Lulu Group to invest $500m in Egypt over coming two years

The company to build four new hypermarkets and set up logistics centres for exports

UAE-based retail company LuLu Group is planning to invest $500 million (Dh1.83 billion) in Egypt over the next two years to expand its local operations, according to a statement issued in Cairo.

The company intends to build four new hypermarkets in 6 October City, New Cairo, and Obour, group chairman and managing director Yousuf Ali M.A. told Egypt Prime Minister Mustafa Madbouly during a meeting in Cairo.

The company will also build two logistics centres for exports, particularly frozen fish, to GCC and European markets.

At the meeting, Madbouly added that the government attaches great importance to the promotion of investments and is ready to overcome any obstacles that may face these, noting the government’s preparation of detailed maps of various investment sites in Egypt.

As for the proposed areas for the fish processing and export centre, the Prime Minister pointed out that this could be set up in East Port Said area, where the largest fish farms are located. He also referred to the market established by the Ministry of Housing in the new city of Sohag on a 32-acre area, with multiple outlets for sale and giant cold stores, which can be expanded to another 20 acres. The Lulu Group can use it to establish one of its export logistics centres for food and agriculture products, he noted.