Lulu Group on Thursday said it will invest SAR 1 billion in Saudi Arabia by 2020, as the Abu Dhabi-based retailer pushes ahead with its expansion plans for the Kingdom.
“We will open another 15 hypermarkets by 2020 at an investment of SAR 1 billion, out of which five will be opened this year,” chairman Yusuff Ali M.A. said in a statement.
“This includes three hypermarkets in Riyadh, followed by one each in Tabuk and Dammam,” he added.
The announcement came as Yusuff Ali inaugurated Lulu Group’s new hypermarket in Riyadh – the company’s 13th hypermarket in the country.
The chairman said the group has so far invested SAR 1 billion in the Kingdom.
The group also plans to invest another SAR 200 million in setting up a 1 million square foot wholesale and logistics center in King Abdulla Economic City (KAEC), with the aim to support the company’s retail expansion and ensure food security.
“Currently, our group employs more than 3,000 Saudi nationals, which is approximately 40 percent Saudization and our goal is to give employment to 6,000 Saudi nationals by the end of 2020,” Yusuff Ali said.
The group provides a multi-level training program to the local recruits and has tied up with Saudi vocational institutions and universities, he added.
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