The Abu Dhabi-based Lulu Group said recently that ADQ, a holding company owned by the Abu Dhabi government, will invest up to $1 billion to help its expansion in Egypt.
Owned by NRI MA Yusuff Ali, the Lulu Group has 194 hypermarkets and shopping malls across the GCC, Egypt and the far east.
In 2018, Ali purchased the iconic London building that once housed the headquarters of Scotland Yard. The billionaire is one of the richest people in the UAE, with stakes in the East India Company and Kerala-based Federal Bank. His group company, Twenty Fourteen Holdings, which is based in Abu Dhabi, also bought the 241-room Waldorf Astoria Edinburgh, The Caledonian.
ADQ and Lulu will work to develop up to 30 hypermarkets and 100 express mini-market stores, as well as logistics hubs, distribution and fulfilment centres to strengthen the retailer’s e-commerce business across Egypt, Lulu said in a communication.
This investment is over and above the US$ 1 billion ADQ had invested in Lulu Group earlier this year.
Ali said, “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 our rapid expansion of our operations across Egypt.”
H.E. Mohamed Hassan Al Suwaidi, chief executive officer of ADQ, said, “Our agreement with Lulu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt agreed late last year. The phased roll-out of multiple retail stores would provide significant socio-economic benefits to local communities across the country, as well as bolster the quality and range of products available to Egyptian consumers.
THE FINANCIAL EXPRESS
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