Lulu Group will invest SAR 500 million over the next two years to fund its expansion in Saudi Arabia, chairman Yusuffali MA said on Wednesday.
“We have already invested more than SAR 800 million till now and intend to further invest SAR 500 million by the end of 2019, taking our total investment to more than SAR 1.3 billion in the Kingdom,” Yusuffali said in a statement.
The group currently employs 2,400 Saudi nationals, out of which 1,100 are female staff. According to Yusuffali “Our goal is to employ 5,000 Saudi nationals by the year 2020 and 10,000 by 2024.”
India-based Yusuffali MA is a well-known businessman in the Middle East. According to the latest Forbes report, he is the 367th richest person in the world.
The group, which opened on Wednesday its 11th hypermarket in Saudi Arabia, also plans to add another 20 Lulu outlets in the Kingdom by 2020 with six expected to open next year.
Currently, the LuLu group has more than 135 outlets in different countries and over 35,600 employees from various nationalities.