Lulu Group has extended its operations in Saudi Arabia with a new hypermarket opening in Hail, in the north-western province.
The hypermarket, which is the group’s eighth in the kingdom, is spread over an area of about 160,000 square feet serving the residents of Al Jamiyeen district.
The group has plans for another six hypermarkets to open in the country this year with three in the eastern province, two in the Riyadh area and one in Jeddah.
“This is our eighth hypermarket in the kingdom. We have plans to open 20 new stores by 2020,” said Yusuff Ali MA, chairman of Lulu Group. He said the kingdom was crucial to its expansion plan as the economic slowdown had little impact on the hypermarket and supermarket sector.
“We have to expand aggressively here as the kingdom is investing in its industries, which means more jobs and business. There is no economic slowdown here, and business is as usual for us, the retail chain has not witnessed any discouraging signs as sales and revenue targets have been met, so far.”
The IMF cut its growth forecast for Saudi Arabia on lower oil production as the kingdom ushers in a slew of economic reforms. GDP will expand 0.4 per cent in 2017, according to the IMF. It compares with the fund’s October prediction of 2 per cent growth.
ascott@thenational.ae
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.