NRI-owned Lulu Group, one of the largest retail chains in the Middle East, has opened its first hypermarket in Malaysia as part of its plan to invest USD 300 million in the Southeast Asian country.
The 250,000 square feet hypermarket was inaugurated by Malaysian Prime Minister Najib Razak in the presence of his deputy Ahmed Zahid Hamidi, Ambassador of the UAE and High Commissioner of India T S Tirumurti and other dignitaries, the company said.
The new hypermarket is expected to attract large segment of population from all walks of life. It is spread in three levels and combines grocery and supermarkets products to fashion, household and latest electronics and gadgets.
The group had recently announced its plans to invest USD 300 million as part of its expansion and intends to set up 10 hypermarkets in the next five years in the country.
"We are very pleased to welcome LULU brand to Malaysia as this will pave way for more international brands to come and invest in Malaysia. I am also hopeful that Lulu will surely open many more hypermarkets and malls not only in Kuala Lumpur but also in other parts of Malaysia," Razak said.
"With an initial investment of USD 300 million in the first phase, we plan to open 10 hypermarkets by end-2021 and a central logistics and warehousing facility in Malaysia. These projects are likely to generate more than 5,000 job opportunities for Malaysians," Chairman of Lulu Group Yusuff Ali MA, an Indian businessman from Kerala, said.
"We also plan to set up contract farming to ensure continuous supply of high quality products and to support the Malaysian agriculture sector," Ali said.
Apart from the 10 hypermarkets which are already planned, Ali has also announced the group's plan to invest another USD 500 million in setting up the largest shopping mall in Malaysia.
The Lulu Group, one of the largest retail chains in the Middle East, currently operates 126 stores across the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, -- Egypt, India, Indonesia.
Ranked by Deloitte as one of the top 10 fastest growing retailers in the world, it employs more than 38,000 people.
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