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IKEA eyes business expansion in Egypt

CAIRO. IKEA, a Swedish conglomerate brand that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, eyes to expand in the Egyptian market by opening more branches and introducing further smart and multi-use products, according to IKEA’s Al-Futtaim’s retail head Thomas Sirguei. Serguei made his statements during its annual press conference.

Sirguei also said that IKEA’s permanent branch in Mall of Arabia, which was inaugurated in March, is the biggest in the region.

He added that 2020 was a very challenging year for IKEA’s business around the globe, including Egypt, owing to the COVID-19 pandemic, but with the country’s recovery efforts IKEA will continue to expand in the Egyptian market going forward.

In November 2019, Emirates NBD-Egypt and the Egyptian Marakez Group, a subsidiary of the Saudi Al-Hokair Group, inked a long-term loan agreement with IKEA, worth EGP 395 million, to finance its new store at the Mall of Arabia in Cairo’s 6th of October City, which covers more than 20,000 square metres and is the second branch of IKEA in the Egyptian market.

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