Al Othaim said to open four stores in Egypt

Saudi-listed Abdullah Al Othaim Markets Co. is planning to open its first four stores in Egypt as part of a strategy to invest SAR 144 million in the Egyptian foodstuff market, local newspaper Al-Borsa reported.

Al Othaim said the expansion will be financed from the company’s own cash reserves and debt, adding that its Egyptian business is expected to turn profitable from Q3-2017 as the market there is driven by a growing population and demand for commodities.

In 2011, Al Othaim established a wholesale and retail trade subsidiary in Egypt that has since remained inactive due to unrest and economic uncertainty, Argaam previously reported.

Commercial activities are slated for this quarter, as Egypt’s market and economic conditions have become more favorable.