ITDA allows Carrefour, Panda to establish low-price commodities markets on its lands

The Egyptian Internal Trade Development Authority (ITDA) allowed Panda United Company (APU) - a Saudi Arabian grocery retailing company – and Carrefour - a French multinational retailer headquartered in Boulogne Billancourt, France – to establish 26 hypermarkets on ITDA lands in various Egyptian governorates to offer foodstuffs and other commodities at low prices, the supply minister said on Saturday.

Panada company will set up six hypermarkets in Cairo, Tagammu el Khames and Sixth of October city, while 10 markets will be opened in various governorates, he said in statements on the fringe of opening a branch of the UAE-Indian Lulu Group International in New Cairo at 300 million EGP.

Carrefour will set up 10 hypermarkets in 10 governorates away from Cairo and Alexandria at 2 billion EGP, he said, noting that this would create 20,000 direct and indirect jobs.

The Egyptian Holding Company for Food Industries will secure needed food commodities of fruits, vegetables and other foodstuffs for the French and Saudi hypermarkets, he noted.

He added that it was agreed with several Gulf and international hypermarkets to send Egyptian products to their branches worldwide.

The measure falls within the framework of implementing directives of President Abdel Fattah El Sisi to secure high-quality foodstuffs and commodities at low prices, he said, citing the Armed Forces and Supply Ministry outlets for low-price food commodities.