Saudi listed Abdullah Al-Othaim Markets Company said on Wednesday it has approved a SAR 144-million (approximately $38.4 million) initial plan for expansion in Egypt, opening new foodstuff retail and wholesale stores, a release on the Saudi stock market website reads.
The investment plan is set to be implemented over three years given that the company’s commercial operations will start during the first quarter of 2016. The company’s share rose 1.8 percent to be traded at SAR86.50, the market data shows.
The company established a subsidiary company in Egypt in 2011 but hasn’t engaged yet in any commercial activity since its formation.
“(The company) found that the current opportunity and the economic conditions of the Egyptian market are favorable and encouraging in light of the continued growth of the population and increasing demand for goods and services,” the release read.
Egypt’s statistical body CAPMAS announced the country’s population registering 90 million on 6 December.
source: Ahram Online
