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Cairo: UAE based Lulu Group has set its foot in Egypt by opening its first hypermarket in Cairo, capital of Egypt. The 119th hypermarket of the group was inaugurated by Khalid Hanafy, Egyptian Minister for Trade in the presence of Galal El Saeed, Governor of Cairo, Mohamed Abdul Sayed, Advisor to the Prime Minister, Khalifa Thunaiji, Deputy UAE Ambassador to Egypt and other high ranking government and civil officials.
Yusuff Ali MA, Chairman of Lulu Group, Saifee T. Rupawala, CEO, Ashraf Ali MA, Executive Director, Mohamed Althaf, Director of Lulu Egypt and other top company officials were also present on the occasion. Apart from this, a large number of people were also found anxiously waiting outside the store to get inside latest shopping addition in the capital city.
Egypt, a country that links North Africa with the Middle East is considered as a strong economy with high market potentials under the able leadership of President Abdel Fattah El Sisi.
The new store is located in Twin Plaza Opposite Police Academy on the Zakir Hussein road extension in the 1st settlement of New Cairo. Spread over an area of 170,000 square feet, the new store is specially designed to offer the residents with a world class shopping experience like never before at fair prices and friendly service. The hypermarket will provide the widest range of quality and value-for-money products all under one roof.
Egypt has been attracting lot of investments especially from GCC countries in various sectors including infrastructure, energy and retail following the investment conference held at Sharm Al Sheikh in March where President Abdel Fattah El Sisi opened the doors for GCC investment in his country. Egypt is viewed as a market for the UAE companies with around 600 companies now operating there. In a hope to stabilise the country, the UAE has provided Egypt with an unprecedented economic support whether on grant based investments or bringing private sector to the Egyptian market.
Commenting on LULU Group's Egypt plans, Yusuffali MA, Chairman of Lulu Group, said: "We consider Egypt as a very important market for us and our experience of more than four decades of success and accomplishment in the retail industry is sure to help us become the most popular retailer in the region. Egyptians are already well aware of Lulu and we hope to bring world class shopping closer to them in various important location of this great country". As per the plan, we intend to invest EGP 3 billion (US$ 300 Million) in setting up 10 new hypermarkets in next 2 years across Egypt.
"The hypermarket will also offer a window of opportunity to local community. We will encourage the Egyptian agricultural sector by procuring & promoting local agricultural produce and also export them to our stores across the GCC and Far East. Currently we are exporting EGP 50 million and this will go up to EGP 150 million next year, Yusuffali added. Main exporting products include fruits & veg, meat, fish, cheese and pickles. Lulu also plans to set up own food processing plants to further boost the exports.
"We believe that having a strong national workforce is vital to our long-term success as it helps in creating sustainable community living. Currently, there are more than 800 Egyptians employed at our new hypermarket in Cairo and we intent to employ 10,000 more Egyptians in next 2 years. We already have more than 3,000 working in our operations in GCC countries and continuously train them in our various operations", said Yusuffali.
The new hypermarket provides the widest range of quality and value-for-money products all under one roof. It has separate sections for fresh fruits and vegetables, meat and poultry, dairy products, ready-to-eat products and a live bakery. The outlet also offers a huge area dedicated to electronics, IT products, home appliances, sports, furnishing and furniture, kitchenware, toys, stationery and health & beauty products. The new hypermarket also offers a wide choice of world-class fashion brands and products for men, women and children. A special area is also dedicated for promoting local products and handicrafts of Egypt.
The systematically arranged sections promise customers an easy and hassle-free shopping experience. Extra-wide aisles, extensively laid out counters and ample parking space are some of the distinguishing features of the new store
Lulu Group which currently have 118 stores in GCC and India is embarking on a massive expansion drive into the Far Eastern market. The first hypermarket of LULU will open in Malaysia and Indonesia by March 2016. The Group is also planning to open 15 more hypermarkets in these two countries in the next two years, said a company source.
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© Press Release 2015
