UAE's Lulu invests USD213.17m on Saudi expansion
(MENAFN) UAE-based retailer Lulu Group has announced that it will invest around USD213.17 million in an expansion plan in Saudi Arabia which will involve opening new stores across the kingdom, Gulf Business reported.
The group, which opened a new, 240.000 square feet, hypermarket in Riyadh earlier this month that includes a family entertainment area, a fine dining restaurant, coffee shops and other shops selling accessories, perfumes, watches and mobiles, said that it is planning to open eight more hypermarkets over the next 24 months.
The retailer, which operates 112 supermarkets and hypermarkets across the Gulf, Yemen, Egypt and India, also said that it plans to employ 10.000 Saudis within the next 5 year, an increase to its current number of 1.000 Saudi employees
Lulu also announced that it has aggressive expansion plans in Malaysia, with plans to open six new halal-only hypermarkets with an investment of USD200 million, as well as plans to enter new markets such as Iraq, Indonesia, Algeria, Morocco and Libya.
The group, which opened a new, 240.000 square feet, hypermarket in Riyadh earlier this month that includes a family entertainment area, a fine dining restaurant, coffee shops and other shops selling accessories, perfumes, watches and mobiles, said that it is planning to open eight more hypermarkets over the next 24 months.
The retailer, which operates 112 supermarkets and hypermarkets across the Gulf, Yemen, Egypt and India, also said that it plans to employ 10.000 Saudis within the next 5 year, an increase to its current number of 1.000 Saudi employees
Lulu also announced that it has aggressive expansion plans in Malaysia, with plans to open six new halal-only hypermarkets with an investment of USD200 million, as well as plans to enter new markets such as Iraq, Indonesia, Algeria, Morocco and Libya.
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