LuLu launches remittance unit in Bahrain
Manama, October 3, 2013
UAE-based LuLu Group yesterday opened the first branch of its remittance and foreign exchange business in Bahrain, with its managing director announcing plans of three more hypermarkets and an entry into the kingdom's healthcare industry.
Speaking after the LuLu International Exchange at the LuLu Hypermarket in Hidd was inaugurated by Central Bank of Bahrain Governor Rasheed Al Maraj, Yusuffali M A said the group had many more interesting projects in the pipeline that will continue to fuel its growth in the kingdom.
"More than three years ago, we had committed $265 million investment into Bahrain, of which around $238 million has already been invested and another $106 million is on the way," he was quoted as saying in the Gulf Daily News (GDN), our sister publication.
The continuing investment would be for the setting up of three more LuLu Hypermarkets - one each in Busaiteen, Juffair and Umm Al Hassam as well as a total of 10 LuLu International Exchange branches across the country.
The exchange business in Bahrain is run by a joint venture between AKA Spc Bahrain and the LuLu International Exchange.
The initial plan is to open three more branches at our other hypermarkets in the kingdom before the end of the year and then look at standalone exchange branches, Yusuffali said.
"The pro-market stance, policies that promote an environment conducive for business and the local workforce give us the confidence to invest a lot more in Bahrain."
Significant Bahrainisation across the organisational structure and more importantly in key positions have helped the group to grow, he added.
He told the media that as the expansion plans are rolled out, about 550 new jobs would be created for Bahrainis.
The kingdom has four LuLu Hypermarkets currently in Sanabis, Riffa, A'Ali and Hidd, that already employ about 800 Bahrainis.
Yusuffali said while the healthcare plans were yet to be finalised, both hospitals and clinics were on the anvil and it would be on similar lines as the group's existing healthcare businesses elsewhere.
LuLu International Exchange chief executive Adeeb Ahamed said even though the company was a relatively new player in the sector, the LuLu brand equity had helped it gain trust and acceptability faster.
"Our convenient locations make us the most hassle-free destination for our loyal patrons," he added.
Also present on the occasion was Indian Ambassador Dr Mohan Kumar who welcomed the move calling it a sign of continuing business confidence in Bahrain and Indian businesses' global expansion ambitions.
Bahrain Chamber of Commerce and Industry treasurer and board member Othman Al Rayes also hailed the move.
LuLu International Exchange has a total of 65 branches across the Indian subcontinent, Middle East, Far East and Africa. – TradeArabia News Service