The operator of Zara clothing and Virgin Megastore chains in the Middle East has paused plans for an initial public offering to focus on its business operations, according to people familiar with the matter.
Azadea Group’s decision to delay the listing is not related to the market volatility triggered by US President Donald Trump’s tariff policies, the people said, requesting anonymity to discuss confidential information.
The Beirut-based retailer is weighing entry into new Middle Eastern markets and expanding operations in existing ones before proceeding with a public offering, one of the people said.
Azadea had previously invited banks to pitch for roles on the potential IPO, Bloomberg News reported in January.
Gulf equity markets have been caught in the global turbulence fueled by uncertainty over Trump’s tariffs. While regional bankers say their IPO pipeline remains largely intact, the broader volatility and a slump in oil prices pose challenges for one of the world’s busiest markets for new listings.
Read More: Mideast Bankers Count on IPO Boom to Resume After Trade Turmoil
Dubai Holding, an investment vehicle owned by the emirate’s ruler, acquired a minority stake in Azadea in 2018, valuing the company at more than $1 billion, Bloomberg News reported at the time. Separately, the $72 billion conglomerate is considering listing two real estate portfolios to capitalize on Dubai’s property boom.
Representatives for Azadea did not respond to requests for comment. Dubai Holding representatives declined to comment.
Founded in 1978 by Lebanon’s Daher family, Azadea operates more than 700 stores across over a dozen countries, according to its website.
