GMG on Sunday renewed its commitment to the Egyptian market and opened its headquarters in District 5, Cairo, to strengthen its presence in the North African country.
In a statement, GMG — a global well-being company operating leading brands across sport, everyday goods, health and beauty, properties, and logistics sectors, said it is also looking to increase its current Egyptian workforce 10 times in the next four years, adding more than 1,000 jobs to the Egyptian economy. These roles will be split across retail sales, admin, and management functions.
The UAE-based conglomerate's latest investment builds on its bold growth plans unveiled in January 2022 to open more than 100 sports retail stores across Egypt by 2026 for its leading international and home-grown sports brands Sun & Sand Sports, dropkick, Nu Athlete, and Nike.
"We see strong potential in Egypt for all our sports brands. This aligns with our unique retail concepts, portfolio of the world's biggest sports and wellness brands, and increasing digital footprint,” Mohammad A. Baker, deputy chairman and CEO of GMG, said.
“We will continue investing in this dynamic market to deliver new retail experiences while inspiring new lifestyle habits built around health and well-being," he said.
Earlier this year, GMG also announced a strategic partnership with Talaat Moustafa Group (TMG), Egypt's leading real estate developer, to launch a Sun & Sand Sports store at the new All Seasons Park mall, and a Nike store at the highly sought-after Open Air Mall.
GMG is also keenly exploring e-commerce opportunities in the country with local distribution partners, backed by an ambitious omnichannel strategy.
The Egyptian retail sector is one of the Middle East's largest and is growing rapidly. Kearney's 2021 Global Retail Development Index projected an annual growth rate of around five per cent for Egyptian retail, rising from $200 billion in 2020 to $254 billion in 2025.
E-commerce is experiencing a similar positive trend, expected to increase from $7.7 billion in 2022 and $13.2 billion in 2025, supported by Egypt's young, urban, and tech-savvy population and expanding middle class.
"We are delighted to announce the launch of our new office in Egypt, which unfolds a new chapter in our international growth strategy,” said Imad El Ghazal, senior vice-president — Sports, Africa, GMG.
“We are all set to introduce some of the best products and concepts in the world to the nation's sports enthusiasts. Due to its rich history, vibrant culture, and thriving retail sector, Egypt presents GMG with a wide range of opportunities to engage with new partners and customers, " he said.
Today, GMG has a presence across the Middle East, Southeast Asia, and North Africa. Its entry into Egypt follows a major expansion into Southeast Asia, where it recently opened its Asian headquarters in Malaysia.
By 2025, GMG aims to double its global workforce through acquisitions, developing fresh concepts, and entering new geographies. Since its founding in 1977, GMG has introduced more than 120 international brands into its markets while creating quality-driven, home-grown brand concepts.
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