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UAE-based Mulk Holdings will invest US$40mn in the Nigerian city of Lagos to build a duty-free shopping complex
The company has signed a contract with retailer Suzanne Group to develop a shopping centre at the National Theatre of Nigeria.
According to Arif Hafiz, managing director of Suzanne Group, the duty-free project aims to promote tourism by attracting foreign tourists and Nigerians as well to buy global brands and quality products manufactured in Africa.
Shaji Ul Mulk, chairman of Mulk Holdings, said, “The company is adopting aggressive strategies to expand its core business, while diversifying into other sectors like retail, commodities, health care and energy solutions. Our vision 2020 is an ambitious initiative, which involves serious investment into both our existing businesses and diversification into sustainable industries.”
Mulk Holdings operates mainly in sectors such as construction, renewable energy, plastics and healthcare.