Khairat Al-Shater, Deputy General Guide of the Muslim Brotherhood, opened the first 15 branches of a new retail chain called Zad.
The new chain is the first of Al-Shater’s family investments since the revolution.
The grand opening was attended by Mohamed Mahdi Akef, former General Guide of the Muslim Brotherhood, Bahaa Al- Shater, the Deputy General Guide’s brother, the President of Zad, and a number of other members of Al-Shater’s family.
Khairat Al-Shater denied that Turkish businessmen were participating in the project, stressing that the new company is 100% Egyptian.
Al-Shater said that the company works in the service of Egyptians citizens to provide their needs at the lowest prices.
Essam Abdel Wehab, the General Manager of Zad, denied that the new company was a Muslim Brotherhood investment.
He said that despite the fact that the heads of the company belong to the Muslim Brotherhood, the company’s employees do not.
Sources within the company said that its leadership is depending on employees who have experience in other retail operations in an attempt to establish a foothold in the market.
Zad has opened the 15 branches in Nasr City under the slogan “Providing much without the fuss,” offering discounts of up to 12% in its initial efforts to attract customers.
Saad Al-Shater, Zad’s Managing Director, told Daily News Egypt that the company hopes to win the confidence of Egyptian citizens.
He said that Zad branches will soon open in New Cairo and will eventually be located in all types of areas, planning to open 2,500 branches within five years all over the country.
Zad released a statement expressing that the company hopes to help propel the Egyptian economy forward and provide opportunities for investors.