UAE’s Lulu Group plans to invest in $500 bln NEOM project

UAE-based retail company Lulu Group plans to invest in Saudi Arabia’s $500 billion NEOM project, group chairman and managing director M.A. Yusuffali said.

“Our group plans to make investments in the $500 billion NEOM transnational megacity and economic zone," he said while on the occasion of opening Lulu’s 14th hypermarket in Saudi Arabia in the north-western city of Tabuk.

In a statement on Lulu’s website, he added that the investment processing work is under way in this regard. This is apart from the SAR 1 billion the group has already invested in the Kingdom till now.

He said the group is upbeat about the vast investment opportunities laid open in the Kingdom, thanks to the Kingdom’s Vision 2030.

15 new Lulu hypermarkets will be opened in the Kingdom by 2020 at an investment of SAR 1 billion, the Lulu website said.

Under this plan, two hypermarkets have already been opened and another three hypermarkets are in line to be opened by the end of this year. This includes two in Jeddah, one each in Dammam, Al Kharj and North Riyadh.

Talking about the economic reforms, Yusuff Ali said "investors need to support the economic reforms that are being introduced to boost the Kingdom’s economy and have to play an active role in the efforts to generate more jobs for the citizens".