ADQ to partner LuLu in $ 1b push into Egypt
Venture is expected to create up to 12,000 jobs
The phased rollout of multiple retail stores would provide significant socioeconomic benefits to local communities, as well as bolster the quality and range of products available.”
MohammadH. Al Suwaidi | CEO of ADQ
Abu Dhabi’s ADQ will be supporting hypermarket operator LuLu International’s Egypt expansion, through a newly struck nonbinding agreement, with an investment of up to $ 1 billion. The two will work to develop up to 30 hypermarkets and 100 express mini- market stores as well as distribution and fulfilment centres.
The venture is expected to create up to 12,000 jobs.
“Our agreement with LuLu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt late
last year,” said Mohammad Hassan Al Suwaidi, CEO of ADQ.
“The phased roll- out of multiple retail stores would provide significant socioeconomic benefits to local communities, as well as bolster the quality and
range of products available to Egyptian consumers.”
In November last, a joint strategic investment platform worth $ 20 billion — to be funded equally by ADQ and the Sovereign Fund of Egypt— was announced. The platform aims to launch investment projects, as well as specialised funds in food and agriculture, mobility and logistics, health care and utilities.
“We see great potential for our future business there — our agreement with ADQ will better position us to continue our rapid expansion of our operations across Egypt,” said Yousuf Ali M. A., Chairman of LuLu.