Back to the complete issue
Tuesday, 26 September 2017

Spinneys to invest EGP 250 mn in doubling number of branches to 24 by 2019

INVESTMENT WATCH- Supermarket operator Spinneys is planning to invest more than EGP 250 mn to double its number of branches in the country to 24 by 2019, the company’s Egypt CEO Mohanad Adly tells Al Mal. Two new branches in Maadi and Al Shorouk City are already under construction, with one set to open next month and another in early 2018. The company is also in talks to acquire space at the new administrative capital to build a large hypermarket within a mall, Adly says. The expansion is part of a company strategy, which began in 2015, to pump c. EGP 500 mn in new investments into Egypt over the course of four years. Spinneys, which is fully-owned by the UAE’s Abraaj Group, is hoping to grow revenues to north of EGP 2 bn by the end of 2018, on the back of new outlets. The group has been on an expansion drive in Egypt since last fall (coverage here and here).

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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; 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.