Dubai – Mubasher: The UAE-based Lulu Group is planning to pump SAR 500 million investments into Saudi Arabia by the end of 2019.
Accordingly, the Emirati group’s total investments in Saudi Arabia will reach SAR 1.3 billion, the company revealed.
The group has recently inaugurated its 11th hypermarket in the kingdom, the second in Jeddah.
The group is planning to open another 20 hypermarkets in Saudi Arabia by 2020 as part of its expansion plan into the kingdom, chairman and managing director of Lulu Group Yusuff Ali Musaliam told Al-Ittihad Newspaper on the sidelines of the inauguration.
The expansion plan will cover opening six hypermarkets in the kingdom by 2018, including two markets in Riyadh and two markets in each of Tabuk and Dammam, Musaliam indicated.
The group had previously stressed that it plans to establish 20 hypermarkets in the UAE over the coming period.
In September, Lulu Group unveiled that it would pump investment worth $500 million into Indonesia over the next three years
