Majid Al Futtaim from UAE Plans a $796 Million investment in Egypt by 2030

Dubai's retail giant, Majid Al Futtaim (MAF), has announced its intention to channel approximately EGP24.6 billion ($796 million) into Egypt by 2030, underscoring its commitment to strengthening its footprint in the North African nation.
As per the company's recent statement, Majid Al Futtaim Properties plans to dedicate roughly EGP20 billion towards new initiatives, such as upgrading and enlarging current malls and entertainment hubs by 2030.

The balance, EGP4.6 billion, will be directed to the local marketplace through MAF's retail division. The strategy involves expanding the Carrefour brand to 130 outlets in 25 Egyptian cities by 2025 and enlarging Supeco's presence to 144 outlets by 2030.

This announcement came as MAF unveiled preliminary insights from a study that delves into the company's impact in Egypt over the past two decades. Since its inception in 1998, MAF's contribution to the Egyptian economy has been about $2.5 billion, generating 144,000 job opportunities.
MAF highlighted its transformative role in Egypt's retail, property, and entertainment sectors throughout its 25-year tenure there.
Ahmed Galal Ismail, the CEO of Majid Al Futtaim Holding, emphasized the firm's ongoing commitment to Egypt, expressing ambitions to attain EGP100 billion in turnover in the upcoming years.

"We've injected $2.5 billion in the past 20 years, reflecting our steadfast support for Egypt. Our upcoming ventures involve aggressive expansion goals for Carrefour and Supeco. Our target is hitting EGP100 billion in sales in the coming decade," Ismail remarked.

He added that MAF's role in Egypt goes beyond mere financial investment, aligning with the nation's Vision 2030 through backing pivotal areas like education, job creation, sustainability, and economic growth.

In 2021, Kearney, a global consultancy firm, positioned Egypt 7th on its Global Retail Development Index (GRDI), a jump from its 19th place in the preceding report. Kearney also anticipates the Egyptian retail sector, valued at $200 billion in 2020, to grow at a CAGR of 5%, reaching $254 billion by 2025.