Yusuf Ali is a prominent Indian businessman and billionaire who is best known as the chairman and managing director of Lulu Group International, a major retail conglomerate headquartered in Dubai, UAE. Born on 15th December 1955 at Thrissur in Kerala, Yusuf Ali completed his schooling from St Xavier’s High School, followed by a diploma in business administration. In the year 1973, he left India for Dubai to join Lulu Group of Companies, founded by his paternal uncle M.K. Abdullah.
In the year 1975, Yusuf Ali established the first Lulu grocery store. He launched Lulu Hypermarket in the 1990s, thereby introducing the hypermarket concept in the region, offering groceries, electronics and other products under a single roof. It revolutionised retail in UAE and Gulf. Under his chairmanship, the Lulu Group International expanded to become a massive multinational conglomerate.
Lulu Group owns an operates more than 250 hypermarkets, supermarkets, shopping malls and other retail outlets in more than 25 countries across the world. The group has six shopping malls in India, which are located in Lucknow, Triavandrum, Coimbatore, Hyderabad, Kochi and Bangalore.
Yusuf Ali was ranked 1 by Forbes in its 2018 list of Top 100 Indian Business Owners in the Arab World. In the Forbes billionaires list published in the year 2023, Yusuf Ali was 27th among the richest Indians. He resides in Dubai but holds Indian citizenship. Moreover, he also holds UAE’s Gold Card Residency. Ali was awarded the Padma Shree award by the Government of India in 2008.
| Net Worth | $7.4 billion (October 2024) |
| Age | 70 years |
| Wife | Shabira Yusuf Ali |
| Son/Daughter | Shabeena, Shafeena, Shifa |
| Company Founded/Owned | Lulu Group International |
Income Source
Yusuf Ali’s primary source of income is the Lulu Group International, the multinational retail conglomerate owned and controlled by him as the chairman and managing director. While the retail segment comprising of hypermarkets, supermarkets and shopping malls is the core business of the Lulu Group International, it also operates in other sectors like hospitality, real estate, food processing and logistics.
Ali’s income streams are mainly tied to his diversified business empire, particularly in the retail landscape. Annual turnover of Lulu Group International is estimated to be in the range of $7.2 billion to $7.8 billion.
Assets & Investments
Net Worth of Yusuf Ali was around $7.4 billion in October 2024. His net worth is derived mainly from his majority stakes in Lulu Group International. The 2024 IPO of Lulu Retail Holdings significantly boosted his net worth. Yusuf Ali’s major investments include 4.2% shares in Federal Bank, 9% shares in Cochin International Airport and 5% shares in Kitex Garments.
