TSM has signed a strategic agreement with LuLu Hypermarket to lease new retail centers in New Cairo and Obour, Invest-Gate reports.

The deal will see TSM, which specialises in property management and commercial operations for mixed-use developments, oversee the leasing process for the two centers, targeting top local and regional brands.

The retail spaces are being developed by LuLu Group under usufruct rights granted by Egypt’s New Urban Communities Authority. LuLu currently operates 22 malls across the Middle East, India, and Egypt, in addition to managing over 240 hypermarkets and supermarkets in Saudi Arabia, the UAE, Oman, Qatar, Kuwait, and Bahrain.

Adel Mohamed Galal, Chairman of TSM, expressed pride in the partnership with LuLu, represented by Regional Director Huzaifa Qureshi. He said the agreement marks a significant step in operating mall developments anchored by hypermarkets, and that TSM will leverage its extensive experience to maintain high operational standards.

Galal noted the new centers are scheduled to open in Q3 2025 and will host a mix of major retail brands, entertainment venues, restaurants, and community services. He added that the project will serve as a platform for Egyptian retailers to export local products to LuLu’s network across the Arab region.