CAIRO: Grocery retailer Spinneys said it plans to expand in Egypt, Lebanon and Qatar, as well as opening its first store in Jordan.
Part of a regional expansion strategy, it will also identify opportunities to establish a presence in new markets across the MENA region, according to a statement.
The management of Spinneys, founded in 1924 in Egypt, opened its seventh and largest branch in Lebanon last week. Located in Hazmieh, the group said this is its largest investment in the MENA region.
Regional private equity firm Abraaj Capital is the main investor in Spinneys Group.
“The opening of our Hazmieh store underlines our confidence in the Lebanese economy and determination to contribute to its growth,” said Waqar Siddique, chairman of the board of Spinneys and chief operating officer of Abraaj Capital Limited.
Spinneys plans to open stories in Lebanon’s Achrafieh, Jbeil and Mtaileb over the next 14 months, Siddique said. “We anticipate opening stores in two additional locations in Lebanon in 2013.”
Its entry into the Jordanian market will begin with a hypermarket in the new Taj Mall, located in the upmarket Abdoun area of Amman. Store rollouts are also planned in Qatar and Egypt in the coming weeks.