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FINANCIAL NEWS
Germany’s Metro to open facility in Egypt
28 Jun 2010
(MENAFN) Germany’s Metro Group said that it will open its first wholesale store in Egypt this month and might add about 20 more, a move Cairo said would encourage more efficient internal trade and cut consumer prices, Reuters reported.
The government is seeking to encourage more internal trade with plans to set up zones on the outskirts of big cities to improve logistics and food storage. Deals for setting up three such zones will be signed later on Sunday.
Metro said its new 10,000 square-meter facility in the Cairo area would offer 20,000 food and other products. It opens on June 30 and a further two stores, also under the Makro brand, are planned to open this year, it said.
Trade Minister Rachid Mohamed Rachid told a joint news conference with Metro executives that the development with Makro would boost Egyptian agriculture and improve supply chains.
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