India’s LuLu Group is planning to invest $500mn in Egypt over 3 years

India’s LuLu Group is planning to invest $500 million in Egypt over the next three years to build out its branch network, according to its Chairman & Managing Director, Yusuff Ali.

The group intends to open 11 hypermarkets and 4 mini markets in Egypt within the next three years, he added.

The Abu Dhabi-based, Indian-owned hypermarket operator inaugurated its second branch in Egypt — which cost 180 million Egyptian pounds on Monday.

LuLu had said last year it plans to open two branches in Egypt in 1H2020, including one in Wadi Degla and another in the Fifth Settlement.