LuLu Group International the Indian multinational conglomerate that operates a chain of hypermarkets and retail companies, has signed a deal with Ministry of Housing, Utilities and Urban Communities of Egypt to establish four major hypermarkets in Egypt. Lulu, Headquartered in Abu Dhabi, United Arab Emirates will invest $500 million for the four projects. The projects will be built by the Urban Communities Authority within 12 months. Once the construction is completed, Lulu Group will start managing and operating the projects in a period of 3 to 6 months.
Egyptian Prime Minister Mostafa Madbouly who witnessed the signing ceremony pointed out that the new projects were in accordance with the directives of President Abdel Fatah al-Sisi to control markets and provide food commodities at discounted prices.
Chairman and Managing Director of Lulu Group Youssef Ali said that initially, the company had plans to pump only $100 million.” but today we invest $500 million to establish a number of malls, hypermarkets, and minimarkets, providing 8,000 sustainable jobs.”The investment portfolio of LuLu Group is estimated to be around $17 billion with a 34 percent share of the wholesale and retail trade in the Gulf region.Apart from the Gulf countries, it has a presence in the UK, US, India, Philippines, Malaysia, etc.Head of Internal Trade Development Agency Ibrahim Ashmawy stated in a press conference that LuLu Group plans to establish 20 hypermarkets and supermarkets in the Egyptian market with an investment of $2 billion.
