Abu Dhabi-based LuLu International Group has formed a joint venture with the Federal Land Development Authority (FELDA) to enter Malaysia, reports Inside Retail Asia.
LuLu is to invest US$200m in a joint venture to open five hypermarkets across Malaysia over the next few years, the website said.
LuLu Group has around 110 hypermarkets in the Middle East and one in Kerala, India.
“They will also help market more Malaysian products at their hypermarkets, including those produced by our small-and medium-sized industries and FELDA,” Malaysia’s deputy prime minister Tan Sri Muhyiddin Yassin is quoted as saying.
“It is, indeed, a good opportunity for us as LuLu International is the biggest operator of hypermarkets in the region with an annual turnover of more than US$5bn.”
The company also plans to enter new markets including Iraq, Indonesia, Algeria, Morocco and Libya, the report said.
