Lulu to invest SAR51 million in its Taif project
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Riyadh: As part of its planned expansion in the Kingdom of Saudi Arabia, LuLu Group Chairman & MD, Yusuff Ali MA signed an agreement with the CEO of Manazel Al Khobaraa Real Estate LLC, Thamer Alqurashi, to establish a LuLu Hypermarket Anchor Store in the stylish Taif City Walk Mall. The signing took place in the Holy City of Mecca.
The 21,000 square metre store will be spread over two levels and bring the convenience and brand promise of the LuLu retail chain to the residents of Taif. When opened in January 2023, the store, which represents an investment of SAR51 million by the Group, will create more jobs in Taif City for Saudi nationals.
Located in Mecca Province, Taif is a rare, cool and high-altitude destination famous for Roses and as Saudi's unofficial summer capital. One of the important places for Haj and Umrah pilgrims to enter in the state of Ihram (meeqat) is situated in Taif. This underlines the significance of Taif on the religious tourism map too.
LuLu Group Chairman and MD, Yusuff Ali MA welcomed the new business opportunity, saying it represented the new economic energy in the Kingdom.
"The LuLu Group has aligned its growth and vision with that of the leadership of the Kingdom of Saudi Arabia," Yusuff Ali said, "We are seeking to tap the potential of the Tier 2 and Tier 3 Saudi cities, which are developing rapidly and Taif is an important Tier 2 urban centre and a popular tourism hub in Saudi Arabia. I am sure that City Walk Taif will bring a wholesome and world-class shopping experience to the city. We also take this opportunity to extend our gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud, Crown Prince Mohammed bin Salman Al Saud and the government, which has extended great encouragement to investments and economic development."
There are 26 LuLu Hypermarkets, and Express Stores in Saudi Arabia, and the Group currently employs 3,000 Saudi nationals, including 1,100 women in their various hypermarkets across the Kingdom.