UAE retailer GMG has announced it has opened its Cairo headquarters today.
The company said it wants to increase its Egyptian workforce by 10 times in the next four years.
This will add more than 1,000 jobs to the Egyptian economy, the company said.
These roles will be split across retail sales, admin, and management functions.
Mohammad A. Baker, deputy chairman and CEO of GMG said: “We see strong potential in Egypt for all our sports brands. This aligns with our unique retail concepts, portfolio of the world’s biggest sports and wellness brands, and increasing digital footprint. We will continue investing in this dynamic market to deliver new retail experiences while inspiring new lifestyle habits built around health and well-being.”
In January, the company said it will open more than 100 sports retail stores across Egypt by 2026. These will include international and home-grown sports brands Sun & Sand Sports, dropkick, Nu Athlete, and Nike.
Earlier this year, GMG also announced a partnership with Egyptian real estate developer Talaat Moustafa Group to launch a Sun & Sand Sports store at the new All Seasons Park mall, and a Nike store at the Open Air Mall.
GMG is also exploring e-commerce opportunities in the country with local distribution partners, the company said.
Imad El Ghazal, senior vice president for sports in the Africa region at GMG said: “We are delighted to announce the launch of our new office in Egypt, which unfolds a new chapter in our international growth strategy. We are all set to introduce some of the best products and concepts in the world to the nation’s sports enthusiasts. Due to its rich history, vibrant culture, and thriving retail sector, Egypt presents GMG with a wide range of opportunities to engage with new partners and customers.”
The Egyptian retail sector is one of the Middle East’s largest and is growing rapidly.
The Kearney Global Retail Development Index in 2021 had projected an annual growth rate of around five per cent for Egyptian retail.
This growth is expected to reach $254 billion in 2025, up from $200 billion in 2020.
E-commerce is experiencing a similar trend, which is expected to increase from $7.7 billion in 2022 to $13.2 billion in 2025.
The report added the country’s e-commerce industry is supported by Egypt’s young, urban, and tech-savvy population and expanding middle class.