UAE News: Abu Dhabi Sheikh Tahnoon Fund in $1 Billion LuLu Bet - Bloomberg:
An investment firm backed by a member of Abu Dhabi’s royal family agreed to buy a stake worth just over $1 billion in LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, according to people familiar with the matter.
The company led by Sheikh Tahnoon Bin Zayed Al Nahyan acquired an almost 20% holding in the Abu Dhabi-based supermarket group founded by Indian entrepreneur Yusuff Ali, the people said, asking not to be identified as the matter is private. It wasn’t immediately clear which company Sheikh Tahnoon is using for the investment or if he was buying the stake in his personal capacity, the people said.
Sheikh Tahnoon is the chairman of Royal Group, which has holdings in businesses such as media, trade, financing and real estate among others, according to its website. He is also the chairman of First Abu Dhabi Bank PJSC, the U.A.E.’s biggest lender.
“We don’t want to comment on market rumors,” said V. Nandakumar, Lulu’s chief communications officer. “An official statement will be issued if at all there are any updates.”
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| A Lulu hypermarket sits in Salalah, Oman.
Photographer: Schellhorn/ullstein bild via Getty Images
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An investment firm backed by a member of Abu Dhabi’s royal family agreed to buy a stake worth just over $1 billion in LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, according to people familiar with the matter.
The company led by Sheikh Tahnoon Bin Zayed Al Nahyan acquired an almost 20% holding in the Abu Dhabi-based supermarket group founded by Indian entrepreneur Yusuff Ali, the people said, asking not to be identified as the matter is private. It wasn’t immediately clear which company Sheikh Tahnoon is using for the investment or if he was buying the stake in his personal capacity, the people said.
Sheikh Tahnoon is the chairman of Royal Group, which has holdings in businesses such as media, trade, financing and real estate among others, according to its website. He is also the chairman of First Abu Dhabi Bank PJSC, the U.A.E.’s biggest lender.
“We don’t want to comment on market rumors,” said V. Nandakumar, Lulu’s chief communications officer. “An official statement will be issued if at all there are any updates.”
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