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

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
February 3,2026

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Dakshina Kannada MP Capt Brijesh Chowta has urged the Centre to give high priority to offshore wind energy generation along the Mangaluru coast, citing its strategic importance to India’s green energy and port-led development goals.

Raising the issue in the Lok Sabha under Rule 377, Chowta said studies by the National Institute of Oceanography have identified the Mangaluru coastline as part of India’s promising offshore wind ‘Zone-2’, covering nearly 6,490 sq km. He noted that the region’s relatively low exposure to cyclones and earthquakes makes it suitable for long-term offshore wind projects and called for its development as a dedicated offshore wind energy zone.

Highlighting the role of New Mangalore Port, Chowta said its modern infrastructure, multiple berths and heavy cargo-handling capacity position it well as a logistics hub for transporting and assembling large wind energy equipment.

He also pointed to the presence of major industrial units such as MRPL, OMPL, UPCL and the Mangaluru SEZ, which could serve as direct buyers of green power through power purchase agreements, improving project viability and speeding up execution.

With Karnataka’s peak power demand crossing 18,000 MW in early 2025, Chowta stressed the need to diversify renewable energy sources. He added that offshore wind projects in the Arabian Sea are strategically safer compared to the cyclone-prone Bay of Bengal.

Calling the project vital to India’s target of 500 GW of renewable energy by 2030, Chowta urged the Ministry of New and Renewable Energy to initiate resource assessments, pilot projects and stakeholder consultations at the earliest.

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News Network
February 4,2026

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Ghaziabad: In a tragic incident, three sisters aged 12, 14 and 16 died after jumping from the ninth floor of their apartment in Uttar Pradesh’s Ghaziabad in the early hours of Wednesday. The girls allegedly took the extreme step after becoming deeply obsessed with an online Korean task-based game.

The incident occurred around 2.15 am at a high-rise apartment complex in Bharat City. Before jumping, the sisters — Pakhi (12), Prachi (14) and Vishika (16) — left behind a handwritten note that read, “Sorry, Papa.”

According to police, the girls went to the balcony, bolted the door from inside and jumped one after another. Their screams and the sound alerted their parents, neighbours and security guards. By the time the parents broke open the balcony door, all three had died.

“When we reached the spot, we confirmed that three minor girls, daughters of Chetan Kumar, had died after jumping from the building,” said Assistant Commissioner of Police Atul Kumar Singh.

Visuals from the scene on Wednesday morning showed the bodies lying on the ground, their mother wailing in grief, and stunned neighbours gathering at the complex.

Police said the sisters were heavily influenced by Korean culture and were addicted to an online “Korean love game”, though no specific game has been identified so far. Investigators are examining an eight-page suicide note written in a pocket diary, detailing the girls’ mobile and gaming activities.

“Read everything written in this diary because all of it is true. I’m really sorry. Sorry, Papa,” the note said, accompanied by a hand-drawn crying emoji.

Their father, Chetan Kumar, told police that the girls had even adopted Korean names and had gradually withdrawn from school and daily activities. “They used to say, ‘Korea is our life, Korea is our biggest love. We cannot give it up,’” he said, breaking down.

Police said the parents had recently restricted the girls’ mobile phone usage, which may have triggered distress. “The investigation has not revealed the name of any particular game, but it is evident that the girls were deeply influenced by Korean culture, as mentioned in the suicide note,” said senior police officer Nimish Patel.

The sisters reportedly did everything together, including eating and bathing. Their gaming addiction is believed to have begun during the COVID-19 pandemic, after which they became irregular at school and eventually stopped attending altogether.

Police also revealed that Chetan Kumar is married to two sisters and lives with both wives and their children, all daughters. Two of the deceased girls were daughters of one wife, while the third was their half-sister.

Further investigation is underway.

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News Network
February 4,2026

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An Indian resident who won the Dh20 million (approximately Rs 50 crore) jackpot in Abu Dhabi's Big Ticket draw has told of his joy at sharing his life-changing fortune with a friend.

Shanthanu Shettigar, a shop manager in Muscat, regularly buys tickets for the monthly grand prize draw with one of his closest friends – and the pair won on February 3.

Mr Shettigar, 33, who is from Udyavar in Udupi district of the southern state of Karnataka and has lived in the Omani capital for eight years, said he was left speechless after learning of his success.

“When I first moved to Muscat, many of my colleagues were purchasing Big Ticket, which encouraged me to give it a try,” he said.

“I started buying tickets on my own, and later began sharing tickets with a close friend. The ticket that brought me this win was one we purchased together.”

“Like most people, I receive a lot of spam calls, and I was fully absorbed in my work as well. I knew the live draw was taking place tonight, but I never imagined my name would be announced,” he said.

“When I realised it was real and that I had won, I was honestly speechless. It still hasn’t fully sunk in, but I’m extremely happy.”

Mr Shettigar is not sure how he will spend his share of the money, but encouraged others to take part.

“This win was completely unexpected, so I want to take some time to think things through before deciding what to do next,” he said.

“I would definitely encourage others to participate with Big Ticket, whether with family or friends – you never know when your moment might come.”

The Big Ticket was established in 1992 with an initial first prize of Dh1 million. It is one of the most popular monthly raffles in the UAE.

It has transformed the lives of many people across the Emirates and beyond.

Entry to the Big Ticket Millionaire is Dh500. Tickets can be bought online or at counters at Zayed International Airport and Al Ain Airport.

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