UAE’s LuLu to invest $150m in Lucknow, India
Retailer plans to build convention centre, mall and hotel
The UAE’s LuLu Group, well known for its chain of supermarkets across the region, has announced it will invest $150 million in Lucknow, the state capital of Uttar Pradesh (UP) in India.
MA Yusuff Ali, the Kerala-born managing director of the group and among India’s wealthiest citizens, announced the company’s plans to build a convention centre, shopping mall and five-star hotel in Lucknow, Indian media reported.
With a net worth of $3.4 billion, the UAE-based businessman made headlines last July for his $170 million purchase of London’s iconic Scotland Yard police headquarters building, which will be converted into a luxury hotel.
“I have a very close association with Uttar Pradesh,” Ali said, quoted by the Times of India at the UP Pravasi Diwas, an event aimed at attracting investment from non-resident Indians.
The company’s investment in the state is set to create jobs for 3,000 people, Ali added. “I don’t believe in declarations, we believe in work. If everything is ready, we promise to begin our construction.”
UP’s chief minister Akhilesh Yadav said the Pravasi Diwas was a positive start to the state government’s efforts to reach out to its non-residents, the Times of India reported. “I welcome Ali’s promise to invest in Uttar Pradesh. The government will make every effort to ensure that land and any other assistance is provided to him so that he can begin work.”
