The Egyptian government, represented in the Ministries of Supply and Internal Trade, on Thursday signed an agreement with LuLu Group International, which is specialized in retail trade.
Under the agreement, the LuLu Group International will inject investments of $500 million to establish four branches of Lulu Hypermarkets in the areas of New Cairo, the 6th of October and Obour.
The move comes in line with President Abdel Fattah El Sisi’s directives to regulate markets and provide food commodities at low prices.
For his part, Head of the Internal Trade Development Authority Ibrahim Ashmawi said the political leadership pays great attention to promoting foreign investments, through its keenness to remove all obstacles to investors.
As for the deal, Ashmawi added that the prime minister has ordered offering all necessary facilitation for establishing the four branches of Lulu Hypermarkets.
The first Lulu Hypermarket branch in Egypt was inaugurated in 2016, he said, pointing out that the retail chain plans to pump further LE15 billion to establish new outlets across the country.
For his part, Chairman of LuLu Group Yussuf Ali said the group’s decision to construct four Hypermarkets will contribute to securing 40,000 direct and indirect jobs.
The four Hypermarkets, to be built in two years, are expected to flourish the retail sector in Egypt, by providing food commodities at low and competitive prices, Ali added.