Lulu, the Abu Dhabi based business conglomerate, has announced plans to invest 1.83 billion AED ($500 million) in the Egyptian market after reaching a series of agreements with authorities in the country, according to a report in Arabian Business.
The firm’s expansion plans are said to include six new hypermarkets and four mini markets across the country.
Lulu is also reportedly in talks to enter Egypt’s wholesale fruit and vegetable market, with a view to establishing a logistics centre in the country.
“When we started thinking about investing in Egypt, we had a plan to pump only $100 million, but today we finalised plans to invest $500 million to establish a number of hypermarkets and minimarkets, providing 8,000 sustainable jobs for the Egyptians”, Lulu chairman and managing director Youssef Ali was quoted as saying.
Source: Arabian Business