The UAE-based retail giant Lulu Group today inaugurated its world-class sourcing, food processing and export unit in Sri Lanka.

The new facility, Y.A.S. Lanka, is aimed at further boosting the company's sourcing operations and to bring in high quality products for its large chain of hypermarkets, the company said.

“Initially we have invested $20 million in this facility, and soon we intend to venture into retail sector with a world-class shopping mall and modern hypermarket in Colombo,” said Yusuffali MA, chairman of Lulu group.
 
The unit was inaugurated by Sagala Ratanayaka, chief of staff to the prime minister and Minister for Law and Order and Southern Development, in the presence of Duminda Disanake, Agriculture Minister; Navin Disanayake, Minister of Plantation Industries; Eran Wickramaratne, State Enterprise Development Minister; Yusuffali MA, chairman of Lulu Group; and other high ranking officials and prominent businessmen.
 
Situated ideally in the Katanayake Export Processing Zone, near Colombo International Airport, the state-of-the-art facility will primarily focus on sourcing, processing, storing, packaging and exporting of fruits, vegetables and commodities from Sri Lanka to various Lulu operations around the world.
 
Speaking at the inauguration, Yusuffali said: “It is our ongoing strategy to set up our own sourcing and food processing units around the world to ensure uninterrupted supply and competitive pricing by eliminating middle men. Sri Lanka has a vast variety of fruits, vegetables and various commodities and we are working closely with the Ministry of Southern Development and Government of Sri Lanka to boost the export of these. Already we are exporting almost $5 miilion worth of fruits, vegetables and commodities, which is expected to go up to $10 million by the end of first year.”
 
The quantum of export is expected to raise from current 3,500 tonnes to 7,000 tonnes.
 
Currently Lulu operates 134 hypermarkets in 10 countries including the GCC, Egypt, India and the Far East and employs over 40,000 people. Last year the group recorded an annual turnover of $6.9 billion and was ranked as the No.1 retailer in the Middle East and North Africa region and as one of the Top 50 fastest growing retailers in the world by Deloitte.
 
Yusuffali will also be holding meetings with Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickramasinghe to update them about Lulu’s future plans.
 
Lulu Group has similar sourcing centres in UK, US, Turkey, Vietnam, Thailand, China and Africa. -TradeArabia News Service