ADQ supports Lulu International’s $1bn expansion into Egypt

ADQ supports Lulu International’s $1bn expansion into Egypt

Abu Dhabi's ADQ – a holding companies with a broad portfolio of major enterprises – has entered into a non-binding agreement with Lulu International Holdings (LIHL) paving the way for an investment supporting LIHL's $1bn expansion of operations into Egypt.The agreement was signed by the chief executive officer of ADQ, Mohamed Hassan Al Suwaidi, and the chairman of the Lulu Group, Yusuff Ali.Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer's ecommerce business across Egypt.[[{"fid":"96081","view_mode":"default","fields":{"format":"default","field_file_image_alt_text[und][0][value]":"","field_file_image_title_text[und][0][value]":""},"type":"media","link_text":null,"attributes":{"height":644,"width":966,"class":"media-element file-default"}}]]

The expansion is expected to create up to 12,000 jobs, fostering economic and social growth throughout the country.Commenting