UAE-based LuLu will invest US $500-million in the expansion of its presence in Egypt over the next two years.
The hypermarket chain is planning to open four new outlets in 6 October City, New Cairo and Obour.
The expansion is expected to create 40,000 jobs, with work on the first of the new hypermarkets expected to start this month.
Lulu will also build two logistic centres in Egypt targeting frozen fish exports. The locations for the new DCs have not been announced, but they’re likely to be located near the largest fish farms in the East Port Said area.
These plans comes as Lulu continues to expand in new and existing markets, despite the economic slowdown in the Middle East.
The company has said it is looking to open 15 hypermarkets in the next 18 months in Saudi Arabia, while it continues to investigate opportunities to enter China.