Abu Dhabi’s ADQ invests $1b into Lulu’s Egypt expansion

Abu Dhabi’s ADQ invests $1b into Lulu’s Egypt expansion

Abu Dhabi / WAMADQ, one of the region's holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy, announced it entered into a non-binding agreement with Lulu International Holdings (LIHL) paving the way for an investment supporting LIHL's expansion of operations in Egypt of up to $1 billion. The agreement was signed by Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group. Under the terms of 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 fulfillment centres to strengthen the retailer's ecommerce business across Egypt. It is estimated that this expansion will create up to 12,000 jobs, fostering