EGYPT INKS DEAL TO BUILD HYPERMARKETS IN CAIRO
The Egyptian Ministry of Supply and Internal Trade together the Ministry of Housing, Utilities and Urban Communities have signed an agreement with United Arab Emirates’ LuLu Group to construct new hypermarkets in different parts of the Egyptian Capital, Cairo.
On behalf of the government, the deal was signed by Dr. Ibrahim Ashmawy, the deputy minister of internal trade and chairman of Internal Trade Development Authority (ITDA) of Egypt; and Dr. Tarek El-Sebaiy, deputy minister of housing, with Yusuf Ali, chairman of LuLu Group International; in the presence of Mostafa Madbouly, prime minister of Egypt; along with Minister of Supply and Internal Trade Ali Al-Meselhi, and Minister of Housing, Utilities and Urban Communities Assem Al-Gazzar, at the Cabinet Head Quarters in Cairo.
The agreement states that four hypermarkets will be built by the Urban Communities Authority in the span of 12 months in the cities of New Cairo, 6th October and El-Obour.
Within a period of three to six months from the date of completion, the agreement notes that the projects will be handed over to Lulu Group for the latter to start to manage and operate the facilities.
In addition to the 4 hypermarkets, the UAE company is also finalising plans to set up another six hypermarkets and four mini markets in collaboration with other developers from the private sector.
Ibrahim Ashmawy, the head of Egypt’s Internal Trade Development Agency said that at the long run Lulu Group would eventually establish 20 hypermarkets and supermarkets in the North African country.
The projects are predicted to create between 8000 and 15000 job opportunities for Egyptian citizens.
Lulu group is a world-renowned purveyor of an international business portfolio that ranges from hypermarket operations to shopping mall development, manufacturing and trading of goods, hospitality assets, and real estate. Headquartered in Abu Dhabi, the capital of the United Arab Emirates, the company mainly operates in 22 countries across the globe.https://constructionreviewonline.com/2019/09/egypt-inks-deal-to-construct-hypermarkets-in-cairo/