UAE retail conglomerate Majid Al Futtaim Retail is preparing to launch its Retail Business School in Maadi, Cairo, next year, starting with an initial investment of 20 million Egyptian pounds ($809,723).
The business school, Al Futtaim’s second in the region, is hoped to prepare high-skilled personnel for the country’s burgeoning retail sector.
Country manager of Majid Al Futtaim Retail in Egypt, Philippe Peguilhan, said that the initiative complements Carrefour’s goal of nourishing local talent and providing young retailers with diverse work opportunities.
He added that construction of the school, which will cover 1,000 square metres, has already started and is expected to be completed next year.
This news follows Majid Al Futtaim Retail recent intention to invest EGP400 million ($16 million) in 2023 and more than EGP750 million ($30 million) by 2025, doubling the number of Carrefour locations in the country.
“Part of this investment will be utilised to expand Majid Al Futtaim Retail’s soft discount store, Supeco, and open further Carrefour Gourmet stores across various cities in Egypt, including the New Administrative Capital’s first branch,” said Mr Peguilhan.
“Our focus is not only on business expansion but also on continuing to deliver value through every experience for our colleagues and customers.
“We are proud to celebrate 20 years in Egypt as we continue investing in the local community and economy by collaborating with key local suppliers, ensuring stock availability and offering competitive prices,” he said.
To date, the UAE-based retail conglomerate has already invested EGP2.3 billion ($93 million) in its retail operations.
This business school project started three years ago when Majid Al Futtaim launched Retail Business Schoo in Dubai within its Carrefour premises in Ibn Battuta Mall.
COO of Carrefour UAE and head of operational excellence at Majid Al Futtaim Retail, said: “Majid Al Futtaim’s new Retail Business School is a testament to our commitment to talentism and investing in our people at the highest levels. In fact, three out of four managers at Carrefour have reached their position via an internal promotion. They are our greatest asset and our company’s future success is dependent on their professional development and active embodiment of our corporate values. Ultimately, it’s our people who we rely on to deliver great moments to every customer walking into Carrefour and this substantial investment in them is a direct recognition of this.”
Majid Al Futtaim Retail is part of Dubai-headquartered Majid Al Futtaim Holding.