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Wednesday, 28 October 2020

Lulu plans new hypermarket in New Cairo

Indian retailer Lulu is in talks with the New Urban Communities Authority to establish a hypermarket in New Cairo’s First Settlement, Al Mal reports, citing sources with knowledge of the plans. Negotiations are in their final stages and an agreement is expected to be signed by the end of the year, the sources said. Lulu is one of the largest retailers in the Middle East by turnover and has been planning to invest USD 1 bn in Egypt since at least July, when it opened its second hypermarket in the country, an EGP 180 mn branch in Sheraton. Abu Dhabi’s sovereign wealth fund announced last week that it would be investing USD 1 bn in Lulu’s Egypt expansion to fund the creation of up to 30 hypermarkets and 100 mini markets, as well as logistics hubs and distribution and fulfilment centers.

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