LuLu Group opens eleventh hypermarket in Saudi Arabia
UAE-based retail giant LuLu Group has further expanded its presence in Saudi Arabia by opening its 11th hypermarket in Jeddah
UAE-based retail giant LuLu Group has further expanded its presence in Saudi Arabia by opening its 11th hypermarket in Jeddah.
The new hypermarket, which is also the second outlet in Jeddah, was officially inaugurated by Ibrahim Saleh Al Suwail, deputy governor of Saudi Arabian General Investment Authority (SAGIA) on 20 December, 2017.
Yusuffali M.A., chairman of LuLu Group, said at the inauguration: “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.
"Our expansion plans are firm in the Kingdom and by 2020, the country will get another 20 LuLu hypermarkets out of which six will be opened by the year 2018. This includes two hypermarkets in Riyadh followed by one each in Tabuk and Dammam.”
He added: "Currently, our group employs 2,400 Saudi nationals out of which 1,100 are females and we consider it as our duty to nurture them as we have a very hardworking, dedicated and productive manpower in Saudi nationals. As I promised earlier, our goal is to employ 5000 Saudi nationals by the year 2020 and 10,000 by 2024.”
The hypermarket is spread over an area of more than 23,225m2 and it will serve as a major shopping destination for Saudis and expatriates in Al-Marwah and its surrounding areas.
Yusuffali further said: “We are planning to expand aggressively here as the Kingdom is investing heavily in various sectors, which will surely spur all-round growth. We have already invested more than $213m (SR800m) till now and intend to further invest $133m (SR500m) by the end of 2019, taking our total investment to more than $346m (SR1.3bn) in the Kingdom.”