Abu Dhabi-headquartered retail giant, Lulu Group, has unveiled its $267m (SAR1bn) expansion programme for Saudi Arabia.
Yusuff Ali M A, chairman of Lulu Group, said the company would open 15 hypermarkets in the kingdom, of which five will open this year.
“This includes three hypermarkets in Riyadh, followed by one each in Tabuk and Dammam,” Ali continued.
“This is [separate from the $267m] we have already invested in the kingdom till now.”
Additionally, Lulu is developing a $53.4m (SAR200m) wholesale and logistics centre in Saudi’s King Abdullah Economic City (KAEC).
The KAEC facility will span 9.3ha, and is expected to boost Lulu’s retail expansion plans, as well as its food security ambitions.
These announcements were made in Riyadh during the inauguration of Lulu’s 150th hypermarket, which is its 13th facility in Saudi Arabia.
Located in the newly launched Atyaf Mall in Yarmouk, the hypermarket spans 2.04ha.
Commenting on Lulu Group’s strategy for the kingdom, Ali said: “We see tremendous growth opportunities in the kingdom and are glad to be part of the 2030 vision by further expanding our presence here.
“We attribute our success to the visionary leadership of Custodian of the Two Holy Mosques King Salman, Crown Prince Muhammad Bin Salman, Deputy Premier and Minister of Defence, the government, and the people of this great country who have always given tremendous support to investments and economic development.”