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|09 October, 2018

India’s Lulu Hypermarket to invest $837mln in Egypt

Lulu Hypermarket is one of the biggest chains in GCC region

Image used for illustrative purpose.

Image used for illustrative purpose.

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The Indian retail company Lulu Hypermarket is looking to pump EGP 15 billion investments into the Egyptian market within two years.

The Abu Dhabi-based hypermarket chain has signed an agreement with the Egyptian Internal Trade Development Authority (ITDA) to build five outlets over 100,000 metres of land plots in Cairo with EGP 10 billion in investments, chairman of ITDA said in a statement on Tuesday.

Upon the deal, Lulu Hypermarket will also establish two logistic zones in Alexandria and Upper Egypt at a value of EGP 5 billion, Ibrahim Ashmawy added.

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He noted that Lulu Hypermarket is one of the biggest chains in the GCC region with 155 branches and investments worth nearly $8 billion.

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