(MENAFN- The Peninsula) The head of LULU Group, Yusuff Ali MA, has maintained his top position for the fifth time in a row at the Indian Power List which has been published by Arabian Business yesterday. The Kerala-born businessman runs the LULU Group, one of the largest company 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 as well as investments, bilateral relationships, setting up of Hindu crematorium or Christian churches. He has recently been elected as Director Board Member of Abu Dhabi Chamber 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 $500m. All of the initial processes such as acquiring the land and regulatory approvals have already been gone through, according to Youssuf Ali MA. Lulu Group has recently acquired a 10 per cent stake in UK-based legendary trading firm The East India Company and a 40 percent stake in its fine foods subsidiary for around $82m 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," Yussuf Ali said.
Lulu Group has operations in 32 countries, with staff strength of 31,000 and reported revenues of $5.2bn during calendar year 2013. The group is all set to open its regional office in Brazil by December and also in Turkey by early next year.
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