Saudi PIF in discussions to buy stake in UAE’s Lulu
- Date: 07-Oct-2020
- Source: Mubasher
- Sector:Economy
- Country:Saudi Arabia
Saudi PIF in discussions to buy stake in UAE’s Lulu
Riyadh – Mubasher: Saudi Arabia's Public Investment Fund (PIF) began early discussions to buy a stake in supermarket chain Lulu Group International, Reuters reported on Wednesday citing two sources familiar with the matter.
The Saudi sovereign wealth fund is in talks with Indian-born businessman Yusuff Ali, who founded Lulu. Discussions between PIF and Lulu began four to six weeks ago, according to one of the sources.
The Abu-Dhabi based Lulu operates shopping centres, hypermarkets, and other businesses with an annual turnover of $7.4 billion. It has operations in Saudi Arabia, other GCC states, Egypt, India, Indonesia, and Malaysia.
PIF, which manages $360 billion in assets, is seen as a driver of the kingdom's Vision
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