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Wednesday, 10 July 2019

Egypt’s HyperOne to invest EGP 5 bn on developing new, existing branches

INVESTMENT WATCH- HyperOne to invest EGP 5 bn on developing new and existing branches: Retail chain HyperOne will spend EGP 5 bn on new and existing branches “in the coming period,” regional legal advisor Mohamed Magdy Saleh told Amwal Al Ghad. The retailer is planning to open a branch in New Sphinx early next year, followed by two more at unspecified locations towards the end of 2020. HyperOne currently has two branches near Cairo — one in Sheikh Zayed and another on the Cairo-Ismailia desert road. The latter was inaugurated more recently.

Other investment plans: HyperOne has recently signed a final MoU with the Supply Ministry’s Internal Trade Development Authority to operate a subsidized commodities outlet. It was among eight others who inked contracts with the ITDA earlier this week to take part in EGP 23 bn-worth of planned commercial facilities in a number of governorates. We noted last year that HyperOne is looking into a potential EGX debut by the end of this year.

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