Lulu group to invest $300 million in Egypt | GulfNews.com

Lulu group to invest $300 million in Egypt | GulfNews.com:

"Lulu Group is planning to invest $300 million (Dh1.1 billion) in setting up 10 new hypermarkets in Egypt in the next two years, Chairman of the Group, Yousuf Ali MA, said after opening the group’s first hypermarket in Cairo.

“Egyptians are already well aware of Lulu and we hope to bring world class shopping closer to them in various important location of this great country. As per the plan, we intend to invest 3 billion Egyptian pounds [$300 million] in setting up 10 new hypermarkets in next 2 years across Egypt,” he said.

“The hypermarket will also offer a window of opportunity to the local community. We will encourage the Egyptian agricultural sector by procuring and promoting local agricultural produce and also export them to our stores across the GCC and Far East. Currently we are exporting 50 million pounds and this will go up to 150 million pounds next year.”"



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