(MENAFN) One of the Arab world largest holding companies, ADQ, who has a wide range of dealings with key enterprises that cover major fields of Abu Dhabi's varied economy, has officially entered into a non-mandatory deal with a leading hypermarket and supermarket chain in the Middle East, called Lulu International Holdings (LIHL), opening up a path for a USD1 billion investment in LIHL's development of operations in Egypt.
The deal is a plan agreed upon by ADQ and LIHL where they will both work cooperatively to establish at least 30 hypermarkets, 100 express minimarkets, modern logistics centers, as well as distribution and fulfillment hubs, in an attempt to improve vendor's e-commerce all over Egypt.
It was declared that the development of this project will generate over 12,000 job vaccines, and it is expected to strengthen the economic and social growth of Egypt.
The deal was made, and signed by, Chief Executive Officer of ADQ,Mohamed Hassan Al Suwaidi , and Chairman of Lulu Group, Yusuff Ali M A,.
Al Suwaidi noted: "Our agreement with Lulu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt late last year. The phased roll-out of multiple retail stores would provide significant socio-economic benefits to local communities across the country, as well as bolster the quality and range of products available to Egyptian consumers. We are pleased to be able to give further support to the co-operation that already exists between the UAE and Egypt."
While Yusuff Ali added: "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. I take this opportunity to thank the leadership of Abu Dhabi and ADQ for their support to expand Lulu's operations in Egypt which will immensely benefit the country and its citizens."
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