Lulu Group, one of the Abu Dhabi-based leading retail destination developers, has announced its $267m plan to expand its businesses in the Saudi Arabian market.
In his comment on the expansion announcement. Yussuf Ali, chairman of Lulu Group explained that Lulu Group is going to open 15 hypermarkets in the Kingdom of Saudi Arabia, 5 of which will open within 2018. Ali added that the first five hypermarkets to open will comprise three in Riyadh, the Suadi capital, and once in each of the cities of Tabuk and Dammam.
In addition to the announced 15 hypermarkets, Lulu is currently developing an integrated wholesale and logistics center in King Abdullah Economic City. With an estimated that exceeds the $53m mark, the aforementioned logistics center will span an area of 9.3 hectares in the economic city. Through the development of the new facility, Lulu Group aims at supporting and boosting its own retail destinations.
The announcement was preceded by the inauguration of the latest Lulu’s hypermarket which is considered its 13th project in Saudi Arabia and its 150th market overall. The new hypermarket sprawls more than 2 hecatres within Atyaf Mall in Yarmouk.