Lulu Group
Lulu Group News
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 […]
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 […]
- 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
- 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
- Analysis
- Retail
Premium Qatar malls thrive despite online competition
Large high-end malls in Qatar are winning the favour of consumers who still choose to shop in person amid intensifying competition from the internet. However, other shopping venues are suffering from reduced footfall and growing vacancy rates. The flagship Doha Festival City announced last month that it is fully leased after clinching its 500th retail […]