UAE’s LuLu to invest EGP2bln to establish 20 hypermarkets in Egypt

LuLu Group International seeks to invest 2 billion Egyptian pounds to establish 20 hypermarkets and outlets within two years,  according to Ibrahim Ashmawy, First Assistant Minister of Supply for Investment and Head of the Internal Trade Development Authority.

Ashmawy said that these projects would provide 18,000 direct and indirect, adding that the area of each Hypermarket would reach 40,000 metres square which is new to the Egyptian retail market.

He made these comments on the side lines of the signing ceremony  of an agreement with LuLu Group International to start establishing four hypermarkets in Egypt within two years.

Lulu group owns 175 hypermarkets around the world of which 100 hyper located in the Gulf, However it owns only one in Egypt.

He added that  60 percent of these hypermarkets and outlets  will established in partnership with the Egyptian government , while  40 percent will be implemented in cooperation with the private sector.

Under the agreement, the LuLu Group International will invest $500 million in establishing four branches of Lulu Hypermarkets.

The Internal Trade Development Authority has later signed the memorandum of understanding with Lulu Group on establishing four branches six months ago, he added.