The news of an investment firm based in Abu Dhabi to invest in Indian-owned multinational conglomerate company Lulu has been doing the rounds. This foreign investment firm is led by Sheikh Tahnoon Bin Zayed Al Nahyan of the ruling family who is the son of the UAE founder Sheikh Zayed bin Sultan Al Nahyan and currently serves as the country’s national security adviser.

As per reports, he has decides to invest nearly $1 billion (Rs 7,600 crore) in LuLu Group International, the holding company of LuLu hypermarkets. Although it is very unclear of to which company is Sheikh Tahnoon using for the

investment or if he was buying the stake in his personal capacity. However, neither the investment firm nor the Lulu Groups has come forward with any affirmation nor gave any expression of view on the investment deal.

Lulu Group is established by M AYusuff ali, an enthusiastic entrepreneur who has his roots in the spice coast of India, Kerala-Thrissur city. Ali is one of those Indian businessmen who have set up large businesses in the U.A.E. and wider Gulf region during a decades-long oil boom.

Apart from shopping malls, Ali also owns premium hotels across the Middle East and Europe. The company made news in 2019 for observing a turnover of $7.4 billion and had a daily average footfall of more than 16 lakh.

Reports says that for the very first time a huge is investing in being put in the LuLu Group and the investment firm is estimated will acquire about 20 per cent shares of the Abu Dhabi based super market, excluding the company’s Indian operations. The group has as many as 188 hypermarkets and supermarkets and operates across the Middle East, India and Far East.

The company is considered to be the single largest employer of Indians outside India, the retailer has more than 30,000 Indians on its pay rolls.