UAE retailer Lulu has revealed plans to invest a further SR700 million ($186.4 million) in opening new hypermarkets across Saudi Arabia by 2017.
The expansion plan was announced by Lulu group chairman Yusuffali MA as the company opened its sixth Saudi hypermarket in Dammam, the capital of Eastern Province – its 121st in the Gulf region.
Speaking at the inauguration, Yusuffali MA announced plans to launch another four hypermarkets this year, including two in Jeddah and one each in Hail and Hofuf.
“In 2017 we will launch 6 more in the kingdom including in Makkah and Madinah,” he added.
The retail boss said: “We have already invested more than SR800 million and intend to further invest SR700 million by the end of 2017, taking our total investment to more than SR1.5 billion in the kingdom.
“Lulu is committed to do its bit to help the kingdom by opening more outlets, thereby generating employment opportunities to talented Saudis.”
He said there are currently more than 1,500 Saudis who work with Lulu with a goal to provide employment to 5,000 Saudi nationals by the end of 2017.
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