News

Abu Dhabi firm set to invest $1bn in Lulu Group

It has been reported that an investment company backed by the Abu Dhabi royal family has acquired a $1 billion stake in the hypermarket chain, Lulu Group. Abu Dhabi’s Sheikh Tahnoon Bin Zayed Al Nahyan purchased a 20% holding in the grocery group, one of the largest in the Middle East, according to Bloomberg. The deal would rank as one of the biggest consumer deals in the UAE in recent years. It is not clear which of the Sheikh Tahnoon’s numerous investment entities has made the acquisition, or if it has been made in a personal capacity, said Bloomberg. In addition to chairing the emirate’s biggest bank, First Abu Dhabi Bank, the sheikh is also the chairman of Royal Group, an investment firm launched in the late 1990s with holdings in media, trade, financing and real estate among other industries. Lulu Group was founded in 2000 by Indian entrepreneur, Yusuff Ali. In 2019 it had a turnover in excess of $7 billion and employs more than 50,000 people. © 2020 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.