ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy, has entered into a non-binding agreement with Lulu International Holdings (LIHL), the leading hypermarket and supermarket chain in the Middle East, paving the way for an investment supporting LIHL’s expansion of operations in Egypt of up to USD 1 billion.
Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer's ecommerce business across Egypt. It is estimated that this expansion will create up to 12,000 jobs, fostering economic and social growth throughout the country.
The agreement was signed by H.E. Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group.
In November 2019, the launch of a joint strategic investment platform worth USD 20 billion, to be funded equally by ADQ and the Sovereign Fund of Egypt, was announced. The platform aims to establish joint strategic investment projects, as well as specialized funds and investment tools in several key sectors such as food and agriculture, mobility and logistics, healthcare and utilities.
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to email@example.com. You can also follow ADQ on Twitter, Instagram and LinkedIn.
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