LuLu to open 8 hypermarkets in Egypt

UAE based retailer LuLu Group announced yesterday it has signed a protocol agreement with the Egyptian Government to set up new hypermarkets in the country by 2020. The move follows a meeting between Egyptian Prime Minister Mostafa Madbouly and Yusuff Ali MA, Chairman of LuLu Group in Cairo. With the signing of this new agreement, LuLu will open a total of 8 new hypermarkets by investing AED 2 billion ($544.6m) in the next two years.

The hypermarkets will be based in 6th October City, Al Narges (New Cairo), Al Rehab City (New Cairo) and Al Obour City.   The protocol agreement was signed by Dr Ibrahim Al Ashmawi, Deputy Minister & Chairman of Internal Trade Development Authority (ITDA) and Yusuff Ali MA in the presence of Dr Abdul Mutalib, Tariq El Sebaiy, Deputy Minister of Housing, Saifee Rupawala, CEO,  Ashraf Ali MA, Executive Director, Juzer Rupawala, Director of LuLu Egypt, Huzeifa Qureshi, Regional Director  and other officials.

Also present on the occasion were Ragaa Fuad, Deputy Chairman of Commission and Planning Affairs, Heba Al Sayed, Deputy Head of ITDA, Essam Brekan, Commercial Counsellor of Egyptian Embassy, Abu Dhabi. Speaking on the occasion, Yusuff Ali said, “The excellent opportunities and facilities being offered by the Government of Egypt to investors will contribute to the growth and development of Egypt.”

“We hope to create employment opportunities for more than 3000 Egyptians through these new hypermarkets” added Yusuffali. Dr Ibrahim Al Ashmawi said: “The expertise and the positive attitude of the LuLu group will surely add a new dimension to the retail industry in Egypt. We wholeheartedly welcome the investment plans of the LuLu group and look forward to working closely with them to make this a successful initiative.”