LuLu Group has signed an agreement to invest $200m to set up new hypermarkets in China as part of its expansion plans.

The company is planning to enter the Chinese retail space through a memorandum of understanding (MoU) signed with the Communist Party of China (CPC) party secretary Lin Yi in Zhejiang province.

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Under the agreement, new hypermarkets will be established in Yiwu and other major cities.

LuLu Group has also agreed to increase its annual exports from China to $300m from the current $220m.

Also part of its expansion plans, LuLu Group has opened a new hypermarket concept in Abhu Dhabi.

“Two more hypermarkets will be opened in the coming weeks (one in UAQ and one in Saudi) that will make total number of outlets to 150.”

LuLu Group chairman and managing director Yusuff Ali said: “We see tremendous growth opportunities in Abu Dhabi where ten new hypermarkets are on the construction stage in different areas and it will be operational within the next 18to 24 months.

“This includes Al Falaha, Reem, Khalifa City, Sadiyat, Beda Zayed etc. Two more hypermarkets will be opened in the coming weeks (one in UAQ and one in Saudi) that will make total number of outlets to 150.”

Located at World Trade Center Abu Dhabi (WTCAD), the store has a 100,000ft2 of space and features wooden ceiling elements, neutral-coloured fixtures and modern patterns.

The store offers a range of products across various categories such as grocery, fresh food, meat and fish, bakery, dairy, pizza and snacks, hot food, roastery and a delicatessen.

LuLu will also launch self-service and automated checkout counters at its stores.

In addition, the hypermarket chain is planning to introduce a department store featuring lifestyle sections such as ladies and men’s fashion, kids, sports, electronics, ethnic wear, electronics and home essentials.