UAE's LuLu Group to invest up to Dh1.8 billion in Saudi

Abu Dhabi's retailer Lulu Group has opened its seventh hypermarket in the largest Arab economy. With this opening, the group's total number of stores has risen to 125th outlet.
In the next two years the retail group intends to open 12 more hypermarkets in the Kingdom, including outlets in Muslim Holy cities of Makkah and Madina.
The latest hypermarket, which located in Amir Fawaz district of port city of Jeddah was inaugurated by Prince Saud Bin Abdullah Bin Abdul Aziz and Mazen Mohammed Batterjee, vice chairman of Jeddah Chamber of Commerce in the presence of many top officials and dignitaries including Arif Ali Al Taboor Al Nuaimi, UAE Consul General.
Speaking to media after the launch, Yusuffali MA, chairman of LULU Group said: "We plan to launch four more hypermarkets this year, including one more in Jeddah and one each in Hail and Hofuf."
"By 2018, we will launch eight more hypermarkets in the Kingdom including in the holy cities of Makkah and Madina," added Yusuff Ali.
Revealing his investment plans, Yusuffali said "we have already invested Dh1 billion and intend to further invest Dh800 million in the next two years, taking our total investment to more than Dh1.8 billion in the Kingdom."
The chairman was confident that the biggest Arab economy will further prosper under the visionary leadership of HRH King Salman bin Abdulaziz Al Saud, Crown Prince HRH Muhamed bin Nayef bin Abdulaziz Al Saud, Deputy Crown Prince HRH Mohamed bin Salman bin Abdulaziz Al Saud.
"I am really excited by the new 2030 vision declared recently by the Deputy Crown Prince Mohammed Bin Salman and will explore all avenues to further boost our group's investment here."
With three stores in Capital Riyadh, one each in Al Khobar, Jubail, Dammam and eight Commissaries in its entity, LULU has firmly established itself as one of the most preferred retail destination for both locals and the large expatriate community residing in the Kingdom.
The newest hypermarket is spread across an area of over 200,000 sq. ft. and has the widest range of  world class products at most competitive prices.
The retail group newest market is the biggest Hypermarket in Jeddah and in the remaining part of the year four more stores would be opened to the customers.
The company which has already provided 1,700 jobs to Saudis working at present, said the number would multiply to 5,000 by end of 2018.
haseeb@khaleejtimes.com

• Saudi Arabia