UAE - Mubasher: ADQ has signed a non-binding agreement with Lulu International Holdings (LIHL), which owns hypermarket and supermarket chain in the Middle East to help the supermarket chain to expand in Egypt.
As part of the agreement, ADQ will support LIHL's expansion of operations in Egypt of up to $1 billion, according to a press release on Monday.
Meanwhile, ADQ and LIHL will collaborate in developing up to 30 hypermarkets, 100 express minimarket stores, and logistics hubs, distribution, and fulfilment centres to boost LIHL's e-commerce business in Egypt.
This expansion is expected to provide 12,000 job opportunities in Egypt to promote the country's economic and social growth.
The CEO of ADQ, Mohamed Hassan Al Suwaidi, said: "Our agreement with Lulu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt late last year."
The Chairman of Lulu, Yusuff Ali MA, commented: "Egypt is a very important growth market for us, and we see great potential for our future business there. Our agreement with ADQ will better position us to continue our rapid expansion of our operations across Egypt."
