UAE-based LuLu Group, one of the fastest growing retail chains in the world, has set its eyes on Southeast Asia, with plans to open hypermarkets in Malaysia and Indonesia as part of a $500 million expansion strategy in Asia, a report said.

The group will also open money exchanges in Thailand and Vietnam after the inauguration of its first liaison office in the Philippine, added the report in the Qatar-based Gulf Times.

The company is also eyeing Hong Kong for possible, company executives were quoted as saying in the report.

LuLu Group is planning to open its first hypermarket in Malaysia by the third quarter of 2015, followed by five others later, all of which will be halal-only hypermarkets.

“The stores there will provide direct jobs for 2,500 Malaysians and indirect employment to 5,000,” said Yusuff Ali MA, managing director of the company.

LuLu Group will open two hypermarkets initially in Indonesia with more to follow, the report said.

LuLu is also expanding its money exchange and remittance services brand LuLu Exchange, according to the report.

Last year, the group launched its operations in the Philippines under the name LuLu Phils based in Manila, and plans to add three branches to its network in the country.

The new branches will also benefit expat workers in other GCC countries, the report said.

LuLu Exchange currently has 75 outlets in the GCC countries, and it plans to open 25 more branches in the region this year, the report said, noting that the unit will open some 45 new branches in 2015 alone.

Later on, plans are to expand to Europe and the Americas “to establish a wider global footprint,” said  Yusuff Ali.