PHOTO
ABU DHABI: ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, has entered into a non-binding agreement with Lulu International Holdings (LIHL), the leading hypermarket and supermarket chain in the Middle East, paving the way for an investment supporting LIHL’s expansion of operations in Egypt of up to USD 1 billion.
Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer’s ecommerce business across Egypt. It is estimated that this expansion will create up to 12,000 jobs, fostering economic and social growth throughout the country.
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 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. We are pleased to be able to give further support to the co-operation that already exists between the UAE and Egypt.”
Yusuff Ali MA, Chairman of Lulu, 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. I take this opportunity to thank the leadership of Abu Dhabi and ADQ for their support to expand Lulu’s operations in Egypt which will immensely benefit the country and its citizens.”
The agreement was signed by H.E. Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group.
In November 2019, the launch of a joint strategic investment platform worth USD 20 billion, to be funded equally by ADQ and the Sovereign Fund of Egypt, was announced. The platform aims to establish joint strategic investment projects, as well as specialized funds and investment tools in several key sectors such as food and agriculture, mobility and logistics, healthcare and utilities.
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
