Lulu Group is investing $500mn in Egypt as part of its latest expansion plans into the North African country. The agreements were signed between Lulu and Egypt’s Ministry of Supply and Internal Trade and its Ministry of Housing, Utilities and Urban Communities.
The agreement includes four projects to be built by the Urban Communities Authority within a year. Once completed they will be handed over to Lulu for management and operation within three to six months.
Egyptian Prime Minister Mostafa Madbouly was present at the signing ceremony along with the Minister of Supply and Internal Trade Ali al-Meselhi, and Minister of Housing, Utilities and Urban Communities Assem al-Gazzar.
Youssef Ali M.A., chairman and managing director of Lulu Group said that the Group originally planned to invest only $100mn in Egypt but then went ahead with the $500mn deal to establish hypermarkets and some minimarkets, which will create 8,000 sustainable jobs for Egyptians.
Meanwhile, Lulu also confirmed that they were in final stages of talks with the Egyptian government on entering the country’s wholesale market for vegetables and fruits, as well as establishing a logistics centre to support its expanding retail activities in Egypt.