Company Insights Lulu Group Retail Latest Lulu Group DevelopmentsAI Insights Lulu Retail Holdings recently increased its initial public offering stake from 25 to 30 percent due to high demand on the Abu Dhabi Securities Exchange. The move aims to raise up to AED6.32 billion. The additional shares are allocated to qualified investors1. In preparation for the initial public offering, Lulu plans to offer over 2.5 billion shares. These will be available to both retail and professional investors through a structured offering2. Lulu's initial public offering is part of a wave of high-profile listings that have bolstered the Abu Dhabi Securities Exchange. Despite offering no proceeds to Lulu, the existing shareholders, including founder Yusuff Ali, anticipate using the funds to support expansion5. In 2024 net profit at Lulu rose by 12 percent to $249 million. Despite strong annual performance, profits in the fourth quarter faced challenges due to higher lease expenses in Saudi Arabia and Qatar3. In the third quarter of 2024, Lulu achieved a 126 percent profit increase, reaching $35.1 million. Revenue rose to $1.86 billion, fuelled by robust sales across the UAE, Saudi Arabia and Kuwait4 Lulu Group Overview Lulu Group, which owns the Lulu chain of food stores, was founded in the UAE in 1995 when the first Lulu store opened in Abu Dhabi. Lulu Center department stores were opened in the late 1990s, and the first Lulu hypermarket opened in Dubai in 2000. Lulu Group now owns some 175 hypermarkets, express stores and mini-markets in the UAE. It has stores in Saudi Arabia, Oman, Qatar, India, Bahrain, Kuwait, Egypt, Yemen, Indonesia, Suriname and Malaysia. Lulu Group also owns 13 shopping malls in the Gulf and has about a 13 percent share of the GCC modern offline grocery market. In India Lulu Group owns two convention centres and five shopping malls in India. Its hospitality arm Twenty14 Holdings owns five hotels in India and others in the UK, Dubai, Oman and Switzerland. In November 2024 Lulu Retail Holdings launched an initial public offering on the Abu Dhabi Stock Exchange, offering a 30 percent stake in the company, and giving it an initial market capitalisation of around AED21 billion ($5.7 billion). Lulu Group News Opinion Markets From petrostate to deal state: Gulf IPO markets mature The Gulf's regional exchanges are defying the global slowdown and outperforming their Western peers June 4, 2025 Retail Lulu profit and revenue up as online sales grow by quarter Net profit of Lulu Retail, the largest grocery retailer in the GCC, increased in the first quarter of 2025, supported by higher online sales. Net profit grew 16 percent year on year to $70 million, with net profit margin rising to 3 percent, up 25 basis points annually, the retailer said in a statement published […] May 14, 2025 Trade Ahead of Trump visit, New Jersey courts Gulf investment New Jersey Governor Phil Murphy is leading a mission to Saudi Arabia, the UAE and Bahrain as US states compete for a share of more than $2 trillion of investment and trade which Gulf Arab countries have pledged to the US over the next decade. The trip, which ends on Saturday, comes just two weeks […] April 30, 2025 Markets More dual listings expected as IPO trend continues Last year, eight companies launched initial public offerings (IPO) on the two main stock exchanges in the UAE, attracting more than $7 billion in investment. The same number could float this year and list in neighbouring Saudi Arabia, analysts say. UAE-based technology company Alpha Data has already announced plans to list 40 percent of its […] February 20, 2025 Retail Lulu’s 2024 profit strong but fourth quarter takes a hit Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […] February 11, 2025 Analysis Banking and Finance Strong post-IPO performance bodes well for Saudi flotations Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London […] January 14, 2025 Analysis Markets Private companies lead Gulf IPOs to raise $12bn in 2024 Gulf initial public offerings raised a combined $12.1 billion last year as companies across myriad sectors including retail, healthcare, energy and financial services went public, deepening and broadening the region’s stock markets. High subscription levels for 2024’s diverse listings demonstrate strong investor interest in gaining exposure to the Gulf’s oil and non-oil economies. There were […] January 7, 2025 Retail Strong demand for discount retail in Saudi Arabia and UAE Experts are predicting significant growth in discount retail stores and private label brands in UAE and Saudi Arabia in the coming years. Cost-conscious consumers in the region are looking for convenience and value in their weekly shop and that extends to buying retailer own-brand products usually cheaper than market leading brands. In a recent survey […] December 27, 2024 Opinion Banking and Finance Bridging the missing middle of Gulf startup funding As investment opportunities multiply, there will be increasing need for intermediate growth capital December 23, 2024 Analysis Markets Talabat and Lulu post-listing slump dims allure of UAE IPOs Talabat and Lulu Retail Holdings were the UAE’s biggest initial public offerings (IPOs) in 2024, raising $3.75 billion amid huge investor demand. But the stock prices of both companies have slid since listing on the Dubai and Abu Dhabi bourses respectively, threatening investor confidence in future UAE flotations involving privately run companies. It has also […] December 23, 2024 Posts navigation 1 2 … 6 Next
Opinion Markets From petrostate to deal state: Gulf IPO markets mature The Gulf's regional exchanges are defying the global slowdown and outperforming their Western peers June 4, 2025
Retail Lulu profit and revenue up as online sales grow by quarter Net profit of Lulu Retail, the largest grocery retailer in the GCC, increased in the first quarter of 2025, supported by higher online sales. Net profit grew 16 percent year on year to $70 million, with net profit margin rising to 3 percent, up 25 basis points annually, the retailer said in a statement published […] May 14, 2025
Trade Ahead of Trump visit, New Jersey courts Gulf investment New Jersey Governor Phil Murphy is leading a mission to Saudi Arabia, the UAE and Bahrain as US states compete for a share of more than $2 trillion of investment and trade which Gulf Arab countries have pledged to the US over the next decade. The trip, which ends on Saturday, comes just two weeks […] April 30, 2025
Markets More dual listings expected as IPO trend continues Last year, eight companies launched initial public offerings (IPO) on the two main stock exchanges in the UAE, attracting more than $7 billion in investment. The same number could float this year and list in neighbouring Saudi Arabia, analysts say. UAE-based technology company Alpha Data has already announced plans to list 40 percent of its […] February 20, 2025
Retail Lulu’s 2024 profit strong but fourth quarter takes a hit Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […] February 11, 2025
Analysis Banking and Finance Strong post-IPO performance bodes well for Saudi flotations Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London […] January 14, 2025
Analysis Markets Private companies lead Gulf IPOs to raise $12bn in 2024 Gulf initial public offerings raised a combined $12.1 billion last year as companies across myriad sectors including retail, healthcare, energy and financial services went public, deepening and broadening the region’s stock markets. High subscription levels for 2024’s diverse listings demonstrate strong investor interest in gaining exposure to the Gulf’s oil and non-oil economies. There were […] January 7, 2025
Retail Strong demand for discount retail in Saudi Arabia and UAE Experts are predicting significant growth in discount retail stores and private label brands in UAE and Saudi Arabia in the coming years. Cost-conscious consumers in the region are looking for convenience and value in their weekly shop and that extends to buying retailer own-brand products usually cheaper than market leading brands. In a recent survey […] December 27, 2024
Opinion Banking and Finance Bridging the missing middle of Gulf startup funding As investment opportunities multiply, there will be increasing need for intermediate growth capital December 23, 2024
Analysis Markets Talabat and Lulu post-listing slump dims allure of UAE IPOs Talabat and Lulu Retail Holdings were the UAE’s biggest initial public offerings (IPOs) in 2024, raising $3.75 billion amid huge investor demand. But the stock prices of both companies have slid since listing on the Dubai and Abu Dhabi bourses respectively, threatening investor confidence in future UAE flotations involving privately run companies. It has also […] December 23, 2024
