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Gulf markets are experiencing mixed reactions to the US Federal Reserve's potential slowdown in interest rate cuts, impacting stocks tied to the US dollar. Dubai's index fell 0.6%, with significant losses in utilities and industrials, while Abu Dhabi also dropped 0.6%, despite optimism from Lulu Retail's IPO. Conversely, Qatar rose 0.4% and Saudi Arabia nudged up 0.2%, supported by positive developments in the energy sector.
Yusuff Ali, who arrived in the UAE in 1973, opened his first grocery store in Abu Dhabi the following year and expanded his business during an oil boom. His recent $1.72 billion IPO of Lulu Retail Holdings Plc, the UAE's largest this year, has increased his net worth to $7.1 billion, making him the country's second-richest private individual, according to the Bloomberg Billionaires Index.
Lulu Retail Holdings Plc has successfully raised $1.72 billion in the UAE's largest IPO of the year, attracting orders worth $37 billion. The hypermarket chain sold 3.10 billion shares, representing a 30% stake, at 2.04 dirhams ($0.56) each, resulting in a market capitalization of 21.1 billion dirhams upon its listing on November 14.
Initial public offerings in the Middle East are experiencing a surge in demand as economies shift away from oil dependency. Lulu Retail Holdings Plc has responded to this trend by increasing its share offering in its Abu Dhabi IPO, aiming to raise up to $1.72 billion, marking the UAE's largest listing of the year.
Lulu Retail Holdings Plc's initial public offering in Abu Dhabi is set to price at 2.04 dirhams ($0.56) per share, raising $1.43 billion and marking the UAE's largest listing of the year. This pricing reflects the top end of the planned range, resulting in a market capitalization of 21.1 billion dirhams.
Lulu Retail Holdings plc
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
gulf markets react to fed interest rate changes amid mixed performance
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Qatar National Bank (Q.P.S.C.)
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Lulu Retail Holdings plc
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SAU
ARE
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