By Andrew White
Tripartite joint venture will see full-size hypermarkets opening in 2011 and 2012.
Spinneys Group, the supermarket operator with a string of stores across Lebanon and Egypt, is close to signing a deal to open two full-sized hypermarkets in Libya, its CEO has said.
“The next market we will be entering into is Libya, where we have an arrangement on the table,” Michael Wright told Arabian Business in an interview.
The move will be through a tripartite joint venture involving Spinneys, a group of unnamed Syrian investors, and a Turkish mall developer, Wright said.
“The first [hypermarket] should be open by end-2011, and the second a year after that,” he added. “Each store will take investment of around $8m to $10m, a mixture of equity and debt. The deal should be signed in the next quarter.”
The group has already announced plans to open four stores in Qatar and Jordan in 2010 and 2011, while in the same period it will add seven outlets to its existing eight in Lebanon and Egypt.
Spinneys Group is distinct from Spinneys Dubai, which operates stores across the UAE and was licensed to the Al Bwardi Group in 1999.