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Abu Dhabi: Modon Properties, a development company mandated by the Abu Dhabi government, has signed a 25-year lease agreement with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City off the city limits of Abu Dhabi.
The long-term lease covers the rental of an area of 3,661m2 within Riyadh City’s Courtyard Mall commercial complex for the operation of the LuLu Hypermarket chain of stores.
Scheduled to open in the final quarter of 2020, The Courtyard Mall extends over an area of 8,683m2 within the North of Riyadh City. Upon its completion, the project is slated to include seven restaurants, 13 shops, and a Hypermarket.
On the occasion Lulu Group chief executive officer Saifee Rupawala said: “We are proud to launch our first ever full-fledged hypermarket in Riyadh City. Following the express store that we opened last year, we are delighted to make this new shop possible in partnership with Modon, in order to fulfil the growing demand for lifestyle essentials within the vicinity.”
Riyadh City has been designed to be close to major road networks leading to and from Abu Dhabi City, as well as important urban and industrial areas. The new city is 30km from the island of Abu Dhabi, and a short distance from a range of major landmarks. Covering an area of almost 82 million square metres, equivalent to 85 per cent of the area of Abu Dhabi island, Riyadh City is ideally situated near the UAE's capital.
Biju Kottarathil
Secretary to the Chairman & MD
Lulu Group International
Y Tower, PO Box 4048,
Abu Dhabi, UAE
+971 2 4140870
+971 2 6421716
© Press Release 2020
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