Saudi Arabia’s Abdullah Al-Othaim Markets Company plans to invest SR144 million ($38.4 million) in expansion in Egypt, opening new foodstuff retail and wholesale stores, a report said.

The company’s commercial operations will commence in the first quarter of 2016, while the investment plan will be spread over three years, reported ahramonline.

“(The company) found that the current opportunity and the economic conditions of the Egyptian market are favourable and encouraging in light of the continued growth of the population and increasing demand for goods and services,” ahramonline quoted a Saudi stock market release.