UAE Spinneys supermarket group eyes IPO: Report

Spinneys Dubai is planning an IPO in 2024, according to a Reuters report.

The retail group is the franchisee of the popular supermarket chain in the UAE and Oman and is looking towards an IPO in Q2 2024, Reuters reported citing sources with knowledge of the matter.

Spinneys Dubai is owned by Albwardy Investment and is consulting with Rothschild & Co. to advise on any initial public offering plans.

Spinneys operates more than 70 stores across the UAE and Oman, with Albwardy stating an annual turnover of more than $1bn.

2024 could see investors check out supermarkets, with Lulu Group also looking towards an IPO in the first half of the year.