Dubai-based well-being company GMG has opened its Africa headquarters (HQ) in Egypt’s District 5 in New Cairo.
As part of its growth plan in the Egyptian market, the UAE-based conglomerate aims to increase its current workforce in Egypt 10 times over the coming four years and create over 1,000 new jobs in retail sales, admin, and management sectors.
The entity intends to open more than 100 sports retail stores across Egypt by 2026, which will cover its leading international and home-grown sports brands Sun & Sand Sports, dropkick, Nu Athlete, and Nike, according to a press release.
Deputy Chairman and CEO of GMG, Mohammad Baker, said: "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.”
Baker added: “We will continue investing in this dynamic market to deliver new retail experiences while inspiring new lifestyle habits built around health and well-being."
Earlier in 2023, GMG unveiled its strategic partnership with the listed Talaat Moustafa Group Holding (TMG) to launch a Sun & Sand Sports store at the new All Seasons Park mall in addition to a Nike store at the highly sought-after Open Air Mall.
The Egyptian retail industry is expected to witness an annual growth rate of nearly 5%, rising from $200 billion in 2020 to $254 billion in 2025, according to Kearney's 2021 Global Retail Development Index.
By 2025, the global well-being company GMG intends to double its global workforce through acquisitions, developing fresh concepts, and entering new geographies.
Over the past two years, GMG invested in merger and acquisition (M&A) transactions, including Géant's operations in the UAE and Royal Sporting House (RSH) in Southeast Asia. That followed the launch of a mega-warehouse facility in Saudi Arabia to serve its growing customer base.
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