MANAMA: UAE-based retailer LuLu Group has signed an agreement with the Egyptian Government to set up four new hypermarkets in the country.
This follows a recent meeting between Egyptian Prime Minister Mostafa Madbouly and LuLu Group International chairman and managing director Yusuffali M A in Cairo.
With the signing of this new agreement, LuLu will open a total of eight new hypermarkets by investing two billion dirhams (around $545 million) in the next two years.
The protocol agreement was signed by Dr Ibrahim Al Ashmawi, deputy minister and chairman of Internal Trade Development Authority (ITDA), and Mr Yusuffali in the presence of group chief executive Saifee Rupawala, executive director Ashraf Ali M A, LuLu Egypt director Juzer Rupawala, regional director Huzeifa Qureshi and other officials.
Speaking on the occasion, Mr Yusuffali said, “the excellent opportunities and facilities being offered by the Egyptian government to investors will contribute to the growth and development of Egypt and expressed his gratitude to the President and Prime Minister of Egypt for all the support and assistance to LuLu’s investment in the country.
Also present on the occasion were Ragaa Fuad, deputy chairman of commission and planning affairs, Heba Al Sayed, deputy head of ITDA, and Essam Brekan, commercial counsellor of Egyptian Embassy, Abu Dhabi.
Dr Al Ashmawi said, “the expertise and the positive attitude of LuLu group will surely add new dimension to the retail industry in Egypt. We whole heartedly welcome the investment plans of LuLu group and look forward to working closely with them to make this a successful initiative.”
LuLu, which has one hypermarket in Cairo, will be opening hypermarkets in 6th October City, Al Narges (New Cairo), Al Rehab City (New Cairo) and Al Obour City.
“We hope to create employment opportunities for more than 3,000 Egyptians through these new hypermarkets,” added Mr Yusuffali.
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