The UAE based retail giant LuLu Group has pledged to invest US$ one billion in Sri Lanka for four mega projects within the next two years.
The company also set up Y.A.S. Lanka Pvt. Ltd., a Board of Investment (BOI) company at the Export Processing Zone at Katunayake recently.
As their first investment of US$ 20 million the company inaugurated Sri Lanka’s largest food processing and export unit that will source high quality products from Sri Lanka and export to its large chain of hypermarkets in the Middle East and other countries.
The company hopes to purchase fruits vegetables and fish products from Sri Lanka to the value of US$ 25 million each year.
“Annually this order would increase by around 20%”, an official from the Sri Lanka company said. Under the second phase, the company would set up more processing centres in Sri Lanka to increase their intake. “Initially we have invested $ 20 million in this facility in Katunayake and soon we intend to venture into retail sector with a world-class shopping mall and modern hypermarket in Colombo,” Lulu Group Managing Director Yusuff Ali said at the opening of the processing plant in Katunayake last week.
The second project the company would embark to build hyper malls in Sri Lanka. “We hope to build around four malls in the first two years with international companies taking retail spaces.”
Lulu currently operates 134 hypermarkets in 10 countries in Gulf countries, Egypt, Indian and the Far East and employs over 40,000 people.
The company is also looking at building a four or five star hotel project in Colombo and has even expressed interests to purchase an existing hotel. “We are looking at a hotel with over 400 rooms,” Ali said.
Lulu Group’s fourth investment would be a international university which would be built in the Western Province.
“This would be to train youth in hospitality and in the retail business. “We hope to have an intake of around 400 youth and also hope to recruit them to our global super markets and other business all over the world guaranteeing them of an immediate employment as soon as they pass out,” Ali added.
Engaged in multiple business operations inclusive of imports and exports, trading, shipping, IT, travel and tourism as well as education, the Lulu Group records an annual turnover of US$ 6.9 billion and commands a retail market share of 32% in the region.
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