Egyptian website Cairo 24 published a document from Manfoods, owned by businessman Yassin Mansour and owner of the McDonald’s brand in Egypt, threatening to leave.
The company issued a statement denying the veracity of rumors circulating on social media, and Yassin Mansour confirmed the continuation of his business in the Egyptian market despite global problems, as it is a promising market.
The company said it continues to attract investment in Egypt and operates through more than 170 branches scattered throughout the governorates of Egypt, the latest of which was a new branch in Heliopolis, which opened yesterday, facilitating more than 8,000 direct investments. employment opportunities and nearly 25,000 non-employment opportunities directly across the country.
Despite the company’s denial, the website published the text of a memorandum that the company had sent to Prime Minister Dr. Mostafa Madbouli, in which it confirmed that its investments were at serious risk due to the lack of initial loans, as well as the inability to pay. costs of using the McDonald’s International trademark.
The company said that it may have to reduce its workforce in the coming period and may face the revocation of the right to use the McDonald’s trademark, which will negatively affect everyone and the investment climate in Egypt.
She stated that the amount needed to solve this crisis does not exceed $15 million, especially since she pays direct and indirect taxes in excess of £750 million annually.
Manfoods added that it is an Egyptian joint stock company that has been operating for over 28 years and has 12,000 employees with a total investment of more than five billion dollars.
The company said it plans to open more than twenty new branches in the coming period, with a total investment of over £500 million, but has experienced an inability to open these branches in the current period due to the inability to pay fees to external providers.
Source: Cairo 24
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