Mubasher: Indian retail giant Lulu Hypermarket on Monday announced plans to invest $500 billion in Saudi Arabia’s major burgeoning $500 billion (SAR 1.9 trillion) city NEOM.
The announcement was made during the opening ceremony of the Indian retailer’s 14th branch in Tabuk, in the kingdom’s northwest region.
“We are upbeat about the vast investment opportunities laid open in the kingdom, thanks to Vision 2030,” chairman and managing director Yusuff Ali said in a statement.
In July, Abu Dhabi-headquartered Lulu Group revealed plans to invest SAR 1 billion ($270 million) in Saudi Arabia by 2020 through inaugurating 15 hypermarkets.
The UAE-based supermarket chain will open five hypermarkets of 15 by the end of 2018, according to Construction Week Online.
In October 2017, Saudi Crown Prince Mohammed bin Salman announced his country’s plan to establish a $500 billion mega city in the north-west region of the kingdom, under the name NEOM, as a part of the country’s efforts to reduce dependence on oil revenues.
In November 2017, Russia and Saudi Arabia agreed that a Russian company would build a plant for producing ships in NEOM
