Curated By: Business Desk
Last Updated: September 29, 2023, 12:32 IST
Lucknow’s Lulu Mall is among the largest malls in India.
Lulu Group International has 272 stores and shopping malls in the Gulf and elsewhere.
Lulu International Group has recently opened the country’s sixth Lulu Mall in Hyderabad. According to reports, this mall was built at a cost of Rs 300 crore, and it provides employment to thousands of people. The owner of Lulu International Group is Yusuff Ali Musaliam Veettil Abdul Kader. Let’s take a look at Emirati-based multinational conglomerate company owner Yusuff Ali’s net worth.
According to reports, the Middle East retail king, MA Yusuff Ali, presides over the $8 billion (revenue) LuLu Group International, with 272 stores and shopping malls in the Gulf and elsewhere.
Ali was born in 1955 in the Thrissur district of Kerala. His father used to run a small grocery store. Initially, he helped his father and obtained a diploma in business administration. His uncle used to run his own retail store in the United Arab Emirates. When he couldn’t find any work in India, he went to the UAE in 1973 to work in his uncle’s small distribution business.
After staying there for some time, he realised that it was very hot there and that it was not easy to grow any crops. So people there depended on imports for every need. Then he got the idea of import-export and started trying his hand at this business. He also travelled to countries like Singapore, Hong Kong and Australia for business purposes. Finally, he got the idea of opening a supermarket in these countries.
Reports suggest that Yusuff took advantage of the Gulf War situation, and at a time when many people were leaving Arab countries, he opened his first store in Abu Dhabi in 1989. This attracted the attention of the Sheikh of the UAE, and he got a lot of support from them in expanding this business. After the Gulf War ended, his business expanded rapidly.
In India, before Kochi, he had malls in Thiruvananthapuram, Bangalore, Lucknow and Coimbatore. Lulu Group has so far invested about Rs 20 crore in the business. In a media interaction, Yusuff Ali said that his aim is to provide employment to 50 thousand people in India. Lulu Mall, built in Lucknow, is among the largest malls in the country.
