Back to the complete issue
Tuesday, 28 March 2017

Retailers bullish on Egypt, MAF doubling down on Egypt

Retailers remain bullish on Egypt:Majid Al Futtaim (MAF) is doubling down on investments in Egypt, Tamim Elyan writes for Bloomberg. “I’m not worried about falling disposable income because for a number of years Egypt has had an official economy that was sustained by a gray one … The current situation is beginning to look positive compared to where things were,” MAF CEO Alain Bejjani tells Elyan. The under-served population creates a chance for exponential growth, Yasser Abdul Malak, CEO of Nestle’s Northeast Africa unit, adds. Bejjani suggests that the “official numbers” might not always match “reality;” he says “the Egyptian market is deep. We have seen a lot of conversion into the official economy and this has helped the market to sustain itself." Data from Fawaz Alhokair’s Egyptian unit, Marakez, supports that. The unit’s CEO (and friend of Enterprise), Ahmed Badrawi, told Elyan that “the first two months sales figures of our retailers are better than last year; this is positive because you could potentially expect sales to fall to the ground … This is a period of adjustment and people are adapting."

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.