Emirati retail giant Majid Al Futtaim Retail, operator of Carrefour supermarkets, seeks to increase its investments in Egypt’s retail sector, Invest-Gate reports.

The announcement came at a meeting held earlier this week between the head of General Authority for Investments (GAFI(, Mohamed Khodeir, and Jean Luc Graziato, Majid Al Futtaim Retail general manager, during which they discussed means of expanding the company’s retail business in Egypt.

“We want to thank GAFI for its great efforts in facilitating the company’s investments in the country, ” Graziatom says.

Meanwhile, Khodeir says that the retail business plays a large role in decreasing commodities prices, calling for increasing the number of supermarkets in more areas and opening more outlets in the Upper Egyptian cities.

Majid Al Futtaim Retail introduced the Carrefour brand to the Middle East in 1995, opening the region’s first hypermarket at City Centre Deira. The company holds exclusive rights to the Carrefour franchise in 38 markets across the Middle East, Africa and Central Asia, operating a portfolio of 65 hypermarkets and 85 supermarkets in 14 countries.