LuLu to invest additional $186m in Saudi by 2017
UAE-based retailer looks to open 10 more outlets
The UAE-based LuLu Hypermarkets is planning an additional investment of SAR 700m ($186.5m) in Saudi Arabia by the end of 2017, with ten more outlets in the pipeline.
This will take the retail giant’s investment in Saudi Arabia to SAR 1.5bn ($399.8m) within the next two years, Arab News reports.
The announcement was made by LuLu Group Chairman MA Yusuff Ali at the launch of an outlet in the city of Dammam. The hypermarket will feature a Sparky’s family entertainment centre, a food court, coffee shops, pharmacy and money exchange facilities, the newspaper reported.
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Yusuff Ali said LuLu was looking to add four more hypermarkets this year – two in Jeddah, one in Hail, and one in Hofuf.
Come 2017, LuLu plans six more, including in places like Makkah and Madinah, Arab News reported.
“We have already invested more than SAR 800 million till now and intend to further invest SAR 700 million by the end of 2017, taking our total investment to more than SAR 1.5 billion in the kingdom,” Yusuff Ali is reported as saying.
“The support and love extended by the rulers gives us further impetus to serve the growing economy of this country. LuLu is committed to do its bit to help the Kingdom by opening more outlets, thereby generating employment opportunities to talented Saudis.”
The news comes days after the LuLu Group said it plans to invest $150 million in Lucknow, the state capital of Uttar Pradesh (UP) in India.
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