The Ministry of Supply and Internal Trade and the Ministry of Housing, Utilities and Urban Communities has signed an agreement with UAE’s Lulu Group, an Indian multinational conglomerate company that operates a chain of hypermarkets and retail companies to inject $500 million to establish four major hypermarkets in New Cairo, October and El-Obour.
Minister of Supply and Internal Trade Ali al-Meselhi said that it was agreed that the four projects will be built by the Urban Communities Authority within 12 months, with Lulu Group starting to manage and operate the projects in a period of 3 to 6 months from the date of completion of the construction.
He pointed out that the new projects that Lulu Group intends to establish in Egypt come in line with the directives of President Abdel Fatah al-Sisi to control markets and provide food commodities at discounted prices. The minister stressed that the establishment of the internal trade infrastructure contributes to controlling prices, making all strategic goods available and reducing circulation.
Moreover, Head of Internal Trade Development Agency, Ibrahim Ashmawy said in a press conference that LuLu Group targets to establish 20 hypermarkets and supermarkets in the Egyptian market with an investment of $2 billion, providing 15,000 job opportunities.
It plans to build malls, hypermarkets and mini markets, providing 8,000 sustainable jobs, Youssef Ali, group chairman and managing director, said in a statement.