AB Espresso: LuLu’s $1bn IPO plans revealed

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The UAE’s city of Ras Al Khaimah will see major investments made across several industries in 2024 as the economy prepares for massive growth this year, experts told Arabian Business.

Meanwhile, in a major development, LuLu Group International, one of the Middle East’s largest hypermarket operators, hasinvited investment banks to pitch for roles on a potential initial public offering (IPO) that could raise at least $1 billion.

Moreover, a new survey found that around 85 percent of UAE residents prefer to communicate with businesses through WhatsApp. E-commerce firm Zbooni surveyed 1,000 UAE residents and found that the messaging app was their most preferred method of communication. The instant messaging service was seen as fast, accurate, and helpful compared to other options.

In Saudi Arabia, Dubai's Jumeirah Group announced the opening of its first hotel in the kingdom. Jumeirah Jabal Omar Makkah, located in the heart of Jabal Omar and a short distance from the Great Mosque of Makkah, marks the company’s regional and international expansion.

The kingdom is also seeing major redevelopment in Jeddah, after a PIF-backed firm signed SR12bn ($3.2bn) of construction deals to build major landmarks in the city. The Jeddah Central Development Company signed four construction contracts worth SR12bn ($3.2bn) for three major architectural landmarks, including the Stadium, the Opera House and the Oceanarium.

THE LONGER READ:

According to Wego data, Saudi Arabia, Egypt, and India maintained their positions as the leading travel destinations in Q4’2023

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