Retail Dubai Holding-backed retailer Azadea puts IPO on hold By Pramod Kumar April 15, 2025, 12:48 PM William Barton/Alamy via Reuters Connect A Zara store in London. Azadea operates Zara franchises in the Middle East and plans to focus on expansion Azadea Group, which is backed by an investment company owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, has put its initial public offering on the back burner, it has been reported. Dubai Holding acquired a minority stake in the Beirut-based retailer in 2018, valued at $1 billion. The IPO pause is not down to the volatility in the market that has followed President Donald Trump’s raft of tariffs, Bloomberg reported, citing informed sources. The retailer intends to focus on expanding its business into the Middle East. Azadea had invited banks to pitch for roles on the potential IPO, Reuters reported in September 2024. The Lebanese Daher family runs Azadea, which operates more than 700 stores across the Middle East and Africa. Last year there were a number of high-profile non-government related IPOs on the Dubai and Abu Dhabi markets, including Talabat, Lulu Retail, Alef Education and Spinneys. The first IPO of the year was in February, when Alpha Data launched on the Abu Dhabi Securities Exchange. Up to eight more are forecast this year including Etihad Airways, online listings company Dubizzle and hotelier Five Holding. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
