Egypt to offer investors 47 consumer complexes as part of commercial chains project’: Cabinet    

Mohamed Ayyad
3 Min Read
The Ismailia National Company for Food Industries (INFL) aims to increase its sales by 25% by the end of the current fiscal year (AFP Photo)

The Egyptian government will offer investors 47 consumer complexes soon, as part of its efforts to implement a project for commercial chains intended to cut prices, according to a statement by the Council of Ministers on Friday.

Prime Minister Sherif Ismail said the project comes as part of government efforts to cut the prices of basic goods and make them available to all citizens in Cairo and other governorates, especially in Upper Egypt.

President Abdel Fattah Al-Sisi launched an initiative in November to reduce the prices of basic food goods after an increase in prices that led to widespread complaints.

Ismail’s statement was issued during the cabinet meeting on Friday in the presence of the ministers of Housing, Supply, Interior, Local Development and Antiquities.

Al-Sisi called upon existing commercial chains to open more branches around Egypt and expand their commercial activities, thereby lowering prices.

The Ministry of Supply announced in December that the total number of lands offered for the establishment of commercial chains is 709.

Cabinet spokesman, Ayman Salah, said in a statement that during the meeting, Ismail stressed the importance of obtaining necessary licences and permits before offering outlets and commercial chains to investors.

Ismail demanded that procedures to evaluate lands be finalised quickly, as well as the determination of tender specifications of each land in order to facilitate procedures for investors and finish all evaluation requirements within two weeks, according to the statement.

Ismail recommended the usage of the bidding system on pieces of land where more than one investor is competing for, noting that “no land will be offered for investment unless its tender specifications are complete, as well as having the necessary permits”.

Minister of Supply Khaled Hanafy gave a full report about the steps taken since the announcement of the commercial chains project. He said the Internal Trade Development Authority (ITDA) has created a reference guide for the project, intended for investors interested in the outlets, the commercial chain, and logistical areas. This would facilitate the necessary steps and procedures to begin the project’s implementation.

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