The UAE Holding Company (ADQ), one of the largest holding companies in the region, has signed a non-binding agreement with Lulu Group International, owner of the leading hypermarket and supermarket chains The Middle East.
The company explained in a press release on Monday that this step comes as a prelude to an investment of up to one billion US dollars.
This investment supports the Lulu Group's expansion plans in the Arab Republic of Egypt.
Holding Company owns a wide portfolio of major companies operating in key sectors within the diversified economy of the Emirate of Abu Dhabi.
and under this agreement, both parties will jointly create up to 30 hypermarkets and 100 mini-retail stores, in addition to the latest logistics and distribution centers. Meet requests.
This investment is expected to create up to 12,000 jobs, encouraging economic and social growth in Egypt.
It is worth noting that a strategic joint investment platform worth $ 20 billion was announced in November 2019, to be funded equally between the Holding Company (ADQ) and the Misr Fund Sovereign.
The platform seeks to create joint strategic investment projects, as well as specialized financing funds and investment tools in many key sectors such as food, agriculture, healthcare, transportation, logistics and utilities. < / p>
