LuLu, Petromin to open 10 convenience stores at Saudi fuel stations
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LuLu Group and energy and mobility company Petromin have agreed to open 10 LuLu Swift convenience stores at fuel stations across Saudi Arabia. The companies signed a memorandum of understanding during a ceremony in Jeddah.
Petromin operates as a subsidiary of Saudi Arabia’s Al-Dabbagh Group and has more than 80 fuel stations across the Kingdom.
Six stores in Jeddah and four in Riyadh
The initial stage will introduce six LuLu Swift stores in Jeddah and four in Riyadh.
The agreement will expand LuLu’s presence in Saudi convenience retail by placing smaller stores at locations used by motorists.
LuLu developed the Swift format for customers seeking quick and accessible shopping while travelling.
The stores are intended to provide an on-the-go retail option at selected Petromin stations.
The companies said the arrangement supports Saudi Vision 2030 and its goals for a more diverse economy and improved consumer services.
Agreement signed in Jeddah
Muhammed Harris, director of LuLu Saudi Hypermarkets, and Amit Wankhede, chief executive of Petromin Energy, signed the agreement.
The ceremony was attended by Al-Dabbagh Group chairman Amr Al-Dabbagh, who previously served as governor of the Saudi Arabian General Investment Authority. LuLu Group chairman Yusuff Ali M.A. was also present.
Petromin traces its history to 1968, when it was established as Petrolube through a joint venture between Saudi Aramco and ExxonMobil.
The business later became Petromin and was acquired by Al-Dabbagh Group. Petromin subsequently expanded from its original operations into a wider range of mobility services. The company has also extended its international presence to the UAE, Morocco and Pakistan.
Further collaboration planned
The 10 LuLu Swift stores represent the first phase of the partnership.LuLu and Petromin plan to pursue further areas of co-operation across the retail and mobility sectors after the initial outlets are introduced.
The companies did not announce opening dates or identify the specific Petromin stations selected for the stores.