São Paulo – LuLu Group, one of the biggest retail chains in the Middle East, will invest USD 500 million in stepping up its game in Egypt. It said In a press release on its website that it reached an agreement on investment plans with the Egypt’s Ministry of Supply and Internal Trade and Ministry of Housing, Utilities and Urban Communities.
“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 mini markets, providing 8,000 sustainable jobs for the Egyptians,” LuLu Group chairman and managing director Yusuff Ali was quoted as saying this Wednesday (28).
“Under these contracts, four projects will be built by the Urban Communities Authority within 12 months, with LuLu Group starting to manage and operate the projects in a period of three to six months from the date of completion of the construction in New Cairo City and El Obour, 6th October,” said Internal Trade Minister Ali Al Meselhi according to the LuLu Group.
Currently, LuLu has one Hypermarket in the capital Cairo where it employs more than 500 Egyptians. Newspaper The National’s website reported that the group has 176 hypermarkets across the Middle East, India and Southeast Asia, and plans on getting to 200 by the end of 2020.
Apart from minister Meselhi, the signing of the agreement was attended by Egypt’s prime minister Mostafa Madbouly, Housing, Utilities and Urban Communities minister Assem El Gazzar and other authorities. (Pictured from L to R are Meselhi, Yusuff Ali, Madbouly and Gazzar)
Translated by Gabriel Pomerancblum
