Abu Dhabi-based Lulu Group, a retail to real estate company, plans to invest 2 billion dirhams ($544.5 million) in the retail sector of Egypt.
Egypt's Ministry of Supply and Internal Trade has inked the protocol agreement with Lulu Group to inaugurate four new hypermarkets in the next two years.
This is in addition to the four hypermarkets in the pipeline, taking the total number to eight by 2020. Lulu has one hypermarket in Cairo and will be launching eight more in Al Narges, Al Rehab City, both in New Cairo, Sixth October City and Al Obour City.
Over 3,000 employment opportunities are anticipated to be created through new hypermarkets.