ArabFinance: UAE-based LuLu Group International inaugurated a new hypermarket in Egypt at total investments of EGP 165 million, according to a February 7thministry statement.

The new facility marked Lulus third branch in the Arab republic, with the total units offering 2,000 direct and indirect job opportunities in Egypt.

Three additional Lulu branches will be built in El Sheikh Zayed, 6th of October, and Obour before the end of 2021, supply minister Ali el Moselhy, who attended the opening, stated.

The UAE group is expected to open 16 hypermarket units in Egypt over three years, during which investments worth $500 million (EGP 7.81 billion) will be injected, according to the statement.

The Emirati holding company ADQ last October entered into a non-binding agreement worth $1 billion (EGP 15.63 billion) with Abu Dhabi-based Lulu International Holdings to support the retailers expansion in Egypt.

*At press time, the conversion rate is $1 = EGP 15.63

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