Lulu Group, the UAE-based NRI-owned company, will build two new shopping malls in Bengaluru and Chennai, expanding its retail presence in India. The Bengaluru and Chennai malls are likely to be completed by the end of this year
Headquartered in Abu Dhabi, the group is already operating a mall in Kochi and has three upcoming projects in Lucknow, Vishakapatanam and Thiruvananthapuram.
Yousuf Ali, Chairman and Managing Director, Lulu Group, said, "We have acquired an ongoing mall development in Bengaluru and will build our own in Chennai."
"It was easier to acquire an ongoing project in Bengaluru than go searching for a wide expanse of land. The price was right and that's why we closed it at the first opportunity," Ali added.
In 2019, the group will also maintain a similar investment momentum in its core markets, UAE and Saudi Arabia. While Saudi Arabia provided about 10%, India now accounts for 5% of the top-line number.
Currently, the group operates 87 locations in the UAE. It will further add twelve new locations this year.