Terming these top 50 as the Indian Aces, the report is a unique opportunity to recognise the contributions of Indian business leaders to the development and growth of the Middle East’s economy. These individuals have not only achieved success in their respective fields but have also demonstrated a commitment to social responsibility, sustainability, and community engagement
A report by arabianbusiness.com showcases the most influential and respected Indian businesspeople operating in the Middle East.
The story points out that no list could truly be exhaustive in measuring the role that NRIs have had in the Arabian Gulf, with the deep trade links between the region and India leading to a long cultural and economic exchange. It goes on to mention that for every individual featured in this list, there are countless others who could also have been featured.
Terming these top 50 as the Indian Aces, the report is a unique opportunity to recognise the contributions of Indian business leaders to the development and growth of the Middle East’s economy. These individuals have not only achieved success in their respective fields but have also demonstrated a commitment to social responsibility, sustainability, and community engagement.
Through their innovative approaches, leadership, and entrepreneurial spirit, they have contributed to building bridges between India and the Middle East, forging strong partnerships and collaborations that benefit both regions. We are proud to feature these outstanding individuals in our magazine, and we hope that their stories will serve as an inspiration to the next generation of Indian business leaders operating in the Middle East.
Topping the list is Yusuffali MA, the Chairman and Managing Director of the LuLu Group. Ali has driven the Group’s ambitious growth to transform it into one of the most successful corporates with an annual turnover of $8bn globally. Headquartered in Abu Dhabi with its 60,000 plus strong workforce from 42 different nations, LuLu has diversified into multiple areas with retail at the forefront. A momentous highlight for Ali was his election as the director board member of the Abu Dhabi Chamber of Commerce & Industry (ADCCI) by the UAE business community, the first time that elections were held for the ADCCI, and the first time an expatriate was elected to the Director Board.
Last month, Lulu Group has further expanded its presence in the Eastern Region by opening its latest hypermarket in Saudi Arabia. The hypermarket, which is also 30th in the kingdom, was inaugurated by Hamad Bin Mohammed AlbuAli, Vice President of the Chamber of Commerce Eastern Province in the presence of Ali and other dignitaries.
No 2 on the list is LT Pagarani, Chairman of Choithrams. Founded by Thakurdas Choithram Pagarani in West Africa in 1944, his son LT Pagarani is the force behind its transformation, particularly in the GCC region, where four outlets have recently launched in Dubai and Abu Dhabi. With a foothold for over seven decades in 25 countries, he has steered the expansion of Choithrams into Oman, Bahrain, and Qatar.
Also, Choithrams continues to work with Dubai Municipality as part of its integrated strategy to reduce food waste and to recycle food waste. Aligned with the Dubai Clean Energy Strategy 2050 which strives to make Dubai a global centre of a green economy and clean energy, Choithrams is on-board to help make it a reality. With the installation of a solar plant by SirajPower, the UAE’s leading solar energy provider in the region, its distribution operations and food production warehouses in Dubai’s Al Quoz district are powered by 100 percent renewable energy.
Choithrams’ UAE distribution expertise spans over four decades, and its long-standing relationships with partners are testament to the retailer’s success in the UAE. The company’s multiple distribution centres across the Emirates helps it optimise on cost efficiencies, and its coverage of over 18,000 outlets across all channels strengthens the company’s position in the industry.
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Through their innovative approaches, leadership, and entrepreneurial spirit, they have contributed to building bridges between India and the Middle East, forging strong partnerships and collaborations that benefit both regions
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We are proud to feature these outstanding individuals in our magazine, and we hope that their stories will serve as an inspiration to the next generation of Indian business leaders operating in the Middle East
Over three decades of local experience has earned Choitrams a position amongst the top FMCG trade partners in Oman, giving the company access to preferential trading terms. Its portfolio comprises of many power brands with established category leadership including Rainbow, Coca-Cola, and Betty Crocker.
The third on the list is Adnan Chilwan, Group CEO of the Dubai Islamic Bank. A recognised expert in Islamic banking and finance, Chilwan is a key figure in the growth and progression of the sector backed by an extensive banking career that spans over two decades.
Establishing Islamic banking and finance as a global norm rather than being considered an alternative, he steered the growth of Islamic finance as DIB became a member of UAE Trade Connect, a commercialised blockchain platform co-created by Etisalat Digital, Avanza Innovations, and multiple banks in the UAE in February 2022.
Previously, he also held the role of the president commissioner at PT Bank Panin Dubai Syariah TBK. In 2022, DIB became the first Islamic bank in the UAE to go live with the Arab Monetary Fund’s Buna system, the regional cross-border payment platform which will enable financial institutions and central banks to receive and send cross-border multicurrency payments in a transparent and cost-effective manner.
Last month, DIB has successfully priced its second Sustainable Sukuk – a landmark $1bn 5.5-year senior issue with a profit rate of 4.80 percent per annum, representing a spread of 102.4 bps over 5-Year US Treasuries. The Sukuk was issued in line with DIB’s Sustainable Finance Framework, which was created to facilitate financing of green and social initiatives and projects.
This deal achieved several landmarks including the largest issuance by a Middle East financial institution in the international capital markets since June 2021 and the largest-ever sustainable issuance by a Middle East financial organisation.
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