Abu Dhabi-based Modon Holding has announced a partnership with LuLu Retail to develop and operate hypermarkets and other retail facilities in the UAE and Egypt.
The two parties signed a memorandum of understanding (MoU) earlier this month as part of Modon’s regional growth and expansion agenda, which includes actively targeting high-potential sectors.
Modon Holding will develop community retail in the form of hypermarkets, supermarkets and other retail outlets to be operated by LuLu across Modon’s UAE and Egypt portfolio.
Additionally, the two parties will jointly explore high-potential locations for retail development, implement smart retail solutions and advanced logistics infrastructure, and enhance customer experiences with innovative retail technologies.
LuLu is a leading retail chain in the Middle East. Its international business portfolio ranges from retail operations and shopping mall development to manufacturing and trading of goods, hospitality and real estate. On Monday, Â Lulu Retail Holdings PLC announced the price range for the sale of its shares and the start of the subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange.
Based on the offer price range, Lulu Retail is set to list with a market capitalisation of between $5.46 billion (AED20.04 billion) and $5.74 billio (AED21.07 billion).
The group has a presence in 23 countries across the Middle East, Asia, US and Europe with a network of 240 stores, comprising 116 hypermarkets, 102 express stores and 22 mini markets across all GCC countries.
It serves as a mandated food security partner in the UAE, Oman and Bahrain, with a supply chain sourcing from 85 countries.