Business | Economy
Emke will spend 70m riyals to expand LuLu in Oman
UAE-based Emke Group will invest a further 70 million riyals as it embarks on an ambitious plan to expand LuLu supermarket chain in Oman.
- By Sunil K Vaidya, Bureau Chief
- Published: 00:01 March 16, 2008
Muscat: UAE-based Emke Group will invest a further 70 million riyals as it embarks on an ambitious plan to expand LuLu supermarket chain in Oman.
"We are launching five more projects in the fast growing Omani retail market," Yousuf Ali MA, managing director of the group, said on Saturday in Muscat.
"We are opening leisure malls in two of Oman's fast growing tourism towns," he said, adding that the malls would come up in Salalah and Musandam, which borders Fujairah.
"Our group already operates six hypermarkets in Baushar, Darsait, Seeb, Barka, Sohar and Salalah with a combined floor space of more than 1.2 million square feet," he said.
He said the company was positive about the pros-pects in the Omani market. "The rapid growth that we have achieved here in a short span is a testimony of our confidence in the strong economy of this country," he said.
The new projects include an extension of LuLu Hypermarket in Baushar to make it a full-fledged shopping mall.
"Work on this has already begun and on completion it will house more than 150 international brands, a food court with more than 30 outlets, an amusement centre and other features. Apart from this the group will be starting new hypermarkets and mini malls in Salalah, Nizwa, Buraimi and Musandam by the end of 2009," Yousuf Ai said.
"We have already invested more than 90 million riyals in our existing projects and further 70 million riyals will be invested in the upcoming projects."
He stressed on the group's efforts to create employment for Omani nationals. In Oman the group employs 1,340 nationals in a staff strength of more than 2500. "By the end of 2009 we are confident to raise number of Omani staff to 2,000," Yousuf Ali said.
"Oman is one of our key focus markets in the region. The unprecedented growth not only in oil- based revenue but also in tourism, real estate, industry and service sector is very fascinating for a retailer like us," he added.
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