Abu Dhabi’s ADQ pumps $1bn into LuLu’s Egypt expansion

Abu Dhabi’s ADQ pumps $1bn into LuLu’s Egypt expansion

ABU DHABI — ADQ, one of the region's holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy, has 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, the CEO of ADQ, and Yusuff Ali M.A., the chairman of LuLu Group.

Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets