Yusuffali plans to open 30 more hypermarkets in KSA
TRIVANDRUM: The Uae-based tycoon Yusuffali MA, who earned the premium residency card of Saudi Arabia this week, plans to open 30 more hypermarkets in the kingdom in two years.
The group in a statement here this week said he’s the first Indian to get the special residency status, popularly known as the green card of the kingdom.
He was also the first Indian to receive the UAE’S Gold Card long-term residency visa in June 2019.
Approved by the Saudi government last year, it allows expatriates to do business without a sponsor, buy properties outside Makkah and Medinah and border areas and sponsor visas for relatives.
They can get rights on real property located in the holy cities, Makkah and Medina, for a period not exceeding 99 years. The unlimited premium residency carries a one-time fee of 800,000 riyals and limited duration premium residency an annual fee of 100,000 riyals.
The statement said the group now runs 17 hypermarkets in different locations of Saudi Arabia employing more than 3,000 citizens.
Besides, it runs 12 commissaries of state-owned oil giant Saudi Aramco and eight mini markets of Saudi Arabian National Guard, a Lulu group official here said.
The group plans to export agricultural products from Saudi Arabia and open 30 new hypermarkets by 2022 in the kingdom.
“The kingdom (has) become an attractive investment destination due to the remarkable growth in the economy,” said Yusuffali, who is set to open India’s biggest shopping mall in the Kerala capital here later this year.
“The economy of this great country is booming. So this is the best time for all international investors to come, invest and take advantage of Saudi Vision 2030. Now a lot of people are looking at Saudi Arabia as an attractive investment destination.”
He praised the economic reforms and fastchanging investment scenario in the kingdom under Salman.
Lulu Group International is a significant player in the economic scenario of the Middle East with an annual turnover of US$ 7.4 billion employing more than 50,000 people.
Worldwide operations cover business divisions in retail segment for its famous hypermarket brand, shopping mall destinations, food processing plants, wholesale distribution, hospitality properties, and real estate development Retail stores present in the UAE, India, Saudi Arabia, Bahrain, Kuwait, Oman, Egypt, Malaysia, and Indonesia; with distribution companies located in India, US, Europe, Middle East countries, and the Philippines.
The group’s upcoming shopping malls include Sharjah Central Mall, Forsan Central Mall and Silicon Central in the UAE, Bangi Gateway and Setia City Mall in Malaysia and Abu Sidra Qatar.