The partnership will see Lulu and ADQ collectively develop as many as 30 hypermarket and 100 minimarket stores for the Egyptian market.
Abu dhabi Investment Company, ADQ will invest $1bn in Lulu Group International, which runs one of the Middle East’s largest hypermarket chains. This investment will back the grocer’s expansion in Egypt and is expected to create up to 12,000 jobs.
The deal comes following the set-up of a $20bn joint platform established last year between Egypt and the United Arab Emirates to invest in a range of sectors and assets. Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, commented: “Our agreement with Lulu International Holdings reflected our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt late last year.”
Yusuff Ali MA, Chariman of Lulu, added: “Egypt is a very important growth market for us, and we see great potential for our future business there. Our agreement with ADQ will better position us to continue our rapid expansion of our operations across Egypt.”
