AB Espresso: Lulu Retail to offer 25% stake in IPO

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In today’s newsletter:

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

UAE-based Lulu Retail, the largest pan-GCC retailer by selling space, sales, and number of stores in 2023, has announced plans to float a 25 percent stake through an initial public offering. The group will offer over 2.582 billion shares, with the IPO starting on October 28 and closing on November 5. Trading is expected to begin on the Abu Dhabi Securities Exchange (ADX) on November 14.

On the real estate front, Dubai’s real estate market is set for further growth in 2024, with 90,000 new homes expected to enter the market. fäm Properties reports that 1,034 projects, amounting to 288,020 units, are currently under construction. The all-time high of 101,654 launched units in 2023 may be surpassed, with 99,779 units already projected for 2024.

In addition, Abu Dhabi will see the development of its first Mandarin Oriental-branded residences on Saadiyat Island. A partnership between Aldar and Mandarin Oriental will bring 228 homes to the market, with the project set to launch for sale later this year. The development will offer the renowned service associated with the luxury hotel brand.

In Qatar, residential real estate rents have risen by up to 7 percent in prime areas, according to research by hapondo. The Pearl, West Bay, Legtaifiya, and Lusail saw the highest increases, while other neighbourhoods experienced declines of up to 8 percent in rental rates.

Aside from this, the best universities in the Arab world have been named in the QS World University Rankings: Arab Region 2025. King Fahd University of Petroleum and Minerals secured the top spot, followed by Qatar University in second and King Saud University in third.

Until next time, Sharon Benjamin for Arabian Business

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