Lulu Group, the retail giant owned by the malayali businessmen M.K.Yousaf Ali will invest $.500 million in retail sector in Egypt. This was revealed by the UAE supermarket chain management on today.
M.K.Yousuf Ali, the chairman and managing director of the Lulu Group has informed that the group will build malls, hypermarkets and mini markets in Egypt and will provide 8,000 sustainable jobs.
At present the group has a hypermarket in the capital city of Cairo and it employs around 500 Egyptians. The Lulu Group at present operates 176 hypermarkets in the Middle East, India and South Asia.
The agreement for investment was signed with Egypt’s Ministry of Supply & Internal Trade, Ministry of Housing, Utilities and Urban Communities.
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