Michael Coyle: The Irish Entrepreneur behind Dubai’s New Web3 Fintech App

Michael Coyle’s career journey exemplifies strategic ambition and adaptability. As the founder and CEO of Portl, a lifestyle, loyalty, financial, and social app, he is spearheading an innovative platform set to launch in Dubai before expanding globally. His trajectory from Galway, Ireland, to Dubai reflects a calculated move to achieve greater impact in a competitive, fast-paced environment.

Building a Foundation in Galway

Hailing from Galway, Michael made his mark in Ireland by founding and leading one of the country’s most successful marketing agencies. Specialising in the fitness industry, he collaborated with notable influencers like Rob Lipsett, creating campaigns that elevated brands and strengthened their market presence.

Michael’s contributions to Ireland’s marketing landscape were significant, but his vision extended beyond local success. It’s almost there, but it could use a small adjustment for clarity. Recognising the limitations of operating solely within Ireland, he set his sights on broader horizons and landed in Dubai. With its business-friendly environment and international appeal, Dubai became the ideal location for his next venture.

The Move to Dubai and Conceptualizing Portl

Michael relocated to Dubai to pursue larger opportunities and develop a project with a global footprint. Inspired by the gaps he observed during previous cryptocurrency market cycles, he aimed to design a platform that would merge lifestyle and financial tools with real-world usability.

Portl emerged as a comprehensive app addressing multiple user needs—offering loyalty rewards, financial services, and social networking capabilities within a single platform. Michael’s idea for the app was rooted in a desire to bring practical value to users, avoiding the shortcomings he identified in many crypto-related projects during earlier market booms. For example, the ability to use cryptocurrency for payments, while the host receives the equivalent in dollars, euros, dirhams, or any preferred currency.

Positioning Portl for Success

With the cryptocurrency market rebounding—Bitcoin recently reaching an all-time high of $93,400—the timing of Portl’s launch aligns strategically with heightened interest in digital assets and innovation. Michael’s ability to anticipate market trends has played a crucial role in the app’s development, ensuring it is well-positioned to succeed in both the lifestyle and financial sectors.

Initially launching in Dubai, Portl has already secured partnerships with several of the city’s prominent venues, reflecting its potential to integrate seamlessly into the region’s luxury-driven market. These collaborations emphasise Portl’s dual focus on providing value to both consumers and businesses.

Portl operates at the intersection of fintech, lifestyle services, blockchain, and digital advertising, offering AI-powered concierge and financial solutions.

By combining elements of social interaction, financial tools, and AI-powered convenience, Portl stands at the forefront of the Web3 lifestyle app space.

This exciting new start-up has been recognised as one of the top ten emerging fintechs in the UAE, with an official launch expected in January 2025, and global expansion the following months.

A Measured Path Forward

While Michael’s early career achievements and contributions to Ireland’s marketing industry set the stage for his move to Dubai, his approach remains pragmatic. Portl represents a calculated effort to deliver innovation in a crowded digital space, built on a foundation of extensive planning and market analysis.

As Portl prepares for its rollout, its success will hinge on its ability to meet user expectations and adapt to market dynamics. With a clear focus on utility and partnerships already in place, Michael Coyle’s transition from Galway to Dubai signals a deliberate shift toward achieving lasting business impact on a global scale.

Jordan Smith: A Relentless Pursuit of Excellence in Dubai’s Luxury Real Estate Scene

Jordan Smith, an Associate Director at White & Co Real Estate, is a name synonymous with drive, ambition, and integrity in Dubai’s high-end property market. Since arriving in Dubai in May 2022, Jordan has achieved an impressive AED 1.6 billion in sales, a testament to his unwavering dedication and expertise. With a steadfast focus on being the best, Jordan has carved a niche for himself as one of the city’s top luxury real estate professionals, reshaping the standards for success in the industry.

The Road to Success: Sacrifices and Relentless Effort

Jordan emphasises that thriving in Dubai’s saturated real estate market demands unparalleled dedication: “You have to be willing to give up nights out and weekends for the first year and work at a relentless pace.” In a market filled with some of the world’s top sales professionals, Jordan’s strategy is straightforward: outwork and outperform. “It’s about getting better and better every day,” he shares, dismissing the idea of setting massive, static goals. Instead, his philosophy focuses on constant progress and pushing boundaries further than ever before

A Strategic Move to White & Co

Choosing White & Co was a calculated decision for Jordan. He credits the agency’s founder, Calum White, for creating an exceptional environment through competitive commission structures, attractive incentives, and a close-knit company culture. By surrounding himself with top agents, Jordan found the challenge he was seeking, diving headfirst into his next step surrounded by some of the highest performing brokers in the industry.

Building Trust Through Relationships

Jordan takes a personal and deliberate approach to client relationships. With several loyal clients who work exclusively with him, he manages a cumulative portfolio exceeding AED 3 billion. He attributes this success to a foundation of trust, honesty, and consistent hard work. “I focus on giving good advice and direction—on what to buy and, just as importantly, what not to buy,” he explains. Jordan’s commitment goes beyond transactions; he invests time in building genuine connections, often spending months nurturing a relationship before even discussing a client’s first purchase.

Elevating the Industry Standard

n a market Jordan sometimes describes as a “smash-and-grab,” where many agents focus on securing a single sale through questionable advice before disappearing, his strategy is to play the long game. “Real estate is my passion, and I’m here for the long haul,” he states. This commitment is reflected in his impressive achievements: breaking price-per-square-foot records, securing a significant market share in the ultra-luxury One at Palm, executing quick and profitable flips for clients, and guiding investments from inception to completion—often doubling his clients’ returns.

Over his 2.5 years in Dubai’s real estate market, Jordan has consistently pushed boundaries and set new benchmarks. His record-breaking transactions include properties in Marsa Al Arab, Canal Coves, One at Palm, Balqis Residences, District One, Emaar Beachfront, and Dubai Marina. Most recently, he closed a AED 72 million deal for a four-bedroom duplex in Orla Infinity, one of Palm Jumeirah’s most prestigious developments—a testament to his expertise and dedication.

Insightful Market Perspectives

Jordan isn’t afraid to challenge popular trends. Speaking on the much-anticipated Palm Jebel Ali project, albeit he agrees it is a fantastic product and another phenomenal piece of real estate that the Dubai market offers, he predicts it will take at least 5–10 years to become a viable fast investment that many Dubai investors are looking for, suggesting that smarter opportunities exist elsewhere in the current market that offer quicker returns whilst Palm Jebel Ali is still maturing. This candor, combined with his in-depth market knowledge, positions him as a trusted advisor for clients navigating Dubai’s dynamic real estate scene

Raising the Bar for Himself and Others

Jordan’s goals transcend personal achievements. “I’m very happy where I’m at, but my focus is on raising the bar and making the people around me better,” he says. By fostering a culture of excellence and collaboration, he contributes to the growth of his team and the broader industry.

Advice for Aspiring Agents

For those eyeing a career in Dubai real estate, Jordan offers clear guidance: “Define your purpose. You can enjoy the luxury and benefits of Dubai, but only once you’ve earned it through hard work and trust me, it’s even more of an amazing place when you’re in the position to enjoy it. Be the hardest worker in the room, don’t let the bad days get you too down & don’t let the good days get you too high. Ride the wave.’ His advice reflects the values that have driven his success—commitment, perseverance, and a willingness to sacrifice short-term pleasures for long-term gains.

A Lasting Impact

With his unyielding dedication to improvement, a client-first mindset, and a vision for lifting those around him, Jordan Smith continues to redefine excellence in Dubai’s luxury real estate market. His somewhat short journey is a testament to the power of relentless effort, proving that true success comes not from hitting milestones but from constantly striving to be better. 

Paytech Founder & Ex-MD Of Crypto.com, Stuart Isdted Joins Portl Board

With over three decades of experience in financial services and fintech, Stuart Isted is a proven Managing Director known for his exceptional leadership in driving business growth and strategic initiatives across the Middle East and Africa. Stuart has a deep understanding of regulatory compliance, risk management, and financial oversight, particularly in the crypto exchange and payments industries.

 

Stuart has held prominent leadership positions at global companies, including Crypto.com, Visa, First Data | Western Union, Network International, and Euronet Worldwide.

 

His extensive experience includes successfully developing innovative business strategies, managing portfolios with annual revenues exceeding $300 million, and consistently exceeding growth targets.

 

As the Managing Director for the Middle East and Africa at Crypto.com, Stuart was instrumental in securing the first Full Exchange License and Operating Permit from the Virtual Assets Regulatory Authority (VARA), ensuring regulatory compliance and operational excellence. His strategic insights and operational oversight have made a significant impact on the global expansion of the crypto exchange market.

 

Stuart’s career is marked by a relentless focus on technology innovation, particularly in the payment’s ecosystem. He has played a pivotal role in launching innovative fintech platforms, integrating cutting-edge payment technologies, and fostering strong partnerships with key industry stakeholders, including regulators, banks, and fintech companies.

Mandarin Oriental Residences: A New Benchmark for Luxury Living in Abu Dhabi’s Cultural Epicenter

Aldar Properties, the UAE’s premier real estate developer, has unveiled a groundbreaking addition to Abu Dhabi’s Saadiyat Cultural District: the Mandarin Oriental Residences. This exclusive development marks the debut of Mandarin Oriental’s legendary service in a residential setting in the capital. Sales for these ultra-luxurious homes, designed by the renowned Bjarke Ingels Group, are set to begin on November 21, 2024.

Luxury Redefined in Saadiyat Cultural District

Comprising 226 meticulously crafted residences, the project offers a rare blend of cultural richness and unparalleled elegance. With sweeping views of the iconic Zayed National Museum and its surrounding fountains, residents are immersed in the heart of Abu Dhabi’s premier cultural hub. Proximity to world-class attractions such as the Louvre Abu Dhabi, Guggenheim Abu Dhabi, and the Natural History Museum makes this development a coveted address for discerning buyers.

Timeless Design and Thoughtful Craftsmanship

The interiors, designed by Lillian Wu Studio, epitomize understated luxury with a focus on natural materials and earthy tones. From grand chandeliers and natural marble to floor-to-ceiling windows, every detail is curated to create a warm, light-filled environment. Open-plan layouts seamlessly connect living spaces to designer kitchens, while master suites offer spa-like bathrooms and private terraces, serving as tranquil retreats within the bustling city.

The residences blend organic curves with contemporary materials, featuring wooden elements for warmth and metal accents for a sleek, modern edge. This harmonious design creates an ambiance of sophistication and serenity.

World-Class Amenities by Mandarin Oriental

Mandarin Oriental’s signature service elevates the living experience. Residents can enjoy holistic wellness treatments at The Spa, a state-of-the-art fitness center, and a beauty bar. The development also includes a private dining room, a chic residents’ lounge, and recreational spaces like a game room and theatre.

For culinary indulgence, the Mandarin Oriental Cake Shop offers exquisite cakes, pralines, and gourmet pastries. A serene library provides the perfect setting for quiet reflection, while the proximity to Mamsha Beach ensures a balanced lifestyle of leisure and culture.

A Visionary Collaboration

Jonathan Emery, CEO of Aldar Development, emphasized the project’s unique appeal:
“Mandarin Oriental Residences, Saadiyat Cultural District, Abu Dhabi combines the finest in luxury living with direct access to Abu Dhabi’s most iconic cultural landmarks. It’s an unparalleled offering for Aldar customers locally and internationally who seek both a prestigious address and proximity to the cultural heart of Abu Dhabi.”

Laurent Kleitman, Group CEO of Mandarin Oriental, added:
“This development harmonizes the refined elegance and legendary service of Mandarin Oriental with a vibrant cultural environment that is uniquely Abu Dhabi. Together with Aldar, we are creating a residence that offers not only a prestigious address but also a gateway to the cultural richness that defines this extraordinary district.”

Saadiyat Island: Where Culture and Elegance Converge

Saadiyat Island is celebrated for its seamless blend of culture, nature, and hospitality. The pristine beaches, vibrant dining scene, and prestigious cultural venues make it one of the UAE’s most sought-after destinations. Residents of Mandarin Oriental Residences will enjoy easy access to 60,000 square meters of luxury shopping, entertainment, and dining at Saadiyat Grove, along with 3,500 square meters of fine dining along the Zayed National Museum promenade.

A New Chapter in Luxury Living

Mandarin Oriental Residences in Saadiyat Cultural District promises to redefine the standards of elegance and exclusivity in Abu Dhabi. With its unmatched combination of luxury, culture, and world-class service, the development sets a new benchmark for sophisticated living in the UAE’s capital.

Sharjah Hits Record $1.2 Billion in Real Estate Transactions for October

The Sharjah real estate sector has witnessed unprecedented growth, with October 2024 marking the most active month of the year. A report by the Sharjah Real Estate Registration Department revealed that transactions reached AED 4.4 billion ($1.2 billion), spanning 14 million square feet across 4,883 deals. This milestone underscores the emirate’s rising prominence in the UAE’s real estate landscape.

Diverse Transactions Highlight Market Strength

Sales transactions made up 29% of total activity, amounting to 1,415 deals, while mortgage transactions accounted for AED 1.3 billion, representing 9.1%. Other transactions dominated the figures, contributing 61.9% to the total, showcasing Sharjah’s diverse and dynamic property market.

Government Initiatives Drive Demand

Sharjah’s growth in real estate is underpinned by investor-friendly policies, including freehold laws that attract foreign investors and support a variety of residential, commercial, and industrial projects. The government’s commitment to creating an attractive investment environment continues to fuel interest from local and international buyers.

Land Deals Dominate Activity

Land transactions emerged as a key growth driver, with 693 deals for various types of plots, including residential, commercial, industrial, and agricultural properties. Built-in land accounted for 272 transactions, while 450 units were sold in high-rise towers. Notably, the Al Mamzar area recorded the largest single land deal, valued at AED 62 million, while the highest mortgage deal was on vacant land, worth AED 386 million.

Top Performing Areas

The Muwailih Commercial area led sales activity, registering 257 transactions, followed by Al-Khan (106), Muzeirah (92), and Tilal (81). In the central region, Al Qasimia City recorded the most sales, with 193 transactions valued at AED 133.6 million. Khorfakkan and Kalba also saw steady activity, with Hay Al-Zubara and Al-Tarif leading transactions in these areas.

A Record-Breaking Year So Far

Sharjah’s real estate market has experienced a 47% surge in transaction volume in 2024 compared to the previous year. Over the first nine months, AED 28 billion in deals were completed, involving 69,078 transactions—a 16.5% increase. Investors from 114 nationalities contributed to this growth, highlighting the emirate’s appeal on a global scale.

Investment Diversity

UAE nationals remain the largest contributors, investing AED 13.7 billion across 22,908 properties. Non-Emirati GCC citizens, Arab nationals, and other foreign investors also played significant roles, with combined investments exceeding AED 14.3 billion.

Sharjah’s Bright Future

As Sharjah continues to balance tradition and modernity, its real estate sector remains a cornerstone of economic growth. With robust government support, a surge in foreign investments, and strategic development projects, the emirate is poised for sustained success in the years to come.

Sharjah’s real estate boom reflects not only the emirate’s appeal but also its strategic vision to create a thriving, inclusive economy for residents and investors alike.

World’s Largest Bitcoin Conference Debuts in the Middle East This December

The world’s largest Bitcoin Conference is set to make its debut in the Middle East, with Abu Dhabi playing host to the inaugural Bitcoin MENA Conference on December 9-10, 2024. The event will take place at the prestigious ADNEC Centre, marking a significant milestone for the region as it becomes a central player in the rapidly growing Bitcoin economy, often referred to as the “New Gold Rush.”

This Middle East and North Africa edition of the global Bitcoin Conference series is organized by ADNEC Group in collaboration with BTC Inc., the parent company behind Bitcoin Magazine and the Bitcoin 2024 conference. Bringing together influential voices from across the industry, Bitcoin MENA will cover pivotal topics shaping the future of Bitcoin in the region.

As the UAE cements its role as a hub for Bitcoin innovation, the conference will spotlight the nation’s strategic advantages, including vast energy resources, capital reserves, and a vibrant innovation ecosystem. Notable speakers already confirmed include Anthony Scaramucci, former White House Director of Communications, Vishal Sacheendran, Binance’s Head of Regional Markets, HRH Hereditary Prince Filip Karađorđević of Serbia, and Dr. Marwan Ahmed Al Zarouni of Dubai Blockchain Summit.

Following the success of the Bitcoin 2024 conference in Nashville, which attracted 22,000 attendees and featured prominent figures like Donald J. Trump and Michael Saylor, Bitcoin MENA is expected to draw significant attention from regional and global players in the industry. Attendees will have the chance to participate in high-level discussions, network with industry leaders, and explore an expo hall showcasing cutting-edge technology and art.

For those seeking an exclusive experience, Whale passes are available, providing VIP access and insider opportunities at this premier Bitcoin event.

As Bitcoin continues to expand its influence, this conference is a must-attend for anyone looking to shape the future of finance in the Middle East. Be sure to secure your place at Bitcoin MENA and witness the next chapter in the evolution of the Bitcoin economy.

UAE Economy Set for 5.1% Growth in 2025, Says IMF

The UAE economy is on track to grow by 5.1% in 2025, according to the latest World Economic Outlook (WEO) report from the International Monetary Fund (IMF). The Gulf nation continues to see solid economic performance, with GDP growth expected to hold steady at 4% in 2024 before accelerating the following year.

Key drivers of this growth include vibrant domestic sectors such as tourism, construction, and financial services, which have shown impressive activity, contributing to the UAE’s broad-based economic expansion. The IMF’s report highlights the country’s ongoing efforts to diversify its economy, with non-oil GDP now accounting for over 70% of the total.

Increased public and private investments, along with major structural reforms in renewable energy and technology, are anticipated to boost the UAE’s economic trajectory further. The IMF emphasized the significance of these reforms, which align with the UAE’s vision for sustainable development and private sector growth. Higher hydrocarbon GDP growth is also expected to support the overall economy, bolstered by increased crude oil production as part of the UAE’s OPEC+ quota adjustments.

In a statement earlier this year, the IMF praised the UAE’s comprehensive reform agenda, which aims to enhance governance frameworks and promote green growth. These initiatives are vital for maintaining the country’s upward momentum and cementing its role as a global economic hub.

Regionally, the Middle East and Central Asia economies are projected to grow by 2.4% in 2024 and 3.9% in 2025. While the UAE’s outlook remains strong, the IMF revised its GDP forecast for Saudi Arabia downward for 2024, citing the impact of extended oil production cuts and geopolitical tensions, but predicts a rebound with 4.6% growth in 2025.

As the UAE continues to invest in its future, the nation is well-positioned to further strengthen its economy, with key sectors driving growth and diversification efforts ensuring long-term stability.

AHS Properties Celebrates AED 130M Sale of Ultra-Luxury “Searenity” Villa on Palm Jumeirah

AHS Properties has reached a significant milestone with the sale of its ultra-luxurious “Searenity” villa on Palm Jumeirah for AED 130 million. Known for setting new standards in high-end residential living, AHS Properties continues to elevate Dubai’s luxury real estate market with this landmark transaction.

“Searenity” is the final villa from a series of five ultra-premium properties redeveloped by AHS Properties since its inception. Each of these homes, spread across prestigious locations such as Palm Jumeirah and Emirates Hills, was meticulously transformed into exclusive residences. Featuring bespoke designs, first-class amenities, and unmatched comfort, these villas cater to buyers looking for unique, tailor-made living experiences. The sale to an end-user buyer further underscores the company’s vision of creating exceptional luxury homes.

Spanning over 17,000 square feet, “Searenity” is a true representation of AHS Properties’ commitment to redefining opulence in residential living. The villa boasts an impressive array of world-class amenities, including an indoor and outdoor pool, cinema room, gym, steam room, spa, DJ area, and private elevators. With expansive city and sea views, “Searenity” offers a blend of cutting-edge design and prime location, making it a standout in Dubai’s luxury real estate landscape.

Founder and CEO of AHS Properties, Abbas Sajwani, shared his excitement over the successful sale, stating, “We are delighted to have closed the sale of ‘Searenity’ to a buyer who appreciates the exclusivity and luxury we strive to deliver. This transaction highlights Palm Jumeirah’s status as one of Dubai’s most coveted residential addresses and reflects our ongoing dedication to crafting homes with meticulous attention to detail.”

The sale of “Searenity” marks the culmination of AHS Properties’ focus on ultra-luxury villa developments, a testament to their forward-thinking approach in delivering innovative and opulent residential projects. The company remains steadfast in its goal of pushing boundaries in the luxury real estate market, with more groundbreaking projects expected in the future.

Dubai Completes Al Khail Road Development Project: Five New Bridges and Wider Roads to Ease Traffic

Dubai Completes Al Khail Road Development Project: Five New Bridges and Wider Roads to Ease Traffic

The Roads and Transport Authority (RTA) of Dubai has announced the successful completion of the Al Khail Road Development Project. This ambitious initiative includes the construction of five new bridges and the widening of roads over a total length of 6,820 metres, aimed at alleviating traffic congestion in the emirate.

Key Enhancements to Al Khail Road

The project focused on enhancing seven critical areas along Al Khail Road: Al Jaddaf, Business Bay, Zabeel, Meydan, Al Quoz 1, Ghadeer Al Tair, and Jumeirah Village Circle. This road serves as a vital corridor, linking major highways such as Sheikh Zayed Road, Sheikh Mohammed bin Zayed Road, and Emirates Road. Al Khail Road itself stretches from Business Bay Crossing to its intersection with Sheikh Mohammed bin Zayed Road, consisting of five lanes in each direction and expanding to over six lanes in certain sections.

With an estimated capacity to serve around 1.5 million residents, the development has resulted in a remarkable 30% reduction in travel time and can now accommodate approximately 19,600 vehicles per hour. The enhancements have effectively eliminated traffic bottlenecks at key interchanges, ensuring a smoother and more efficient flow of vehicles.

Details of the New Infrastructure

The project included the following significant developments:

Zabeel: A 700-metre, three-lane bridge was constructed, capable of handling up to 4,800 vehicles per hour. This bridge connects Oud Metha Street and Financial Centre Street to Al Khail Road, facilitating traffic towards Jebel Ali.

Meydan: A 610-metre, two-lane bridge was built, accommodating up to 3,200 vehicles per hour. This bridge links Al Meydan Road to Al Khail Road, enhancing traffic movement toward Deira. An additional 1,550 metres of surface road improvements were made to facilitate connectivity to Ras Al Khor Street.

Al Quoz 1: A 650-metre, two-lane bridge with a capacity for 3,200 vehicles per hour connects Al Meydan Road and Al Waha Street, while 2,170 metres of surface road improvements link Al Khail Road to Al Waha Street and Latifa Bint Hamdan Street.

Ghadeer Al Tair: A two-lane, 640-metre bridge was constructed, also serving 3,200 vehicles per hour. This bridge links Latifa Bint Hamdan Street to Al Khail Road toward Deira, with an additional 1,350 metres of road enhancements to improve traffic flow.

Jumeirah Village Circle: A 700-metre, two-lane bridge connects Hessa Street and Al Khamila Street, accommodating 3,200 vehicles per hour. Surface road improvements of 900 metres were also made to link traffic from Jumeirah Village Circle to Al Khail Road.

Al Jaddaf: A new lane was added over 600 metres, increasing capacity by approximately 2,000 vehicles per hour between Oud Metha Street and Financial Centre Street.

Business Bay: An additional 435-metre lane was introduced to improve traffic flow into the Business Bay area from Al Khail Road, enhancing road safety in this sector.

The completion of the Al Khail Road Development Project represents a significant step toward improving Dubai’s transportation infrastructure and enhancing the overall driving experience for residents and visitors alike.

 

 

 

 

 

LuLu Group International to Launch 25% Share IPO on Abu Dhabi Securities Exchange

In a landmark move, UAE retail powerhouse LuLu Group International announced on October 21 that it will offer 25% of its shares in an initial public offering (IPO), set to be listed on the Abu Dhabi Securities Exchange (ADX).

The hypermarket chain operator aims to sell a total of 2,582,226,338 shares, each with a nominal value of Dirham 0.051. The IPO will be conducted in three tranches, with subscription starting on October 28 and closing on November 5, 2024. The offering is open to UAE retail investors, employees, institutional investors, and eligible senior executives.

Book Building Process and Dividend Strategy

The final offer price will be determined through a book building process, with trading expected to commence on the ADX around November 14. LuLu Group anticipates a total dividend payout ratio of 75% of annual distributable profits after tax, distributed semi-annually. The company plans to issue dividends for the six months ending December 31, 2024, in the first half of 2025.

Leadership Remarks and Company Growth

M A Yusuffali, founder and Chairman of LuLu Group, expressed pride in the IPO announcement, highlighting the company’s position as the largest full-line retailer across the GCC. Since its founding in 1972, LuLu Group has expanded to over 240 stores in six GCC countries, exceeding its own growth expectations.

“We’re eager to welcome new shareholders to LuLu and share our passion for the company and our excitement for future endeavors,” Yusuffali stated.

Saifee Rupawala, CEO of LuLu Retail, emphasized the brand’s strong presence in the GCC retail market, noting, “Our scale is matched by a proven track record of substantial revenue growth, attractive profit margins, and a focused growth strategy.” He added that LuLu Group is committed to enhancing value from existing stores, expanding its network, improving operational efficiencies, and growing its high-value private label and loyalty programs.

With the GCC retail sector poised to present a $100 billion market opportunity over the next five years, Rupawala expressed confidence in LuLu’s potential, particularly in the Saudi Arabian market, stating, “We are certain that LuLu will continue to be the go-to destination for shoppers worldwide.”