Dubai-based retail conglomerate Majid Al Futtaim said Feb. 19 that it plans to open 100 more Carrefour SA stores in Egypt after signing a protocol agreement with two local government agencies.

Majid Al Futtaim is the exclusive franchise owner of France-based Carrefour in the Middle East, Africa and Asia. The company signed the agreement with Egypt's Ministry of Investment and International Cooperation and the National Service Projects Organization to open the new stores in industrial zones across Egypt, the statement said.

The expansion is on top of the conglomerate's previously announced 23 billion Egyptian pound investment strategy, the news release added.

As of Feb. 16, US$1 was equivalent to 17.65 Egyptian pound.