LuLu named ‘Brand of the Year’ at London awards

Ashraf Ali Musliam, executive director of LuLu Group; Adeeb Ahamed, MD of Lulu Financial Group; Shafeena Yusuffali, CEO of Tablez; Mohammed Althaf, director; and V. Nandakumar, CCO of LuLu Group; during the event in London.
Updated 06 November 2018

LuLu named ‘Brand of the Year’ at London awards

Retail giant LuLu Group International has won the “Brand of the Year” award in the retail category at the World Branding Awards 2018. The annual event evaluates brands from around the world through a three-step procedure including brand evaluation, public online voting and consumer market research.

At a glittering function held at the Kensington Palace in London, Ashraf Ali Musliam, executive director of Lulu Group, received the award from Richard Rowles, chairman of the World Branding Forum, organizers of the event, in the presence of top business leaders and dignitaries from around the world. The World Branding Awards are the top recognition given to an organization or brand for their path-breaking and innovative branding, marketing and communication initiatives over the years and are regarded as the top benchmark in the industry.

“We are obviously very delighted and proud to be chosen as the top global brand and the fact that this award is primarily based on public survey and customer feedback, makes this recognition much more valuable for us,” said Musliam.

Despite heavy competition, LuLu recieved this coveted award primarily because of their sustained brand credibility, brand awareness and brand communication, according to the World Branding Forum.

Other global brands awarded at the ceremony included British Airways, Nescafe, Omantel and Nippon.


UAQ, Alinma close real estate fund at $4.5bn

Updated 07 December 2019

UAQ, Alinma close real estate fund at $4.5bn

Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment Company announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion ($4.5 billion). 

The funds are invested in seven hotel towers and two commercial complexes that will be developed within the King Abdul Aziz Road (KAAR) project in Makkah. It is one of the most significant developmental and urban development projects in the Makkah region. The project includes multiple options including housing and shopping, and provides easy mobility and means of transportation between the project facilities and the central area of the Holy Mosque.    

Yasser Abuateek, CEO of UAQ, said: “This strategic agreement is the first of several diverse investment activities designed to attract leading investment institutions. It confirms the appeal of investing in KAAR, an attractive destination for long-term investments, as well as the trust of the investment and financing community.

“This partnership also sheds light on the strength of Alinma Investment and its success in managing real estate funds, which makes it the ideal partner for implementing the project’s development and urban plan. The project aspires to become one of the modern landmarks in Makkah.”

Abuateek added: “By successfully attracting investments valued at SR17 billion, we will make progress in line with the execution plan for several diverse projects, especially since we have already reached several major milestones, including completion of the pouring and construction of all the concrete blocks for the Makkah Metro tunnels, while in addition we have completed nearly 50 percent of the bridges. Currently, we are working on completing all the unprecedented infrastructure projects that followed the demolition phase, which represent a transformation in the investment, development and preparation of the project’s lands, making it more attractive for development and creating new choices that help upgrade the quality of life for Makkah visitors and residents.”

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi said: “We are very happy with the success of the Alinma Real Estate Development Funds together with our partner UAQ. This investment, with the large sum of capital, will play a major role in fulfilling the objectives of the finance sector, while our partnership will contribute to increasing the capacity to accommodate pilgrims and visitors through implementing urban developmental projects in the Makkah region.”

“The funds’ investment objective is to achieve long-term capital growth through the development of the superstructure in various parts of the King Abdul Aziz Road project in Makkah, which are: Five-star international hotels (Taj Hotel and Kempinski Hotel), four-star hotels (Hilton Embassy), three-star hotels (Hilton Garden Inn), apartments (Kempinski Residence), and two malls,” added Baghdadi.