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 16,2024

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The Israeli regime sustains its heavy attacks against various areas across Syria as Western-backed militants, who ousted the country’s government earlier this month, strengthen their foothold.

On Monday, the regime’s warplanes struck vital facilities and military infrastructure along the country’s western coastline, including the cities of Tartus and Latakia, where they pounded missile bases and ammunition depots.

Massive explosions rang out across the cities during the attacks.

Lebanon’s al-Mayadeen television network said Israeli occupation forces had also advanced as far as 15 kilometers (9 miles) in the western Syrian province of Quneitra.

'An earthquake'

Russia’s Sputnik news agency also reported Israeli assaults against military facilities in Hama and Homs, two other western provinces, adding that attacks against Hama and Aleppo, which is likewise situated in western Syria, shook the targeted areas like an “earthquake.”

Local sources, meanwhile, reported that the regime’s warplanes had also hit the Military Airport in the eastern province of Deir al-Zawr.

The agency cited sources as saying that Israeli warships had launched a number of missiles towards the Syrian coast, especially targeting the Tartus Province.

According to them, this was the first time that the Israeli military was deploying “such missiles” against Syria’s military sites.

The reports came a day after the regime attacked the positions that used to belong to the country’s Republican Guard and the Syrian military’s Fourth Armored Division in the Tal Mneen area and the town of Hafir, north of the capital Damascus.

Also on Sunday, Israeli forces occupied three new villages across the country, namely the Jamla village in the western Syrian province of Dara’a as well as the Mazraat Beit Jan and Mughr al-Mir رillages in Rif Dimashq Province.

Israeli aircraft also bombed an air defense site in the town of Muhajja in the eastern countryside of Dara’a’s capital and attacked the warehouses of the Syrian military’s 18th Armored Division in the eastern suburbs of Homs.

The regime has markedly intensified its deadly attacks against the country, especially targeting its military infrastructure, in the aftermath of its takeover by anti-Damascus militants, who are widely reported to have been receiving extensive military support and cooperation on the part of the Israeli regime and the West.

As part of its aggression, the regime has expanded its occupation of Syria’s Golan Heights, overrunning a buffer zone in the territory, and announced plans to ramp up the population of illegal settlers in the mountainous region.

Regional Arab states, including Saudi Arabia, Qatar, the United Arab Emirates, Egypt, and Iraq, have lashed out at Tel Aviv over the measures.

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News Network
December 23,2024

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Dhaka: Bangladesh's interim government said on Monday that it has sent a diplomatic note to India to send back deposed prime minister Sheikh Hasina to Dhaka.

Hasina, 77, has been living in exile in India since Aug 5 when she fled the country amid the student-led protests that toppled her 16-year regime. Dhaka-based International Crimes Tribunal (ICT) has issued arrest warrants for Hasina and several former Cabinet ministers, advisers, and military and civil officials for "crimes against humanity and genocide".

“We have sent a note verbale (diplomatic message) to the Indian government saying that Bangladesh wants her back here for the judicial process,” Foreign Affairs Adviser or de facto foreign minister Touhid Hossain told reporters at his office.

Earlier in the morning, Home Advisor Jahangir Alam said his office has sent a letter to the foreign ministry to facilitate the ousted premier's extradition from India.

“We have sent a letter to the foreign ministry regarding her extradition. The process is currently underway,” he told reporters in response to a query.

Alam said an extradition treaty between Dhaka and New Delhi already exists and Hasina could be brought back to Bangladesh under the treaty.

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News Network
December 17,2024

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US and British warplanes have carried out fresh airstrikes on the Yemeni capital Sana'a and other regions, intensifying attacks as Yemeni Armed Forces continue their anti-Israeli operations in support of the Palestinians in the Gaza Strip amid the regime’s genocide.

Yemen’s al-Masirah television network reported that US and British aircraft targeted the premises of the Yemeni Defense Ministry in the the Assafi'yah district of Sana’a early on Tuesday.

Local sources heard loud explosions echoing from the site of the strikes. 

The report, however, did not provide any details regarding potential casualties or damage.

For his part, the Yemeni information minister vehemently denounced the latest US and British airstrikes against Sana’a, stating that the act of aggression “falls within the framework of attempts to diminish the Yemeni nation’s will to support Palestinian people.”

Hashem Sharaf al-Din underscored that enemies are unable to undermine Yemen’s military capabilities, as its government and nation are standing firm in the face of their vicious and terrorist attacks.

This came hours after the spokesman for the Yemeni Armed Forces announced in a statement that the country’s missile units had carried out a military operation against an Israeli military target in Tel Aviv, using a hypersonic Palestine 2 ballistic missile

Brigadier General Yahya Saree noted that the missile strike was in support of the Palestinians in the Gaza Strip, and successfully achieved its desired objectives.

The Yemeni Armed Forces will continue their operations, and will strike all Israeli facilities within the occupied territories, Saree pointed out, adding that such strikes will not stop unless the ongoing aggression on Gaza ends and the siege is completely lifted.

Early on Monday, American and British warplanes conducted a joint airstrike on targets at the Midi district in Yemen’s northern province of Hajjah.

US and British military aircraft also targeted a number of locations in the At Tuhayta district of the strategic western province of Hudaydah. Details on potential human or material losses from the strikes were not quickly disclosed.

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7, 2023, after the territory’s resistance movements carried out Operation Al-Aqsa Flood against the occupying entity.

The Yemeni armed forces have said they will not stop their attacks as long as Israel continues its ground and aerial offensives in Gaza.

So far, Israel has killed at least 45,028 Palestinians, mostly women and children, and injured 106,962 others in Gaza.

In October, the US military unleashed B-2 stealth bombers to bomb Yemen in support of Israel. Since then, attacks against Yemen have continued in a bid to halt the retaliatory attacks by Sana'a. 

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