LuLu Group managing director Yusuffali MA has maintained his top position for the fifth time in a row at the Indian Power List, which was published by Arabian Business yesterday.
The Kerala-born businessman runs the LuLu Group, one of the largest companies having strong presence in the Middle East’s retail sector.
One of the key reasons for being considered as the most powerful Indian in the Gulf is his close proximity with the various rulers and ruling family members of the GCC countries, which he has used many a times to benefit the interests of India and Indians, especially in investments, bilateral relationships and setting up of Hindu crematorium or Christian churches.
He was recently elected as a Director Board member of Abu Dhabi Chamber for the third time in a row and is the first and only Indian till date to occupy such position in a foreign country.
The LuLu Group is making its first retail push into the Far East, with new hypermarkets in Malaysia and Indonesia, and entailing planned investments of $500mn.
All of the initial processes such as acquiring the land and regulatory approvals have already been “gone through”, Yussuffali said.
Recently, LuLu Group took a 10% stake in the UK-based trading firm The East India Company and a 40% stake in its fine foods subsidiary for around $82mn in total. “The new investment will enable the fine foods unit to expand its store network in Europe, the Far East and prepare for a launch in the United States, Yussuffali said.
Lulu Group has operations in some 32 countries, with staff strength of 31,000 and reported revenues of $5.2bn in 2013. The group is all set to open its regional office in Brazil by December and also in Turkey by early next year.
