UAE hypermarket giant Lulu has announced plans to invest SR1 billion ($270 million) in Saudi Arabia by 2020.
The retailer said it will open another 15 hypermarkets in the next 18 months, of which five will open by the end of this year.
These include three hypermarkets in Riyadh and one each in Tabuk and Dammam.
Lulu chairman Yusuff Ali made the comments at the opening of the company's 150th hypermarket in the Saudi capital.
The hypermarket, which is Lulu’s biggest of 13 in the country, is located in the newly launched Atyaf Mall in Yarmouk, and is spread across 220,000 square feet.
Yusuff Ali said: “We are absolutely delighted to open our group’s 150th and Saudi Arabia’s 13 hypermarket today in Riyadh and I am sure the shoppers here will be pleased by the new retail experience we have created here.”
He added: “We see tremendous growth opportunities in the kingdom and are glad to be part of the 2030 vision by further expanding our presence here."
He said the company currently employs more than 3,000 Saudi nationals, adding that the goal is to give employment to 6,000 Saudi nationals by the end of 2020.
He added that Lulu is investing another SR200 million in setting up a 1 million sq ft wholesale and logistics centre in King Abdulla Economic City (KAEC) to support the retail expansion help in ensuring food security.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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