Lulu Retail to offer 25% stake in IPO on ADX 

Lulu Fresh Market shop in Al-Ahsa, Saudi Arabia. Shutterstock
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Updated 21 October 2024
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Lulu Retail to offer 25% stake in IPO on ADX 

  • IPO is scheduled to run from Oct. 28 to Nov. 5, with the final offering price to be determined on Nov. 6
  • Lulu expects to attract strong interest due to its dominant market position across the GCC region

RIYADH: Hypermarket chain operator Lulu Retail Holdings has announced its intention to float 2.58 billion shares, representing 25 percent of the company, on the Abu Dhabi Securities Exchange. 

The initial public offering is scheduled to run from Oct. 28 to Nov. 5, with the final offering price to be determined on Nov. 6, according to a press release. 

This follows UAE-based Spinney’s recent share listing on the Dubai Financial Market in May, with Lulu Retail's IPO marking the fourth listing on the ADX this year. 

Lulu expects to attract strong interest due to its dominant market position across the Gulf Cooperation Council region, where it operates 240 stores across six countries, including 103 in the UAE. 

Yusuff Ali, founder, chairman and non-executive director of Lulu Retail, said: “It’s with immense pride that we announce the planned IPO of Lulu Retail on ADX, bringing to market the largest pan-GCC full-line retailer by selling space, sales and number of stores.” 

He added: “Integral to our growth is the vision and ambition of the UAE, Saudi Arabia and the other GCC nations where strong national leadership is enabling positive demographic and consumption trends and driving impressive economic growth.”  

The expected listing date for the shares on the ADX is Nov. 14. The offering will be accessible to UAE retail investors, professional investors, and senior executives within the company. 

“We’re looking forward to welcoming new shareholders to Lulu and are sure they will share our passion for the company and excitement for the future,” added Ali. 

According to the press statement, Lulu aims to maintain a total dividend payout ratio of 75 percent of annual distributable profits after tax, with payouts occurring twice a year.

“Our scale is combined with a track record of delivering robust revenue growth, attractive profit margins and a well-defined growth strategy built around enhancing and delivering greater value from our existing stores, expanding our store network, delivering operational efficiencies and growing our high-value private label and loyalty program,” said Saifee Rupawala, CEO of Lulu Retail.  

He noted the GCC retail market presents a $100 billion opportunity over the next five years, with significant growth potential in Saudi Arabia. 

In April, Lulu announced plans to launch new hypermarkets in Makkah and Madinah, further expanding its retail portfolio in Saudi Arabia.  

Jabal Omar Development Co. is developing the site in Makkah, while Al Manakha Urban Project Development Co. is overseeing the development in Madinah. 


From barrels to bytes: How AI is powering Saudi Arabia’s industrial transformation

Updated 08 January 2026
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From barrels to bytes: How AI is powering Saudi Arabia’s industrial transformation

  • Inside the Kingdom’s drive to merge energy expertise with digital intelligence

RIYADH: Artificial intelligence is moving beyond concept to become a cornerstone of Saudi Arabia’s energy sector, reshaping how oil, gas, and power systems are managed and optimized.

Industry giants like Saudi Aramco are embedding smart systems into their operations to boost efficiency, reliability, and sustainability—key pillars in the Kingdom’s efforts to modernize its industrial base and diversify its economy.

According to the International Energy Agency, oil and gas companies were among the first to adopt digital technologies. The agency estimates that applying AI to power plant operations and maintenance could save up to $110 billion annually by 2035 through reduced fuel consumption and maintenance costs.

For Saudi Arabia, this technological momentum offers both a blueprint and an opportunity. Under Vision 2030, integrating data and intelligent automation is transforming how energy is explored, refined, and delivered.

At the heart of Saudi Aramco’s operations is a digital transformation strategy centered on artificial intelligence, big data, and the industrial Internet of Things. These technologies are applied at every stage of production—from mapping reservoirs and optimizing drilling to improving efficiency and safety.

AI also underpins Aramco’s Digital Transformation Program, which develops in-house smart tools and data-driven platforms designed to cut emissions, reduce costs, and enhance performance while ensuring a reliable energy supply.

A prime example is the Upstream Innovation Center, where engineers have implemented AI solutions that reduce fuel gas use in boilers, improve efficiency, and detect potential leaks through fiber-optic monitoring. At the Khurais oil field, more than 40,000 sensors monitor approximately 500 wells via an Advanced Process Control system—the first of its kind for a conventional oil field at Aramco. Digitization at Khurais has increased production by around 15 percent, doubled troubleshooting speed, and lowered both costs and environmental impact.

These advances illustrate how Aramco’s network is evolving into a connected, adaptive model, blending traditional engineering expertise with digital intelligence.

DID YOU KNOW?

• AI could save up to $110 billion a year in global power plant fuel and maintenance costs by 2035.

• Advanced Process Control enables real-time monitoring of hundreds of oil wells in the Kingdom.

• AI-powered simulations now replace weeks of manual analysis, enabling faster operational decisions.

As Saudi Arabia develops an AI-driven energy economy, the King Abdullah University of Science and Technology is bridging the gap between digital innovation and industrial application. 

Bernard Ghanem, chair of the Center of Excellence for Generative AI, said the university is working with Saudi Aramco to develop AI systems that predict the chemical properties of materials and accelerate research into direct air capture technologies for carbon dioxide removal.

He told Arab News that KAUST is partnering with SABIC and ACWA Power to apply AI in process optimization and materials discovery, turning lab-scale research into practical solutions for the energy sector.

Ghanem said KAUST’s generative AI materials program combines a robotic chemistry lab with its AI Chemist foundation model, a system that accelerates the development of catalysts, battery materials, and membranes for clean energy applications.

“This is our lab of the future, automating experimentation and speeding up energy innovation,” he said.

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Mani Sarathy, professor of chemical engineering at KAUST, noted that AI-based reinforcement learning tools are already improving efficiency in hydrocarbon refineries by enhancing simulations and shortening analysis cycles.

“AI is helping energy companies run complex simulations that once took weeks, enabling faster and more precise operational decisions,” he told Arab News.

Sarathy added that the next phase will combine automation with expert oversight. Hybrid human-AI control systems, he explained, are likely to become standard in critical operations, balancing digital autonomy with safety and reliability as Saudi industries expand AI deployment.

These efforts highlight KAUST’s growing role in transforming AI from an academic discipline into a driver of industrial innovation in Saudi Arabia’s energy sector under Vision 2030.

Meanwhile, Skeleton Technologies is bringing AI-driven energy storage solutions to Saudi partners, solutions that are already reshaping industrial systems across Europe and beyond. In Europe, the company combines artificial intelligence and advanced materials to reduce energy use and improve efficiency in data centers, electricity grids, and defense systems.

“Our solutions allow AI infrastructure to consume less electricity and reduce grid connection needs, making AI operations more energy efficient,” Arnaud Castaignet, vice president of government affairs and strategic partnerships at Skeleton, told Arab News.

Inside its factories, Skeleton uses AI-driven digital twin models, created with Siemens Digital Industries, to simulate production, optimize operations, and enable predictive maintenance, Castaignet said. At the core of its technology is curved graphene, a proprietary carbon material that gives Skeleton’s supercapacitors exceptional conductivity.

“It allows our supercapacitors to charge and discharge within microseconds, around 12 microseconds, something batteries cannot do,” Castaignet said.

The company’s flagship Graphene GPU system, built on these supercapacitors, cuts energy use in AI data centers by up to 40 percent and reduces grid requirements by 45 percent while boosting computing performance. The devices are free of lithium, nickel, and cobalt, relying instead on graphene derived from silicon carbide—essentially sand—processed entirely in Germany.

“To build sustainable AI infrastructure, you need energy-saving hardware as well as renewable power,” Castaignet added. “Our Graphene GPU shows both can work together.”

As Saudi Arabia continues linking engineering expertise with digital intelligence, its industrial progress is measured not only in barrels of oil but also in bytes, data, and the smart systems shaping its energy future.