Primark prepares for Dubai Mall debut amid missile fire from Iran

Even as Iranian missiles score direct hits at adjoining hotels and office towers, the Dubai Mall is preparing to welcome Primark this week to its vast retail galleries.

Primark will open its largest Middle East store in the world’s busiest shopping emporium on Thursday, part of a three-store rollout with UAE partner Alshaya Group, employing a staff of 600, Arabian Gulf Business Insights reports.

Primark, a pioneer of bargain fast-fashion stores, will be sitting amid luxury boutiques operated by Prada, Gucci and Hermès.

Executives say prolonged instability could impede supply chains, but alternative routes and strong inventory levels are helping maintain operations for now.

UAE retail giant LuLu to sell 25% stake in supermarket chain

UAE retail giant LuLu plans to sell a 25% stake of the company in an IPO starting Oct. 28, with its shares hitting the ADX trading floor on Nov. 14.

The business, which owns hypermarkets, supermarkets and malls across the MENA region, as well as in India and Malaysia, is looking to raise as much as $1.8 billion through the share sale, Zawya reports.

The Abu Dhabi-based company founded by Yussuf Ali counts ADQ as an investor, having sold the sovereign wealth fund a 20% stake in 2020.

Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank and Citigroup are joint bookrunners on the IPO, with Moelis & Co. retained as financial advisor.