UAE-based retail giant Lulu group has announced plans to build a shopping mall and hypermarket in Colombo, the Sri Lankan capital city.
The plans were revealed as company officials inaugurated a new sourcing, food processing and export unit in Sri Lanka to further boost the quality of products for its large chain of hypermarkets.
YAS Lanka was inaugurated by Sagala Ratanayaka, Chief of Staff to the PM and Minister for Law & Order and Southern Development in the presence of Yusuffali MA, chairman of Lulu Group.
Situated near Colombo International Airport, the 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, a statement said.
Yusuffali MA said: “it is our ongoing strategy to set up our own sourcing and food processing units around the world to ensure uninterrupted supply and ensure 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 Govt. 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 upto $10 million by the end of first year”.
He added that the quantity of exports is expected to rise from current 3,500 tons to 7,000 tons.
Currently Lulu operates 134 hypermarkets in 10 countries in Gulf countries, Egypt, Indian 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 & North Africa region and as one of the Top 50 fastest growing retailers in the world by Deloitte.
Yusuffali MA said he will also be holding meetings with Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickramasinghe to update them about Lulu’s future plans in the country.
“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,” he revealed.
Lulu Group has similar sourcing centres in the UK, US, Turkey, Vietnam, Thailand, China and Africa.
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