Minister for Supply and Internal Trade Khaled Hanafy has said that a private investor will inject over US$279m in setting up a chain of hypermarkets in various parts of Egypt. The private investor, whose name was not disclosed by the minister, will invest in hypermarkets to expand local trade. The initiative will be undertaken in collaboration with the ministry.
The plan will see construction of 10 branches around Egypt, including in Gharbeya and Ismailia where tenders for plots for construction of the hypermarkets have been offered. The minister has also said that the investment initiative will spur domestic trade in the country, and added that the company will also engage in restructuring its administration.
The new hypermarkets across the country will seek to benefit from a growth of 10% in the local food industry since last year, now amounting to about US$48.9bn and this has been contributed by rising population. Egypt has recorded a population growth of 2million people per year.
Board of Directors Chairman at Juhayna Food industries Mr. Safwan Thabet has observed that more similar investments in the Upper Egypt could come up.
A real estate investment company has also been provided US$ 65m which is a part of the total International Finance Corporation (IFC )’s funding to Egypt, in order to construct the Mall of Arabia in the 6th of October City