LuLu Group to inject $500m investments into Egypt

Dr. Ibrahim Ashmawy and Dr. Tarek El-Sebaiy signed the agreement with Yusuf Ali, in the presence of Mostafa Madbouly, Ali Al-Meselhi and Assem Al-Gazzar at the cabinet HQ in Cairo.
Updated 02 September 2019

LuLu Group to inject $500m investments into Egypt

The Ministry of Supply and Internal Trade and the Ministry of Housing, Utilities and Urban Communities of Egypt signed an agreement with UAE’s LuLu Group to establish new hypermarkets in different parts of Cairo.

On behalf of the Egyptian government, Dr. Ibrahim Ashmawy, deputy minister of internal trade and chairman of Internal Trade Development Authority (ITDA) of Egypt; and Dr. Tarek El-Sebaiy, deputy minister of housing; signed the agreement with Yusuf Ali, chairman of LuLu Group International; in the presence of Mostafa Madbouly, prime minister of Egypt; along with Minister of Supply and Internal Trade Ali Al-Meselhi, and Minister of Housing, Utilities and Urban Communities Assem Al-Gazzar, at the Cabinet HQ in Cairo.

“When we started thinking about investing in Egypt, we had a plan to pump only $100 million, but today we finalized plans to invest $500 million to establish a number of hypermarkets and minimarkets, providing 8,000 sustainable jobs for the Egyptians,” said Ali, LuLu Group chairman.

Under the agreement, four projects will be built by the Urban Communities Authority within 12 months, with LuLu Group starting to manage and operate the projects in a period of three to six months from the date of completion of the construction in New Cairo, 6th October City and El-Obour, according to Al-Meselhi, minister of supply and internal trade. This is part of the government’s plan to attract foreign investments, he added.

Apart from this, LuLu is also finalizing plans to set up another six hypermarkets and four minimarkets with other developers from the private sector. LuLu is also in the final stages of discussion with the government to enter the wholesale market for vegetables and fruits and a logistics center to support its retail activities in the country. 

At present, LuLu has one hypermarket in the capital city Cairo where it employees more than 500 Egyptians. 

With 175 stores operating worldwide, LuLu is the fastest growing retail chain across 10 countries, which include the GCC, India, Egypt, Indonesia, and Malaysia. Founded in the early 1990s, it has successfully expanded to different parts of the world, garnering more than 1,600,000 shopping patrons everyday.

LuLu is one of the favorite shopping destinations in Saudi Arabia, where it offers a broad selection of international products. The UAE group is one of the Middle East’s top employers with its work force numbering around 50,000 people.

Line-up for FIKR17 conference in Saudi Arabia announced

Updated 13 November 2019

Line-up for FIKR17 conference in Saudi Arabia announced

The Arab Thought Foundation has announced the agenda of this year’s annual conference, FIKR17, in partnership with King Abdulaziz Center for World Culture “Ithra”, held under the theme “Towards a New Arab Thinking.”
The conference will be held in Dhahran, Saudi Arabia between 2-5 December 2019.
FIKR17 will bring together high-level officials, politicians, intellectuals, and media personalities led by Prince Khalid Al-Faisal, President of the Arab Thought Foundation, and Arab League Secretary General Mr. Ahmed Aboul Gheit. Over the course of FIKR17, these thought leaders will provide deep understanding and paths to solutions for key questions facing the Arab World and its future, including:

  • What are the challenges of technology, science and modern approaches to knowledge?
  • Where are we currently from renewing our societies and social concepts?
  • Where does the Arab individual stand within the international system, and how does he tackle the subject of globalization while defending an interactive identity that is open to the world?
  • Where are Arab intellectuals in their attempts to renew the Arab thought, and in building a renewed philosophy capable of making contributions to the global effort of contemporary thought?

Conference Program Details
Monday, December 2: FIKR17 will open with a formal ceremony at 7:00 pm, including a speech by Professor Dr. Henry Awit, Director General of the Arab Thought Foundation, followed by a speech from the representative of “Ithra”, the Lead Partner of the conference. It will also include speeches by Arab League Secretary General Mr. Ahmed Aboul Gheit and HRH Prince Khalid Al-Faisal, President of the Arab Thought Foundation.
Tuesday, December 3: FIKR17 will start with an opening session titled “Arab Thought and Innovation Prospects,” followed by the first general session entitled “Today’s world…tomorrow’s world: transformations, challenges, and visions”.
In addition, four specialized sessions will be held under the following headlines:. Delivering new educational policies to help build a new Arab Thought, The role of social and human sciences in renewing Arab Thought, New perspectives on the concepts of state, citizenship and participation, Pluralism and the culture of tolerance and social peace.
Wednesday, December 4: The conference will continue with four specialized morning sessions covering the topics of ” Towards a new understanding of growth, Industry and manufacturing:analysis of pillars for development, Digital Economy, The role of civic society in renewing Arab Thought.
In the afternoon, the second general session will be held on the “4th Industrial Revolution” followed by reports on youth discussion groups.
Thursday, December 5: The conference will conclude with detailed reports on the specialized sessions. At 12:00 pm, the third general session titled “Arab Intellectuals and Their Role in Arab Thought Renewal” will be held, followed by the closing remarks.