{"id":575584,"date":"2020-10-20T04:20:59","date_gmt":"2020-10-20T04:20:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/abu-dhabi-sovereign-wealth-fund-invests-usd-1-bn-in-lulus-egypt-expansion\/"},"modified":"2020-10-20T04:20:59","modified_gmt":"2020-10-20T04:20:59","slug":"abu-dhabi-sovereign-wealth-fund-invests-usd-1-bn-in-lulus-egypt-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/abu-dhabi-sovereign-wealth-fund-invests-usd-1-bn-in-lulus-egypt-expansion\/","title":{"rendered":"Abu Dhabi sovereign wealth fund invests USD 1 bn in LuLu\u2019s Egypt expansion"},"content":{"rendered":"

<\/a> INVESTMENT WATCH-<\/strong> Abu Dhabi\u2019s sovereign wealth fund ADQ Holding will invest<\/strong> USD 1 bn in retailer LuLu\u2019s Egypt expansion<\/strong>, the fund said in a statement<\/a>. The non-binding agreement will see the Abu Dhabi-based retailer establish up to 30 hypermarkets and 100 mini markets, as well as logistics hubs and distribution and fulfillment centers in an expansion that is expected to create 12k jobs. \u201cThe phased roll-out of multiple retail stores would provide significant socio-economic benefits to local communities across the country,\u201d said ADQ CEO Mohamed Al Suwaidi, stressing the fund\u2019s commitment to investing in Egypt. ADQ \u2014 which in April acquired an almost 20% stake in LuLu<\/a> for USD 1 bn \u2014 set up a USD 20 bn investment fund<\/a> with the Sovereign Fund of Egypt last year to invest in a range of sectors including food, agriculture, mobility and logistics, and healthcare.<\/p>\n

This isn\u2019t the first time we\u2019ve heard about LuLu\u2019s investment plans:<\/strong> LuLu is one of the largest retailers in the Middle East by turnover and has been planning to invest USD 1 bn since at least July<\/a>, when it opened its second hypermarket<\/a> in Egypt, an EGP 180 mn branch in Sheraton. Internal Trade Development Authority (ITDA) head Ibrahim Ashmawy said at the time that the company would make the investments over a three-year period but the company has never publicly acknowledged the plans until now.<\/p>\n

Everyone wants a bite of Lulu:<\/strong> Saudi Arabia\u2019s sovereign wealth fund is reportedly also in early stage talks to acquirean undisclosed stake<\/a> in Lulu\u2019s operations.<\/p>\n

ADQ has been on an acquisition spree as of late<\/strong>, acquiring a 22% stake in Aramex<\/a> as well as a USD 2.1 bn stake in Abu Dhabi National Oil Co. alongside the Abu Dhabi Pension Fund. ADQ has also been keen to expand its food and agriculture investments, looking to acquire a stake in global agriculture trader Louis Dreyfus<\/a> (the \u201cD\u201d in the \u201cABCD\u201d big-four global commodities players) and is eyeing a majority stake in Egyptian meat and poultry business Atyab<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

INVESTMENT WATCH- Abu Dhabi\u2019s sovereign wealth fund ADQ Holding will invest USD 1 bn in retailer LuLu\u2019s Egypt expansion, the fund said in a statement. The non-binding agreement will see the Abu Dhabi-based retailer establish up to 30 hypermarkets and 100 mini markets, as well as logistics hubs and distribution and fulfillment centers in an […]<\/p>\n","protected":false},"author":1,"featured_media":575585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[299,97,72,564,125,1567,338,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-adq","tag-agriculture","tag-enterpriseam","tag-food","tag-investment-watch","tag-lulu-group","tag-retail","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"958aae17-9582-4af8-a183-ae322ccf304b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/201.jpg","photo_position":"above","related_issue":[575579],"teaser":"","voice_url":""},"yoast_head":"\nAbu Dhabi sovereign wealth fund invests USD 1 bn in LuLu\u2019s Egypt expansion - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/abu-dhabi-sovereign-wealth-fund-invests-usd-1-bn-in-lulus-egypt-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Dhabi sovereign wealth fund invests USD 1 bn in LuLu\u2019s Egypt expansion\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT WATCH- Abu Dhabi\u2019s sovereign wealth fund ADQ Holding will invest USD 1 bn in retailer LuLu\u2019s Egypt expansion, the fund said in a statement. 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