Dubai-based retailer LuLu Group has announced that it is planning to invest up to $213mn (SR800mn) on opening eight new hypermarkets in Saudi Arabia over the next two years.
The retailer's plans were announced following the inauguration of its latest outlet, a 240,000m2 hypermarket on Khurais Road in Riyadh.
Group managing director Yussuf Ali said: "We are very clear in our approach to expansion and I am very confident about the economic situation of Saudi Arabia and have full trust in the visions of King Abdullah Bin AbdulAziz. We are fully committed to continue our forward march.”
The new outlets will open across different parts of the Kingdom, he said. He added that it would look to employ Saudis in all levels in the new stores."Providing job opportunities to local youth is one of our core focus areas."
Lulu Group is part of Dubai-based Emke International, which was founded by Yussuf Ali in 1973. Its latest store in Riyadh is its 112th to date.
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