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
December 26,2024

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The UN agency for Palestinian refugees (UNRWA) says the northern part of the Gaza Strip has been going through “the hell of the hell" amid Israel's bombing campaign on civilian facilities and blockade of aid for almost three months.

In an interview with Irish state media RTE on Wednesday, UNRWA Communications Director Juliette Touma said northern Gaza has witnessed “heavy, heavy bombardment," as well as loss of life among civilians and attacks on hospitals and shelters.

She was also asked about the situation in the Kamal Adwan hospital, which is still barely functioning in northern Gaza despite an Israeli order to shut down and evacuate.

Touma said the evacuation orders of medical centers and raids on them "have become commonplace in Gaza" since last October, when Israel unleashed its genocidal war on the Palestinian territory.

“We shouldn’t become numb, though, to the fact that this happens all the time. Because, at the end of the day, this is a violation of international law," she added.

"This is crossing a very thick red line and way too many times the rules of war have been broken in Gaza, and those responsible must be held accountable."

Over the past few months, Israel has used tanks, snipers and quadcopters to attack the Kamal Adwan hospital, where over 400 civilians have sought medical care and shelter.

On Wednesday, Physicians for Human Rights - Israel (PHRI), an Israeli NGO that advocates for medical rights, filed an urgent petition with the regime's top court to end the ongoing attacks on the Kamal Adwan hospital.

The petition calls for the establishment of a humanitarian corridor to deliver medical supplies, fuel, and for the safe evacuation of patients and staff.

“The relentless attacks on Kamal Adwan hospital have caused catastrophic harm to medical infrastructure, claimed the lives of patients and staff, and denied access to essential healthcare services," it said.

"Under international law, Israel is obligated to protect the safety and security of patients, medical personnel, and healthcare facilities—even in times of conflict.”

Israel launched its brutal Gaza onslaught on October 7, 2023, after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

So far, the occupying regime has killed at least 45,361 Palestinians, mostly women and children, and injured 107,803 others, in Gaza. 

Since early October, Israel has intensified its attacks in the northern Gaza Strip, cut the area off from the rest of the territory, and blocked nearly all food aid from entering the region.

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News Network
December 21,2024

New Delhi: The Ministry of Law and Justice of Prime Minister Narendra Modi-led government has made an amendment to the Conduct of Election Rules, restricting public access to certain electoral documents that were previously available.

The original Rule 93(2)(a) of the 1961 Conduct of Election Rules stated, “all other papers relating to the election shall be open to public inspection.” However, following the amendment on Friday, the rule now reads, “all other papers as specified in these rules relating to the election shall be open to public inspection.”

Activists have raised concerns, claiming that the insertion of the phrase “as specified in these rules” limits access to various official documents created during elections to Parliament and Assemblies, which are not explicitly mentioned in the rules.

RTI activist Venkatesh Nayak pointed out that there are numerous documents, though not listed in the rules, that are generated by election officials such as Presiding Officers, Sector Officers (responsible for constituency vulnerability mapping), and those in charge of EVM movement and replacement of defective machines on polling day. These include reports from general, police, and expenditure observers, as well as Returning Officers and Chief Electoral Officers.

Nayak emphasized, “Access to these documents is crucial for ensuring the fairness of elections and the accuracy of results.”

The amendment comes shortly after the Punjab and Haryana High Court directed the Election Commission to provide video footage and documents related to votes cast at a polling station in the recent Haryana Assembly elections to lawyer Mehmood Pracha. Pracha has criticized the amendment, asserting that it will withhold essential information. “This is a reconfirmation of the Election Commission’s bias,” he said.

Nayak further stated, “This amendment undermines the principle of full transparency established by the Supreme Court in the Electoral Bonds case. The notification of this amendment on the very day Parliament was adjourned sine die has deprived MPs of the opportunity to challenge its necessity in real time.”

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News Network
December 22,2024

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Prime Minister Narendra Modi was on Sunday awarded Kuwait's highest honour ‘The Order of Mubarak Al Kabeer’. It is the 20th international award bestowed upon him by a country.

‘The Order of Mubarak Al Kabeer’ is a knighthood order of Kuwait. It is awarded to Heads of State and foreign Sovereigns and members of foreign royal families in sign of friendship.

“I am honoured to be conferred the Mubarak Al-Kabeer Order by His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah. I dedicate this honour to the people of India and to the strong friendship between India and Kuwait,” PM Modi posted on X.

It has been previously awarded to foreign leaders like Bill Clinton, Prince Charles and George Bush.

Last month, PM Modi was conferred with the highest national award of Guyana, 'The Order of Excellence' during his visit to nation.

“I express my heartfelt gratitude to my friend President Irfaan Ali for conferring upon me Guyana's highest award. This is a living proof of your deep commitment to our relations which will continue to inspire us to move forward in every field,” PM Modi had said.

The prime minister was also conferred the "Dominica Award of Honour" by President Sylvanie Burton of Dominica.

"Honoured to be conferred with highest national award by Dominica. I dedicate it to the 140 crore people of India," Modi said in a post on X.

Guard of Honour 

The prime minister received a grand ceremonial welcome in Kuwait during his state visit to the Gulf nation. He was accorded a ceremonial guard of honour at the Bayan Palace, Kuwait. The Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah also present during the ceremony.

The details of the meeting were also shared by the Spokesperson of the Ministry of External Affairs on X. "A special welcome on historic visit! PM @narendramodi arrives at the Bayan Palace in Kuwait to a ceremonial welcome and Guard of Honour. Warmly received by HH Sheikh Ahmed Abdullah Al-Ahmed Al-Sabah, PM of Kuwait. Extensive talks with HH the Amir, Crown Prince and PM of Kuwait lie ahead."

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