Summary
- Majid Al Futtaim and GTBank have emerged as top multinationals which will rule investments in developing markets in the next four years.
- The Economist Intelligence Unit (The EIU) says Majid Al Futtaim, the franchise holder for French-owned retailer Carrefour, is the firm to watch in the retail sector in the Middle East, North Africa and sub-Saharan Africa with a key focus on Kenya and Egypt.
Dubai-based shopping conglomerate Majid Al Futtaim and Nigeria’s
GTBank, which have strong presence in Nairobi, have emerged as top
multinationals which will rule investments in developing markets in the
next four years.
The Economist Intelligence Unit (The
EIU), the research and analysis arm of the Economist Group, lists the
two among 12 global firms which will leverage on strong growth in trade
in developing markets to spread their wings.
EIU says
Majid Al Futtaim, the franchise holder for French-owned retailer
Carrefour, is the firm to watch in the retail sector in the Middle East,
North Africa and sub-Saharan Africa with a key focus on Kenya and
Egypt.
The growth-hungry conglomerate has made clear its aggressive
expansion drive in Kenya, taking up spaces previously occupied by
cash-strapped Uchumi and Nakumatt at prime locations in Village Market,
Sarit Centre, the Junction, Galleria and Thika Road Mall.
Since
opening its first store at the Hub in upmarket Nairobi’s Karen in May
2016, Carrefour —ranked the world’s second-largest supermarket chain
after America’s Wal-Mart Stores — has grown its network to six
strategically-located outlets.
The giant French
retailer has also shown interest in moving into the Nakumatt Mega space —
along Uhuru Highway — when the struggling retailer’s lease expires this
month.
“Armed with an exclusive licence to operate
Carrefour stores in 38 countries and a sturdy cash flow from its
domestic activities, it has plenty of room to grow further,” EIU says in
the report titled Going Global: 12 Companies to Watch in Developing
Markets.
“It has been spreading roots in neighbouring
countries such as Kenya and Egypt, with plans to launch 100 Carrefour
stores in the latter.”
The only other firm in the elite
list which has a presence in Kenya is GTBank, whose local subsidiary
was ranked the 20th largest lender by market share in 2017 by the
Central Bank of Kenya.
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