Abu Dhabi – Mubasher: Majid Al Futtaim has announced plans to open 100 new Carrefour stores in Egypt.

The Dubai-based company has signed a cooperation protocol agreement with the Egyptian investment ministry and the National Service Projects Organization, an affiliate of the Egyptian Armed Forces, to open new stores in industrial zones across several governorates in the Arab country, according to a company statement released on Monday.

“This agreement comes in line with Majid Al Futtaim’s commitment towards the socio-economic development of Egypt and, subsequently, fulfils the government’s vision,” Majid Al Futtaim Properties’ Egypt country head Abdalla El Nockrashy commented.

The Emirati company did not release any further details regarding the value of its investments in the most populous Arab country.

“The pact with the UAE firm delivers a strong message to leading companies that Egypt and all its governmental bodies are in full support of investors,” Egypt’s minister of investment and international cooperation Sahar Nasr stated.

Majid Al Futtaim currently operates 37 Carrefour outlets in Egypt.