Abu Dhabi Sheikh Invests $1 Billion in Top Grocer LuLu

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. What's moving markets Start your day with the 5 Things newsletter. Email Enter your email Bloomberg may send me offers and promotions. Sign Up By submitting my information, I agree to the Privacy Policy and Terms of Service. 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’s also the chairman of Abu Dhabi Development Holding Co., also known as ADQ, which has assets including Abu Dhabi Securities Exchange, Abu Dhabi Airports Co. and a number of hotel and tourism facilities. Sheikh Tahnoon also chairs the U.A.E.’s biggest lender, First Abu Dhabi Bank PJSC.

Abu Dhabi · United Arab Emirates · 20 Apr 2020

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