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UAE’s Lulu targets Dh10B before IPO

Abu Dhabi’s LuLu Group, a major Middle Eastern hypermarket chain and mall operator, is securing Dh10 billion to refinance debt prior to a potential IPO. Sources indicate the group is collaborating with Moelis & Co. for the IPO, planned for 2024 after a delay this year.

A Lulu group spokesperson emphasized the syndicated loan’s affirmation of partners’ confidence in the company’s vision.

Funds will retire debts, expand with 80 new hypermarkets, bolster supply chains, and enhance e-commerce capabilities across the GCC, Egypt, and beyond.

The group’s commitment to customer value remains steadfast, with an anticipated 15% growth this year.

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