LuLu IPO: Who Is Yusuff Ali? Indian Billionaire Behind UAE's Famous Hypermarket
Yusuff Ali established the first LuLu Hypermarket in Abu Dhabi in 1990, marking the start of LuLu Group’s journey.
LuLu Retail Holdings, founded by India-born businessman Yusuff Ali MA, is set to launch the biggest initial public offering in the United Arab Emirates in 2024. Shares of LuLu Retail Holdings, which operates the global LuLu Hypermarket chain and LuLu International Shopping Mall, is expected to list at the Abu Dhabi Securities Exchange on Nov. 14.
The prospectus indicates the sale of roughly 2.58 billion shares, offered at a price band of 1.94 and 2.04 dirhams apiece. The offering size is estimated to be around 501 crore and 527 crore dirhams, with a final announcement expected on Nov. 6.
The company, founded in the UAE in 1974, operates over 240 stores across three formats.
LuLu Retail IPO: Statement From Chairman
Chairman Yusuff Ali MA in a statement highlighted LuLu's robust performance, driven by investments in digital capabilities and global sourcing. “With regional macroeconomic and demographic tailwinds behind us, we believe now is a perfect time to bring LuLu to market and further enable our ambitious growth plans,” he said.
Who Is Yusuff Ali MA?
The Chairman and Managing Director of LuLu Group International, Yusuff Ali MA is one of the most prominent business personalities in UAE.
Born in November 1955 in Nattika, a village in Kerala’s Thrissur, Ali did his schooling at St Xavier’s High School in Karanchira. He holds a Diploma in Business Management and Administration.
After completing his studies, he moved to Abu Dhabi in 1973 to work at his uncle’s Emke Group, a small trading business. He found interest in the business and started importing well-known brands of European frozen food products and distributing them to the local market. Under him, Emke Group soon became one of the largest food importers and traders in the UAE.
Yusuff Ali established the first LuLu Hypermarket in Abu Dhabi in 1990, marking the start of LuLu Group’s journey. This was a time when UAE’s retail scene was going through a major change, with large stores and hypermarkets replacing traditional mom-and-pop stores.
In 2014, he opened Abu Dhabi’s largest LuLu Hypermarket.
LuLu Group expanded its operations to India, opening its first mall in Kochi. The company also has malls in Bengaluru, Thiruvananthapuram and Lucknow.
According to Forbes, Yusuff Ali’s net worth is pegged at $7.4 billion.
Ali is also a philanthropist. He has undertaken several social, charitable and humanitarian activities in India as well as the UAE.
