Sharm el-Sheikh, Egypt - German business-to-business, self-
service wholesaler Metro Cash & Carry International will open its
first store in Egypt by late 2009, Chairman Frans WH Muller said
Sunday.
The German firm would become the first international wholesale
business to set up operations in Egypt.
The announcement was made at a joint press conference with
Egyptian Trade and Industry Minister Rashid Mohamed Rashid on the
sidelines of the World Economic Forum on the Middle East, held in the
Red Sea resort of Sharm el-Sheikh.
Metro Cash & Carry International, the world's leading wholesaler
of its kind, sees a potential for medium-term expansion in Egypt of
up to 10 stores with an expected investment of around 23 million
dollars per store.
'We are delighted with Metro's decision to enter Egypt and see it
as a testament to the strength and competitiveness of the Egyptian
economy,' Rashid said.
With the announcement, Egypt becomes the second country after
Morocco in the Middle East and North Africa and the 30th in Metro's
worldwide distribution network, including Spain, China, Japan and
Russia.
'The company is likely to operate in Egypt under the brand name
'MARKO' and will offer a range of up to 20,000 food and non-food
products, almost entirely sourced - up to 90 per cent - from local
producers and suppliers,' according to a company press release.
Being a wholesale business, the company targets hotels,
restaurants, caterers as well as medium-sized retailers.
There were 253 German companies operating in Egypt as of February
2008 with a total German investment of 280 million dollars.
Among those investors are Bavarian Auto group - a licensee of BMW
- and Daimler as well as consumer-products group Henkel and
electronics firm Siemens.
Total trade between Egypt and Germany rose by 8 per cent to 4.5
billion dollars in 2007 from the previous year, according to data
released by Egypt's Trade and Industry Ministry.
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