Omar Effendi and MAF get cozier
Omar Effendi has tapped Majid Al Futtaim (MAF) to manage 14 of its branches, Al Mal reports, citing an unnamed source at the state-owned retailer. Under the partnership, MAF will develop and maintain the branches as well as train employees to prepare them for a planned introduction of e-payments and an automated system. Last week Omar Effendi and MAF signed a cooperation protocol to see MAF-owned supermarket chain Carrefour open in 14 of Omar Effendi’s locations. The details of the agreements will be announced “soon,” the source said.
Omar Effendi has big plans for this fiscal year, targeting a bottom line of EGP 30 mn in FY2020-21 compared to EGP 7 mn in FY2019-20, the source added.