CAIRO: LuLu Group, one of the largest retail operators in the Middle East and North African (Mena) region, has signed an agreement with the Egyptian government to invest $500 million and set up new hypermarkets in different parts of Cairo.
Egypt’s Deputy Internal Trade Minister and Internal Trade Development Authority chairman Dr Ibrahim Ashmawy, and Deputy Housing Minister Enf Tarek El Sebaiy signed the agreement with LuLu Group chairman and managing director Yusuffali M A, at the cabinet headquarters in Cairo.
Prime Minister Mostafa Madbouly, Supply and Internal Trade Minister Ali Al Meselhi, and Housing, Utilities and Urban Communities Minister Assem Al Gazzar attended.
“Under these contracts, four projects will be built by the Urban Communities Authority within 12 months, and LuLu Group will commence operations within three to six months from the date of completion of construction in New Cairo, 6th October City and El Obour. This is part of the government’s plan to attract foreign investments,” said Mr Al Meselhi.
In addition, LuLu is finalising plans to set up another six Hypermarkets and four mini markets with other developers from the private sector.
The group is also in final stages of discussion with the government to enter the wholesale market for vegetables and fruit, and set up a logistics centre to support its retail activities in the country.
“When we started thinking about investing in Egypt, we had a plan to pump in only $100 million, but today we have finalised plans to invest $500m to establish a number of hypermarkets and mini markets, providing 8,000 sustainable jobs for the Egyptians,” Mr Yusuffali said.
LuLu currently has one hypermarket in Cairo where it employs more than 500 Egyptians.
&uuid=(email))