Spinneys Dubai LLC, the franchisee of the popular supermarket chain in the UAE and Oman, is reportedly planning to launch an initial public offering (IPO) in the second quarter of 2024. According to sources, Albwardy Investment, 100% owner of the franchise, has engaged the services of Rothschild & Co to provide advisory support in connection with the planned IPO. The sources requested anonymity because the plans have not yet been announced. The move highlights Spinneys Dubai’s intention to enter the financial market and potentially further expand its operations.

As one of the region’s leading supermarket chains, Spinneys Dubai’s IPO could attract significant investor interest. It will be interesting to see how this development plays out and what it means for the future growth and success of the franchise.

Spinneys Dubai LLC has reportedly invited banks to submit proposals to participate in the upcoming IPO. It is expected that the IPO will have the participation of up to 30% of the company’s shares. However, Spinneys, Albwardy Investment, and Rothschild & Co have not yet responded to Reuter’s request for comment on the matter. 

If the IPO goes as planned, it will contribute to the expansion of the food retail sector in the region, which is experiencing steady growth. This move by Spinneys Dubi shows its ambition to take advantage of potential market opportunities. 

Americana Restaurants, a franchisee of popular fast food chains such as KFC and Pizza Hut, debuted with a dual listing on the Abu Dhabi and Riyadh stock exchanges in December. The move allows investors the opportunity to participate in the company’s growth and success. With a presence in the Middle East and North Africa region, Americana Restaurants has established itself as a major player in the fast food industry. 

Lulu Group, a major hypermarket and shopping mall operator, plans to complete its IPO  in the first half of 2024. Lulu Group Chairman earlier this month mentioned that it had hired Moelis & Co as an advisor, confirming a report from Reuters in October 2022. It’s great to see IPO activity in the Gulf region pick up after a remarkable 2022. Saudi Arabia and the United Arab Emirates led that way with new listings, raising nearly $22 billion, accounting for more than half of all IPOs in the Gulf region. Total for the Europe, Middle East, and Africa region. This demonstrates the strong potential and investors in the Gulf market. 

Despite the challenges, Middle Eastern companies raised a remarkable $5.3 billion in the first half of this year through 23 market listings. Spinneys Dubai is a major player in the region, operating more than 65 stores across the UAE, as mentioned on its website.

Additionally, they are present in Oman with at least seven stores, as stated on the Alwardy website. Alwardy, with annual sales exceeding $1 billion, not only operates Spinneys Dubai but also owns the franchise rights to the popular British Supermarket chain Waitrose. 

Alwardy, founded in the mid-1970s, has an impressive hotel portfolio that includes several four-season properties. They also invest in food distribution, including Nestle UAE. Alwardy’s portfolio spans diverse sectors such as manufacturing and engineering, trading and insurance, agribusiness, and real estate. It’s amazing to see the variety of investments and projects that Alwardy has undertaken over the years. They have certainly made a significant impact in various industries in the region.