Lulu plans 500m riyal investment in Saudi

UAE’s Lulu Group said yesterday it planned to invest 500 million Saudi riyals in Saudi Arabia by 2019 bringing its total investment in the kingdom to more than 1.3 billion riyals. The Abu Dhabi group has also expanded its presence in Saudi Arabia by opening its 11th hypermarket in the country, which is also the second outlet in Jeddah. The 142nd hypermarket of Lulu will spread over an area of more than 250,000-square feet. “We are moving in line with Vision 2030 and the kingdom’s robust economy and the government’s investor-friendly policies have encouraged and provided us a favorable environment to continue to establish ourselves and to contribute to the economic growth of the kingdom,” said Yusuffali MA, chairman of Lulu Group.