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Eye of Riyadh
Eye of Riyadh
Business & Money | Thursday 19 March, 2020 12:43 pm |

Al Qattara Investments and Lulu International Group sign Memorandum of Understanding

Al Qattara Investments and Lulu International Group signed an MoU for a potential new Lulu Hypermarket in Al Ain Square in Al Ain City. The MoU was signed in the presence of Al Qattara Investments’ board member Mr. Ibrahim Al Mannaee and Mr. Yusuf Ali, the Managing Director of Lulu International Group.

Mr. Ibrahim Al Mannaee announced that Lulu International Group’s choice of Al Ain Square for its new potential branch will be a significant addition to Al Ain Square, which has become the prime destination for pleasure and residence in Al Ain, and will add to the various shopping and entertainment choices available at Al Ain Square which include various restaurants and coffee shops in addition to Aloft Al Ain and the Hazza Bin Zayed Stadium. Mr. Ibrahin Al Mannaee also stated that the MoU will provide Al Ain real estate’s market, and specifically the retail sector, a significant boost as it will provide the city’s inhabitants with a new and special shopping experience.

From his side, Mr. Yusuf Ali stated that chosing Al Ain Square for the new potential hypermarket is due to the Group’s belief that Al Ain Square has a strategic location and the location’s ability to attract a big number of customers due to its ease of access and the availability of a big number of parking space, besides the presence of more than 650 residential units in the time being.

The MoU provides both parties with an extendable deadline up to 31 July 2020 to agree on all significant matters relating to the potential lease.

Al Qattara Investments was created with the vision of developing residential, commercial and sporting communities for people of all ages looking for unique living, working and entertainment experiences. The company’s investments portfolio includes several buildings across different sectors in different cities of the UAE. Al Ain Square is one of the latest developments in Al Ain city and contains more than 650 residential units, more than 40 thousand square meters of commercial and retail space, 173 hotel rooms in Aloft Al Ain and the iconic Hazza Bin Zayed Stadium chosen as “Best Stadium in the World” in 2014 and “Best International Stadium Architecture” in 2017.

Lulu Group International is a highly diversified conglomerate with successful business entities in strategic locations worldwide. Founded by the acclaimed business visionary Yusuff Ali M.A, LuLu Group has become a key contributor in the Gulf region’s economic standing with an annual turnover worth USD 7.4 billion. Headquartered in Abu Dhabi, the capital of the United Arab Emirates, it is a world-renowned purveyor of an international business portfolio that ranges from hypermarket operations to shopping mall development, manufacturing and trading of goods, hospitality assets, and real estate. LuLu Group mainly operates in 22 countries located across the Middle East, Asia, US, and Europe.

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