Luxury retail is booming in the GCC, but brands could face a mass exit of talent if staff are not retained to protect market growth
Retail
Dubai
Landmark Group IPO: ‘We do not have plans yet’, says Chairwoman Renuka Jagtiani
Landmark Group executives confirm no immediate IPO plans as the retail giant marks its 50th anniversary, citing financial stability and strong organic cash flows
Dubai
Landmark Group announces massive $1bn global expansion plan with 400 new stores
The retail and hospitality conglomerate aims to open 400 new stores and enhance its e-commerce, supply chain and technology capabilities
acquisition
EXCLUSIVE: Japan’s giftee acquires 91% stake in Dubai’s YOUGotaGift
The deal is expected to close by the end of November, subject to regulatory approvals, with the existing management team remaining in place as a condition of the transaction
Spinneys
Spinneys announces record $626m revenue in 2024 so far
Spinneys reports sharp increase in profit before tax for the first nine months of 2024
IPO
Lulu IPO raises $1.72bn largest share offering of the year
Lulu IPO gives retail giant a market capitalisation of around $5.7bn
ecommerce
Noon plans massive 11.11 and Yellow Friday sales in November
Ecommerce giant noon will host 11.11 and Yellow Friday sales in November
Abu Dhabi
New UAE laws; Petrol price increase; Dubai’s ‘viral chocolate’; Visa amnesty extended; Tax rules updated – 10 things you missed this week
UAE visa amnesty, new laws announced, petrol prices increased, Dubai real estate strategy and more of the top news stories this week
Chocolate
EXCLUSIVE: Dubai viral chocolate owner ‘frustrated’ by copycats
Founder Sarah Hamouda explained that its FIX’s “quality, creativity, and precision” that makes the chocolate different
gasoline
UAE announces petrol price rise for November 2024
Here is how much it will cost to fuel up your vehicle in November
Chocolate
Dubai viral chocolate: FIX founder Sarah Hamouda reveals how she built the ‘Hermes of Desserts’
In her first in-depth interview following her global success and recognition, Dubai-based Sarah Hamouda talks to Arabian Business about how her pregnancy craving turned into a chocolate empire which received the ultimate royal recognition
Abu Dhabi
UAE petrol prices to change for November 2024
UAE petrol prices fell last month following an increase the month before and will change again this week
Egypt
Modon Holding and LuLu team up to expand retail presence in the UAE and Egypt
The two will jointly explore high-potential locations for retail development, implement smart retail solutions and advanced logistics infrastructure
festive gifts
Rising UAE expat population fuels cross-border gifting, top destinations include UK, Spain, Turkey
The research revealed a 22% jump in overall gift purchases during Jan-Sept 2024
Initial public offering
LuLu IPO: More retailers across MENA now eye IPO, up to $100bn in market cap on the way
Strong fundamentals such as stability, sustainability and scalability to drive the IPO surge among the region’s retail and grocery market players
Abu Dhabi
LuLu IPO: How to invest in UAE’s latest blockbuster public listing
Based on the price range, Lulu Retail’s market capitalisation could reach between AED 20.04 billion and AED 21.07 billion