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 17,2024

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Prime Minister Narendra Modi Tuesday condoled the death of environmentalist Tulsi Gowda and said she will remain a guiding light for environmental conservation.

In a post on X, he said, "Deeply saddened by the passing of Tulsi Gowda Ji, a revered environmentalist from Karnataka and Padma Awardee. She dedicated her life to nurturing nature, planting thousands of saplings, and conserving our environment."

"She will remain a guiding light for environmental conservation. Her work will continue to inspire generations to protect our planet. Condolences to her family and admirers. Om Shanti," he added.

Tulsi Gowda, the renowned environmentalist and Padma Shri awardee known as the "Vruksha Maate" (Mother of Trees), passed away on Monday at her residence in Karnataka’s Honnali village, Ankola Taluk, Uttara Kannada district. She was 86 and had been suffering from age-related ailments.

Hailing from the Halakki tribal community, Tulsi Gowda dedicated over six decades of her life to environmental conservation, planting and nurturing thousands of trees in Ankola and its surroundings.

Her unparalleled knowledge of plants earned her the title "Encyclopaedia of Plants." She was credited with growing lakhs of saplings and was celebrated for her unique approach to nurturing them, ensuring their survival and growth.

Born in 1944 to a tribal family, Tulsi Gowda developed a deep connection with nature at a young age. She began working at a forest department nursery as a daily wage worker and eventually became a symbol of afforestation.

In 2021, Tulsi Gowda was honored with the prestigious Padma Shri, one of India’s highest civilian awards, in recognition of her immense contributions to afforestation and environmental conservation.

She received the award from former President Ram Nath Kovind, a moment that brought her years of silent work into the national spotlight. Additionally, Dharwad Agricultural University conferred upon her an honorary doctorate for her knowledge and contributions to the environment. She also received the Indira Priyadarshini Vriksha Mitra award and numerous other accolades throughout her lifetime.

 

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News Network
December 16,2024

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In a significant milestone, the Dakshina Kannada Zilla Panchayat Higher Primary School in Newpadpu, Harekala, has introduced a bilingual Kannada-English medium this academic year, a move spearheaded by Padma Shri awardee Harekala Hajabba. The school has so far received 13 admissions for its Class 1 bilingual program.

This initiative is part of a broader effort by the state government, which approved 38 schools across the district to launch bilingual mediums. Expressing his delight, Hajabba shared that he had been advocating for a bilingual school for years. "The bilingual medium will greatly benefit students in this region who otherwise rely on private schools. However, we currently face a shortage of classrooms. Construction of two additional classrooms is underway, and once completed, we expect higher admissions," he said.

The school had previously been permitted to introduce LKG and UKG classes in the last academic year. According to the school’s headmistress, Rajeshwari, while the pre-primary sections have seen good enrolment, the bilingual Class 1 faced challenges, securing only 13 students. She attributed this to the late notification of permission, which arrived a month after the academic year began, leading many children to enroll elsewhere.

Rajeshwari remains optimistic about the future. "We expect better admissions next academic year as awareness about bilingual education at this government school grows," she said, adding that the classroom shortage will soon be addressed.

Deputy Director of Public Instruction (DDPI) Venkatesha Subraya Patagara noted that bilingual schools across Dakshina Kannada have generally received a positive response, with some schools enrolling more than 100 students. The effort to offer bilingual education in government schools marks a step forward in providing affordable, quality education to underserved regions.

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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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