Over the next two years Lulu Group plans to invest about $300 million to set up 10 hypermarkets in Egypt as it eyes a full-fledged expansion in the continent.
Lulu considers Egypt as a strong economy with high market potential which had opened its first hypermarket way back in 2010.Ranked first on the Forbes magazine in list of the richest 100 Indians in the Arab world last year, M A Yusuff Ali, is expanding the Lulu chain rapidly across the Arabian Gulf, Asia and now Egypt.
The Abu Dhabi based retailer rolls out a $300m expansion in the South East Asian country, Indonesia, in last September and announced plans of opening 15 hypermarkets over the next two years. The overall investment will reach $500m in a span of 5 years.
With its first Egyptian outlet has 119 stores, Lulu plans to open its first hypermarkets in Malaysia and Indonesia in March next year. Alongside the group is expanding in India, where it has its operations in the southernmost state of Kerala.
At present, the company exports Egyptian agricultural goods worth 50m Egyptian pounds and is planning to increase it to about 150 pounds next year. Lulu will set-up its own food-processing units inorder to increase exports. The hypermarket will also open its door to the local community. The company employs 3,000 Egyptians in its operations across the Arabian Gulf region and it will reach 10,000 in the next two years.