|28 August, 2019

UAE's Lulu Group to invest $500mln in Egypt's retail sector

Lulu Group plans to build malls, hypermarkets and mini markets

Interior of a Lulu hypermarket. Image used for illustrative purpose.

Interior of a Lulu hypermarket. Image used for illustrative purpose.

Handout via Lulu Group

ABU DHABI  - Lulu Group plans to invest $500 million in Egypt's retail sector, the United Arab Emirates supermarket chain said on Wednesday.

It plans to build malls, hypermarkets and mini markets, providing 8,000 sustainable jobs, Youssef Ali, group chairman and managing director, said in a statement.

The agreement was signed with Egypt's Ministry of Supply & Internal Trade and the Ministry of Housing, Utilities & Urban Communities, the statement said.

(Reporting by Stanley Carvalho; editing by Jason Neely) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))

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