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FINANCIAL NEWS
UAE’s LuLu to invest $530m in Bahrain
06 Jan 2011
(MENAFN) Yusuffali M A, Managing Director of LuLu Hypermarket, one of the Gulf’s biggest retailers, announced that it will pump $530 million into the Bahrain market, Gulf Daily News reported.
According to Yusuffali, the mentioned investment includes a 600,000 square foot hypermarket, which will be the largest in Bahrain, located in Hidd area, in addition to another mall in the near future. LuLu has recently launched its third outlet in the Kingdom.
LuLu, a subsidiary of the Dubai-based EMKE Group, which is aiming to have 100 stores throughout the Middle East by the end of 2011, launched outlets in Egypt and Saudi Arabia in 2010. The chain also announced that it would invest $266 million in the Saudi shopping sector in the next year or so.
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