KOCHI: The Abu Dhabi royal family has invested Rs 7,600 crore in Yusuffali MA’s Lulu Group International, which runs West Asia’s largest hypermarket chain, said a report by Bloomberg.According to the news agency, an investment firm backed by Sheikh Tahnoun bin Zayed Al Nahyan of the Abu Dhabi royal family is learnt to have bought a 20 per cent stake in Lulu Group. When contacted, a spokesman of Lulu Group denied the report.
The Bloomberg report claimed it wasn’t immediately clear as to which company has Sheikh Tahnoun used to invest or if he’s bought the stake in his personal capacity. “Sheikh Tahnoun is the chairman of the Royal Group, which has holdings in businesses such as media, trade, finance and real estate among others. He is also the chairman of the First Abu Dhabi Bank PJSC,” the report said.
At just over $1 billion, the investment ranks among UAE’s largest consumer deals in recent years. In the 2019 Forbes ranking, Yusuffali was ranked the richest Malayali and the 26th wealthiest Indian in the world. LuLu also operates shopping malls and various other businesses.