Highlights
ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy, has entered into a non-binding agreement with Lulu International Holdings (LIHL), the leading hypermarket and supermarket chain in the Middle East, paving the way for an investment supporting LIHL’s expansion of operations in Egypt of up to USD 1 billion.
Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer's ecommerce business across Egypt. It is estimated that this expansion will create up to 12,000 jobs, fostering economic and social growth throughout the country.
The agreement was signed by H.E. Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group.
In November 2019, the launch of a joint strategic investment platform worth USD 20 billion, to be funded equally by ADQ and the Sovereign Fund of Egypt, was announced. The platform aims to establish joint strategic investment projects, as well as specialized funds and investment tools in several key sectors such as food and agriculture, mobility and logistics, healthcare and utilities.
About ADQ
Established in 2018, ADQ is an active global sovereign investor with a focus on critical infrastructure and supply chains. As a strategic partner to the Government of Abu Dhabi, ADQ invests in the growth of business platforms anchored in the Emirate that deliver value to local communities and long-term financial returns to its shareholder. ADQ’s expanding portfolio has a total book value of USD 225 billion (as at 30 June 2024) and encompasses companies across numerous core sectors of the economy, including energy and utilities, transport and logistics, food and agriculture, and healthcare and life sciences.
For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Instagram, LinkedIn, and X.
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