ADQ to back Lulu’s expansion in Egypt with $1 billion investment
Photo via Bloomberg
Published 19 Oct,2020 via Bloomberg Markets - Abu Dhabi’s ADQ will partner with LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, by investing $1 billion to back the grocer’s expansion in Egypt, according to a person familiar with the matter.
ADQ, formerly known as Abu Dhabi Development Holding Co., will team up with Lulu to develop stores and other operations across the Arab world’s most populous nation, said the person, who asked not to be identified because the information isn’t public. An investment company led by Sheikh Tahnoon Bin Zayed Al Nahyan, who also chairs ADQ, acquired an almost 20% holding in LuLu earlier this year.
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Archana Narayanan