UAE: Lulu partners with Modon to expand markets across country, Egypt

The announcement comes a day after Lulu Retail’s initial public offering opened for subscription

Waheed Abbas

Published: Tue 29 Oct 2024, 4:51 PM

Last updated: Tue 29 Oct 2024, 7:11 PM

Retail giant Lulu and master developer Modon Holding have joined hands to develop and operate hypermarkets and other retail facilities in the UAE and Egypt.

Under the agreement, Modon will develop large projects, such as hypermarkets, supermarkets, and other retail outlets, which LuLu will operate across the UAE and Egypt.

In addition, the two firms will jointly explore high-potential locations for retail development.

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The announcement comes a day after Lulu Retail’s initial public offering (IPO) opened for subscription. Set to list on the Abu Dhabi Securities Exchange, Lulu Retail will sell over 2.582 billion shares, offloading a 25 per cent stake.

With a presence across 23 countries across the Middle East, Asia, the US, and Europe, Lulu Retail operates over 240 hypermarkets and supermarkets and plans to take them to around 270 by the end of 2025.

Some of the projects that Modon has completed working on include Reem Hills, Maysan, Hudayriyat Island, Fish Market (Abu Dhabi), cycling track, and others.

Yusuff Ali MA, chairman of LuLu Group, said they’re collaborating with Modon Holding to expand the footprint. “This MoU will allow us to offer unparalleled shopping experiences that blend quality and innovation while catering to the diverse requirements of the communities in the UAE and Egypt,” he said.

Jassem Mohamed Bu Ataba Al Zaabi, chairman of Modon Holding, said the collaboration will address the "full spectrum of residents’ needs".

“Partnering with LuLu Retail enables us to create retail environments that encourage community connections and pave the way for the future of shopping. By combining our expertise, we will be ideally positioned to bring state-of-the-art retail offerings to our sustainable, people-centric developments across the UAE and Egypt,” said Bill O'Regan, group CEO of Modon Holding.

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