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ADQ, one of the largest holding companies with a broad portfolio of major enterprises spanning the key sectors in Abu Dhabi’s diversified economy, has entered into a non-binding agreement with Lulu International Holdings (LIHL), the leading hypermarket and supermarket chain in West Asia, paving the way for an investment supporting LIHL’s expansion of operations in Egypt of up to $1 billion.
This is over and above the $1 billion ADQ had invested earlier this year in Lulu Group.
The agreement was signed by Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group.
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Development of retail markets
Under the terms of the agreement, ADQ and LIHL will work collectively to develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfillment centres to strengthen the retailer’s ecommerce business across Egypt.
Yusuff Ali MA, Chairman of Lulu, said: “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.”
Lulu Group is one of the largest retail organisations operating 194 hypermarkets and shopping malls across GCC, Egypt and Far East with more than 55,000 employees serving approximately 1.6 million shoppers a day. It also has sourcing operations and food processing units in different parts of the world, including the US, the UK, Spain, Africa, China and others Far Eastern countries.
As an organisation focussed on providing innovative and seamless shopping experience to the large multi-ethnic customer base, Lulu Group is investing substantially in further strengthening its online shopping operations across the region, a company statement issued here said.
ADQ was established in 2018 as a public joint stock company. It holds a broad portfolio of major enterprises in Abu Dhabi, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, food and agriculture, and financial services.
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