BUSINESSES CHOOSE TO EXPAND IN EGYPT
More businesses are choosing to expand in Egypt after recent news stories have reported that large brands have seen the country as a good place to invest.
HSBC Egypt has announced they are moving forward with expansion plans for 2012 and will be opening new branches across the country.
The number of new branches is yet to be confirmed but the CEO of HSBC Egypt, Andrew Long, said the economy is in a great place: “This is a country of more than 80 million people. I think there is plenty of scope for us to open more branches. We are here to stay and grow.”
Despite the revolution at the beginning of this year, Mr Long confirmed the bank is performing well and points out the economy is strengthening every day: “People look at HSBC here in Egypt and say HSBC is here forever. We’re not going to withdraw suddenly because we never do withdraw from a market.”
British retailer Marks & Spencer (M&S) revealed last week that the company plans to open three stores in Egypt as part of a five-year expansion plan across the Middle East.
The retailer has also recognised Egypt as a good investment opportunity and plans to open its second Cairo store in October.
Bruce Bowman, head of operations for M&S at Dubai’s Al Futtaim, commented: “We have undoubted confidence that we will be in Egypt for the medium to long term, and it’s not going to stop at a second store – there will be a third and fourth store.”
The companies that are recognising Egypt as a good place to invest will no doubt encourage more businesses to follow. As more worldwide brands invest, Egypt will become more successful in having a strong, stable economy. The country’s future is looking positive.
Source: arabianbusiness.com, thedailynewsegypt.com