LuLu plans further SR800m investments in Kingdom

LuLu Group launched a hypermarket in Jeddah on Sunday.

30 May 2016
JEDDAH: LuLu Group, Abu Dhabi-based retail major, further expanded its operations in the hugely potential Saudi market with the opening of a new hypermarket in Jeddah on Sunday. It's LuLu's 125th hypermarket and seventh in Saudi Arabia, with 12 more slated to open by 2018.

The latest hypermarket located in the city's Amir Fawaz district was inaugurated by Prince Saud bin Abdullah and Mazen Batterjee, vice chairman of Jeddah Chamber of Commerce and Industry (JCCI), in the presence of many top officials and dignitaries, including the UAE's Consul General Arif Ali Al-Taboor Al-Nuaimi.

Speaking to media after the launch, Yusuffali M.A., chairman of LuLu Group, said: "We plan to launch four more hypermarkets this year, including one in Jeddah and one each in Hail and Hofuf. By 2018, we will launch eight more hypermarkets in the Kingdom, including in the holy cities of Makkah and Madinah."

Revealing his investment plans, Yusuffali said: "We have already invested SR1 billion and intend to further invest SR800 million in the next two years, taking our total investment to more than SR1.8 billion in the Kingdom. We are very confident that this great country will further prosper under the visionary leadership of Custodian of the Two Holy Mosques King Salman, Crown Prince Mohamed bin Naif and Deputy Crown Prince Mohamed bin Salman. I am really excited by the new 2030 vision declared recently by the deputy crown prince and will explore all avenues to further boost our group's investment here."

With three stores in Riyadh, one each in Alkhobar, Jubail, Dammam and eight commissaries in its entity, LuLu has firmly established itself as one of the most preferred retail destinations for both locals and the large expatriate community residing in the Kingdom. The newest hypermarket is spread across an area of over 200,000 square feet and has the widest range of world class products at the "most competitive prices."

© Arab News 2016

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