PIF in talks to buy stake in UAE supermarket chain Lulu: report

Saudi Arabia’s Public Investment Fund (PIF) is in early discussions to buy a stake in Abu Dhabi-based Lulu Group International, Reuters reported, citing two sources familiar with the matter.

The fund is in talks with businessman Yusuff Ali, who is the founder of one of the largest supermarket chains in the Gulf region.

Discussions between PIF and Lulu began four to six weeks ago, one source said.

However, it is not immediately clear how big a stake PIF is seeking to buy since discussions are at an early stage, or whether the talks would lead to a final transaction, the report said.

Lulu operates shopping centres, hypermarkets and other businesses with an annual turnover of $7.4 billion, according to its website.

Abu Dhabi state-owned holding company ADQ invested $1 billion in Lulu earlier this year, Reuters reported earlier, citing two sources.