Bigger India
With A $2 Billion Investment Plan, U.A.E. Based Billionaire Yusuff Ali M. A. Is Betting Heavily On India
The Indian billionaire first arrived in the U.A.E. in 1973 to join his uncle’s business and was later handed the reigns of the group, which saw massive expansion under his management.
Abu Dhabi-headquartered Lulu Group International—one of the world’s top 250 retailers—chaired by Indian billionaire and retail giant Yusuff Ali M. A. is on an expansion spree in India. In February this year the group launched a $459 million mixed-use project in the south Indian state of Andhra Pradesh comprising a 7,000-audience capacity convention centre, a shopping mall and a luxury hotel.
A 36-month long project set to open in 2021 in Andhra Pradesh, Lulu Group International has earmarked $2 billion for the Indian market to build malls, hotels, convention centers among others. The retail mogul’s investment in Andhra Pradesh comes right after the launch of $300 million project in the north Indian city of Lucknow in Uttar Pradesh in late February 2018. The Lulu Mall in Lucknow spans 1.86 million square meters, generating employment opportunities for over 5,000 individuals.