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FINANCIAL NEWS
UAE LuLu Group to invest USD500m in Indonesia
15 Sep 2015
(MENAFN) Retail chain giant LuLu Group said that it will launch its first hypermarket in Indonesia by 2015-end, with an investment of USD300 million into the first phase.
The Abu Dhabi-based chain will invest an additional USD200 million over the next five years to finalize its expansion plan in the South Asian country.
In a posted statement, LuLu said that it plans to open 15 hypermarkets in the country by the end of 2017 along with a central logistics and warehousing facility in Jakarta.
“The fact that we are going to Indonesia with our Halal hypermarket concept is giving us the encouragement to look for a wider market segment there,” managing director said.
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