Amid the economic turmoils of Lebanon, foreign investors like Majid Al Futtaim Group, continue to eye Lebanon’s opportunities. As a result, the group is going to ramp up its Lebanese investments to “$2 billion by 2030”, revealed an “integrated plan”.
The Majid Al Futtaim Group is into retail investments through its Carrefour stores which “have reached $18 million this year”, while expectations are there that the same will climb up to “$50 million” over a period of coming five years.
The retail market of Majid Al Futtaim forms part of “an expansion plan” which covers fifteen countries across the globe including “the Arab markets”. So far, four of these targets have “launched electronic stores”. Lebanon, however, is part of the “latest plan” of Majid Al Futtaim Group which has been revealed by the chief executive Hani Weiss. The announcement took place in Beirut which coincided with the inauguration of the “third Carrefour stores in the Zouk Mosbeh area in Mount Lebanon”.
While talking to Asharq Al-Awsat, Weiss informed that the amount of investment made in the “two previous Carrefour stores” has hit “$18 million”, whereby involving “650 employees”, the 99% of which were of Lebanon origin. Furthermore, he also noted that under the five year plan, Majid Al Futtaim Group is likely to hire “1,700 employees”. In his words: “We have the exclusive right to use the name of Carrefour in the Middle East and the plan is to double the size in the next five years”.
The Chief Executive Officer said that Lebanese market’s openness to “new innovation” has been the luring factor for the investment focus, as the customer base of Lebanon “is selective and cares about quality.”
Carrefour sells thousands of goods in Lebanon which are imported from France and come to the country at “competitive prices”. Moreover, besides launching “well-known shopping” complexes, Majid Al Futtaim Group started Lebanon’s “first online service” through e-store, whereby offering “grocery goods and electronics” delivering them to “consumer within two days” while retaining identical prices to “those in store”. While Weiss added: “In the next six months, we will reach 7,000 categories that will be available in the electronic service”.