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  • 22-10-20

    UAE invests in Lulu group

    (MENAFN) ADQ, Abu Dhabi investment firm has gained the legacy license of First Gulf Bank, which lead to it working on setting up a digital bank with a starting budget of AED2 billion (USD545 million).

    Shareholders of Abu Dhabi Bank, made with the union of First Gulf Bank and National Bank of Abu Dhabi, have declared on Tuesday, October 20th their agreement of transferring the license to ADQ.

    The agreement was that the United Arab Emirates' largest lender, Abu Dhabi Bank, will control 10 percent of the digital bank and will have special access to an extra 10 percent when it goes public.

    The Abu Dhabi Securities Exchange and Abu Dhabi Airports are some of the most substantial assets of the UAE that are being held by ADQ.

    The firm stated on Monday, October 19th, that it will be partnering with LuLu Group International, one of the Middle East's biggest hypermarket chains. They plan on investing USD1 billion in the company to support Lulu's project in Egypt.

    MENAFN2210202000450000ID1100999085

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