The investment firm led by Sheikh Tahnoon Bin Zayed Al Nahyan acquired an almost 20% holding in the Abu Dhabi-based supermarket group. The deal, which is just over the $1 billion mark will mean that the deal will rank amongst the largest consumer deals in the UAE in recent years.
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.
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 is also the chairman of First Abu Dhabi Bank PJSC, the UAE’s biggest lender.
“We don’t want to comment on market rumours,” said V. Nandakumar, Lulu’s chief communications officer. “An official statement will be issued if at all there are any updates.”
