One of the leading hypermarket chains in the Middle East, LuLu International Holdings (LIHL), has entered into an agreement with ADQ, an Abu Dhabi headquartered investment firm to acquire US$1 billion for expansion in Egypt.
ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores in the North African country under the terms of the agreement.
In addition, it will also see the development of state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer’s e-commerce business across Egypt, indicated ADQ.
“Egypt is a very important growth market for us, and we see great potential for our future business there. Our agreement with ADQ will better position us to continue the rapid expansion of our operations across Egypt.”
Yusuff Ali MA, Chairman of Lulu.
Sources claim that this expansion will create up to 12,000 jobs, fostering economic and social growth throughout the country.
The Lulu Group has 194 hypermarkets and shopping malls across the Gulf Cooperation Council, Egypt and the far east.
The retailer opened its second hypermarket in the capital of Egypt in June this year.