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
April 30,2025

Bengaluru: Karnataka Chief Minister Siddaramaiah on Wednesday stated that speaking in favour of Pakistan is wrong and constitutes treason. However, he emphasized that an inquiry is ongoing in the case of an alleged mob lynching of a man accused of shouting "Pakistan Zindabad" in Mangaluru.

“If the slogan ‘Pakistan Zindabad’ was shouted, it is wrong, regardless of who said it. The inquiry is still underway, a case has been registered, and we will determine the appropriate action based on the report,” Siddaramaiah said in response to questions from reporters about the killing.

He reiterated, “If anyone speaks in favour of Pakistan, it is wrong. It amounts to treason.”

Home Minister G. Parameshwara confirmed that a person was “lynched” in Mangaluru and said that those arrested claimed the victim shouted "Pakistan Zindabad."

“This is under investigation. Only the arrested individuals have made this claim. Nearly 20 people have been arrested so far. The police are also verifying the identity and background of the deceased. We are taking the case very seriously,” he said, noting that several people present at the cricket match where the incident occurred are being questioned.

Responding to allegations that the police initially attempted to portray the incident as a suicide, the Home Minister said, “We have no such information. If any such discrepancies are found during the investigation, appropriate action will be taken.”

According to police, the deceased has been identified as Ashraf from Pulpalli village in Sultan Bathery Taluk, Wayanad district, Kerala.

The incident occurred during a local cricket match near the Bhatra Kallurti temple in Kudupu village, on the outskirts of Mangaluru, on April 27. Ashraf was allegedly beaten with sticks, resulting in multiple injuries that led to internal bleeding and shock. He was declared dead at the hospital.

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News Network
May 8,2025

New Delhi: The government is briefing an all-party meeting on Thursday on the success of "Operation Sindoor" and its aftermath, as top government functionaries and opposition leaders met for a second time in a fortnight amid rising tensions between India and Pakistan following the Pahalgam terror attack on April 22.

Union ministers Rajnath Singh, Amit Shah, S Jaishankar, J P Nadda and Nirmala Sitharaman represented the government, while Rahul Gandhi and Mallikarjun Kharge from the Congress, Sandip Bandyopadhyay of the Trinamool Congress and DMK's T R Baalu were among the leading opposition figures in the meeting.

Other opposition leaders included Ram Gopal Yadav of the Samajwadi Party, Sanjay Singh of the AAP, Shiv Sena (UBT)'s Sanjay Raut, NCP (SP)'s Supriya Sule, BJD's Sasmit Patra and CPI(M)'s John Brittas.

JD(U) leader Sanjay Jha, Union minister and LJP (Ram Vilas) leader Chirag Paswan and AIMIM MP Asaduddin Owaisi were also part of the meeting.

Parliamentary Affairs Minister Kiren Rijiju said the government wanted to brief all parties on "Operation Sindoor".

In retaliation for the Pahalgam terror attack, Indian armed forces carried out missile strikes early Wednesday on nine terror targets in Pakistan and Pakistan-occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.

The military strikes were carried out under 'Operation Sindoor' two weeks after the massacre of 26 civilians in Jammu and Kashmir's Pahalgam.

The government had earlier called an all-party meeting on April 24 to brief leaders on the attack.

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News Network
May 11,2025

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Palestinian Ministry of Health in Gaza has warned that around 1,500 citizens have lost their eyesight due to the war and another 4,000 are at risk of blindness because of severe shortages of medications and medical equipment.

The Palestinian Ministry of Health in a report on Sunday said that the eye care services in Gaza have been facing a catastrophic collapse because of the genocidal war.

“The health sector is witnessing a critical shortage of consumables and medical equipment for eye surgeries, which is leading to an almost total collapse of surgical services, particularly for retinal diseases and diabetic retinopathy with internal bleeding,” said Dr. Abdelsalam Sabah, director of Gaza’s Eye Hospital.

“The Eye Hospital currently has only 3 worn-out surgical scissors in use, which greatly increases risks to patients’ lives and prevents effective treatment,” he added.

The majority of eye injuries are caused by shrapnel from ordnance explosions and need medical materials such as Healon and fine sutures, which are almost impossible to find in the Strip due to the blockade.

Unless immediate and urgent intervention is made by relevant bodies and international organizations, the Eye Hospital will be unable to provide any surgical services in the near future.

The siege has forced hospitals and medical centers in Gaza to ration medications such as painkillers, provide less effective treatment, or turn patients away.

Hospitals and medical centers have run out of surgical supplies such as anesthetics, pediatric antibiotics, and medicines for chronic conditions.

Since March 18, when the Israeli regime broke its ceasefire agreement with Hamas, it has killed around 1,900 Palestinians and wounded several thousand more, most of whom are children and women. 

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