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Monday, 7 October 2019

Carrefour to invest EGP 500 mn in Egypt in 2020

INVESTMENT WATCH- Majid Al-Futtaim Group (MAF)’s Carrefour aims to invest around EGP 500 mn in Egypt next year opening three new hypermarkets and 24 new supermarkets, said Country Manager Jean Luc Graziato, according to the local press. The company already has 47 branches in the country, and is expected to open 13 new stores before the end of 2019. Carrefour said in April that it would invest around EGP 700 mn in opening 20 new outlets in 2019, including the City Center Almaza that opened at the beginning of October. The company after 2020 will be looking at opening branches in the new capital, Graziato said, explaining that negotiations on the size of these coming projects are ongoing. He expects sales to grow by 10% both this year and in 2020.

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