ISLAMABAD: A retail chain of United Arab Emirates has said it will generate about 5,000 job opportunities by opening 10 stores in Pakistan. In this regard, hypermarkets would be opened in Lahore, Karachi, Islamabad, Multan and Faisalabad in coming five years.
A delegation of MAF Hypermarkets Pakistan (Pvt) Ltd, a company of MAF Hypermarkets Dubai, led by Daniel Penco, Country Head and accompanied by Mubashir Jalili, Vice President Development Pakistan and Shaukat Bhatti, GM Finance held a meeting with newly-appointed Board of Investment Chairman Saleem H Mandviwalla here on Wednesday.
The delegation said the company had started construction of its first Hard Discount Store at Fortress Stadium, Lahore with a loan of Rs1.2 billion from the parent company. The company has already signed contracts for five stores in Pakistan and planned to open at least 10 outlets.
They apprised the BoI chief of their investment plans and operation, saying the company was in the process of generating 5,000 direct jobs through the retail chain with 500 jobs in each store.
MAF Hypermarkets would help reduce inflation by its discount price policy, support economic growth, contribute to modernising the manufacturing industry and transfer retail knowledge, a statement said, adding it was committed to creating export opportunities for international stores from Pakistan.
MAF Hypermarkets Pakistan is a 100 per cent owned company of Majid Al Futtaim Group of UAE.
Thursday, October 16, 2008