Dubai-based Al-Futtaim Group to invest $1bn in Egypt

Dubai-quartered Al Futtaim Group plans to invest up to $1 billion in the most populated Arab country, Egypt, over next three years.

Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, the Egyptian cabinet said in a statement seen my Reuters.

The North African country is currently the destination of investments by Gulf Arab states.

Egypt is expected to receive $22 billion to be used in overcoming a currency crisis, the third such rescue in a decade, as analysts watch for greater exchange rate flexibility to avert future crises, Reuters notes.

A family business, Al-Futtaim Group according to its website brings the quality and reputation of more than 200 companies into your life.

The company is one of the most progressive regional family businesses headquartered in Dubai, United Arab Emirates.

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