation that the Egyptian citizens are facing, and offer unparalleled choices of food and non-food products in addition to various home appliances. The company places a strong emphasis on sourcing these products from local suppliers and farmers.
The Ministry of Investment and International Cooperation has recently focused on working to attract foreign direct investments into Egypt, in line with the national leadership’s directions to sustain economic growth in the country. The Ministry continues to demonstrate full support to international investors willing to contribute to the local economy such as Majid Al Futtaim, one of the leading investors in Egypt’s retail and leisure sectors. This protocol agreement strengthens
Majid Al Futtaim’s commitment to Egypt and represents a further contribution over its previously announced EGP 23 billion investment strategy which includes the opening of Mall of Egypt and its various leisure and entertainment attractions such as Ski Egypt, the expansion of VOX Cinema in the country and development of City Centre Almaza.