UAE-based retail company Lulu Group is eyeing to invest USD 500 mn in building four new hypermarkets across distinct cities in Egypt over the next two years, Invest-Gate reports.

The company seeks to develop the new retail outlets in 6th of October City, New Cairo, and Obour City, LuLu Group’s Chairman and Managing Director Yusuff Ali told Prime Minister Mostafa Madbouly during a meeting on October 14, according to a released statement.

In addition, Ali revealed in the statement that the company will also build “two logistics centers from which it will be targeting exports, particularly frozen fish, to markets in the GCC and Europe.”

On his part, Madbouly referred to a market established by the housing ministry in New Sohag city, covering an area of 32 acres and comprises multiple outlets for sale and giant cold stores. He highlighted the possibility of expanding the market 20 acres more if the company agreed to utilize it to establish one of its said logistics centers, according to the statement.

Executives from LuLu will visit potential locations for the depots in Alexandria, Sohag, East Port Said, and Ain Sokhna.