Company Insights Lulu Group Retail 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 Retail UAE retailer Union Coop explores going public Dubai retailer and mall owner Union Coop has begun exploring a transition from a consumer cooperative society to a public joint-stock company. The company said the move is aimed at increasing its presence, expanding its operations and maximising its financial resources. Dubai-based law firm Al Tamimi Company has been appointed to conduct a study exploring the […] November 27, 2024 Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […] November 24, 2024 Retail Lulu Q3 profit rises 126% as revenue hits $1.9bn Lulu Retail Holdings, the largest grocery retailer in the GCC, reported a 126 percent year-on-year increase in net profit to $35.1 million in the third quarter of 2024. The company cited improved operating profit and cost management for the rise. Revenue rose to $1.86 billion, up 6 percent on last year, driven by a strong […] November 21, 2024 Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024 Retail Spinneys profit rises 25% on UAE and Saudi expansion UAE supermarket operator Spinneys said net profit attributable rose to AED39.7 million ($10.6 million) in the third quarter, an increase of 25 percent from AED31.8 million a year ago. The profit rise was driven by expansion in the UAE and Saudi Arabia, the roll-out of new concepts and the expansion of its e-commerce offerings. Top […] November 8, 2024 Retail High demand leads Lulu to upsize IPO stake to 30% Lulu Retail Holdings has increased the size of its initial public offering (IPO) by 5 percent to 30 percent to potentially raise AED6.32 billion ($1.72 billion) on the Abu Dhabi Securities Exchange (ADX) following high demand from investors. The retail chain operator in the Middle East initially offered a 25 percent stake sale. The total […] November 5, 2024 Retail Lulu aims to raise $1.4bn from Abu Dhabi IPO listing Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […] October 28, 2024 Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024 Retail Supermarket major Lulu officially announces IPO UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014. “With GCC retail presenting a $100 billion […] October 21, 2024 Opinion Economy The dollar is still king, but the alternatives are slowly gathering pace There is evidence of the creeping acceptance of alternatives to the US greenback August 16, 2024 Posts navigation 1 2 … 5 Next
Retail UAE retailer Union Coop explores going public Dubai retailer and mall owner Union Coop has begun exploring a transition from a consumer cooperative society to a public joint-stock company. The company said the move is aimed at increasing its presence, expanding its operations and maximising its financial resources. Dubai-based law firm Al Tamimi Company has been appointed to conduct a study exploring the […] November 27, 2024
Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […] November 24, 2024
Retail Lulu Q3 profit rises 126% as revenue hits $1.9bn Lulu Retail Holdings, the largest grocery retailer in the GCC, reported a 126 percent year-on-year increase in net profit to $35.1 million in the third quarter of 2024. The company cited improved operating profit and cost management for the rise. Revenue rose to $1.86 billion, up 6 percent on last year, driven by a strong […] November 21, 2024
Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024
Retail Spinneys profit rises 25% on UAE and Saudi expansion UAE supermarket operator Spinneys said net profit attributable rose to AED39.7 million ($10.6 million) in the third quarter, an increase of 25 percent from AED31.8 million a year ago. The profit rise was driven by expansion in the UAE and Saudi Arabia, the roll-out of new concepts and the expansion of its e-commerce offerings. Top […] November 8, 2024
Retail High demand leads Lulu to upsize IPO stake to 30% Lulu Retail Holdings has increased the size of its initial public offering (IPO) by 5 percent to 30 percent to potentially raise AED6.32 billion ($1.72 billion) on the Abu Dhabi Securities Exchange (ADX) following high demand from investors. The retail chain operator in the Middle East initially offered a 25 percent stake sale. The total […] November 5, 2024
Retail Lulu aims to raise $1.4bn from Abu Dhabi IPO listing Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […] October 28, 2024
Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024
Retail Supermarket major Lulu officially announces IPO UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014. “With GCC retail presenting a $100 billion […] October 21, 2024
Opinion Economy The dollar is still king, but the alternatives are slowly gathering pace There is evidence of the creeping acceptance of alternatives to the US greenback August 16, 2024
