The company led by Sheikh Tahnoon Bin Zayed Al Nahyan acquired an almost 20 per cent stake-holding in the Abu Dhabi-based supermarket Group
An investment firm backed by a member of Abu Dhabi’s royal family agreed to buy a stake estimated at just over US$ 1bn in the Lulu Group, which runs one of the Middle East’s largest hypermarket chains, according to Bloomberg News which first reported the news.
The company led by Sheikh Tahnoon Bin Zayed Al Nahyan acquired an almost 20 per cent holding in the Abu Dhabi-based supermarket Group founded by Indian entrepreneur MA Yusuff Ali, it is reported.
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.
No spokesperson or official at the Lulu Group would confirm the proposed deal.
Sheikh Tahnoon is the Chairman, 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, the UAE’s biggest lender.
Sheikh Tahnoon is Chairman, Royal Group, which has holdings in businesses such as media, trade, financing and real estate among others.
