Germany's Metro AG to Invest $90 Million in Egyptian Markets
The German distribution company, Metro AG, has announced it will invest $90 million in Egypt's wholesale markets.
"Egypt is on the list of countries where we would like to put cash-and-carry stores," said the company chairman, Hans-Joachim Koerber, cited by the weekly Middle East Times.
METRO AG bills itself as the second largest trading group in Europe.
The company was established in July 1996 as a result of the merger of METRO Cash & Carry, Kaufhof Holding AG and Asko Deutsche Kaufhaus AG.
"Egypt needs such activities to activate the market movement as the company is marketing more than 42 commodities covering all needs of the Egyptian citizens," said an Egyptian official, cited by the weekly – Albawaba.com
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