RIYADH: The Royal Commission of Yanbu has signed an agreement with the UAE-based retailer Lulu Group to jointly develop a shopping mall in the port city of Yanbu. The project, worth SR300 million ($80 million), was awarded to LuLu after it won the tender of the Royal Commission.
The agreement was signed virtually by Adnan bin Ayesh Alwani, CEO of the Royal Commission of Yanbu; and Yusuff Ali M.A., chairman of LuLu Group; in the presence of Zaidan Yusuf, general manager of investment and development, Royal Commission of Yanbu; Shehim Mohammed, director, Lulu Hypermarkets Saudi Arabia; Rafeek Mohamed Ali, regional director, western region; and other officials.
As per the agreement, Lulu along with the Royal Commission of Yanbu, will jointly establish and operate a commercial center under the LuLu brand, with a total area of about 40,814 square meters in the Al-Fahd neighborhood of Yanbu Al-Sinaiyah.
Apart from LuLu Hypermarket and other prominent brands, the presence of the world’s biggest cinema operator AMC is expected to add more value to the project.
THENUMBER
1,000
Number of new employment opportunities expected to be created with the establishment of the shopping mall in Yanbu.
Alwani said: “LuLu Group is a leading entity within the global retail industry and it will be an important component for this prestigious shopping mall project. We are delighted to welcome LuLu and are confident that the new hypermarket alongside other internationally-acclaimed retail brands will be a focal destination, which will attract more visitors to this city.”
LuLu chairman Ali said: “We are glad to associate with the Royal Commission of Yanbu for bringing world-class shopping experience to the port city of Yanbu. We also take this opportunity to extend our gratitude to the Custodian of the Two Holy Mosques King Salman, Crown Prince Mohammed bin Salman and the government who have always given tremendous support to investments and economic development, which ultimately generate more employment opportunities for the Saudi citizens.”
He added: “It has been our policy to bring a world-class shopping experience closer to the people.” Lulu currently employs 3,000 Saudi nationals, including 790 women in their various hypermarkets across the Kingdom and upon the completion of the Yanbu project, about 1,000 new employment opportunities will be created additionally, he said.
