Carrefour Egypt plans to invest EGP 250 mn and build 10 new stores in Egypt this year, Masrawy quotes Carrefour Egypt head Philippe Peguilhan as saying. The Majid Al Futtaim-owned retailer is eyeing new locations in Cairo, Alexandria, the North Coast, the Red Sea, the Delta, and New El Alamein. Carrefour currently has 59 stores nationwide, including 14 hypermarkets and 45 supermarkets.

Ramadan prep amid the commodities crunch: At a recent meeting with government officials, Carrefour pledged to ensure all its product lines are available at reasonable prices ahead of Ramadan, despite Russia’s war on Ukraine, Peguilhan said. The war has knocked out a good chunk of global wheat supply, sending prices soaring and threatening widespread food inflation.

Continued expansion: The chain saw sales rise 40% — exceeding its targets — and built seven new stores last year. Peguilhan said. Carrefour had reportedly targeted investing EGP 400 mn to set up 20 new branches in 2021, backed by expectations for a rapid recovery in consumer demand.

OTHER INVESTMENT NEWS-

Saudi tech firm Brmaja plans to increase its investments in Egypt by 20% this year, Al Mal reported CEO Hatem Bakheet as saying, without disclosing figures. The company and its two subsidiaries, Brmaja IT and Brmaja Innovation, are all looking to expand in the Egyptian market this year, he said.

The company’s Egyptian arm has said it is eyeing an IPO on the EGX as early as this month, but we’ve seen little to suggest the offering by Brmaja Innovation is imminent. The company registered its shares with Misr for Central Clearing, Depository and Registry last month and is has said it could list 20% of its shares in an EGP 400 mn sale. It has plans to acquire its Saudi parent company in a reverse merger ahead of the listing.