LuLu Groups chairman Yusuff Ali M.A. revealed that the company is investing $266.8 million into the Saudi market at the opening of the retailers 150th hypermarket in the Saudi captial Riyadh.
We see tremendous growth opportunities in the Kingdom and are glad to be part of the 2030 vision by further expanding our presence here, he said. We will open another 15 hypermarkets by 2020 at an investment of SAR 1 billion out of which five will be opened this year itself. This includes three Hypermarkets in Riyadh followed by one each in Tabuk and Dammam. This is apart from the SAR 1 billion we have already invested in the Kingdom till now.
He added: Currently, our group employs more than 3000 Saudi nationals out of which 1,400 are ladies which is approximately 40% Saudisation. And our goal is to give employment to 6,000 Saudi nationals by the end of 2020. We have a very elaborate and effective multi-level training programme, through which we not only train them here but also send the local recruits to our other regions in the GCC & India for training in various departments. We have also tied up with Saudi vocational institutions and universities in this regard.
LuLu Group is also investing $53 million in building a 93,000 sqm state-of-the-art wholesale and logistics centre in King Abdulla Economic City (KAEC), will not only support our retail expansion but also help in ensuring food security.
The opening of the new hypermarket in Riyadh was officially inaugurated by Engineer Ibrahim Al Omer, Governor, HE Ibrahim Al Suwail Dy. Governor of Saudi General Investment AuthoritySAGIA along with Sheikh Shakhbout bin Nahyan Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia, Shehim Mohammed, LuLu Saudi Director and other dignitaries and royal family members.
We are absolutely delighted to open our groups 150th and KSAs 13 hypermarket today in Riyadh and I am sure the shoppers here will be pleased by the new retail experience we have created here, commented. Through our internationally sourced quality products and enthusiastic staff, LuLu has been the most preferred destination for different nationalities and we will continue to preserve this identity with our new store. We attribute our success to the visionary leadership of Custodian of the Two Holy Mosques King Salman, Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, the government and the people of this great country who have always given tremendous support to investments and economic development.
