Al-Futtaim plans to invest $ 700 million in Egypt

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Cairo (Etihad)

The Egyptian government announced today, Thursday, that the Emirati Al-Futtaim Group aims to pump $ 700 million worth of $ 1 billion investment in Egypt over the next three years.
Omar Abdullah Al-Futtaim, CEO of the Al-Futtaim Group of Companies, said the group has been present in the Egyptian market for 40 years and stressed that the group is working to expand its investments in the Egyptian market and has a vision to pump investments from 700 million to one billion dollars in Egypt over the next three years.
This happened during a meeting with Mustafa Madbouly, the Egyptian Prime Minister, Omar Abdullah Al-Futtaim, in the presence of Nevin Gamea, the Egyptian Minister of Trade and Industry.
During the meeting, Al-Futtaim reviewed some of the challenges that the retail sector in Egypt is currently facing, as one of the consequences of the current Russian-Ukrainian crisis.
At the end of the meeting, the Prime Minister reaffirmed his appreciation of Omar Al-Futtaim’s initiative to attract investment to Egypt and stressed the possibility of inviting investors from the Al-Futtaim Group’s partners to visit Egypt to see investment opportunities, with the Egyptian government’s readiness to meet with them, present all investment opportunities in different sectors and provide different incentives and the necessary facilities.