Operator of Zara clothing and Virgin Megastore chains in the Middle East, the Azadea Group has deferred its IPO launch plans to focus on its business operations.
The group’s decision to delay the IPO listing is not influenced by the current market volatility triggered by US President Donald Trump’s tariff policies. The Beirut-based retailer plans to foray into new markets in the Middle East besides expanding into existing ones.
Trump’s tariffs announcements have led to widespread turbulence in the Gulf equity markets.
While the IPO plans of regional bankers remain largely intact, the greater uncertainty and a decline in oil prices makes new IPO listing challenging in one of the world’s busiest markets
An investment vehicle owned by the emirate’s ruler, Dubai Holding acquired a minority stake in Azadea in 2018, boosting the company’s value to over $1 billion.
Operator of over 700 stores across over a dozen countries, Azadea was founded in 1978 by the Lebanon-based Daher family.
