Business

Carrefour gets nine-year lease to operate hypermarket in Cairo

Signs agreement with Al Futtaim Group Real Estate

  • Staff Report
  • Published: 00:00 November 12, 2009
  • Gulf News

Dubai: Al Futtaim Group Real Estate yesterday announced the leasing of Cairo Festival City's Festival Centre hypermarket in a deal signed with Majid Al Futtaim's Carrefour. Officials of both companies met in Dubai on November 3 to sign the contract, which gives Carrefour a nine-year lease and the option to renew it for another nine years.

"Signing with Carrefour is an exciting development for both Cairo Festival City and MAF Hypermarkets. We are certain that bringing the best hypermarket operator to the best site in Cairo will meet the needs of the New Cairo population," said Brett Schafer, Al Futtaim's senior managing director.

MAF Retail introduced the hypermarket model in the Middle East in 1995 and since then has rapidly expanded in the region. Today it operates 37 stores across the Mena region, of which four hypermarkets and one supermarket are in Egypt. In addition, Carrefour is considered the largest international operator in this sector, with 7,984 stores worldwide including 1,262 hypermarkets.

Philip Evans, director of retail leasing at Al Futtaim, said: "Choosing Carrefour and MAF Retail was an easy decision. MAF Retail is definitely one of the most experienced hypermarket operators in the region and we are confident that they will provide us with the high level of services we have all become used to.

"Carrefour is the second largest hypermarket operator in the world and the largest in terms of international presence. We are developing a quality super regional shopping centre with an international line-up of retailers. We will be announcing more quality signings very soon."

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