UEA’s EMKY Closes Down “Lulu”, Withdraws EGP3.23 Investments From Egypt

On account of the state of congestion between the figures of Muslim Brotherhood in Egypt and the government in Dubai resulted in exiting the UEA’s EMKY Groups from the Egyptian market through closing down “Lulu” hypermarkets in Cairo, whose investments estimated with EGP 3.23 billion.

The administration of EMKY Group decided to close down “Lulu” hypermarket in Nasr City without notifying the Egyptian Internal Trade Development Authority (ITDA). The administration has promised the workers in the hypermarket to provide those jobs opportunities in Egypt and abroad; according to the workers’ statements.

“Amwal Al Ghad” tried to reach out to the Group’s administration in Egypt, but the attempts ended in vain. Taking account of accuracy before publishing the news, the “Amwal Al Ghad” magazine checked out the Group’s website http://uae.luluhypermarket.com, to find out the surprise, which is that the company deleted the name of Egypt from the list of the countries where “Lulu” branch is there.

It is worth mentioning that “Lulu” hypermarket inaugurated in Egypt by the end of 2010 at total investments of EGP 3.23 billion, in the presence of Rashid Mohamed Rashid, former minister of trade. Lulu hypermarket has 5 branches in Egypt, the biggest one is in Naser City on an area of 7000 m2.