PM Invites UAE Retail Giant to Compete with Coles, Woolworths

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Prime Minister Anthony Albanese is looking to shake up Australia’s supermarket scene — and he’s asking a retail giant from the Middle East to help do it.

While stopping over in Abu Dhabi on his way back from meetings in New York and London, Albanese sat down with LuLu Hypermarket chairman Yusuff Ali. LuLu is a massive chain in the Gulf region, with more than 260 stores, and Albanese wants them to bring their business to Australia to break the Coles and Woolworths duopoly.

“I want to see more competition,” Albanese told reporters. “This is a significant company — the largest in the Middle East and the second-largest in Saudi Arabia. Aldi came to Australia and made a difference, and LuLu could too.”

Right now, Woolies and Coles dominate Australia’s grocery game. The ACCC says Woolworths holds 38% of the market, Coles has 29%, and Aldi just 9%. It’s no secret shoppers have felt the squeeze, with grocery prices jumping 24% in the last five years, making Aussie supermarkets some of the most profitable in the world.

Interestingly, LuLu already stocks plenty of Australian products in its Middle Eastern stores — from beef to Tim Tams — and sometimes they’re even cheaper there than back home.

During Albanese’s visit, the chain put on quite a show, decorating a store with Aussie products and flags. Ali said he was honoured to host the PM and praised the “very high-quality products” Australia exports.

The talks came as Albanese also celebrated a new free trade agreement with the UAE. The deal will wipe tariffs from 99% of Australian exports and open the door to more investment from the UAE’s sovereign wealth fund.

“This is about opening up Middle Eastern markets and delivering for Australian businesses, consumers, and our economy,” Albanese said.

More updates to come on AusNewsLanka.