Majid Al Futtaim Plans $1 Billion Investment in Egyptian Market

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Majid Al Futtaim Holding, based in Dubai, is set to invest $1 billion in the Egyptian market, adding to the $2.5 billion it has already committed. During a meeting with Egyptian Prime Minister Mostafa Madbouly, CEO Ahmed Galal Ismail discussed plans, including the opening of a Carrefour branch in the Administrative Capital in February 2024. The retail conglomerate aims to double its Carrefour branches in Egypt from 70 to 140 across 25 cities. Additionally, Majid Al Futtaim plans to expand its Supeco stores to 144 outlets by 2030.

In the coming years, the company will invest EGP20 billion ($650 million) in new projects, as well as expanding and renovating existing commercial and entertainment centers. The investment reflects Majid Al Futtaim’s commitment to the Egyptian market and its confidence in its growth potential.

The recent partnership with IWG, a Swiss-based flexible workspace provider, to open five Regus and Spaces locations in the UAE, Oman, and Egypt further demonstrates Majid Al Futtaim’s diverse business strategy.

Despite a 74% year-on-year rise in net profit to AED1.7 billion ($462.84 million) for the first half of 2023, the company faced challenges in retail revenue due to currency devaluations in Egypt, Pakistan, Kenya, and Lebanon. However, its overall performance showcased higher revenue, margins, and operating profit, underlining its resilience and adaptability in various markets.