Saudi PIF Mulls Buying Stake In Lulu Group
- Date: 09-Oct-2020
- Source: Al Bawaba
- Sector:Economy
- Country:Saudi Arabia
Saudi PIF Mulls Buying Stake In Lulu Group
It is in talks with Indian-born businessman Yusuff Ali, who founded Abu Dhabi-based Lulu, one of the largest chains in the Gulf region, the sources said. Discussions between PIF and Lulu began four to six weeks ago, one of the sources said.
It was not immediately clear how big a stake PIF is seeking to buy as discussions are at an early stage, or whether the talks would lead to a final transaction.
Lulu operates shopping centres, hypermarkets and other businesses with an annual turnover of $7.4 billion, according to its website. It has operations in Saudi Arabia and other Gulf states as well as in Egypt, India, Indonesia and Malaysia.
PIF, which manages $360 billion in assets, declined to comment. Lulu's Director of Marketing & Communications, V Nandakumar, said in an emailed
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