Middle East retail giant LuLu Group has further expanded in the Kingdom with the opening of its 11th Saudi hypermarket in Jeddah on Wednesday.
The new branch, which is the second LuLu outlet in Jeddah, was officially inaugurated by Ibrahim Saleh Al-Suwail, deputy governor of Saudi Arabian General Investment Authority (SAGIA). The occasion was graced by several high-ranking officials from various government departments, representatives from local businesses and prominent citizens.
“We are moving in line with Vision 2030 and the Kingdom’s robust economy. The government’s investor-friendly policies have encouraged and provided us with a favorable environment to continue to establish ourselves and to contribute to the economic growth of the Kingdom. As I mentioned earlier, our expansion plans are firm in the Kingdom and by 2020, the country will get another 20 LuLu hypermarkets out of which six will be opened by the year 2018. This includes two hypermarkets in Riyadh followed by one each in Tabuk and Dammam,” said Yusuff Ali M.A., chairman of Lulu Group.
“Currently, our group employs 2,400 Saudi nationals out of which 1,100 are females. We consider it as our duty to nurture them as we have a very hardworking, dedicated and productive manpower comprising Saudi nationals. As I promised earlier, our goal is to employ 5,000 Saudi nationals by the year 2020 and 10,000 by 2024,” he added.
The 142nd LuLu hypermarket on Al-Haramain Road in Marwah district of Jeddah covers an area of more than 250,000 square feet with a parking facility for about 1,000 cars.
“We attribute our success to the visionary leadership of King Salman and Crown Prince Mohammed bin Salman, the government and the people of this great country who have always given tremendous support to investments and economic development.
“Currently, we have 10 hypermarkets and eight Aramco commissaries in Saudi Arabia. This shows the kind of demand for quality shopping that exists here and we are extremely happy to once again bring another world-class shopping experience as close as possible to the residents of Jeddah and its nearby areas,” added Ali.
“We are planning to expand aggressively here as the Kingdom is investing heavily in various sectors, which will surely spur all-round growth,” he said. “We have already invested more than SR800 million ($213.3 million) till now and intend to further invest SR500 million by the end of 2019, taking our total investment to more than SR1.3 billion in the Kingdom.”
The new outlet is expected to serve as a major shopping destination for Saudis and expatriates in Jeddah and its surrounding areas.
The opening ceremony was also attended by Saifee Rupawala, CEO of Lulu; Ashraf Ali M.A., executive director; Shehim Mohamed, Lulu Saudi director, and other top officials.
LuLu inaugurates 11th Saudi hypermarket in Jeddah
LuLu inaugurates 11th Saudi hypermarket in Jeddah
25,000 attend Social Development Bank’s DeveGO25 forum
The Social Development Bank concluded the second edition of the Entrepreneurship and Modern Business Practices Forum — DeveGo 2025 — announcing the achievement of high-impact outcomes that further reinforced the forum’s position as the largest national platform in the region dedicated to entrepreneurship, innovation, and freelance work in Saudi Arabia and beyond.
The forum witnessed broad participation from local and international experts, investors, entrepreneurs, and representatives of local, regional, and international institutions.
Over three days at the King Abdulaziz International Conference Center, the forum drew 25,000 participants and visitors, who benefited from over 45 specialized workshops and over 2500 advisory sessions delivered by more than 70 consultants and experts.
The sessions covered key areas including entrepreneurial planning, business models, venture capital, digital platforms, freelancing, and emerging technologies.
The forum also featured 20 panel discussions with leading local and international speakers, addressing major global trends in entrepreneurship, including the future of artificial intelligence, the creative economy, digital transformation, and venture investment.
The forum saw the launch of the Saudi Empretec Fellowship, in the presence of Rebeca Grynspan, secretary-general of the UN Conference on Trade and Development.
The partners in success within the Social Responsibility Portfolio supporting entrepreneurs were honored.
It also saw the honoring of 13 winners of the Handicrafts Competition, representing various regions of the Kingdom, the announcement of winners of the Salam Award for Promising Projects, and the recognition of leading entrepreneurial projects fund under the Enterprises Track.
In addition, the NEXT UP Challenge concluded on the third day of the forum with 20 startups presenting their projects to more than 500 investors, enhancing opportunities for networking and partnership building.
As part of efforts to strengthen the support ecosystem, the forum witnessed the signing of 51 agreements, along with the launch of a suite of new financing products. These included the Capital Expansion Product with a ceiling of up to SR10 million, the Payroll Product with a ceiling of SR2 million, and the Rental Product with a ceiling of SR1.5 million, aimed at supporting enterprises in asset development and covering operational costs.
This reflects the bank’s direction toward offering more specialized financing tools that respond effectively to market needs.
The forum concluded by reaffirming its role as a unifying national platform for entrepreneurship, where accompanying activities and events provided direct engagement opportunities between entrepreneurs, investors, and experts.
The forum also highlighted success stories and practical experiences that reflect the scale of entrepreneurial momentum in the Kingdom and the growing role of the Social Development Bank in supporting a national economy driven by innovation and knowledge.
