Cairo – Mubasher: Egypt’s Ministry of Supply and Internal Trade said Saturday that three firms from Egypt, Saudi Arabia and Bahrain won auctions to establish retail chains in Cairo and Al Sharqia Governorates.
Saudi Panda Retail Company and Bahraini Ramez Group clinched land parcels of 3,718 square meters and 42,000 square meters respectively, the ministry added in a statement.
Supply Minister, Khaled Hanafi, said that Ramez Group will inject initial investments of EGP 250 million ($28.2 million), providing about 50,000 jobs, according to the statement.
Earlier in December 2015, the minister revealed plans to establish 36 retail chains nationwide to provide goods at reasonable prices, of which 10 chains were awarded to UAE-India Lulu Group and the remaining 26 for Panda International and Carrefour.
