Egypt’s Minister of Supply and Internal Trade Ali Moselhy has officially inaugurated the newest 50,000-square-meter branch of retail chain HyperOne in New Sphinx, west Cairo, coming with investments valued at EGP 650 mn, Invest-Gate reports.
During the opening ceremony, Moselhy revealed that four multi-commodity warehouses were rolled out as part of the new establishment’s first phase, with combined investments of EGP 12 bn, according to a ministerial statement on August 30.
Further, the minister called on prospective investors to submit requests for Expression of Interest (EOI), including project information documents (PIDs) that will present the required qualifications for contribution to the above warehouses, the statement noted.
On his part, HyperOne Group Chairman Mohamed Elhawary pointed out that the new hypermarket branch features a 30,000-square-meter parking space that accommodates up to 1,200 vehicles, adding that it offers 2,000 and 1,100 indirect and direct job opportunities, respectively.
The sales area of the new HyperOne branch is almost 10,000 square meters, whereas there are 48,000 square meters of storage space, the CEO confirmed.
HyperOne is set to attract further investments in New Sphinx, and thus, create new jobs and provide residents with basic services, which will accelerate the urban development of the newly-introduced city and relieve congestion on Cairo by promoting new alternatives, according to the statement.
Last year, HyperOne Group had announced plans to roll out a number of new branches across the country, with investments worth EGP 5 bn, therefore creating 10,000 and 5,000 indirect and direct jobs, appropriately, according to an earlier press release.