Chairman of the Internal Trade Development Agency Ibrahim Ashmawi attended on Sunday the signing of an MoU between the Egyptian company GRG and the Italian Sopria Holding Company.
The latter is the owner of Crai Retail Modeling working in the sector of food processing retail. It contemplates entering the Egyptian market, which will be the third foreign market to operate in as it already runs business in Switzerland and Malta.
The Ministry of Supply and Internal Trade and the Ministry of Housing, Utilities and Urban Communities signed in August 2019 an agreement with UAE’s Lulu Group to inject $500 million to establish four major hypermarkets in New Cairo, October and El-Obour creating 8,000 jobs.
It was agreed that the four projects will be built by the Urban Communities Authority within 12 months, with Lulu Group starting to manage and operate the projects in a period of 3 to 6 months from the date of completion of the construction.
The Ministry of Housing, Utilities and Urban Communities and the Ministry of Supply and Internal Trade have been coordinating to study the selection of six other sites for the establishment of additional commercial centers in a number of new cities.