AB Espresso: LuLu IPO share offering raised to 30%

Hello reader,

In today’s newsletter:

Discover the latest stories from Arabian Business, compiled by our editorial team. Here’s what you missed on Monday:

Lulu Retail Holdings has announced an increase in its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) to 30 per cent due to high demand. Originally set at 25 percent, the IPO has been raised to 3.1 billion ordinary shares from the previously announced 2.58 billion shares.

In transport, taxi fares between Dubai and Abu Dhabi could drop by up to 75 per cent as part of a new ride-sharing trial. The Roads and Transport Authority (RTA) has launched a pilot service allowing passengers to share rides between Ibn Battuta Centre in Dubai and Al Wahda Centre in Abu Dhabi. This initiative aims to offer a convenient and affordable transport option.

Meanwhile, the UAE Federal Tax Authority (FTA) has announced that businesses with licences issued in October and November must complete their Corporate Tax registration by November 30, 2024. This requirement follows FTA Decision No. 3 of 2024, which sets out registration timelines under the Corporate Tax law, effective from 1 March 2024.

In Abu Dhabi, Aldar Properties has launched Mamsha Gardens, a new development on Saadiyat Island. Located near Mamsha Al Saadiyat and the Saadiyat Cultural District, the resort-style project offers high-end residences, retail options, and green spaces. Residents will have views of the Zayed National Museum and the Arabian Gulf, along with direct access to Saadiyat’s cultural and leisure venues.

In Saudi Arabia, Red Sea Global (RSG), the developer of tourism hubs including ‘The Red Sea’ and ‘Amaala’, is expected to invest another $27 billion over the next six years to support tourism development. The company has already spent about the same amount to complete a third of the Red Sea project, with 24 resorts expected to be fully operational by late 2025.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

Continuous surge in the number of professionals from around the world moving to Dubai for work and lifestyle, coupled with the rising property prices in the emirate are cited as reasons for the expected spike in rentals next year

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