 "Consumer behaviour is being influenced by anxieties that are preying on their desire to consume and propensity to spend")
Abu Dhabi investment company ADQ will partner with LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, by investing $1 billion to back the grocer’s expansion in Egypt.
ADQ, formerly known as Abu Dhabi Development Holding Co., will team up with Lulu to develop up to 30 hypermarket stores and other operations across the Arab world’s most populous nation, according to a statement on Monday. An investment company led by Sheikh Tahnoon Bin Zayed Al Nahyan, who also chairs ADQ, acquired an almost 20% holding in Abu Dhabi-based LuLu earlier this year.
The deal comes after
