UAE Based Lulu Group To Open 10 Hypermarkets In Egypt
Plans $300m investment, to hire 10,000 Egyptians
UAE-based Lulu Group has opened its first hypermarket in Cairo, capital of Egypt and the group plans to invest $300 million in the country. MA Yousuf Ali, said the group will set up ten new hypermarkets in Egypt in the next two years, with an investment of EGP 3 billion equivalent to $300 million employing 10,000 Egyptians.
During the inauguration of the first hypermarket in Egypt, he said: "We consider Egypt as a very important market for us and our experience of more than four decades of success and accomplishment in the retail industry is sure to help us become the most popular retailer in the region. Egyptians are already well aware of Lulu and we hope to bring world class shopping closer to them in various important location of this great country. As per the plan, we intend to invest EGP 3 billion (US$ 300 Million) in setting up 10 new hypermarkets in next 2 years across Egypt."
The 119th hypermarket of the group was inaugurated by Khalid Hanafy, Egyptian Minister for Trade in the presence of Galal El Saeed, Governor of Cairo, Mohamed Abdul Sayed, Advisor to the Prime Minister, Khalifa Thunaiji, Deputy UAE Ambassador to Egypt and other high ranking government and civil officials.
Yusuff Ali MA, Chairman of Lulu Group, Saifee T. Rupawala, CEO, Ashraf Ali MA, Executive Director, Mohamed Althaf, Director of Lulu Egypt and other top company officials were present on the occasion. Egypt, a country that links North Africa with the Middle East is considered as a strong economy with high market potentials under the able leadership of President Abdel Fattah El Sisi.
The new Lulu store, located in Twin Plaza Opposite Police Academy on the Zakir Hussein road extension in the 1st settlement of New Cairo, is spread over an area of 170,000 square feet.
Egypt has been attracting lot of investments especially from GCC countries in various sectors including infrastructure, energy and retail following the investment conference held at Sharm Al Sheikh in March where President Abdel Fattah El Sisi opened the doors for GCC investment in his country.
Egypt is viewed as a market for the UAE companies with around 600 companies now operating there. In a hope to stabilise the country, the UAE has provided Egypt with an unprecedented economic support whether on grant based investments or bringing private sector to the Egyptian market.
The new hypermarket provides the widest range of quality and value-for-money products all under one roof. It has separate sections for fresh fruits and vegetables, meat and poultry, dairy products, ready-to-eat products and a live bakery.
The outlet also offers a huge area dedicated to electronics, IT products, home appliances, sports, furnishing and furniture, kitchenware, toys, stationery and health & beauty products. The new hypermarket also offers a wide choice of world-class fashion brands and products for men, women and children.
A special area is also dedicated for promoting local products and handicrafts of Egypt.
The systematically arranged sections promise customers an easy and hassle-free shopping experience.
Extra-wide aisles, extensively laid out counters and ample parking space are some of the distinguishing features of the new store.
Lulu Group which currently has 118 stores in GCC and India is embarking on a massive expansion drive into the Far Eastern market.
The first hypermarket of LULU will open in Malaysia and Indonesia by March 2016. The Group is also planning to open 15 more hypermarkets in these two countries in the next two years, said a company source.
Courtesy: Angel Gulf Jobs