{"id":544999,"date":"2022-03-30T03:45:18","date_gmt":"2022-03-30T03:45:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/lulu-plots-uae-ipo-next-year\/"},"modified":"2022-03-30T03:45:18","modified_gmt":"2022-03-30T03:45:18","slug":"lulu-plots-uae-ipo-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/lulu-plots-uae-ipo-next-year\/","title":{"rendered":"LuLu plots UAE IPO next year"},"content":{"rendered":"

<\/a> Middle East supermarket giant Lulu Group International could IPO in the UAE next <\/strong>year<\/strong>, Bloomberg<\/a> reports, citing people familiar with the matter. The Abu Dhabi-based, Indian-owned company is reportedly soliciting offers from international banks to advise on the offering. Lulu\u2019s was valued at USD 5 bn during its last valuation in 2020.<\/p>\n

It\u2019s not yet clear if Lulu is looking to list subsidiaries or the parent firm<\/strong> or which bourse it would opt for, with one source saying the firm could end up issuing multiple offerings across Gulf exchanges.<\/p>\n

LuLu is carving out a chunk of Egypt\u2019s retail market for itself: <\/strong> In 2020 the retailer said it would invest USD 1 bn<\/a> in expanding in Egypt, spending that was later funded by Abu Dhabi wealth fund ADQ<\/a>. The money will allow the company to establish up to 30 hypermarkets and 100 mini markets, as well as logistics hubs and distribution and fulfillment centers.<\/p>\n

The Gulf IPO market has been on a tear so far this year<\/strong> as surging oil revenues flood capital markets with cash. The region has been the only bright spot in the global IPO market so far this year, as rising interest rates and the Ukraine conflict weigh on investor sentiment. MENA IPOs have raised a combined USD 4.8 bn<\/a> so far in 2022, surpassing proceeds raised by European listings for only the second time since 2009.<\/p>\n

MEANWHILE- FDI in KSA hit a decade-high last year:<\/strong> Foreign direct investment into \u064dSaudi Arabia reached USD 19.3 bn in 2021, its highest annual inflows since 2010, according to fresh central bank data picked up by Bloomberg<\/a>. The surge in investment was mainly due to state-owned Aramco selling a USD 12.4 bn stake in its pipelines arm to investors in the second quarter.<\/p>\n

But the crown prince wants more:<\/strong> The national investment strategy set an FDI target of more than USD 100 bn annually by 2030, as the government under Crown Prince Mohammed bin Salman looks to diversify the country\u2019s oil-dependent economy. In line with the ambitious plan, Saudi\u2019s Investment Ministry issued more than 3.3k new foreign investment licenses in 2H2021 \u2014 more than three times the licenses issued over the same period in 2020.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,394<\/p>\n<\/td>\n

\n

+1.4% (YTD: -4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.27<\/p>\n<\/td>\n

\n

Sell 18.37<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.27<\/p>\n<\/td>\n

\n

Sell 18.37<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

9.25% deposit<\/p>\n<\/td>\n

\n

10.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

13,101<\/p>\n<\/td>\n

\n

+0.3% (YTD: +16.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,902<\/p>\n<\/td>\n

\n

+0.7% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,515<\/p>\n<\/td>\n

\n

+0.9% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,632<\/p>\n<\/td>\n

\n

+1.2% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,537<\/p>\n<\/td>\n

\n

+0.9% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 111.42<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 5.34<\/p>\n<\/td>\n

\n

-3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,918.00<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 47,319<\/p>\n<\/td>\n

\n

-0.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 949 mn (2.4% below the 90-day average). Foreign investors were net sellers. The index is down 4.7% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+7.1%), CIRA (+7.1%) and Fawry (+5.4%).<\/p>\n

In the red: <\/strong>GB Auto (-7.4%), Credit Agricole Egypt (-1.8%) and Palm Hills Development (-1.0%).<\/p>\n

Asian markets are solidly in the green this morning<\/strong>, joining yesterday\u2019s US \/ Europe rally as anticipation of a peace agreement between Russia and Ukraine grows. Futures are mixed right now: shares in the US are on course to fall at the opening bell, as are the German DAX and the Euro Stoxx 50. Shares in the UK, France and elsewhere in Europe are all expected to see early gains.<\/p>\n","protected":false},"excerpt":{"rendered":"

Middle East supermarket giant Lulu Group International could IPO in the UAE next year, Bloomberg reports, citing people familiar with the matter. The Abu Dhabi-based, Indian-owned company is reportedly soliciting offers from international banks to advise on the offering. Lulu\u2019s was valued at USD 5 bn during its last valuation in 2020. It\u2019s not yet […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,103,119,78,1567,1317,122,338,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544999","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-fdi","tag-financial-markets","tag-ipo-watch","tag-lulu-group","tag-mohammed-bin-salman","tag-planet-finance","tag-retail","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"dc5ed43b-ae63-4991-9a21-5662d8fcd647","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544976],"teaser":"","voice_url":""},"yoast_head":"\nLuLu plots UAE IPO next year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/lulu-plots-uae-ipo-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LuLu plots UAE IPO next year\" \/>\n<meta property=\"og:description\" content=\"Middle East supermarket giant Lulu Group International could IPO in the UAE next year, Bloomberg reports, citing people familiar with the matter. 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Negotiations are in their final stages and an agreement is expected to be signed by the end of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":614701,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/oecd-sees-the-global-economy-growing-at-a-2-9-clip-this-year\/","url_meta":{"origin":544999,"position":2},"title":"OECD sees the global economy growing at a 2.9% clip this year","author":"enterpriseam admin","date":"6 February 2024","format":false,"excerpt":"A more optimistic global growth outlook: OECD has revised upwards its 2024 world growth forecast to 2.9% from November\u2019s 2.7% forecast, it said in its latest economic outlook. Geopolitical risks within the MENA region, however, pose a \u201csignificant\u201d risk to activity and inflation. Don\u2019t celebrate yet: Despite raising its growth\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/402.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573317,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/","url_meta":{"origin":544999,"position":3},"title":"LuLu opens EGP 180 mn hypermarket in Sheraton","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"India\u2019s LuLu Group has opened its second EGP 180 mn hypermarket branch in the District Mall in Cairo\u2019s Sheraton neighborhood, Chairman Youssef Abdel Qadir said at a presser, according to Al Mal. The group signed a USD 500 mn investment pact with the government last year to open four new\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573361,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/your-top-infrastructure-stories-of-the-week-14\/","url_meta":{"origin":544999,"position":4},"title":"Your top infrastructure stories of the week","author":"enterpriseam admin","date":"29 July 2020","format":false,"excerpt":"Your top infrastructure stories of the week: The Transport Ministry is studying the possibility of a second phase of the electric train project that will connect Al-Salam, Tenth of Ramadan, and the new administrative capital, according to Al Mal.The Slum Development Fund is eyeing a EUR 24 mn grant from\u2026","rel":"","context":"In \"development finance\"","block_context":{"text":"development finance","link":"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575584,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/abu-dhabi-sovereign-wealth-fund-invests-usd-1-bn-in-lulus-egypt-expansion\/","url_meta":{"origin":544999,"position":5},"title":"Abu Dhabi sovereign wealth fund invests USD 1 bn in LuLu\u2019s Egypt expansion","author":"enterpriseam admin","date":"20 October 2020","format":false,"excerpt":"INVESTMENT WATCH- Abu Dhabi\u2019s sovereign wealth fund ADQ Holding will invest USD 1 bn in retailer LuLu\u2019s Egypt expansion, the fund said in a statement. The non-binding agreement will see the Abu Dhabi-based retailer establish up to 30 hypermarkets and 100 mini markets, as well as logistics hubs and distribution\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544999"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544999\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544976"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544999"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544999"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}