Saturday, August 24, 2019

Lulu Group to invest AED 2 billion in Egypt

UAE based retailer Lulu Group has inked a protocol agreement with Egyptian Government to set up 4 new Hypermarkets in the country. This follows a recent meeting between Egyptian Prime Minister Mostafa Madbouly and Yusuff Ali MA, Chairman of Lulu Group in Cairo. With the signing of this new agreement, Lulu will be open a total of 8 new hypermarkets by investing AED 2 billion in the next two years.

The protocol agreement was signed by Dr. Ibrahim Al Ashmawi, Deputy Minister & Chairman of Internal Trade Development Authority (ITDA) and Yusuff Ali MA in the presence of Dr. Abdul Mutalib, Tariq El Sebaiy, Deputy Minister of Housing, Saifee Rupawala, CEO,  Ashraf Ali MA, Executive Director, Juzer Rupawala, Director of Lulu Egypt, Huzeifa Qureshi, Regional Director  and other officials.

Speaking on the occasion, Yusuff Ali said, “the excellent opportunities and facilities being offered by the Government of Egypt to investors will contribute to the growth and development of the 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, Essam Brekan, Commercial Counsellor of Egyptian Embassy, Abu Dhabi.

Dr. Ibrahim Al Ashmawi commented “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 new hypermarkets in following locations

λ 6th October City

λ Al Narges (New Cairo)

λ Al Rehab City (New Cairo)

λ Al Obour City

“We hope to create employment opportunities for more than 3000 Egyptians through these new hypermarkets” added Yusuffali.

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