Cairo – Mubasher: The Egyptian government, embodied in the supply and housing ministries, has signed a deal with Indian retail company LuLu Group International to build new four branches in New Cairo, 6th of October city, Obour city with $500 million in investments.
The cabinet has helped ease the process of setting up the new branches of the global hypermarket as it offers lower prices and competitiveness in the Egyptian market, head of Egypt’s Internal Trade Development Authority (ITDA) said in a statement on Thursday.
The first branch of LuLu hypermarkets chain was opened in 2016 and the company aims to pump total investments of EGP 15 billion into Egypt over phases, Ibrahim Ashmawy added.
The Indian company aims to build the largest hypermarket in Egypt that offers 40,000 indirect and direct jobs and sells over 80,000 products, Ashmawy noted.
For his part, chairman and managing director of LuLu Group Yusuff Ali said that the four markets will be built within two years and will revive the retail sector in Egypt.
He also said that LuLu hypermarkets will provide affordable prices that boost competitiveness among hypermarkets in Egypt, the most populous Arab country.
Accordingly, the group’s investments in Egypt reached 4550 million, Yusuff pointed out.
