Chief Guest, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Indian Prime Minister Narendra Modi along with Yusuffali MA in New Delhi in 2017.
The LuLu Group has plans underway that could create jobs for over 40,000 people in India
Prominent NRI businessman and one of the major investors in India, Yusuffali MA sees tremendous push from UAE investors into India. Reacting on the latest easing of FDI norms by Modi government, Yusuffali predicts that an investment to the tune of $150 billion will flow into retail, aviation, tourism and manufacturing sectors from Gulf countries.
The recent top-level visits by the leaders of both nations coupled with newly announced initiatives has made India the most talked about FDI destination for investors in the Gulf region, which is looking to broaden its non-oil investments and revenue streams.
Yusuffali MA, who is the Chairman of $7.4-billion LuLu Group (and the only Indian to be elected to the Director Board of Abu Dhabi Chamber of Commerce) with major investments in retail, hospitality and food processing sectors in India, revealed his future investment plans in Gujarat, Uttar Pradesh, Kerala, Andhra Pradesh and Telangana.
While the group is investing around Dh550 million and Dh2.5 billion in Uttar Pradesh and Kerala respectively, setting up shopping malls, five-star hotel and convention centre, and IT parks, another Dh1.46 billion will be spent in Telangana to set up a state-of-the-art Food Processing Unit, an integrated food processing plant and a modern shopping mall in Hyderabad. Once completed, these projects will generate an employment opportunity for more than 40,000 people.
Another big project will be a Convention Centre and five-star hotel planned in Vishakhapatnam, Andhra Pradesh, where LuLu will team up with the local government to set the world-class facility at a cost of Dh410 million.
Apart from India, the LuLu Group has ambitious plans for Far East markets where it recently opened hypermarkets in Malaysia and Indonesia, and plans to invest around Dh2.2 billion in next five years.
Closer home in the GCC region, the group enjoys around 32 per cent market share of the organised retail sector with 142 stores. LuLu plans to add another 23 new hypermarkets by the end of 2018 including in the UAE, KSA, Oman and Kuwait.
Chief Guest, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Indian Prime Minister Narendra Modi along with Yusuffali MA at the Republic Day Ceremony in New Delhi in 2017.