Doha: Lulu Hypermarket has explored three key business opportunities at St. Petersburg International Economic Forum (SPIEF 2021) which concluded early this month in Russia.
“During my visit to SPIEF, I held serious negotiations with three Russian companies in fields of vertical farming, sustainability and automation,” Dr. Mohamed Althaf (pictured), Director of Lulu Group International told The Peninsula.
Dr. Althaf who is also a member of Qatari Businessmen Association (QBA) said that Lulu Hypermarket is expecting to start some sorts of business with said three companies during the next couple of months. “We are negotiating with a Russian agricultural company to bring expertise and technologies to launch a pilot project for building a high-tech vertical farm in Qatar,” said Dr. Althaf. He said that the project aims at ensuring food security in the country and achieving sustainability with the support of water conservation technology. “We agreed to conduct a feasibility study. Now we are doing due diligence of the technology, if it is found suitable we will proceed with them,” said Dr. Althaf.
He said that Lulu is also in talks with another Russian company in the sustainability sector which will help it in the recycling of plastic. “Now we will exchange the technical details with each other to make a deal to start the project,” said Dr. Althaf. Regarding the possible deal of Lulu with a Russian software company, Dr. Althaf said that the company will help Lulu Hypermarket in developing an automated business.
Speaking about future plan of Lulu Hypermarket, he said that the Hypermarket will set up an Automated Fulfillment Center for e-commence very soon. “We witnessed over 200 percent growth in our online business. We think that the shopping behavior of some of the customers will remain same after post COVID-19. Now we are expanding our online business,” said Dr. Althaf.
He said that not only Lulu, many companies from Qatar which participated in the SPIEF also benefitted in forging business relations with Russian companies.
Speaking about his participation in St. Petersburg International Economic Forum, Dr. Althaf said that he attended the forum as part of the delegation from Qatari Businessmen Association.
“SPIEF was very significant for Qatar. QBA participated in SPIEF with a very important delegation and signed a number of agreements for future cooperation,” said Dr. Althaf.
He said that SPIEF will further enhance trade and business between Qatar and Russia. “We look forward to welcome more Russian companies to come to Qatar for business,” said Dr. Althaf.
