Top retailer wins tender of the Royal Commission of Yanbu
UAE-based retailer Lulu Group has signed an agreement with the Royal Commission of Yanbu to develop a shopping mall in the Saudi Red Sea west coast port city of Yanbu. The project, worth US$ 80mn, was awarded to Lulu after it won the tender of the Royal Commission.
The agreement was signed virtually by Adnan Bin Ayesh Alwani, CEO, Royal Commission of Yanbu; and Yusuf Ali MA, Chairman, Lulu Group, in the presence of other officials.
As per the agreement, Lulu along with the Royal Commission of Yanbu will jointly establish and operate a commercial centre under the Lulu brand, with a total area of about 439,000 sqft in the Al-Fahd district of Yanbu Al-Sinaiyah.
“LuLu Group is a leading entity within the global retail industry, and it will be an important component for this prestigious shopping mall project,” remarked Alwani on the occasion.
“We are glad to associate with the Royal Commission of Yanbu for bringing world-class shopping experience to the port city of Yanbu,” Yusuf Ali commented.
Lulu Group currently employs 3,000 Saudi nationals, including 790 women in their various hypermarkets across the Kingdom. The Yanbu project, on its completion, will provide about 1,000 new employment opportunities, a press communiqué stated.
