Founded in 1974 in the U.A.E. by Indian billionaire Yusuff Ali, Lulu Retail has grown into one of the largest full-line retailers across the GCC, operating 255 stores and serving over 685,000 in-store daily shoppers as of March 2025. In November 2024, Lulu Retail raised $1.72 billion by listing 30% of its share capital on ADX. The offering saw an aggregate demand of over $37 billion, an oversubscription of more than 25 times across all tranches, excluding cornerstone investors.