Retail: MA Yusuff Ali

MA Yusuff Ali, chairman and managing director of LuLu Group International, has cemented his legacy as a visionary entrepreneur. Under his leadership, LuLu Group has grown into one of the largest retail conglomerates in the Middle East, with over 250 hypermarkets spanning the GCC, Asia, and beyond.

In 2024, Yusuff Ali led the company to a historic milestone with the successful initial public offering (IPO) of LuLu Retail Holdings on the Abu Dhabi Securities Exchange (ADX). The IPO offered 2.582 billion shares, representing 25 per cent of the company’s share capital, with an indicative price range of Dhs1.94 to Dhs2.04 per share. Due to overwhelming demand, the offering size was increased to 30 per cent, raising Dhs6.32bn in gross proceeds.

The IPO was oversubscribed by more than 25 times, with total demand exceeding Dhs135bn. It marked one of the largest IPOs in the UAE this year, highlighting strong investor confidence in the group’s robust financial performance and growth strategy. The shares began trading on ADX on November 14.

Beyond business, Yusuff Ali is a celebrated philanthropist, supporting global initiatives in healthcare, education, and disaster relief. His accolades include India’s prestigious Padma Shri and numerous international awards for his leadership.

Despite personal challenges, including a helicopter accident in 2021, Yusuff Ali continues to steer LuLu Group.