LuLu to invest $500 Million in Egypt
LuLu Group has entered into an agreement with the Egyptian Ministry of Supply and Internal Trade and the Ministry of Housing, Utilities and Urban Communities of Egypt to establish new hypermarkets in Cairo.
Dr Ibrahim Ashmawy, Deputy Minister of Internal Trade and Chairman of Internal Trade Development Authority (ITDA) of Egypt, Enf Tarek El Sebaiy, Deputy Minister of Housing signed the agreement with Yusuff Ali MA, Chairman of UAE’s LuLu Group International in the presence of Mostafa Madbouly, Prime Minister of Egypt along with Minister of Supply and Internal Trade Ali al-Meselhi, and Minister of Housing, Utilities and Urban Communities Assem al-Gazzar at the cabinet HQ in Cairo.
As per the deal, four projects will be built by the Urban Communities Authority within 12 months. LuLu Group will manage and operate the projects in a period of 3 to 6 months from the date of completion of the construction in New Cairo, 6th October City and El Obour.
“This is as part of the government’s plan to attract foreign investment,” said Internal Trade Minister Al Al Meselhi.
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