According to the Kurdish Globe, French retail giant Carrefour is scheduled to open its first store in Iraq, in Erbil in Kurdistan Region, in September, with construction commencing on 1 June.
The store will reportedly be managed by UAE-based Majid Al Futtaim (MAF) Retail, which has a joint venture agreement with Carrefour and runs 37 stores in the Middle East.
MAF executive Muhammed Naeem told Reuters: 'The north of Iraq is a very promising market and a stable area. We studied the economy `and` the infrastructure - we see no uncertainty and no security issues in that part of the country.'
MAF is now looking to further profit from growth in the Middle East and North Africa, the Globe reported, with plans to open new Carrefour stores in the likes of Yemen, Oman, Egypt, Iran, Saudi Arabia, Libya and Lebanon.
