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.

Zain KSA wins Best 5G Infrastructure Deployment award

Updated 12 December 2019

Zain KSA wins Best 5G Infrastructure Deployment award

RIYADH: Zain KSA has been awarded the Best 5G Infrastructure Deployment title during Telecom Review Leaders’ Summit that took place in Dubai on Tuesday, December 10, 2019. Over 600 attendee’s ICT companies from more than 23 countries worldwide participated in the 13th edition of the event which focused on the main trends in the ICT sector, namely: 5G network, cyber security, data traffic and digitalization.

Commenting on the new accolade, Chief Technology Officer Eng. AbdulRahman bin Hamad Al-Mufadda at Zain KSA, “the Best Infrastructure Deployment award reaffirms Zain’s role in being a digital lifestyle provider. He emphasized Zain KSA’s role in assisting the development and transformation the Kingdom is witnessing, mainly in terms of enabling and unlocking opportunities for people by creating a sophisticated infrastructure in line with the Kingdom’s digital transformation."

Al-Mufadda added that Zain KSA is continuously enhancing its services and enabling its customers with a new lifestyle to benefit from ultramodern technology by rapidly upgrading its offerings and adapting to the latest advancements in the sector.

Zain KSA has recently announced the completion of its first phase of its 5G network with a wide coverage encompassing 27 cities across the Kingdom through 2,600 towers. At the time of roll-out, the company’s 5G network was the 3rd largest globally and the first in the Middle East, Africa, and Europe.

The 5G network boasts a speed 10 times faster than its predecessor, supporting impressive uploading and downloading rates that will make for an exceptional user experience. The higher capacity of the 5G network, as compared to that of the 4G, will enable more devices to connect to one telecom tower simultaneously without interfering with the user experience. And the low latency where subscribers can enjoy fast response during their internet usage.

As the largest ICT industry event, the Telecom Review Leaders’ Summit offers ICT players and experts from all over the globe the opportunity to connect and share the latest innovations in the industry. Additionally, the conference features in-depth panel discussions and a demo area where participating companies can showcase their cutting-edge solutions. The Telecom Review Awards recognize industry leaders for their efficiency and their efforts in promoting the telecom and ICT sector globally.

About Zain KSA:
It is a leading digital service provider in the Kingdom founded in 2008. It offers many services including telecom services, 5G network, digital payment services, cloud computing, IoT solutions, fiber internet services, drones, and many others.

For more information, please contact:

Salman AlHarbi - Corporate Communication Senior Manager - Cell: +966592443093- [email protected]