Lulu Group on Wednesday announced that it will be investing $500 million (Dh1.83 billion) in Egypt as part of its latest expansion plans in the North African country, with the agreements being signed with Egypt’s Ministry of Supply and Internal Trade and its Ministry of Housing, Utilities and Urban Communities.
Under the new deals, four projects will be built by the Urban Communities Authority within 12 months, once completed the management and operation of these projects will be handed over to Lulu within three to six months.
“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,” said Youssef Ali M.A., chairman and managing director of Lulu Group.
8,000Estimated number of jobs to be created for Egyptians
The investments by Lulu will also see them expanding their hypermarket presence within Egypt’s private sector, with another six to be built along with four mini markets.
In a separate development, Lulu said they were in the final stages of talks with the Egyptian government on entering the country’s wholesale market for vegetables and fruits, as well as establishing a logistics centre to support its expanding retail activities in Egypt.