Saudi Arabian govt to invest in Yusuff Ali’s LuLu Group

News Network
October 9, 2020

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Kochi, Oct 9: The Public Investment Fund (PIF) under the Saudi Arabian government is planning to invest in the Lulu Group International owned by NRI businessman M A Yusuff Ali. This could be a historical achievement as Abu Dhabi government's holding company ADQ invested in Lulu Group only a month ago.

The PIF chaired by Saudi Crown Prince Mohammed bin Salman manages a total fund of 36,000 crore Dollars (approximately Rs 26 lakh crore). This is one of the largest sovereign wealth funds in the world. Sovereign funds are the funds owned by the government. Reliance Retail of Mukesh Ambani also is trying to get PIF funding.

It is yet to clarify how much amount PIF would invest in Lulu Group or how many shares will be purchased. Lulu Group Director of Marketing and Communications V Nandakumar told Mathrubhumi that they cannot respond on the basis of mere assumptions.

Abu Dhabi government's company ADQ had invested Rs 8000 crore (110 crore Dollars) in Lulu Group one month ago. The fund will be used to set up many hypermarkets in Jordan, Morocco and Iraq. ADQ is chaired by Sheikh Tahnoun bin Zayed, the national security advisor and brother of Abu Dhabi Crown Prince Sheikh Muhammed bin Zayed.

Apart from PIF and ADQ, more companies from the Gulf region will invest in Lulu Group and the discussions in this regard is progressing. The arrival of funds proves that Lulu Group and Yusuff Ali have earned trust of the royal families in Gulf countries.

Lulu Group owns 194 hypermarkets in 9 countries and 15 logistics centres in 15 countries. Apart from this, the Group also owns many large scale shopping malls and hotels. The annual turnover is around Rs 55,800 crore. Among the 58,000 staff in the Group, 30,000 are Keralites.

Comments

SUBRAMANIAN
 - 
Saturday, 17 Oct 2020

emergency basis i came India on 17th August i have Abu Dhabi residence visa i want return Abu Dhabi almost completed more than 60 days, still now I getting Red message when will i receive green message and return

Bishnupada Das
 - 
Friday, 16 Oct 2020

Dear Sir,
I am applying for ica approval more than 5 months but massage are coming red , my is Abu Dhabi resident visa validity on April 2021 , please advise how to travel urgent basis.

Rasal
 - 
Thursday, 15 Oct 2020

After loss my job I need Argent ica approval

Mohammed Ishaq
 - 
Sunday, 11 Oct 2020

We know Dollars in Million but Dollars in Crore???

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News Network
November 29,2025

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New Delhi: Karnataka chief minister Siddaramaiah and deputy CM DK Shivakumar on Saturday put up a dramatic display of unity at a closely watched joint press briefing, firmly dismissing weeks of speculation about a power-sharing tussle within the Congress. With the high command nudging both leaders to sit together and settle the dust, the meeting became a political spectacle, ending with the duo declaring that there was “no confusion, no differences.”

Calling the reports of a rift “manufactured confusion,” Siddaramaiah said the talks had gone smoothly, even joking about their breakfast. “Breakfast was very good. All three of us enjoyed it,” he said. “We want to end this confusion once and for all. For local elections and for 2028, our mission is clear — Congress must return to power. There is no difference between me and DKS, not now, not before.”

He blamed the media for fuelling rumours and reiterated absolute adherence to the party leadership. “From tomorrow, let there be no confusion. What the high command says, we will follow.”

Siddaramaiah also assured that the Assembly session starting December 8 would run smoothly and vowed that Congress would take on the BJP and JD(S) “together.”

Shivakumar echoed the chief minister word for word, stressing loyalty and discipline. “People have given us a massive mandate. It is our duty to deliver,” he said. “This government was formed under Siddaramaiah’s leadership. We both have complete trust in the high command. If they tell me to wait, I will wait.”

He added that the two leaders had discussed strategy for the 2028 Assembly elections. “Whatever the CM says, I agree. We are loyal soldiers of the party. The party may be facing challenges nationally, but we will keep it strong in Karnataka.”

Shivakumar also said Siddaramaiah would soon visit his home for lunch or dinner — another symbolic gesture meant to underline their unity.

Both leaders later posted on social media describing the breakfast meeting as “productive” and focused on “Karnataka’s priorities.”

The BJP, however, rejected the show of camaraderie as “pure bunkum,” accusing Congress of trying to paper over an internal power struggle. But Siddaramaiah and Shivakumar insisted their united front would continue — and that there was “no confusion” within the state leadership.

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News Network
November 27,2025

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Bengaluru: The Vokkaligara Sangha on Thursday issued a stern warning to the Congress, saying the party could face serious electoral repercussions if Deputy Chief Minister D.K. Shivakumar is not appointed as Chief Minister.

The warning follows the public backing of Shivakumar’s chief ministerial ambition by top Vokkaliga pontiff Nirmalanandanatha Swami, who urged the Congress high command to honor his claim.

“The community supported Congress in the 2023 Assembly elections only because Shivakumar had a real chance to become CM. If he is cheated, we’ll teach the party a big lesson,” said newly elected Sangha president L. Srinivas. He added that Vokkaligas would organize protests under the guidance of community leaders.

General Secretary C.G. Gangadhar pointed out that Congress won more seats in the Vokkaliga-dominated Old Mysuru region due to Shivakumar’s influence, adding, “If Congress wants to retain power, Shivakumar should be made the CM.”

Outgoing president Kenchappa Gowda emphasized Shivakumar’s contribution to Congress’ victory. “Our community voted for Congress thinking he would become CM. Siddaramaiah has also served the party well, but Shivakumar should now be given a chance,” he said.

Former general-secretary Konappa Reddy appealed to Sonia and Rahul Gandhi to recognize Shivakumar’s loyalty and service, saying, “Congress is known to keep its promises. We hope it won’t break the promise made to him.”

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News Network
November 26,2025

Mangaluru, Nov 26: Assembly Speaker and local MLA U.T. Khader has initiated a high-level push to resolve one of Mangaluru’s longest-standing traffic headaches: the narrow, high-density stretch of National Highway-66 between Nanthoor and Talapady.

He announced on Tuesday that a formal proposal has been submitted to the Union Ministry of Road Transport and Highways (MoRTH) seeking approval to prepare a Detailed Project Report (DPR) for the widening of this crucial corridor.

The plan specifically aims to expand the existing 45-meter road width to a full 60 meters, coupled with the construction of dedicated service roads. Khader highlighted that land for a 60-meter highway was originally acquired during the initial four-laning project, but only 45 meters were developed, leading to a perpetual bottleneck.

"With vehicle density rising sharply, the expansion has become unavoidable," Khader stated, stressing that the upgrade is essential for ensuring smoother traffic flow and improving safety at the city's main entry and exit points.

The stretch between Nanthoor and Talapady is a vital link on the busy Kochi-Panvel coastal highway and connects to major city junctions. The move to utilize the previously acquired land for the full 60-meter width is seen as a necessary measure to catch up with the region's rapid vehicular growth and prevent further traffic gridlocks.

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