Saudi retailer Panda will open its first hypermarket in the Upper Egypt area in Assiut governorate next Wednesday, with an investment cost of 150 million Egyptian pounds ($8.3 million).
The new hypermarket is set to provide around 500 new job opportunities for Assiut residents, said Amr Fares, spokesman for the Egyptian Union for Investors Associations, on Saturday.
Opening new chains in the Upper Egypt areas will significantly contribute to the development of this region, Fares added.
The Saudi retailer has also future plans open 15 new branches in other areas in Upper Egypt, he said.
Panda is one of the Savola Group’s subsidiaries as of October 30, 1998,, which is ranked ninth amongst the top 100 companies in the Saudi Arabian market and ranked second amongst the industrial sector after SABIC. As of October 30, 1998, Panda Retail Company operates as a subsidiary of Savola Group Company.
Panda Retail Company owns and operates a chain of supermarkets and hypermarkets in Saudi Arabia and Lebanon.
