UAE retail giant says to invest $500m in Egyptian expansion

UAE-based retail giant Lulu Group on Monday said it is planning to invest $500 million in Egypt over the next two years. According to a statement issued in Cairo, the company said it intends to build four new hypermarkets in 6 October City, New Cairo, and Obour.

The plans were revealed during a meeting between Lulu Group chairman and managing director Yusuff Ali and Egypt Prime Minister Mostafa Madbouly. The company added that it will also build two logistics centres from which it will be targeting exports, particularly frozen fish, to markets in the GCC and Europe.

The fish processing and export centre will likely be established in East Port Said area, where the largest fish farms are located. Lulu has recently launched operations in the Philippines and in July announced it plans to invest SR1 billion in Saudi Arabia by 2020.

The retailer said it will open another 15 hypermarkets in the next 18 months in the Gulf kingdom, of which five will open by the end of this year.


SOURCE: Arabian Business

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