ISLAMABAD, Oct 15: A Dubai-based group will generate 5,000 direct job opportunities in Pakistan by opening the first-ever chain of hypermarkets in 10 cities in the next five years.

A delegation of MAF Hypermarkets Pakistan (Private) Ltd, a company of MAF Hypermarkets LLC Dubai, led by Daniel Penco, country head and accompanied by Mubashir Jalil, vice-president Development, Pakistan held a meeting with Chairman of Board of Investment (BoI) Saleem H. Mandviwala here on Wednesday.

The delegation apprised the BoI chief regarding their investment plans and operations and said that the Dubai firm was in the process of establishing first-ever retail chain of 10 stores in Pakistan. It said it would employee 500 persons for each store, with a total workforce of 50,000.

Majid Al Futtaim Group (MAF) LLC Dubai entered into Pakistan and established a 100 per cent owned company, MAF Hypermarkets Pakistan (Private) Limited.

The delegation further informed that the company had started construction of its first hard discount store at Fortress Stadium, Lahore, with a loan from the parent company of Rs1.2 billion.

The company has already signed up 5 stores so far in Pakistan and has plans to open at least 10 stores at Lahore, Karachi, Islamabad, Multan and Faisalabad in 5 years.

MAF Hypermarkets LLC, Dubai, has an authorised capital of Rs500 million and a paid-up capital of Rs300 million at present.

It is a franchisee of Carrefour for 15 Middle Eastern countries including Pakistan and Iran. Currently, the company has 30 stores operating in 8 different countries.

The BoI assured full support to the group in their endeavour to execute their project in a smooth way.