Al-Futtaim to invest up to $1 billion in Egypt over the next 3 years

Al-Futtaim to invest up to $1 billion in Egypt over the next 3 years
Souce: Egyptian Cabinet

Al-Futtaim Group stated that it will make investments in Egypt worth $700m to $1 billion over the next three years, according to an Egyptian cabinet statement.

Egypt’s Prime Minister, Mostafa Madbouly, reaffirmed that Egypt is keen on enhancing the role of the private sector in investment during the coming period and on direct communication with investors, addressing any challenges and obstacles investors may face and facilitating procedures to encourage more investments.

The Prime Minister also stated that they are working on a state ownership policy draft document that outlines activities it will withdraw from or reduce its presence in over the next three years as part of a plan to expand the private sector.

Omar Abdullah Al-Futtaim, Vice Chairman & CEO of Al-Futtaim Group, said that the group has been present in the Egyptian market for nearly 40 years and the group is working to expand its investments in the Egyptian market, and it has a vision to pump investments from 700 million to one billion dollars in Egypt over the next three years.

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