 "MA Yusuff Ali, known as the “Middle East retail king”, has a net worth of $7.4 billion. Image Courtesy: LuLu Group")
A Kerala woman, who could not repay a Rs 8 lakh loan, was forced to move from her home.
In 2019, Sandhya borrowed Rs 4 lakh to build her home from Manappuram Finance, a Kerala-based non-banking financial institution.
But in 2021, her husband left her and their two kids, which put a stop to the loan payments.
Interest accumulated and the amount owed doubled over time.
Following several warnings, the NBFC initiated the foreclosure process.
Her home’s locks were changed by the private firm’s officials, leaving the three-member family homeless.
The incident garnered local media attention and angered locals.
After learning about the case, LuLu Group Chairperson MA Yusuff Ali repaid her debt and also provided the woman with an extra Rs 10 lakh to help her create a fixed deposit.
Sandhya received her house keys back as a result of his intervention.
Here’s all we know about him.
Who is MA Yusuff Ali?
Yusuff Ali serves as the chairperson and managing director of LuLu Group, which operates the global LuLu Hypermarket chain and LuLu International Shopping Mall.
Born in Kerala’s Thrissur on November 15, 1955, he completed his schooling at St Xavier’s High School in Karanchira and has a Diploma in Business Management and Administration.
He initially aspired to pursue law but joined his father’s grocery business in Ahmedabad at a young age.
He joined his paternal uncle’s modest distribution company in Abu Dhabi in 1973. While there, he learnt about the grocery industry and the FMCG market.
Yusuff Ali launched his first supermarket in Abu Dhabi at the age of 34, paving the way for his future success.
Today, the LuLu company runs 272 outlets throughout the Gulf and abroad, bringing in $7.5 billion in revenue. In India, the group owns four malls: the first is in Kochi, while the others are in Bengaluru, Thiruvananthapuram, and Lucknow. His business has a reputation for hiring many of Indians abroad.
Forbes reports that Yusuff Ali has a net worth of $7.4 billion and is referred to as the “Middle East retail king.” He topped the list of the Top 100 Indian Business Owners in the Arab World in 2018.
Yusuff Ali was once the Abu Dhabi Chamber of Commerce and Industry’s second vice chairperson.
He has three daughters with his wife, Shabira Yusuff Ali. While Shabeena, their eldest daughter, got married to billionaire Shamsheer Vayalil, their second daughter Shafeena is married to Adeeb Ahamed, who leads LuLu International Exchange and Twenty14 Holdings. Shifa, the youngest, is married to Sharoon Shamsudheen, who owns successful IT companies.
With inputs from agencies