UAE-based LuLu has announced plans to invest in Egypt as it opens its latest store in the UAE, in Ajman.
LuLu to invest US$500m in Egypt…
LuLu has signed an agreement with Egypt’s Ministry of Supply and Internal Trade of Egypt and the Ministry of Housing, Utilities and Urban Communities to open new hypermarkets in and around Cairo. The contract will see Egypt’s Urban Communities Authority build four schemes over the next year, with LuLu taking up their management within three to six months of their completion.
Separate to these contracts LuLu is also completing plans to build six hypermarkets and four smaller stores with other companies. Finally, to support this expansion the company is looking to invest in the wholesale channel to sustain the quality of its fresh fruits and vegetables offer. Finally, the company is also looking to build a logistics centre to enable it to distribute product easily and quickly across all its operations in Egypt. Commenting on the country, a spokesperson for LuLu said: “Egypt has a huge potential for growth and we are planning to increase our investments in [it]”.
…As it continues to expand in UAE
Meanwhile, the retailer has added a new store in the UAE, in the emirate of Ajman. The 9,000 sq. m hypermarket was opened in the Nazir Plaza in the emirate. The store offers a strong range of locally produced fresh goods, which it said was aimed at supporting the local market and producers. The store is part of LuLu’s focused expansion plans across the whole of the UAE, which will see it add a further four new stores in the short term.
The retailer has said the expansion in Egypt and the UAE is part of its plan to open 200 hypermarkets in the regions where it operates.
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