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FINANCIAL NEWS
UAE’s LuLu Group to invest USD500m on Asian expansion
06 Jan 2015
(MENAFN) LuLu Group, the UAE-based retail corporation, announced that it is planning to expand to Southeast Asia this year by opening hypermarkets in Malaysia and Indonesia and money exchanges in countries like Thailand and Vietnam, with these expansion plans added to its current massive expansion spree in the Gulf Cooperation Council countries, Gulf Times reported.
The group’s current expansion plans in the GCC have resulted in opening new stores in Saudi Arabia, Bahrain and Qatar, with the company saying that its Asian expansion plans will start in Malaysia with the opening of its first store during the July-September period of 2015, followed by five others, which are expected to create 2.500 jobs in the country
The next move will see the group eyeing to open hypermarkets in Indonesia as part of its USD500 million expansion strategy in Asia, with the company aiming two open two stores in the country before expanding further in a later stage.
LuLu group, which currently has 30.000 employees, has been expanding into various countries as well as businesses sectors such as manufacturing, food processing, commodities trading, import, export and distribution, mall construction and management, as well as money services, with the group’s annual revenue touching almost USD5 billion.
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