Six non-resident Indians from the UAE are MA Yusuffali, chairman and managing director of LuLu Group International; Renuka Jagtiani, chairwoman of Landmark Group; Joy Alukkas, chairman of Joy Alukkas Group; Dr Shamsheer Vayalil, founder and chairman of Burjeel Holdings; Ravi Pillai, chairman and managing director of RP Group; and Sunny Varkey, founder of GEMS Education Group.
Reliance Industries chairman Mukesh Ambani tops the list with a wealth of $92 billion, followed by Adani Group chairman Gautam Adani with a fortune of $68 billion.
With a net worth of $7.1 billion, Yusuffali, whose LuLu Group runs one of the fastest-growing hypermarket-supermarket networks in the world, topped the list of UAE-based Indian businessmen. His rise to the 27th position on the list coincides with the LuLu Group’s global network expansion. Last year, he was ranked 35th with a fortune of $5.4 billion.
Renuka Jagtiani took the spot of her late husband Micky Jagtiani, who passed away in May. Renuka, whose Landmark Group is one of the largest omnichannel retailers in the region, is ranked 44th with a fortune of $4.8 billion. In 2022, her wealth had been estimated at $2.9 billion.
Alukkas, who owns one the largest jewelry networks in the Middle East, was positioned 50th with a net worth of $4.4 billion. He has improved his position from 69th richest Indian last year. In 2022, he had a net worth of $3.1 billion, according to Forbes.
Dr Shamsheer, the youngest Indian businessman featured on the list, has a net worth of $3.7 billion. He is ranked 57. Burjeel Holdings, one of the largest healthcare services providers in the region founded by Dr Shamsheer, recently celebrated the first anniversary of its listing on the Abu Dhabi Securities Exchange. He is also the richest Indian doctor featured on the list.
RP Group’s Ravi Pillai is ranked 69th and his wealth has been estimated at $3.2 billion. RP Group is among the biggest employers of Indians in the Middle East.
Gems Group’s Sunny Varkey has a net worth of $2.93 billion, ranked 78th on the list. He controls GEMS Education, the largest operator of private kindergarten-to-grade-12 schools in the world.
Yusuffali, Joy Alukkas, Dr Shamsheer, Ravi Pillai, and Sunny Varkey hail from the south Indian state of Kerala.
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