LE 6 billion to establish chain stores in 8 provinces: Minister

The Internal Trade Development Authority (ITDA), affiliated with the Domestic Trade and Supply Ministry, began Wednesday the second phase of President Sisi’s initiative on opening chain stores in the provinces of Egypt. Plots of land have been put on offer for investors and traders to buy, with the aim to encourage the establishment of retail chains, trade zones and logistics centers in eight governorates.

The targeted governorates are those of Suez, Qena, Assiut, the Red Sea, Marsa Matrouh, Beni Suef, Daqahliya and Luxor, according to Supply Minister Khaled Hanafy. The total area of land to be set aside for the initiative is estimated at 1,591,800 square meters.

Phase one of the initiative looked to establish chain stores for food supply and logistics centers for storing grain, vegetable and fruit produce.

“The total investments pumped [into phase one] by investors… reached LE 6 billion,” the minister remarked. For the first time, the initiative will see investments coming in from Saudi Arabia, the Emirates, Kuwait, Bahrain, France and the US, in addition to the local investments, he said. 

According to the minister, the proposed chain stores will provide around 110,000 jobs and target provinces in Upper Egypt and the Delta specifically. The aim is to provide citizens with jobs and with reasonably priced food supplies, whilst developing domestic trade, the industrial and production sectors and attracting local and foreign investment.

Edited translation from Al-Masry Al-Youm

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