<article>Abu Dhabi-based <a style="color: #000080;" href="http://www.lulugroupinternational.com/" target="_blank">Lulu Group</a> on Monday announced that it will spend $500 million to open hypermarkets in Indonesia.</article>

Abu Dhabi-based <a style="color: #000080;" href="http://www.lulugroupinternational.com/" target="_blank">Lulu Group</a> on Monday announced that it will spend $500 million to open hypermarkets in Indonesia.
“With an initial investment of $300 million in the first phase, we plan to open 15 hypermarkets by the end of 2017,” said Yusuffali M.A., managing director and promoter of the group.
The announcement came during the visit of Indonesian President Joko Widodo to Abu Dhabi, the company’s headquarters since the early 1980s.
Yusuffali is from Thissur district of Kerala and a first-generation migrant to the Middle East where he made his fortunes in retail and real estate business in the mid-1990s. His flagship brand of Lulu hypermarkets and department stores has gained 32% share of the retail market in Gulf Cooperation Council countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates—Egypt and Yemen.
Yusuffali has also invested in India’s retail market, with a mall in Kochi, dubbed the country’s largest.
According to the 2015 Forbes listing, Yusuffali is the 30th wealthiest Indian and the 737th richest in the world, with a personal wealth estimated at $2.8 billion.
His business interests span retail, export-import and food-processing in 31 countries with an annual turnover of $5.5 billion globally, according to details furnished on Yusuffali’s website.
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<h5>This article was first published on <a style="color: #000000;" href="http://www.livemint.com/Companies/lFikV0GywapK1LRV0jfjeM/Small-eretailers-face-the-heat-as-big-rivals-expand.html" target="_blank">Livemint.com</a></h5>

“With initial investment of $300 million in 1st phase, we plan to open 15 hypermarkets by the end of 2017,” said Yusuffali M.A., MD & promoter of Lulu Group.

Abu Dhabi-based Lulu Group to invest $500m to open hypermarkets in Indonesia

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