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Chain of stores owned by Emirati’s most famous billionaire responds to exit rumors from Egypt with new ad

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Sources have revealed the truth about Carrefour’s intention to close its branches and liquidate business in Egypt due to a shortage of certain goods.

Carvo sources said reports that Carrefour, an affiliate of Emirati billionaire Majid Al Futtaim Group, is pulling out of Egypt are false rumors and that the company has announced the opening of new branches in several regions. , and that there is an investment plan until next year.

Sources indicated that Carrefour plans to invest LE 750 million in Egypt by the end of 2025 as part of the company’s plans to expand into the Egyptian market.

Sources confirmed that shortfalls in certain commodities such as rice, sugar, tea and margarine at Carrefour’s locations in recent weeks were the result of a lack of supply from the manufacturers of those commodities, and not Carrefour’s financial shortfall.

Sources indicated that the annual Carrefour holiday in January of each year is accompanied by promotions and lower prices for goods, which encourages citizens to increase purchases and stock up on some of the products they need.

According to sources, Carrefour’s actual investment in Egypt is LE 2.3 billion from its operations in Egypt for about 20 years to the present.

The Majid Al Futtaim Group also plans to increase its investment by around LE 400 million during the current year 2023 and then increase it to more than LE 750 million by 2025.

The increase in Carrefour’s investment in Egypt will, in turn, double the company’s business volume, the sources said, with part of that investment going towards expanding the presence of discount store Majid Al Futtaim Subico and opening additional Carrefour Gourmet branches in various cities. in Egypt.

Source: Cairo 24

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