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Wednesday, 10 October 2018

India’s Lulu Hypermarket plans to invest USD 500 mn in Egypt over coming two years

** #5 INVESTMENT WATCH- India’s LuLu Hypermarket is planning to invest USD 500 mn in Egypt over the next two years to expand its local operations, according to a cabinet statement picked up by Al Masry Al Youm. The company intends to build four new retail outlets in 6 October City, New Cairo, and Obour, Group Chairman and Managing Director Yusuff Ali told Prime Minister Mostafa Madbouly during a meeting in Cairo yesterday. The company will also build two logistics centers from which it will be targeting exports, particularly frozen fish, to markets in the GCC and Europe. Executives from LuLu will visit potential locations for the depots in Alexandria, Sohag, East Port Said, and Ain Sokhna. Work on the new facilities is expected to start in less than a year from now.

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