Cairo – Mubasher: Egypt’s Ministry of Supply and Internal Trade and Ministry of Housing signed an agreement worth $500 million with the UAE’s LuLu Hypermarket.
Under the deal, four new hypermarkets will be established in New Cairo, Sixth of October City, and Obour City, according to a statement released by the Egyptian cabinet on Monday.
The four retail outlets will be built over a period of twelve months and LuLu Hypermarket will take on the management and operation of the outlets within a period of 3-6 months as of the construction completion date, minister of supply Ali Meselhy said.
Moreover, LuLu Group also aims to set up 20 hypermarkets and supermarkets with investments worth $2 billion, the Middle East News Agency (MENA) reported, citing the head of the Internal Trade Development Authority (ITDA) Ibrahim Ashmawy as saying.
Such investments will create about 15,000 direct and indirect jobs, Ashmawy added.
The UAE-based retail giant’s investments reached $17 billion with a 34% share in the GCC’s wholesale and retail market, he revealed.
