Mubasher: Lulu Group has revealed plans to invest SAR 1 billion ($270 million) in Saudi Arabia by 2020 through inaugurating 15 hypermarkets in the coming period.
The UAE-based supermarket chain will open five hypermarkets of 15 by the end of 2018, according to Arabian Business.
Lulu Group has noted that it will inaugurate three of them in Riyadh and one each in the Saudi cities of Dammam and Tabuk.
“We see tremendous growth opportunities in the kingdom and are glad to be part of the 2030 vision by further expanding our presence here," Yusuff Ali, Lulu’s chairman, commented during inaugurating the firm’s 150th hypermarket in the Saudi capital.
Around 3,000 Saudi citizens are currently working in Lulu, while the firm aims to raise this number to 6,000 by the end of 2020, Ali added.
“Lulu is investing another SAR200 million in setting up a 1 million square feet wholesale and logistics centre in King Abdulla Economic City (KAEC) to support the retail expansion help in ensuring food security,” the chairman said.
