ADQ, a holding company owned by the Abu Dhabi government, said on Monday it has signed an agreement with regional retailer Lulu International to help fund its expansion in Egypt with an investment of up to $1 billion.
ADQ and Lulu will work to develop up to 30 hypermarkets and 100 express mini-market stores, as well as logistics hubs, distribution and fulfilment centers to strengthen the retailer’s e-commerce business across Egypt, ADQ said in a statement.
ADQ’s CEO Mohamed Hassan al-Suwaidi said in a statement the agreement with Lulu International reflects ADQ’s wider commitment to investing in Egypt, following an agreement to set up the joint investment platform with the Sovereign Fund of Egypt late last year.
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