Lulu to go ahead with KSA expansion

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Updated 29 June 2020

Lulu to go ahead with KSA expansion

Riyadh: Region’s top retailer Lulu Group has revealed that it’s going ahead with its expansion plans despite the challenges faced due to Covid19 pandemic across the world.  The popular hypermarket chain will open 5 new hypermarkets this year in the Kingdom.

Currently there are 34 Lulu hypermarkets & supermarkets including 17 Commissaries in Aramco, Petroleum Research Center, 5 outlets inside National Guard and 4 shopping malls in Riyadh, Jeddah, Dammam and Al Khobar regions serving more than 250,000 customers daily. 

Commenting on the new projects Yusuffali MA, Chairman of Lulu Group said “KSA is a very important market for us and we have full confidence in the economic scenario and future prospects in the Kingdom, thanks to the wise leadership of the rulers and their proactive initiatives.

“Our main focus will be to take the world-class shopping experience nearer to residents not only in big cities but also in Tier-2 cities such as Hail, Al Hassa, Al Kharj, Jubail, Tabuk which have witnessed exponential growth. With the completion of these 5 new projects, our aim is to provide employment to 1,000 more Saudi nationals, in addition to 2,800 already employed by us including more than 1,000 ladies”.

“As per our plans 3 hypermarkets were supposed to be already opened, but we had to postpone the inauguration due to the global pandemic situation. Now that the restrictions have been lifted and with resumption of normal activities, we have decided to go ahead and launch new hypermarkets on a priority basis” added Yusuffali.

New initiatives

As part of it’s commitment to support and promote Kingdom’s non-oil based trade, Lulu group has signed special agreement with Ministry of Agriculture and Saudi Export House to promote Saudi mark dates and local products outside KSA in Indonesia, Malaysia, India, Egypt & GCC countries.

Another focus area would be the expansion of Lulu online shopping to cover larger area with bigger range of grocery and fresh produce. 

Covid Challenges

Yusuff Ali further said that the “thanks to the visionary leadership of the Kingdom, the pandemic situation has been controlled very well and various sectors including the retail, tourism and other trade activities are returning to normal and this will further accelerate the national economy. We are proud to be part of the KSA’s overall development and will continue to support sustainable development strategies”.

During the outbreak of pandemic situation, the role played by leading hypermarkets and supermarket chains such as LULU Group is highly commendable, as they have ensured un-interrupted food supply from around the world at most affordable prices, which resulted in ZERO-PANIC situation in the Kingdom.


Virtual BMG forum to spotlight Saudi investment

Updated 07 July 2020

Virtual BMG forum to spotlight Saudi investment

More than 20 high-level Saudi government representatives and 15 local and international CEOs will bring to light post-pandemic investment opportunities in Saudi Arabia at the 2020 BMG Economic Forum, which will go virtual this year.

The forum, with a 25-year history, will be held on July 15 from 2 p.m. to 8:45 p.m. KSA time.

The forum is organized by BMG Financial Group and its CSR arm, BMG Foundation, and is part of the BMG Summer Retreat, which always takes place in the UK and also hosts a polo match, with the presence of Saudi and British royals among participants.

“In the wake of the coronavirus outbreak, the Saudi economy needs foreign investment more than ever,” said Basil Al-Ghalayini, chairman and CEO, BMG Financial Group. “Saudi Arabia is on a journey of economic diversification, which offers many investment opportunities, and international investors have for several years been encouraged by the clear direction that Vision 2030 offers as well as by the huge improvement in the prestigious annual world competitiveness rankings by the Swiss IMD.”

Explaining the role and purpose of the 2020 BMG Economic Forum, Al-Ghalayini said: “Now that we are focused on post-pandemic recovery, the international investor community is keen to get a comprehensive update on the Saudi economy as well as on key industries — those that are the pillars of the transformation of the Saudi economy. Therefore, the timing of the annual BMG Economic Forum has never been better, and we are proud to host a very prestigious lineup of speakers and welcome over 500 participants.”

The recently launched tourism development fund and the opportunities for accelerating the recovery will be a leitmotiv for the virtual BMG Economic Forum this year. Saudi government officials and local and international business executives will discuss the investment opportunities for foreign investors and Saudi organizations.

In the tradition of BMG Foundation Classics’ charitable summer concerts in London, the foundation will this year unite an orchestra with musicians representing the G20 countries, including musicians from Nova Orchester Wien. The concert will be broadcast live digitally from Ehrbar Hall in Vienna, Austria, at the end of the BMG Economic Forum.

Reflecting international cooperation within the G20 group of nations, 20 young musicians will come together to play a concert of Eastern and Western music, conducted by Maestro William Garfield Walker, a young American conductor based in Vienna. The program features music composed by Syrian-Argentinian composer Diego Collatti, including traditional Arabic music, arranged specially for this concert, in the classical tradition of Western music.

Other sectors and themes featuring on the forum agenda include: The new mining law, what is next for Saudi capital markets, energy, international supply chains and food security strategy revisited.

The confirmed speakers include: Bander Al-Khorayef, Saudi minister of industry and mineral resources; Stephen Groff, governor, Saudi National Development Fund; Dr. Frank Appel, CEO, Deutsche Post DHL Group; Paddy Padmanathan, president and CEO of ACWA Power; Dr. Ali Parsa, founder and CEO of Babylon Health; Ali Alireza, managing director, Haji Husein Alireza and Co. Ltd.; Reema Al-Asmari, CEO, corporate and investment banking KSA, Natixis; Richad Soundardjee, CEO, Societe Generale Middle East; Nicholas Naples, CEO, Amaala; and Khalid Al-Hussan, CEO, Tadawul and Hussain Shobokshi, Businessman, Consultant and Columnist.

 

The prominent speakers will also cover topics such as privatization, partnerships and digitization in health care and sustainable investment trends.