ArabFinance: LuLu Group is planning for $1 billion (EGP 16 billion) investments in Egypt over the next three years, Head of the Internal Trade Development Authority (ITDA) Ibrahim Ashmawy told Al Mal news website

The Indian group aims to use the amount to build out its branch network in the North African country, Ashmawy added in a statement to the news website.

Earlier, the Abu Dhabi-based hypermarket operator opened its second EGP 180 million branch in Egypt.

Speaking on the occasion virtually back then, the group's chairman Yusuff Ali MA said, "Lulu group will stick to its expansion plans despite the challenges faced due to COVID-19 pandemic."

"As per our plans, we have earmarked $500 million (EGP 8 billion) to set up 10 hypermarkets, four mini markets, and a state of the art logistics center in Egypt," he highlighted.

In 2019, the group signed an agreement with the Egyptian government for its investment plan in the country.

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