Egypt has inked a USD 500 mn deal with UAE’s LuLu Group International to establish four new hypermarkets nationwide over 12 months, coming in line with the state’s plans to expand the Egyptian retail sector and provide low-priced food commodities, Invest-Gate reports.

The new retail outlets will be located in New Cairo, 6th of October City, and Obour City. After construction works finish on-site, LuLu Hypermarket will take on their management and operation within a period from three to six months, according to a ministerial statement on August 26.

The agreement was signed between Minister of Supply and Internal Trade Ali Meselhy, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar, together with representatives of LuLu Group, in the presence of Prime Minister Mostafa Madbouly, alongside other officials and dignitaries.

The housing ministry’s framework is aimed at partnering with heavyweight entities such as Lulu Group International, El Gazzar said, revealing that coordination is underway with the Ministry of Supply and Internal Trade to study the allocation of six other sites for the implementation of additional commercial and retail centers in a number of new cities.

On January 21, the New Urban Communities Authority’s (NUCA) board approved a contract with the Internal Trade Development Authority (ITDA) and Lulu Group to manage and operate four new hypermarkets in New Cairo’s Rehab City and El Koronfel, as well as, 6th of October City and Obour City.