“Our agreement with Lulu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt late last year,” said ADQ chief executive Mohamed Al Suwaidi.
He further added that the opening of retail shops would provide economic relief to local communities in the country, thereby improving the quality and range of products available to Egyptians.
Later on, in 2021, ADQ teamed up with the Sovereign Fund of Egypt and introduced a $20bn platform to invest in several economic sectors, including health care, food, agriculture, mobility, and logistics.
Apart from LuLu, a whole lot of other listings were added on the UAE bourses this year. This includes Abu Dhabi Ports, the Dubai Electricity and Water Authority (DEWA), Borouge, TECOM Group, SALIK, Burjeel Holdings, ADC, Fertiglobe, ADNOC Drilling, Alpha Dhabi Holding, and Multiply.
Several other firms are also considering their initial public offerings on ADX and the Dubai Financial Market to build up flexibility against international reservations.
The MENA market reported a 500 percent rise in the number of listings in the first half of the year. According to an EY report, 24 IPOs raised $13.5bn in the first six months, while nine IPOs raised about $9bn in the second quarter of 2022.