LuLu to invest $530m in Bahrain
Manama, January 6, 2011
The LuLu Hypermarket chain has announced further expansions that will increase its investment in Bahrain to reach BD200 million ($530 million).
The pledge was made as LuLu Hypermarket opened its third outlet in the country at Ramli Mall, A'ali.
The 200,000 square feet outlet is the anchor store at the 900,000sqft mall. It is also LuLu Hypermarket Group's 86th store in the region.
Present at the opening ceremony were Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa and Industry and Commerce Minister Dr Hassan Fakhro.
Bahrain Chamber of Commerce and Industry chairman Dr Esam Fakhro, Indian Ambassador Mohan Kumar and former labour minister Abdulnabi Al Sho'ala among other officials and guests also attended the event.
Group managing director Yusuffali M A said the opening of its third store brought total investment in Bahrain to BD120 million in the outlets they had opened since 2007.
'We have further expansion plans, which include opening a 600,000sqft hypermarket in Hidd this year that will be the largest in Bahrain and a further mall in the near future,' he said.
'We have total commitment to Bahrain and the development of our business here. This will take our investment to BD200 million in the near future.'
'Currently, we employ 2,550 people of whom more than 1,000 are Bahrainis and we expect to add a further 475 jobs in Hidd when we open there later this year.
'A substantial number of these jobs will be going to Bahraini nationals and we will continue to support the local economy and the creation of jobs for locals.
'Over 70 major brands have already joined us at Ramli Mall and we are delighted with the enthusiasm of shoppers who have been checking the mall's development.
'Ramli Mall will not only add to the economic development of the retail sector in Bahrain, but also open up a new geographic area.
'It is tapping an area which has not so far been explored and is conveniently located in the tourist corridor off King Fahad Causeway as well as a busy intersection of residential and school-university zones in Bahrain.'
Yusuffali said the group had embedded the Economic Vision 2030 development blueprint of the nation's leaders into its growth model here.
He said the rapid growth of the LuLu Hypermarket chain was in view of Bahrain's stability and economic progress.
This is thanks to the far-sighted ambitions of the leadership and the policies that the government has put in place to encourage business activity.
Dr Hassan Fakhro stressed the importance of initiatives and investment steps to diversify import sources and provide more facilities to consumers.
He said LuLu Hypermarket had contributed to the strength of the kingdom through their offers and plans to gain consumer confidence over the past three years.
Bahrain will continue to attract investors thanks to the government's policies, Yusuffali said, adding that it was for this reason businessmen like him wanted to invest more in the country and expand their businesses.-TradeArabia News Service