ArabFinance: Egyptian retailer Hyper One Group announced the opening New Sphinx City branch on August 30th, Hapi Journal reported.

Located on Cairo-Alexandria Desert Road, the new unit spans an area of 50,000 square meters at a total cost of EGP 650 million, Hyper One Chairman Mohamed el Hawari said.

The new branch has a parking area that accommodates 1,200 vehicles on 30,000 square meters, the official added.

El Hawari noted that New Sphinx establishment offers 1,100 direct job opportunities in addition to 2,000 indirect vacancies.

Last year, the group announced its plans to open new branches at EGP 5 billion worth of investments. The units were reportedly going to create 5,000 direct jobs besides 10,000 indirect opportunities.

It had been reported according to El Hawar that Hyper One would prepare an initial public offering.

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