Dubai retailer is Gulf's wealthiest Indian-origin entrepreneur

The list that covered the 30 richest Indians in the GCC region has just five billionaires.

hidden September 26, 2011 13:05:52 IST
Dubai retailer is Gulf's wealthiest Indian-origin entrepreneur

Dubai: A Dubai-based Indian businessman has topped the first-ever list of the richest Indian-origin entrepreneurs in the Gulf Cooperation Council (GCC) region, with a fortune of $3.2 billion.

A survey by the Arabian Business weekly magazine shows that Landmark boss Micky Jagtiani now has close to $1.5 billion more than his nearest rival in the wealth stakes, New Medical Centre Group boss B R Shetty, who was second with $1.72 billion fortune.

Dubai retailer is Gulfs wealthiest Indianorigin entrepreneur

Landmark Group head Micky Jagtiani. Image courtesy Arabian Business

Covering the 30 richest Indians in the GCC region, the survey placed EMKE Group's Yusuffali M A in third place with $1.55 billion, while the Chhabria family, owners of the Jumbo Electronics chain, came in fourth with $1.3 billion.

In total, the list has just five billionaires, including fifth placed P N C Menon with a $1.2 billion fortune.

Another notable name that figured in the list was GEMS Group Founder Sunny Varkey, ranked sixth with a $950 million fortune, while Arabian Trading Agency chairman Maghanmal Pancholia rounded off the list with estimated wealth of $170 million, the report said.

"Wherever you look in the GCC, there are so many success stories of Indian entrepreneurs who came to the region many years ago and have created world-class businesses worth several billion dollars. Micky Jagtiani may have topped this year's list, but everyone on it is a success story in their

own right," Arabian Business Deputy Editor Edward Attwood said.

PTI

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