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Kuwait’s Alshaya Group will reduce its operations in Egypt amid the ongoing economic situation, the group said in an Email to Amwal Al Ghad English on Thursday.
According to the group, the overseas business and trading in the country has been challenging over the past three years.
“We can confirm that, regrettably, this includes a reduction in the number of stores that we operate in Egypt,” the statement said.
The group owns the franchise to a number of international brands, such as American Eagle, Starbucks, and H&M, which have been facing calls for boycott over the Israeli war on Gaza.
When asked whether the decision comes as a result of the boycotts, the group declined to comment.
