PEARL OF THE EMIRATES

The Retail King: Yusuf M. Ali
  Chairman & MD, LuLu Group 

Ras Al Khaimah in the United Arab Emirates is fondly referred to as 'the Pearl of the Emirates.' If we could use the phrase to refer to an individual, no one would be more worthy than Yusuf M. Ali, the retail king of the Emirates.

        The Middle East has personified both struggle and triumph for expatriates for decades, especially for those from the Subcontinent and Southeast Asia. Dreams of many bloom here in the desert sand. This oil-rich land is also a ruthless place, where fierce struggles for survival often take an ugly turn. A place where aspirants are cautioned by expatriates to not to venture out into this oasis of dreams, but surprisingly they themselves intend to stay put here until the last drop of oil in the desert is drawn out. 

        Despite the challenges one may encounter here, thousands by their sheer killer instinct have realised their cherished dreams. This was especially so in the 1960s and 1970s, when rulers of the Emirates undertook massive infrastructure plans with their newly found oil money. Many expatriates from India, notably from Kerala State, successfully established and built huge corporates by their admirable grit and perseverance. Change, no matter, for good or for bad, it is never easy, and a leader always knows this. A true leader is the one who survives the stumbling blocks only to emerge victorious. 

        Almost a byword in the Emirates today, LuLu is now ubiquitous across the Middle East with a slew of retail malls and hypermarkets. Until the late 1980s, departmental stores and supermarkets were not as large as today's malls. A couple of retail kings of the time were the Indian origin Emsons and Choithram. The former retailer group wound down its operations in retail in 2018 citing untenable and fierce competition in the sector, while the latter has survived the market conditions, and even has plans to expand its business in the region. In fact, Choithram plans new store openings in the UAE, Bahrain and Qatar.

        The entry of LuLu Supermarkets and Malls changed the retail landscape of the Emirates. Acknowledged as one of the world’s 50 fastest-growing retailers, LuLu Group International has strategically expanded its influence in the region and beyond. LuLu Group International opened its first supermarket in Abu Dhabi, UAE, in 1995, when the retail business scenario in the region began to experience the wind of change with the entry of Continent (Carrefour).

The Odyssey 

        When Yusuf M. Ali boarded a ship named ‘Dumra’ from Kerala, India, on December 31, 1973, he not merely looked forward to employment in Dubai but also had a dream to achieve greater things in life. When Dumra docked at Dubai's Rashid Port, he recalls how 50 years ago he had to wait impatiently in the ship. On his first trip from Dubai to Abu Dhabi that night, which he described in an interview, though the ship had docked in the morning, it was around 10 pm when he came out of the port. He still remembers how it took more than four hours that night to reach Abu Dhabi, where his paternal uncle ran a business, riding on a blue Toyota Stout pickup on a single-track road, as there was no multi-track road facility in the 1970s. 

         Although at the time the Arab emirates were vast swathes of desert, Yusuf Ali quietly cherished a dream: he wished to be a businessman. After meeting with his uncle in Abu Dhabi, he started off as a worker in a family-run shop. Initially, he slept on the roof terrace of the shop at night. As many expatriate workers are well aware the nights are also hot in the Gulf, he would pour buckets of water on the concrete terrace to cool off before he could sleep. However, he did not allow the harsh and hostile environment to dampen his ambitious spirit.

         As he lay himself down on the terrace his thoughts would veer off from the mundane to ethereal. He drew inspiration from Prophet Mohammed who said that an honest and sincere businessman should always be with the people. He was also inspired by Mahatma Gandhi who famously said that the customer was the king. He believed that a businessman has to cater to the taste of the customer.

The Roots

        Born into a Muslim family in Nattika in Kerala's Thrissur District on November 15, 1955, Yusuf Ali studied in St. Xavier's High School in Karanchira. From a young age he showed a commitment to academic excellence. Later he earned a diploma in Business Management & Administration.

        Soon after the completion of his education, Yusuf Ali embarked on a transformative journey to Abu Dhabi. This move was facilitated by the presence of his businessman paternal uncle, late M K Abdullah, who was the chairman and founder of the LuLu Group of Companies. He passed away in 2021 at the age 84 years. After his death, Yusuff Ali played a pivotal role in expanding the group’s operations, particularly in import and wholesale distribution. He expanded LuLu Group, which is a conglomerate today, with a significant footprint in various sectors.

        Yusuf Ali is married to Shabira Ali. The couple lives in Abu Dhabi, with their three children. His elder daughter Shabeena is married to billionaire businessman Shamsheer Vayalil. His second daughter Shafeena is married to Adeeb Ahamed who is at the helm of Lulu International Exchange and Twenty14 Holdings, the group's hospitality investments division. His youngest daughter Shifa is married to Sharoon Shamsudheen who is engaged in an IT business. 

Photo: Courtesy Business Outreach  

(To be cont'd) 

 

 

SMART TECH

The Samsung Unpacked Event 2024 that is scheduled to be held on July 20 in Paris is being described as the biggest launch event of the year, as the company is expected to introduce five new products. 

        Samsung is expected to showcase a slew of new devices. These will include next-generation Galaxy Z Fold6, Galaxy Z Flip6, Galaxy Buds3, Galaxy Watch7, and Galaxy Ring. 

 

Galaxy Z Fold6

        The Galaxy Z Fold6, which is likely to be the highlight of the launch event, is expected to be lighter and thinner. As per sources, it will have a more rectangular design, which may resemble the Galaxy S24 Ultra. It will be powered by the Snapdragon 8 Gen 3 SoC. It will feature a large cover display on the outside and a big foldable screen within. It will support stylus input, though it won’t be integral to the phone.

Galaxy Z Flip6

        The Galaxy Z Flip6 is the company's next clamshell format foldable phone. It has a unique cover display and is likely to use the same Snapdragon 8 Gen 3 as the Galaxy Z Fold6. The Z Flip6 is expected to come in new colour options, and feature a slightly bigger battery and updated optics.

Galaxy Buds3

        The upcoming wireless earbuds are expected to be an affordable product, with a design similar to the 3rd-Gen AirPods and the Galaxy Buds3 Pro. Unlike the unique bud-like shape of previous Galaxy Buds, the Galaxy Buds3 series will have a different design. Although its new features are yet to be unveiled, we can expect other features, such as active noise cancellation, enhanced battery life and HD audio output, among others.

Galaxy Watch7

        Samsung will introduce two new smartwatches: the Galaxy Watch7 and the Galaxy Watch7 Ultra. The Ultra is expected to be the most advanced smartwatch, with a titanium frame like that of the Galaxy S24 Ultra. It will have a square frame with a circular display.

Galaxy Ring

        The Galaxy Ring is expected to be one of the most capable smart rings. It will feature a host of generative AI capabilities. Pre-launch information on this product is sketchy. 

        As per sources, Samsung may come up with additional products at the Samsung Unpacked Event. 

(Photos: Courtesy Samsung & evleaks/x) 

 

EXPAT TIDBITS 

146 Indians Bag Erasmus Mundus Scholarships

        With their outstanding performance, 146 (75 females and 71 males) Indians have won the prestigious Erasmus Mundus scholarships for the 2-year master's programme in Europe under Erasmus+ for the 2024 academic year. This study programme jointly delivered by an international consortium of higher education institutions has been awarded to 2603 students from 137 countries. 

        The Erasmus Mundus Joint Masters Degree is a highly rated international study programme that gives you the chance to study the same degree at multiple universities. There can be between 2 and 4 partner universities involved and the programme can last over a period of 12 or 24 months.  

        Students from non-EU countries receive larger scholarships. For citizens of EU member countries, the scholarship can be as high as €23,000 for two years of study. In the case of citizens of third-world countries, the scholarships are even better. This is due to the fact that Erasmus Mundus was designed for non-EU citizens and only in recent years has it come to include EU citizens. The Master's scholarship can get up to  €48,000 for two years of study Indian.

Indian Diaspora Breaks Remittance Record  

        The Indian diaspora breaks records with a $107 billion remittance surge in FY24. Indians residing abroad sent home a whopping $107 billion in remittances surpassing the $100-billion threshold for the second consecutive year. This net remittance amount nearly doubles the combined total of $54 billion from foreign direct investments (FDI) and portfolio investments during the same period. As per the balance of payments data, the gross remittances from the Indian diaspora reached $119 billion in FY24. After accounting for the repatriation of income by foreign residents and other related expenses, the net private transfers amounted to $107 billion. The latest studies highlight a correlation between remittances, migration levels, and employment conditions in countries of origin. The cost of remitting funds also significantly influences the volume of overseas remittances.  

        According to a Reserve Bank of India (RBI) survey on post-Covid-19 remittances, the US emerged as the primary contributor, constituting 23% of the total. In contrast, remittances from the Gulf region declined. In 2023, the US remained the largest global contributor to remittances. The leading recipients were India ($125 billion), followed by Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24 billion). The World Bank’s December report on "Migration and Development Brief" showed India leading in remittance receipts from its diaspora for over two decades. The remittance surge is driven largely by IT professionals migrating to North America and Europe. 

HSBC Taps Metaverse To Win Business From Rich Expatriates  

        HSBC is expanding its offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to garner a share of the $112.5 billion remittances to India from non-residents. It eyes to tap the potential $5.5 trillion wealth management industry in India by 2025. HSBC is testing a range of new products and services, including dollar-denominated products to non-residents from India’s low-tax financial hub. The offerings in GIFT City could include savings accounts, insurance, fixed income and other investment products. The bank has also opened a virtual experience centre in the metaverse for non-resident Indians recently. The metaverse, accessed through virtual reality headsets or QR codes on smartphones, allows customers to have their own avatars and explore credit cards, banking products and investments. 

Brisbane's Bhartiya Samaj Fosters Inclusivity And Unity Through NGO 

        Abhishek Sharma, president of Bhartiya Samaj in Brisbane, Australia leads a non-profit dedicated to fostering inclusivity and unity among migrants. His passion for community service has driven the organization to host cultural events and support programs. 

        Under Sharma's leadership, Bhartiya Samaj enhances social and cultural integration, promoting a cohesive multicultural society in Queensland. In an interview to Australia India News, Sharma highlighted the mission of Bhartiya Samaj, founded in June 2022 to promote inclusivity and unity among migrants. The organization supports diverse communities through cultural events, educational programs, and various services to help them integrate into Australian society.  Sharma emphasized the importance of the upcoming Empowering Migrants Expo in Brisbane in August, inspired by the demographic changes in Australia. 

Indian-Americans Prepare For Next Big Growth

        The Indian-American community, which has grown to five million in 2023 in the US, is currently laying the groundwork for the next phase of economic growth. According to the Indiaspora Impact report, the Indian diaspora's economic impact in the US is impressive, spanning from founding major companies to significantly giving a boost to the tax base. The report further says this financial influence shows the determination of individuals who overcame challenges to make meaningful contributions to their new home.

        While it is well known that Indian Americans lead major corporations, their impact goes beyond big business. Indian-Americans have a significant presence in the startup world, co-founding 72 out of 648 US unicorns. These companies, like Cambridge Mobile Telematics and Solugen, reportedly employ over 55,000 people and are valued at $195 billion. The entrepreneurial spirit extends to small businesses across the country. Indian Americans own about 60 per cent of all US hotels, a testament to their profound impact on the hospitality industry, the report added.