Abu Dhabi: Abu Dhabi's ADQ will be supporting hypermarket operator LuLu International's Egypt expansion through a newly struck non-binding agreement, with an investment of up to $1 billion. The two will work to develop up to 30 hypermarkets and 100 express mini-market stores as well as distribution and fulfilment centres.
The combination expects to create up to 12,000 jobs. “Our agreement with Lulu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt late last year,” said Mohammad Hassan Al Suwaidi, CEO of ADQ.
“The phased roll-out of multiple retail stores would provide significant socio-economic benefits to local communities, as well as bolster the quality and range of products available to Egyptian consumers.”
In November last, a joint strategic investment platform worth $20 billion - to be funded equally by ADQ and the Sovereign Fund of Egypt - was announced. The platform aims to launch investment projects, as well as specialized funds in food and agriculture, mobility and logistics, healthcare and utilities.
“We see great potential for our future business there - our agreement with ADQ will better position us to continue our rapid expansion of our operations across Egypt,” said Yusuff Ali M.A., Chairman of Lulu