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

News Network

October 9, 2020

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

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

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.

After loss my job I need Argent ica approval

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

Add new comment

Coastaldigest.com reserves the right to delete or block any comments.
Coastaldigset.com is not responsible for its readers’ comments.
Comments that are abusive, incendiary or irrelevant are strictly prohibited.
Please use a genuine email ID and provide your name to avoid reject.

Gulf returnee stabs teenage daughter to death amid family dispute in Manjeshwar

News Network

February 3,2026

Kasaragod: An 18-year-old girl was stabbed to death at Thuminad in Manjeshwar panchayat on Monday, allegedly by her father following a domestic dispute.

The victim has been identified as K U Mariyamath Jumaila. Her father, Umar Farooq, has been taken into police custody, Manjeshwar Station House Officer Inspector Ajith Kumar P said.

According to the police, Umar Farooq had been working in a West Asian country and returned home about three months ago.

Family tensions reportedly escalated after his wife, Thahira (41), decided to seek a divorce and asked him to leave her life. Kasaragod district panchayat member Harshad Vorkady alleged that Umer was addicted to marijuana and frequently caused disturbances at home.

On Monday, Thahira asked Umar to come to her sister’s house in Thuminad to discuss the dispute. Jumaila accompanied her mother.

Manjeshwar panchayat member Illiyas Thuminad said Umar arrived along with his brother, following which Thahira handed over gold ornaments and property documents to him and asked him to sever ties with her.

However, the police said a property dispute had been ongoing between Umar Farooq and his sister-in-law’s husband. During a heated argument, Umar allegedly attempted to attack the man with a sharp weapon. When Jumaila intervened to stop the assault, she was stabbed in the neck.

The teenager collapsed after bleeding profusely and was rushed to a private hospital in Mangaluru, where doctors declared her dead. Her body was later shifted to Mangalpady Taluk Hospital for post-mortem examination.

Jumaila was a former student of Sirajul Huda English Medium Higher Secondary School, Manjeshwar.

Comments