By Staff writer
Gulf-based billionaire Yusuff Ali MA plans to build convention centre, shopping mall and a five star hotel in Lucknow
Yusuff Ali MA, chairman of the UAE-based Lulu Group, has announced plans to invest $150 million in Uttar Pradesh's state capital Lucknow, where he plans to build a convention centre, shopping mall and a five star hotel.
With a net worth of $3.2 billion, the Gulf-based retailer was ranked fifth in the 50 Richest Indians in the GCC list published by Arabian Business last year.
The Indian plans come just weeks after Lulu said it had opened its first hypermarket in the Egyptian capital Cairo, the start of a $300 million investment in the North African country.
He said that his plans for Uttar Pradesh would create employment for 3,000 people, adding that construction would start soon.
He said: "I have a very close association with Uttar Pradesh. Nearly 2,000 persons from UP are working in our food processing companies."
The state's chief minister Akhilesh Yadav said he welcomed the investment by Yusuff Ali MA. "The government will make every effort to ensure that land and any other assistance is provided to him so that he can begin work," he added.
Last month, it was reported that Twenty14 Holdings, the hospitality investment arm of LuLu Group International, had acquired its first property in India.
The deal for the 54-room Abad Airport Hotel, Kochi marks Twenty14 Holdings' entry into the mid-scale hotel segment, Press Trust of India reported, citing a company statement.