VIDEO: Lulu Group to invest $500m, create 8,000 jobs in Egypt
Yusuff Ali M A-led firm to develop four retail outlets in New Cairo, Sixth of October City, and El-Obour
Abu Dhabi-headquartered Lulu Group, led by chairman and managing director Yusuff Ali M A, will invest $500m (AED1.8bn) to build malls, hypermarkets, and mini markets in Egypt, creating 8,000 jobs with its four projects in New Cairo, Sixth of October City, and El-Obour.
According to Reuters, the UAE-based group signed an agreement with Egypt’s Ministry of Supply and Internal Trade and Ministry of Housing, Utilities, and Urban Communities to implement the projects.
According to Egypt Today, Egypt's Minister of Supply and Internal Trade, Ali al-Meselhi, said four projects would be constructed within 12 months, and Lulu Group would start to manage and operate the facilities three to six months after construction completion.
Head of Egypt’s Internal Trade Development Agency, Ibrahim Ashmawy, said Lulu Group would eventually establish 20 hypermarkets and supermarkets in the country with an investment of $2bn (AED7.4bn), creating 15,000 employment opportunities over the years, Egypt Today reported.
Al-Meselhi added that Egypt’s Urban Communities Authority – part of the Ministry of Housing, Utilities, and Urban Communities – had been tasked with the construction programme.