The Abu Dhabi-based Lulu Group is building two new shopping malls in Bengaluru and Chennai, which are expected to be operational by the end of this year. MA Yousuf Ali, Chairman and Managing Director of the company announced this to Gulf News adding that mall projects gives the company the best platform to keep expanding its Indian portfolio. He also said that the company has acquired an ongoing mall development in Bengaluru and will build its own retail destination in Chennai.
Lulu Group currently operates a mall in Kochi and has three upcoming projects in Lucknow, Vishakapatanam and Thiruvananthapuram. Currently on a massive expansion drive, it is set to open another 32 hypermarkets in shopping malls across the GCC countries, Egypt, Indonesia and Malaysia this year.
A native of Kerala, Yusuff Ali entered the Forbes Billionaires list for 2019 with an estimated personal wealth of $4.8 billion. Known as the ‘Retail King of the Middle East’, he is ranked as 394th in the list of the world’s richest people and was the 26th wealthiest Indian in the world in 2018.