CAIRO, Oct 9, 2018 (MENA) - Head of the Internal Trade Development Authority (ITDA) Ibrahim el Ashmawy said an agreement has been reached with the Indian Group hypermarket chain to pump LE15 billion investments to Egypt within the coming two years. A statement released by ITDA on Tuesday said the agreement stipulates pumping LE10 billion to set up five hypermarkets on an area of 100,000 cubic meters in Greater Cairo, in addition to LE5 billion investments to set up two new logistic areas in Alexandria and Upper Egypt. Ashmawy noted that the agreement is a result of the efforts exerted by ITDA and its recent visits to the main branch of Lulu Group located in the UAE. He asserted that such investment is the first of its kind after the signing of a cooperation protocol between the New Urban Communities Authority and investors to allocate new lands for investors in the internal trade sector. UAE-based retail conglomerate Lulu Group is the biggest trade chains in the Gulf countries, with 155 branches whose investments hit dlrs eight billion. The first Lulu hypermarket was inaugurated in Egypt in 2016.
