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Majid Al Futtaim Retail will launch its Retail Business School, located in Maadi, Cairo, in 2023 with an initial investment of 20 million Egyptian pounds ($809,723) to develop and prepare skilled personnel for the country’s booming retail sector.
Philippe Peguilhan, Country Manager of Majid Al Futtaim Retail in Egypt told Zawya Projects that the initiative forms part of Carrefour’s commitment towards the community by investing in local talent and providing them with work opportunities.
He added that construction of the school, spread over an area of 1,000 square metres, is underway and would be completed next year in time for launch
Peguilhan said Majid Al Futtaim Retail plans to invest EGP400 million ($16 million) in 2023 and over EGP750 million ($30 million) by 2025 doubling the number of Carrefours in the country.
“Part of this investment will be utilised to expand Majid Al Futtaim Retail’s soft discount store, Supeco, and open further Carrefour Gourmet stores across various cities in Egypt, including the New Administrative Capital's first branch," he disclosed.
The company has invested EGP2.3 billion ($93 million) to date in its retail operations.
“We are proud to celebrate 20 years in Egypt as we continue investing in the local community and economy by collaborating with key local suppliers, ensuring stock availability and offering competitive prices,” he said.
Majid Al Futtaim Retail is part of Dubai-headquartered Majid Al Futtaim Holding.
(1 US Dollar = 24.70 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
