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Supply Ministry signs $500 million deal with an int's retail group

Saturday 09 February 2019 12:25 PM

Minister of Supply Ali Moselhy
Minister of Supply Ali Moselhy

Ministry of Supply has signed $500 million agreement with LuLu Group International, operating in retail trade, under which the latter will establish four branches of Lulu Hypermarkets in New Cairo, the 6th of October and Obour, according to sources.
Head of the Internal Trade Development Authority Ibrahim Ashmawi said the government pays great attention to promoting foreign investments, through its keenness to remove all obstacles to investors.
As for the deal, Ashmawi added that the prime minister has ordered offering all necessary facilitation for establishing the four branches of Lulu Hypermarkets.
The first Lulu Hypermarket branch in Egypt was inaugurated in 2016, he said, pointing out that the retail chain plans to pump further EGP 15 billion to establish new outlets across the country.

Chairman of LuLu Group Yussuf Ali said the group's decision to open four Hypermarkets will contribute to securing 40,000 direct and indirect jobs.
The four Hypermarkets, to be built in two years, are expected to flourish the retail sector in Egypt, by providing food commodities at low and competitive prices, Ali added.