Latest news with #AED135bn
Zawya
22-04-2025
- Business
- Zawya
LuLu IPO to drive active expansion, says top executive
The initial public offering (IPO) of LuLu Retail Holdings in November 2024 is seen to catalyse significant growth and expansion, according to a top official. According to Dr Mohamed Althaf, director, LuLu Group International, LuLu's milestone move at the Abu Dhabi Securities Exchange (ADX) has cemented regional trust in LuLu, while empowering the retail giant 'to pursue a bolder, more ambitious trajectory'. 'Our company went public. At some point in our business, we realised that it's time we should share our growth and prosperity with the region that has contributed and enabled our growth,' Dr Althaf told Gulf Times, describing the IPO as 'wonderful' and underscored its success in attracting major sovereign investors from across the region. According to Dr Althaf, the IPO provides LuLu with enhanced opportunities for active expansion, while maintaining its core business model. 'Structurally, fundamentally, our business model is not going to change,' he emphasised, adding that 'what will happen with the IPO is that maybe our expansions will become even more active. We believe that because we have a growth story to meet'. Dr Althaf further noted that the IPO is expected to introduce a shift in the company's governance structure, making it 'far more accountable and transparent'. This accountability and transparency, as well as the financial freedom brought by the IPO, will enable LuLu to expand its footprint into new markets while reinforcing its commitment to Qatar and the region, Dr Althaf pointed out. 'The IPO gives us the freedom and the responsibility that we should continue to invest in our business, stay focused, expand our footprint to markets, and stay committed to countries like Qatar in the region,' Dr Althaf further explained, stressing that LuLu remains deeply aligned with its host nation's development goals. Furthermore, Dr Althaf connected the IPO to LuLu's broader vision of innovation and sustainability. He noted that the company is actively leveraging digital transformation, cloud-based technologies, and AI tools to boost efficiency and achieve sustainability goals. He cited advancements in areas like cold chain management, energy reduction, and e-commerce as examples of LuLu's commitment to progress. 'We will continue to invest in Qatar. We will continue to expand in Qatar. We will do experiments and move ahead,' emphasised Dr Althaf, who reaffirmed the company's dedication to its host nation and the region. Dr Althaf further pointed out that the IPO marks a transformative phase for LuLu Retail, paving the way for active expansions, greater accountability, and a bold vision for sustained growth. On its website, LuLu Retail announced that the 'IPO raised gross proceeds of AED6.32bn making it the largest offering in the UAE in 2024 to date. The offering saw aggregate demand of over AED135bn from local, regional, and international investors, a record for a non-government UAE IPO over the past 10 years, and an oversubscription level of more than 25 times across all tranches (excluding Cornerstone Investors). Cornerstone investors included leading sovereign and institutional investors from across the GCC and beyond'. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Arabian Business
05-02-2025
- Business
- Arabian Business
UAE foreign trade hit record $817bn in 2024: Sheikh Mohammed
The UAE's foreign trade has reached a historic milestone, touching AED3tn ($817bn) for the first time by the end of 2024, said Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. Sheikh Mohammed said that under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, the nation continues to achieve its strategic economic and developmental goals at a faster and more efficient rate than planned. In a post on X, Sheikh Mohammed said: 'My brother, His Highness Sheikh Mohamed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results.' UAE foreign trade He added that while global trade grew by just 2 per cent in 2024, the UAE's foreign trade expanded at seven times that rate, achieving an impressive 14.6 per cent growth. Sheikh Mohammed said: 'The Comprehensive Economic Partnership Agreements (CEPAs), led by Sheikh Mohamed bin Zayed, added AED135bn ($36.8bn) to our non-oil trade with partner nations—an exceptional 42 per cent increase compared to the previous year. 'In 2021, we set a goal of reaching AED4tn ($1.1bn) in annual foreign trade by 2031. By the end of 2024, we have already achieved 75 per cent of that target. At this pace, we will reach it years ahead of schedule.' He noted that the UAE is shaping its economic future, focusing on progress over politics, emphasising that the country's priority is to strengthen economic partnerships with nations around the world—because prosperity is built on stability. He said: 'The UAE has a clear vision and bold ambitions. In this world, success belongs to those who know exactly where they are headed'. In detail, the UAE's non-oil foreign trade continued its upward trajectory, reaching a record-breaking AED2.997tn ($815.7bn) by the end of 2024, representing a 14.6 per cent growth compared to 2023. The UAE's foreign trade has reached a historic milestone, touching AED 3 trillion for the first time by the end of 2024. My brother, His Highness Sheikh Mohammed bin Zayed, has spent years strengthening economic ties with nations worldwide… Today, we see the results. While… — HH Sheikh Mohammed (@HHShkMohd) February 5, 2025 This remarkable growth significantly outperformed global trade trends. According to World Trade Organisation (WTO) data, global merchandise trade saw limited growth of 2.4 per cent in volume and 1.6 per cent in value from January to September 2024 compared to the same period in 2023. The UAE's non-oil trade with its top 10 global partners grew by 10 per cent, while trade with other countries expanded by 19.2 per cent in 2024 compared to the previous year. A key driver behind this record-breaking trade performance was the surge in non-oil goods exports, which soared to AED561.2bn ($153bn) in 2024, a 27.6 per cent increase from 2023. This growth boosted non-oil exports' share of total foreign trade to 18.7 per cent in 2024, up from 16.8 per cent in 2023 and 14.1 per cent in 2019. The UAE's exports to its top 10 trade partners grew by 37.1 per cent, while exports to other countries saw a 13.4 per cent increase. The non-oil exports under the CEPA agreements totalled AED135bn ($36.8bn), reflecting a 42.3 per cent growth and accounting for 24 per cent of total non-oil exports. Among the top export commodities in 2024 were: Gold Jewellery Cigarettes Petroleum-based oils Aluminium Copper wires Printed materials Perfumes Iron-based products These exports collectively achieved a 40.8 per cent growth compared to 2023. The re-export sector also saw significant gains, reaching AED734.4bn ($200bn) in 2024, an increase of 7.3 per cent from 2023 and 14.1 per cent and 36.2 per cent higher than in 2022 and 2021, respectively. The UAE's non-oil imports reached AED1.701tn ($463.1bn) in 2024, reflecting 14.2 per cent growth from 2023. Imports from the top 10 trade partners rose by 6.7 per cent, while imports from other nations grew by 22.3 per cent. Throughout 2024, the UAE increased imports from major markets, with key imported goods including: Gold Mobile phones Petroleum oils Automobiles Jewellery Diamonds Computers
