United Arab Emirates-based retail firm Lulu Group will invest SAR 500 million over the next two years to fund its expansion in Saudi Arabia, chairman Yusuffali MA said on Wednesday.
“We have already invested more than SAR 800 million till now and intend to further invest SAR 500 million by the end of 2019, taking our total investment to more than SAR 1.3 billion in the Kingdom,” Yusuffali said in a statement.
The group, which opened on Wednesday its 11th hypermarket in Saudi Arabia, also plans to add another 20 Lulu outlets in the Kingdom by 2020 with six expected to open next year.
“This includes two hypermarkets in Riyadh followed by one each in Tabuk and Dammam,” Yusuffali said.
The chairman said the group’s expansion plans are in line with Saudi Arabia’s Vision 2030 reforms and seek ensure fresh job opportunities for Saudi nationals.
“Currently, our group employs 2,400 Saudi nationals, out of which 1,100 are female staff,” Yusuffali said. “Our goal is to employ 5,000 Saudi nationals by the year 2020 and 10,000 by 2024.”
The latest outlet is also the second Lulu in Jeddah, the statement said. In addition, the group also has eight Aramco commissaries in the Kingdom.
The hypermarket was inaugurated by Ibrahim Saleh Al Suwail, deputy governor of Saudi Arabian General Investment Authority (SAGIA).
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