UAE retail group Lulu plans to invest SR700m ($186.4m) in Saudi Arabia, with a number of new hypermarkets slated for the kingdom by 2017.
The expansion plan was revealed by group chairman Yusuffali MA at the inauguration of the company’s sixth Saudi hypermarket in Dammam – its 121st in the region.
The chairman said he aims to launch another four hypermarkets in 2016, in Jeddah, Hail and Hofuf, with six more in 2017 in cities including Makkah and Madinah.
He said: “We have already invested more than SR800m ($213.2m) and intend to further invest SR700m ($186.4m) by the end of 2017, taking our total investment to more that SR1.5bn ($400m) in the kingdom.
“Lulu is committed to do its bit to help the kingdom by opening more outlets, thereby generating employment opportunities to talented Saudis.”
He added that more than 1,500 Saudis work with Lulu, and that the company aims to employ 5,000 by the end of 2017.