Forbes honours 100 Gulf-based Indian businessmen

The top three individuals, including retail magnate Yusuff Ali M A, are self-made billionaires in the UAE with a combined net worth of more than USD 12 billion.

Published: 15th May 2018 08:31 PM  |   Last Updated: 15th May 2018 08:31 PM   |  A+A-

MA Yusuff Ali receiving the 'Most influential Asian Business Leader in the MENA region' 2012 award from Forbes Middle East in Dubai. (Photo | yousuffali.com)

By PTI

DUBAI: Over 100 Indian businessmen and executives based in the UAE have been recognised for their phenomenal success in the Arab world by Forbes Middle East who have a collective net worth of USD 26.4 billion.

Titled "Top 100 Indian leaders in the Arab world", the list consists of the heads of the region's top companies, as well as the most influential of experts, Forbes said in a statement.

Billionaires of Indian-origin, based in the Gulf, have a collective net worth of USD 26.4 billion, according to Forbes' World's Billionaires 2018.

The top three individuals, who are self-made billionaires in the UAE with a combined net worth of more than USD 12 billion, are leading the rankings, with retail magnate Yusuff Ali M A, managing director of LuLu Group International, taking the crown as the top business owner.

The Indian tycoon is the third-richest self-made billionaire in UAE with a net worth of USD 5 billion, Gulf News reported.

Also UAE-based businessmen B R Shetty, who holds a net fortune of USD 3.6 billion, and Ravi Pillai, with a net worth of USD 3.5 billion, are ranked second and third, respectively.

These top businessmen have now shifted their gaze and are claimed to also be investing heavily in the Arab region as well as India.

Navdeep Singh Suri, Ambassador of India to the UAE, said that the Indian community across the UAE holds key positions in all the different aspects of life.

"The work Indian leaders are doing in the region displays the finest aspects of India and we are privileged to have these leaders being ambassadors to the UAE and bridging the gap between the two countries," he said.

Suri also went on to say that the Indian businessmen have not only shone with their business successes, but that they also have been a contributing factor in India's success in various sectors, including healthcare, retail, construction, hospitality and manufacturing.

This has subsequently helped in the creation of jobs and better infrastructure in India.

The Indian community is the most populous expat community in the Gulf.

Many are long time residents of the region, having come to the Gulf much before the advent of oil that prospered the local economies, the statement said.

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