Riyadh: At the global investment meet held as part of Saudi Vision 2030, Lulu group chairman MA Yusuff Ali met crown prince of Saudi Arabia Mohammad Bin Salman Al Saud. The meeting was at the Ritz-Carlton hotel, Riyadh where the investment meet was held.
Yusuff Ali explained the Lulu group’s future plans and investments for the retail industry in Saudi to the prince at the meeting. The Lulu group is planning to expand its investment in the commercial sector. The group which has 14 hypermarkets in Saudi will start 15 more hypermarkets by 2020. The investment for this project is estimated at 100 crore riyals. This amount is apart from the 100 crore riyals already invested in the country.
By 2020, the total investment of Lulu Group in Saudi is expected to reach 2 billion riyals (200 crore riyal). Apart from this, the group has decided to invest 200 million riyals to establish a sophisticated logistic centre in King Abdullah Economic City. Yusuff Ali also explained that 40 percent of the staff in the Lulu group will be Saudi citizens after the implementation of workforce localization policies in Saudi.
Over 2000 representatives participated in the 3 days ‘Future Investment Initiative’ which is known as the ‘Davos in the desert’. The meet was expected to raise huge investment and employment opportunities in Saudi.
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