Lulu Group will build hypermarkets, mini markets and a logistics centre in addition to handling four urban communities
UAE-based Lulu Group will invest AED 1.83 billion ($500m) in Egypt as part of its expansion plans there, following a series of agreements signed with government entities.
Following the agreements signed with Egypt’s Ministry of Supply and Internal Trade and Ministry of Housing, Utilities and Urban Communities, four projects will be built by the Urban Communities Authority within a year.
Once completed, Lulu will take over management of the projects’ operations within three to six months.
The investments will also see Lulu build six hypermarkets and four mini markets in Egypt.
“When we started thinking about investing in Egypt, we had a plan to pump only $100 million, but today we finalised plans to invest $500 million to establish a number of hypermarkets and minimarkets, providing 8,000 sustainable jobs for the Egyptians,” Youssef Ali M.A., chairman and managing director of Lulu Group was quoted as saying.
Additionally, Lulu said it was in the final stages of talks with the Egyptian government on entering the country’s wholesale market for vegetables and fruits and establish a logistics centre in the country.
Earlier in August, Emaar Misr for Development, the Egyptian arm of Dubai-based real estate giant Emaar Properties, signed a $112.2 million contract (AED412.2m) with the UAE’s Arabtec Construction to build two urban projects within its Uptown Cairo project in Mokattam.
Construction in the two projects, which feature 449 residential units, began immediately, the real estate developer said in a statement to the Egyptian Exchange (EGX).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.