Wednesday 22 Jan
During the World Economic Forum in Davos, Egypt's Investment Minister, Hassan Al-Khatib, met with Ahmed Galal Ismail, CEO of Majid Al Futtaim Group. They discussed the group's expansion plans in the Egyptian market, including opening new stores like Carrefour.
Minister Al-Khatib highlighted Egypt's improved investment climate due to recent economic reforms. He emphasized the government's support for foreign investment, aiming to create jobs and boost the retail sector to meet the needs of consumers at affordable prices.
Al-Khatib added that the meeting
reviewed the investment opportunities and potential in Egypt, as well as the
measures and procedures currently adopted by the government related to fiscal,
monetary, and trade policies aimed at facilitating investors and attracting
more investments to increase Egypt's foreign trade rates.
He expressed the ministry's
commitment to backing Majid Al Futtaim Group's expansion endeavors and
facilitating the establishment of new stores through suitable investment
opportunities. These initiatives are expected to bolster the local economy,
generate substantial employment opportunities, and propel the retail sector's
growth trajectory.
The Minister emphasized the
government's ongoing efforts to provide comprehensive support and attractive
incentives for both domestic and foreign investments. These measures aim to
create a fertile ground for job creation and accelerate economic growth.
The CEO of Majid Al Futtaim Group outlined the group's aspirations to solidify its foothold in the Egyptian market. They plan to achieve this by implementing an expansion strategy that entails opening additional stores, including Supeco and Carrefour, across various regions throughout the country. This strategy is driven by a desire to cater to consumer demands and generate employment opportunities.
