Cairo – Mubasher: Spinneys Egypt will invest up to EGP 250 million as a part of its four-year expansion plans, which started in 2015, CEO Mohanad Adly told Almal newspaper.

The supermarket chain is looking to pump total investment worth EGP 500 million in the Egyptian market until 2019, Adly highlighted, pointing out that 50% of these investments have already been executed.

The leading chain is planning to double the number of its branches in Egypt to 24 branches, he added.

Two branches located in Shorouk City and Maadi are currently under construction and will be inaugurated in October and the beginning of 2018, respectively, he continued.

The CEO further noted that Spinneys Egypt is currently negotiating the acquisition of a large space at one of the New Administrative Capital’s shopping malls to establish one of its hypermarket branches.

Spinneys Egypt is wholly-owned by UAE-based firm Abraaj Group, and seeks to grow its revenue to EGP 2 billion through increasing sales by as much as 35% by the end of 2018.