UAE retail giant Lulu Group owned by Indian businessman MA Yussuf Ali is expected to opt for a single listing on the Abu Dhabi Exchange, IFR reported. 

It has been previously reported that Lulu Group was planning for a dual listing in both the Abu Dhabi Exchange and Saudi Arabia's main market Tadawul. 

Citing bankers, IFR reported that the decision to abandon listing on Tadawul has nothing to do with markets or investor demand, but it is due to difficulties in coordinating with two regulators.

The report also added that the retail chain could think of listing in Tadawul on a latter date. 

Record Breaking Listing Awaits

In August, citing people familiar with the matter, Zawya, a media outlet based in the Middle East said that Lulu's listing is expected to raise between $1.5 billion and $1.8 billion. 

"The IPO offering should open in the window between the last week of October and early November, making it an ideal period before the December holidays set in," said the people who wished to stay anonymous. 

The retail chain has appointed Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank and Citigroup as the bookrunners for the IPO.  

Lulu Group's Expansion in India Continues

Meanwhile, Lulu Group is steadily expanding its presence in India, as the company recently announced an investment of $480 million to develop a shopping mall in Ahmedabad.

Touted to be the biggest of its kind in the nation, the upcoming shopping mall in Ahmedabad is expected to create over 3,000 jobs, according to Yussuf Ali. 

In September 2023, Ali said that the company is actively continuing its expansion in India by developing shopping malls and luxury hotels. 

"We are going to construct one of the largest shopping malls in Ahmedabad and Chennai. Also, we are going to different states for shopping malls and food processing," said Ali.