German wholesaler Metro Cash & Carry International will open its first store in Egypt next year. The company sees a potential for medium-term expansion in Egypt of up to 10 stores with an expected investment of around €14.8 million per store. The German firm will become the first international wholesale business to set up operations in Egypt.

"We are delighted with Metro's decision to enter Egypt and see it as a testament to the strength and competitiveness of the Egyptian economy," said Egyptian Trade and Industry Minister Rashid Mohamed Rashid.

The company is likely to operate in Egypt under the brand name 'MARKO' and will offer a range of up to 20,000 food and non-food products, almost entirely sourced (up to 90%) from local producers and suppliers.

There were 253 German companies operating in Egypt as of February 2008 with a total German investment of €180 million. For Metro, Egypt becomes the second country after Morocco in the Middle East, and the 30th in Metro's worldwide distribution network.