The retail king
The 69-year-old Yusuff Ali began his journey on 31 December, 1973 and this is his fiftieth year in the UAE. He has become a beacon of inspiration and a true role model for expatriates, celebrating his remarkable 50th year in the UAE as he was ranked 344th among the world’s billionaires, as per the Forbes Wealthiest List 2024.
The beginning
He arrived on the shores of the UAE aboard the ship ‘Dumra’ from Mumbai to join his family’s small trading business in Abu Dhabi. “It was my hunger and eagerness to do something on my own that pushed me to branch out into foodstuff distribution in and around a still-growing Abu Dhabi, with a new influx of Western oil and construction professionals coming in. Sensing the potential of imported foodstuff for the large expat community arriving in the UAE with the discovery of oil, I ventured into large-scale imports, cold storage, and distribution,” explains Yusuff Ali about his beginnings. He was a former member of the Prime Minister’s Global Advisory Council (2008–14) and was nominated in 2008 to this strategic body, focused on strengthening India’s ties with its global community and addressing the concerns of the Indian diaspora.
The rest is history
He first ventured into the retail business with the opening of the first Lulu (which means pearl in Arabic) Center in Abu Dhabi, ironically during the first Gulf War in the early 90s, when expats were leaving the region. With not much to lose, Yusuff Ali stayed put with the belief that “war is temporary, but the UAE will emerge as a winner in the long term, with the visionary leadership of the country”. This earned him the support and confidence of the ruling sheikhs, which has, to this day, helped him remain a close confidant of the rulers.
His determination and risk-taking ability saw the business flourish even in adverse conditions, and Lulu expanded into other emirates of the UAE and gradually across the GCC. The group has grown exponentially, now boasting over 260 hypermarkets and shopping malls across 10 countries, with sourcing offices in 24 countries covering almost all major global markets.
Today, the Lulu Group employs more than 70,000 multi-ethnic staff, out of which almost 45,000 are from India, making it the largest employer of Indians outside India. The majority of its branches are in the UAE, considered the Mecca of shopping, where global retail chains compete to attract residents as well as tourist shoppers. According to the latest estimates, Lulu stores serve almost 1.6 million shoppers per day across its outlets in 10 countries.
Apart from retail, Yusuff Ali also has a strong presence in food processing, import and distribution, and the hospitality sectors. The group has its own sourcing and logistics hubs in 19 countries globally, from New Jersey to Birmingham, Milan, Manila, and China. Due to its strong presence and sourcing capabilities, Lulu is an integral part of the ‘Food Security’ initiatives of GCC countries. These food sourcing and exporting hubs play a vital role in Lulu’s supply chain, sourcing farm-fresh produce directly from local farmlands.
“This model ensures farmers receive better price margins for their crops, while consumers benefit from fresh, high-quality products at Lulu’s hypermarkets. With a vast network of processing plants and distribution channels, Lulu is able to showcase these products across India and export them worldwide, cementing its global presence,” says Saifee Rupawala, CEO and ED, who joined the Lulu Group in July 1982. His career spans over four decades, during which he has been instrumental in driving the company’s expansion.
With an annual turnover in excess of $8.4 billion, the Lulu Group is one of the top business conglomerates, spread across the Middle East, Africa, Europe, the USA, India, and the Far East. Its diverse portfolio includes food processing, exports, wholesale trading, hospitality, real estate, and IT, among others.
“Business is not just about money, products, or services; it’s all about people,” is the famous quote that has been the driving force behind the journey of Yusuff Ali, the UAE-based entrepreneur who has revolutionised the retail industry with his brand Lulu. He stands as a towering figure in the GCC business landscape.
His success is attributed not only to his strategic business acumen but also to his deep-rooted relationships with royal families and influential rulers across the GCC countries. His ability to navigate the economic landscape of the region has solidified his position as a key player in both business and bilateral relationships.
As a prominent business leader, he serves as a bridge between India and the GCC, fostering deeper trade ties. His influence extends beyond the business world, with active involvement in various initiatives that promote bilateral cooperation. Piyush Goyal, the Union Minister, recently referred to Yusuff Ali as the “roving Ambassador of India in the Middle East”, recognising his significant contribution to advancing India’s interests in the UAE and the broader Middle East.
Milestone year
“This year marked another significant milestone, with Lulu Retail Holdings PLC, the retail division of the Lulu Group, going public and listing on the Abu Dhabi Securities Exchange (ADX) on 14 November 2024. We initially planned to list 25 per cent of our shares, but the IPO received such a tremendous response that we were compelled to raise the offer to 30 per cent. The stock offering raised $1.72 billion, with aggregate demand at $37 billion, oversubscribed 25 times,” says Yusuff Ali.
This Lulu IPO remains the largest IPO of the year in the UAE and the biggest private sector IPO of the decade, setting records in retail participation. Most notably, it attracted a significant number of first-time investors, totalling over 82,000 retail investors – one of the highest recorded for a UAE IPO.
UAE nationals purchased a significant portion of Lulu shares, while foreign investors now hold just over 77 per cent of the stock, a notably high percentage among ADX-listed entities. The market capitalisation of Lulu Retail has been estimated at $5.74 billion, with shares priced at AED 2.04.
The cornerstone of the IPO’s success was the participation of leading sovereign and institutional investors across the GCC, including the Abu Dhabi Pension Fund, Emirates International Investment Company, Bahrain Mumtalakat Holdings, Oman Investment Authority, Kuwait Investment Authority, Qatar Investment Authority, Saudi PIF, Hassana Pension Fund, and the Singapore Sovereign Wealth Fund, among others. This robust involvement underscores the trust Lulu and Yusuff Ali have garnered among GCC rulers.
“This move opens the company to public investment, offering investors a unique opportunity to participate in Lulu Group’s continued growth and success. The listing not only strengthens Lulu’s position as a leading retailer in the region but also reflects its commitment to transparency, growth, and contributing to the UAE’s economy,” explains Saleem VI, Chief Operating and Strategy Officer of Lulu Group, who serves on the boards of several group companies. Saleem joined the group in 1986 and has been instrumental in implementing operational policies, regulations, and objectives.
“Lulu’s extraordinary contributions to development within the UAE and the GCC are commendable. As a retail leader, Lulu’s popularity has surged following its entry into public partnership,” says Mohamed bin Hassan Al Suwaidi, UAE Minister of Investment, who personally joined Yusuff Ali to ring the ceremonial bell, officially marking Lulu Retail’s trading on ADX.
“The successful listing of Lulu Retail Holdings on ADX underlines the UAE’s economic resilience and dynamism, bolstering ADX’s diversified sector offerings and paving the way for more consumer and retail issuers to utilise ADX’s platform. Lulu’s addition to ADX’s growing portfolio reflects the UAE’s strides in cultivating a robust, multi-sector economy. As this year’s largest IPO in the UAE, Lulu drew remarkable demand from a global investor base, cementing ADX’s role as a premier gateway for capital flows. This milestone aligns with ADX’s commitment to sustainable economic development, reinforcing Abu Dhabi’s position as a leading financial hub and advancing the UAE’s long-term vision. We are proud to support Lulu Retail and all our listed companies as they drive our nation’s financial growth and prosperity, contributing to a thriving economic future,” observes H.E.Ghannam Butti Almazrouei, Chairman of ADX.
“National Investments Company is proud to participate and co-lead this IPO for Lulu Retail Holdings, reinforcing our expertise in capital markets transactions and our commitment to supporting strategic investment initiatives within the GCC,” says Fahd Abdulrahman Al Mukhaizim, Board Member and CEO of NIC.
“We are confident that this IPO captures robust investor interest, marking the UAE’s largest listing this year and fortifying Lulu Retail’s market leadership,” says Najla Al Shirawi, SICO Group CEO.
Meanwhile, on 21 November 2024, Lulu Retail announced its third-quarter performance. “Revenue for the July-September quarter of this year rose by 6.1 per cent year-on-year to $1.86 billion, while third-quarter net profit from continuing operations surged 126 per cent year-on-year to $35.1 million,” reveals Prasad KK, Chief Financial Officer, who has been with the Lulu Group since 1998.
As disclosed during the IPO process, Lulu intends to open 91 new stores within the GCC in the next 3-5 years. “We are on target to open 100 stores within 3 years across the GCC,” says Ashraf Ali MA, Yusuff Ali’s only brother and Executive Director of Global Operations at Lulu Retail.
Joining the group in 1981, Ashraf Ali has played a pivotal role in the creation and innovation of Lulu Group’s stores, as well as in streamlining global operations. He currently leads the group’s retail operations, focusing on innovation, including its expansion into e-commerce and the development of private label offerings.
India commitment
The Lulu Group’s journey into India has been marked by strategic investments and a commitment to bringing world-class shopping experiences to Indian consumers. After establishing a formidable presence across the Middle East, Lulu made its bold foray into the Indian market in 2013, with the launch of its first mall in Kochi, Kerala, on 10 March 2013.
At the time, Lulu Mall Kochi was the largest mall in India, setting a significant milestone for the brand. The scale and grandeur of the mall captured the attention of locals, transforming Edapally into the heart of Kochi, with urban development flourishing in its vicinity.
Lulu’s expansion strategy in Kerala focuses on enhancing its presence in key cities. The group is planning new malls and hypermarkets in Kottayam, Kollam, Thrissur, and Malappuram. These developments aim to offer the region’s residents unparalleled shopping experiences, dining, and entertainment. This is part of Lulu’s broader vision to bring its world-class shopping destinations to more people across Kerala.
Following the success of the Kochi mall, Lulu expanded its footprint across India, with projects spanning from south to north. New locations include Lucknow, Bengaluru, Hyderabad, Coimbatore, Thiruvananthapuram, Palakkad, Thrissur, Kozhikode, and now Kottayam. The group plans an even greater presence in Kerala, with new malls and food sourcing hubs planned for Greater Noida and other key regions.
Among the most anticipated projects is the Lulu Mall in Ahmedabad, set to become the largest shopping mall in India. Located on SP Ring Road in Chandkheda, Ahmedabad, this Rs4,000 crore investment secured through a R519 crore bid from the Ahmedabad Municipal Corporation will offer a vast array of shopping, dining, and entertainment options. Once completed, this mall will redefine the retail experience in Gujarat.
In Tamil Nadu, Lulu is expanding its reach with global standard hypermarkets in high-traffic metro stations at Shenoy Nagar, Chennai Central, and Wimco Nagar. These projects, slated for completion next year, will cater to commuters and residents, providing easy access to Lulu’s diverse range of products.
Lulu’s growth also extends to Andhra Pradesh, where it is developing projects in Visakhapatnam, Vijayawada, and Tirupati. The group is building an international-standard shopping mall in Visakhapatnam, featuring an eight-screen IMAX multiplex.
In Vijayawada and Tirupati, state-of-the-art hypermarkets and modern food processing centres are underway. These developments are the result of productive discussions between Chief Minister Chandrababu Naidu and Lulu Group Chairman Yusuff Ali in September 2024.
One of Lulu’s most exciting ventures is its expansion into Jammu & Kashmir. A world-class Lulu Hypermarket is set to open at the Mall of Srinagar, covering 100,000 sq ft. This hypermarket aims to bring Lulu’s high-quality retail experience to the region, further enhancing its role in exporting products like apples, saffron, and dry fruits from J&K to the Middle East. This move is expected to boost local tourism, create employment opportunities, and contribute to the region’s economic growth.
Since its debut in India, Lulu has received a warm embrace from Indian shoppers, who appreciate the brand’s commitment to high-quality products and exceptional shopping experiences. Lulu’s success in key cities has laid the foundation for its rapid growth across India.
Ashraf Ali, Executive Director – Global Operations at Lulu Retail, adds: “The Lulu Group’s entry into Indian metro cities has been met with overwhelming enthusiasm, with our global standard malls and hypermarkets offering a truly world-class retail experience. From Bengaluru and Coimbatore to Lucknow, Lulu has become the way people shop. The combination of luxury, convenience, and global products has made Lulu malls a premier destination for shoppers of all ages.”
With positive customer feedback and strong demand, Lulu is accelerating its expansion plans across India, aiming to bring its iconic malls, hypermarkets, and diverse retail offerings to new states, continuing its mission to deliver world-class shopping experiences to millions of Indian consumers.
Vision extends far beyond retail
With investments planned across multiple states to further cement its leadership in the retail, hospitality, and real estate sectors, the company has ventured into hospitality and real estate, with projects like the Lulu Cyber Towers in Kochi, which is transforming the city into a growing IT hub.
In the hospitality sector, there are the Lulu International Convention Centres in Kochi and Thrissur. Additionally, luxury hotels such as Marriott at Nedumbassery (near Cochin International Airport) and Edappally, Grand Hyatt in Kochi Bolgatty, and Hyatt Regency in Trivandrum and Thrissur further solidify Lulu’s footprint in the region.
In Kochi, the Lulu Twin Towers are fast becoming a landmark of Kerala’s IT infrastructure, with the capacity to accommodate IT professionals. This project is expected to play a major role in turning Kochi into a prominent IT hub, attracting top talent and global companies to the region.
The company has played an active role in boosting the state’s hospitality and IT sectors, contributing to its overall economic growth. The launch of Lulu Cyber Towers at Infopark, convention centres, and five-star hotels in the state has further solidified Lulu’s role in shaping the business landscape.
Yusuff Ali plays an active role in Kerala’s infrastructure development, particularly in the state’s IT sector. “Through the advanced Lulu Cyber Towers in Infopark, the Lulu Group has significantly contributed to boosting Kerala’s IT growth. The upcoming Twin Tower project is set to further strengthen Kochi’s position as a hub for major multinational companies. Lulu’s 29-storey twin tower, with a cost of R1,200 crore, will accommodate about 30,000 IT professionals.”
“Beyond our retail offerings, Lulu has created an atmosphere of joy and celebration, with regular entertainment programs, live music performances, and record-breaking events that bring people together. The brand also respects and participates in national pride events, further strengthening its bond with the community. These celebrations, coupled with the dynamic shopping environment, have attracted massive crowds, making Lulu malls a go-to destination for family outings, entertainment, and shopping,” adds Yusuff Ali.
With its global-class hypermarket, Lulu has quickly become a gem in India’s retail landscape. The flagship Lulu Hypermarket is a sprawling hub that offers a wide variety of products, from fresh groceries and gourmet foods to an extensive selection of both international and local brands.
The hypermarket is designed to cater to every shopper’s needs, with dedicated sections for groceries, fresh farm produce, meat and fish, hot food and bakery items, and even live kitchen counters, where customers can enjoy freshly prepared meals. Lulu’s retail offerings continue to impress, with the Fashion Store showcasing the latest trends in fashion, bringing together both global and local brands under one roof.
For tech lovers, Lulu Connect is a premium electronics and home appliances store, featuring a massive range of gadgets and cutting-edge products. And for families, Funtura is the ultimate indoor gaming zone for kids, providing a fun and vibrant space for entertainment.
Lulu is further strengthening its presence across India, with large-scale malls and hypermarkets serving as landmarks in major metro cities. Additionally, Lulu is extending its reach to smaller regions by establishing mini malls, ensuring that customers in Tier-2 and Tier-3 cities also have access to the high-quality shopping, entertainment, and dining experiences that the brand is known for, offering a seamless blend of global shopping experiences in every corner of India.
Food processing and exports
The Lulu Group is a major player in India’s agri-food processing and export industry, with an annual turnover exceeding R8,400 crore. The company operates state-of-the-art food processing and export facilities in key states including Uttar Pradesh, Maharashtra, Punjab, Haryana, Kerala, and Tamil Nadu, with new plants underway in Andhra Pradesh, Jammu & Kashmir, and Gujarat.
As part of its global operations, Fair Exports India Pvt Ltd, a key sourcing and distribution division of Lulu, is dedicated to providing top-quality meat and a range of other food products to customers worldwide. Fair Exports India Pvt Ltd (FEIPL) currently operates several manufacturing units spread across multiple states in India, including Maharashtra, Uttar Pradesh, Kerala, Tamil Nadu, Karnataka, and Haryana.
FEIPL operates with a strong commitment to excellence, ensuring that all products are produced and processed in some of the most hygienic and technologically advanced food processing plants strategically located around the world. The company maintains rigorous standards of quality control at every stage of production, from the initial livestock procurement to production, packaging, and finally, distribution to consumers.
“At FEIPL, great care is taken to ensure that every product meets the highest international quality standards. The company’s food processing plants are equipped with state-of-the-art facilities, designed to handle production with efficiency, hygiene, and safety in mind. This meticulous approach ensures that products meet the expectations of clients worldwide,” says Salim MA, Director of Global Operations and Yusuff Ali’s cousin.
Over the years, the company has received accolades from prestigious organisations, including APEDA (Agricultural and Processed Food Products Export Development Authority) and the Ministry of Commerce, Government of India, for its outstanding contributions to the food processing and export industry.
In addition to meat, FEIPL exports a diverse range of products, including spices, fresh fruits, vegetables, lentils, and a wide array of garments. The company’s export of textiles has been recognised with various accolades, including the
Gold Trophy for Best Synthetic Exports by the Government of India’s Synthetic and Rayon Textile Export Promotion Council. Apart from India, the group currently operates sourcing offices in 13 countries, including the US, UK, Spain, Italy, South Africa, Turkey, Philippines, Vietnam, China, Indonesia, Thailand, Sri Lanka, and Australia.
Yusuff Ali serves as the Director of Cochin International Airport Ltd (CIAL), a pioneering project in India’s civil aviation history, developed through a unique partnership between the Kerala government, NRIs, financial institutions, and other stakeholders. He is also a Director of Kannur International Airport Ltd. (KIAL), the second greenfield airport in Kerala, established under the public-private partnership model, following CIAL.
Additionally, Yusuff Ali is the Vice Chairman of the Non-Resident Keralites Affairs Department (NORKA ROOTS), a Kerala government initiative dedicated to safeguarding the welfare and rights of Non-Resident Keralites (NRKs).
Shaping Kerala’s economy
To meet his demanding schedule, Yusuff Ali has upgraded his fleet with a Gulfstream G600 private jet (registration T7-YMA). Known for its impressive performance, the jet offers a range of 6,600 nautical miles and a maximum speed of 982 kph, making it the fastest long-range private jet in the world.
With a capacity for up to 19 passengers, it can fly non-stop from New York to Dubai or London to Beijing. The luxurious interior features dimensions of 51.2 feet in length, 7.6 feet in width, and 6.2 feet in height. The Gulfstream G600 is valued at over Rs500 crore.
In the banking sector, Yusuff Ali is a major shareholder in several banks. He has played a pivotal role in shaping Kerala’s economic landscape, contributing to its growth and development across multiple industries. Yusuff Ali acquired a 4.99 per cent stake in Catholic Syrian Bank (CSB) and Dhanlaxmi Bank, and has picked up a 4.47 per cent stake in Federal Bank. He also holds a two per cent stake in South Indian Bank.
Although Yusuff Ali is a well-known public figure often seen at major events and functions, he is rarely spotted at parties or golf clubs. Instead, he enjoys spending his free time watching Indian movies and playing with his 11 grandchildren.
Beyond his private jets and collection of luxury cars, Yusuff Ali is an avid watch collector, frequently showcasing his impressive collection on social media. Committed to his health, he follows a strict diet and workout regimen and takes pride in wearing well-tailored suits.
Yusuff Ali is married to Shabira Yusuff Ali and has three daughters. His eldest daughter, Shabeena, is married to billionaire businessman Dr Shamsheer Vayalil, Founder and Chairman of Burjeel Holdings, a leading healthcare provider and dedicated philanthropist.
His second daughter, Shafeena, is married to Adeeb Ahamed, MD & CEO of Lulu International Exchange and Twenty14 Holdings. His youngest daughter, Shifa, is married to Sharoon Shamsudheen, an IT and real estate entrepreneur.
Finally, the natural question for Yusuff Ali is about succession planning. He says: “It is all in place,” as he signs off, also mentioning an Indian listing: “It is in the works.”
Service to Humanity
As a prominent business leader and influential Indian in the Middle East, Yusuff Ali M.A. serves as a bridge between India and the GCC, fostering deeper trade ties. His influence extends beyond the business world, with his active involvement in various initiatives that promote bilateral cooperation.
Many times, Yusuff Ali has been urged to use – and has used – his close proximity with authorities to ‘untangle’ certain tricky issues, such as helping people in distress, paying blood money to release death-row inmates, sending back people stranded in the UAE after being cheated or duped by Indian agents, and more.
Yusuff Ali has always been dedicated to helping those in need and serving society. Through his active involvement in various charitable, social, and humanitarian initiatives, he has made significant contributions both in India and the Gulf countries. He has worked tirelessly to ensure the social, economic, and religious well-being of expatriate Indians in the Gulf.
Some of his major contributions include:
• Saves Keralite on death row in Abu Dhabi: Yusuff Ali played a major role in securing the release of Becks Krishnan, an Indian sentenced to death in Abu Dhabi. The case dates back to 2012, when Krishnan was found guilty of accidentally causing the death of a young boy by ramming his car into a group of children. The crime, which was captured on CCTV, led to a conviction by the UAE Supreme Court, resulting in a death sentence.
In January 2021, Krishnan’s family turned to Yusuff Ali for assistance. He engaged with the relevant authorities and worked to secure a pardon from the victim’s family in Sudan. Yusuff Ali personally paid R1 crore as blood money in court, leading to Krishnan’s release on 2 June, 2021, and his return to Kochi, Kerala.
• Rasheed’s release from Saudi prison: Rasheed, a native of Vithura, Kerala, spent over two years in a Saudi prison after falling victim to a fraudster posing as a social worker. Rasheed had come to Jeddah as a driver and was later duped by a man named Shan, who promised to help him return to Kerala for a fee. Rasheed’s family contacted Yusuff Ali, who immediately intervened, resolving the legal issues and securing his release.
• Moosakutty’s debt repayment and release in the UAE: Moosakutty Puzhakkara, a native of Pattambi, Kerala, was imprisoned in Ras Al Khaimah for non-repayment of debts, with 28 legal cases filed against him. He was also paralysed and had accumulated medical expenses. Yusuff Ali paid off the entire debt of AED 4 lakh, cleared the legal cases, and helped lift Moosakutty’s travel ban, allowing him to return home to Kerala.
• Kuwait building fire tragedy: In June 2024, a building fire in Kuwait tragically resulted in the loss of around 40 Indian lives, with more than 50 others injured. Yusuff Ali generously provided financial compensation, contributing approximately AED 22,000 to the families of the victims.
• Support for expatriate workers during the Gulf’s amnesty period: During the Gulf’s amnesty period, many Indian expatriates found themselves without work and struggling to afford tickets home. Yusuff Ali ensured these workers received all the necessary assistance, including air tickets to return to India.
• Covid-19 pandemic support: Yusuff Ali donated Dh 1 million, providing 125,000 meals to communities in the UAE affected by the Covid-19 pandemic. Additionally, he contributed Rs25 crore to the PM-CARES Fund to help combat the virus in India and funded the construction of a 1,400-bed treatment centre in Kerala.
• Gandhibhavan contributions: Gandhibhavan, a home for the destitute in Pathanapuram, Kollam, provides shelter for senior citizens. Yusuff Ali contributed Rs7.5 crore towards medical care, food, and clothing for residents and personally funded the construction of a new three-story building for elderly women. His overall investment in the home totals R15 crore.
• Aid during natural calamities: Yusuff Ali has consistently supported rehabilitation efforts during natural disasters across India, including the Gujarat earthquake, the tsunami tragedy, the Uttarakhand floods and landslides, and the Jammu & Kashmir floods. He was the first to contribute to the rehabilitation of the Calicut market fire victims and provided significant financial aid to families affected by the Paravur Temple tragedy and the Wayanad landslide.
In a heartfelt tribute to Yusuff Ali’s 50 glorious years in the UAE, his son-in-law, Dr. Shamsheer Vayalil, founder and chairman of Burjeel Holdings, launched the Golden Heart Initiative. This global philanthropic mission aimed to provide medical care for children from conflict zones and underprivileged backgrounds. The initiative helped 50 children receive free medical treatment for serious heart conditions, including surgeries, with support from government departments and hospitals in Tunisia, Egypt, and India.