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$300m INVESTMENT PLANNED

Officials cut the ribbon to open Lulu's new hypermarket in Cairo.

Lulu Group to open 10 hypermarkets in Egypt

CAIRO, December 20, 2015

UAE-based Lulu Group will invest EGP 3 billion ($300 million) in setting up 10 new hypermarkets across Egypt in the next two years, the retail giant has announced.

The investment plans were revealed as the group opened its first hypermarket in Cairo, capital of Egypt.

The 119th hypermarket of the group was inaugurated by Khalid Hanafy, Egyptian Minister for Trade in the presence of  Galal El Saeed, Governor of Cairo; Mohamed Abdul Sayed, advisor to the Prime Minister, Khalifa Thunaiji;  Deputy UAE Ambassador to Egypt  and other high ranking government and civil officials.

Yusuff Ali MA, chairman of Lulu Group; Saifee T Rupawala, CEO; Ashraf Ali MA, executive director; Mohamed Althaf, director of Lulu Egypt; and other top company officials were also present on the occasion.   

The new store is located in Twin Plaza opposite Police Academy on the Zakir Hussein road extension in the 1st settlement of New Cairo. Spread over an area of 170,000 sq ft, the new store is specially designed to offer residents with a world class shopping experience. The hypermarket will provide the widest range of quality and value-for-money products all under one roof, a statement said.

Commenting on Lulu Group’s Egypt plans, Yusuffali said: “We consider Egypt as a very important market for us and our experience of more than four decades of success and accomplishment in the retail industry is sure to help us become the most popular retailer in the region.  Egyptians are already well aware of Lulu and we hope to bring world class shopping closer to them in various important location of this great country”.


“The hypermarket will also offer a window of opportunity to local community. We will encourage the Egyptian agricultural sector by procuring and promoting local agricultural produce and also export them to our stores across the GCC and Far East. Currently we are exporting EGP 50 million and this will go up to EGP 150 million next year,” Yusuffali added.

Main exporting products include fruits and vegetables, meat, fish, cheese and pickles. Lulu also plans to set up its own food processing plants to further boost the exports.

“We believe that having a strong national workforce is vital to our long-term success as it helps in creating sustainable community living. Currently, there are more than 800 Egyptians employed at our new hypermarket in Cairo and we intent to employ 10,000 more Egyptians in next two years. We already have more than 3,000 working in our operations in GCC countries and continuously train them in our various operations”, said Yusuffali.
 
Meanwhile, Lulu Group is also embarking on a massive expansion drive into the Far Eastern market. The first hypermarkets will open in Malaysia and Indonesia by March 2016. The group is also planning to open 15 more hypermarkets in these two countries in the next two years, said a company source. - TradeArabia News Service
 




Tags: Egypt | LuLu | Hypermarket |

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