According to Forbes‘ annual billionaires list for 2024, there are a total of 2,781 billionaires in the world, with a combined wealth of $14.2 trillion (approximately Rs 1000 lakh crore). The report also states that the number of Indians on the billionaires list has increased from 169 to 200 this year, including 25 debutants. In this article, we focus on a self-made Indian billionaire with a present net worth of $7.1 billion (approximately Rs 59.3 thousand crore) who has established a stronghold in the retail business in the Middle East and has ties with the Royal family of Abu Dhabi.
Meet the self-made Indian billionaire, who has a net worth of Rs 59,000+ crore, runs a successful multinational conglomerate, and has a connection with the Abu Dhabi Royal family
Yusuff Ali is a 68-year-old Indian billionaire and businessman, known as the retail king in the Middle East. He serves as the Chairman and Managing Director of LuLu Group International, which owns 256 hypermarkets and malls in the Gulf and other countries. In 2018, he secured the top spot on the Top 100 Indian Business Owners in the Arab World 2018 list by Forbes Middle East. Currently, he is the 27th richest Indian in the world with a net worth of $7.1 billion (approximately Rs 59.3 thousand crore), according to the Forbes billionaires list.
Education and early journey
The Indian billionaire (Yusuff Ali) was born on 15 November 1955 in the small town of Nattika in the Thrissur district of Kerala. He completed his schooling at St. Xavier’s High School in Karanchira and then pursued a diploma in Business Management and Administration. After completing his education, Yusuff Ali moved to Abu Dhabi in 1973, where he joined his uncle’s small distribution business. In 1990, his professional life took a successful turn when he ventured into the supermarket business by launching his firm, Lulu Hypermarket.
Expanding his business
In 1995, Carrefour entered the Middle East’s retail sector and transformed the sector completely. Around the same time, Yusuff Ali also expanded his business with Lulu Hypermarket, and within a few years, became a well-known name in the Middle East. In addition to hypermarkets, supermarkets, and department stores, Yusuff Ali’s company also owns many shopping malls in the Middle East. According to a DNA report, they also have malls in many Indian cities, including Kochi, Bengaluru, Lucknow, Coimbatore, Hyderabad, and Thiruvananthapuram.
Connection with the Royal family of Abu Dhabi
Apart from spearheading one of the largest chains of hypermarkets and shopping malls in the Middle East, Yusuff Ali also holds the position of the Second Vice-Chairman at the Abu Dhabi Chamber of Commerce and Industry. In 2020, an investment firm backed by Sheikh Tahnoon Bin Zayed Al Nahyan, a member of the Royal family of Abu Dhabi, acquired a 20% stake in LuLu Group International for $1 billion (approximately Rs 8,349 crore), according to Economic Times and Forbes reports.
50 years in UAE
A few months ago, Yusuff Ali took to X (formerly Twitter) to announce that he had completed 50 years in the UAE. He shared a few pictures with the President of the UAE, Mohammed bin Zayed Al Nahyan, and wrote, “I happily remember that it was on 31st of December 1973, that I first landed in UAE. Today, 31st of December 2023, I am completing 50 years in UAE. I take this opportunity to thank beloved His Highness Sheikh Mohammed Bin Zayed Al Nahyan, President of UAE, for leading this great country. I am also thankful to His Highness for the great support being extended to me. I am extremely proud to be a resident of Abu Dhabi, UAE since 50 years.“
