UAE based leading retail company LuLu Group is planning to invest USD 500 mn in Egypt over the next two years to expand its local operations, according to a statement issued in Cairo. The company intends to build four new Hypermarkets in 6 October City, New Cairo, and Obour, Group Chairman and Managing Director Yusuff Ali told Egypt Prime Minister Mostafa Madbouly during a meeting in Cairo yesterday. The company will also build two logistics centers from which it will be targeting exports, particularly frozen fish, to markets in the GCC and Europe.
During the meeting Prime Minister Madbouli added that the government attaches great importance to the promotion of investments and is ready to overcome any obstacles that may face these investments, pointing to the government’s preparation of detailed investment maps of various investment sites in Egypt.
Nader Saad, Spokesman of the Cabinet, said that: “During the meeting, the Chairman of Lulu Group expressed his appreciation for the keenness and attention he received in the Prime Minister’s speech, on the importance of encouraging investments and overcoming obstacles, which will thus encourage the Group to move forward with the implementation of its investments estimated at US$ 500 Million over the next two years in the construction of four hypermarkets in the cities of 6 October, New Cairo and Al-Abour, in addition to the establishment of two logistic centers through which the food products will be prepared and stored by the group to be exported to the GCC countries and other markets in Europe.
As for the proposed areas for the establishment of fish processing and export center, the Prime Minister pointed out that this center can be established in East Port Said area, where the largest fish farms are located, and the area is characterized by its near to East Port Said Port as well as near Bardawil Lake. The Prime Minister also referred to the market established by the Ministry of Housing in the new city of Sohag on an area of 32 acres, which can be expanded to another 20 acres. The market has multiple outlets for sale and giant cold stores. The Lulu Group can inspect the site and use it to establish one of its logistics centers fir exporting Food and agriculture products.
At the end of the meeting, the two sides agreed that a delegation from the Lulu Group to inspect the various sites for the establishment of the proposed logistics centers and the fish processing and the fish processing center in Sohag, Alexandria and Ain Sukhna area as well as East Port Said area ASAP & Egypt Govt. will facilitate all help to determine best locations to establish a fish processing and export center in the country.
The meeting was attended by Dr. Ali Messelhi, Minister of Supply and Internal Trade and other top government officials along with Juzer Rupawala, Lulu Director and Huzefa Qureshi, Lulu Egypt’s Regional Director.