Emke Group to open 3 more malls in Bahrain

The UAE-based Emke Group, which operates Lulu hypermarkets, has opened a major logistic centre in Manama for its regional operations and aims to open three more hypermarkets in Bahrain, said MA Yousuf Ali, Managing Director of the group.

The group has announced a major investment worth Rs2,500 crores to set up food processing units for fruits and vegetables and meat in Telengana, Andhra Pradesh. A shopping mall is also planned in Hydrabad within one year, he said.

The group, which has presence in Yemen, India and other Gulf countries also, will generate 600 jobs for Bahrainis by the end of 2016.

With a total retail space of 22.5 million square feet and 111 retail stores spread across 31 countries, the group has recently announced huge investment plans in the Malaysian retail sector.

Speaking to Emirates 24|7 on the eve of receiving ‘Wessam Al Bahrain’ (Medal of Bahrain – Order of the King) award, Yousuf Ali ruled out any impact of falling oil prices on the group’s expansion and will go ahead with all the major expansion and diversification plans announced in the UAE, Middle East and other parts of the world.

He said the low oil price is only a temporary phenomenon and it will definitely revert back to the previous levels.

“In the past oil price has reached lower levels than the current market rate and it has reverted back to normal levels. We firmly believe it is only a temporary phenomenon and the governments in the Gulf countries can sustain low oil price,” he said.

The oil price fell below $60 per barrel last week.
 

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