Yusuffali buys 4.99% Stakes in Dhanalakshmi Bank

Mullah Abdussalam Zaeef
Prof. Shahid Ashraf
Mumtaz Ali Khan Joins Congress

Dubai: NRI businessman M. A. Yusuffali from Kerala, who runs the largest retail chain Lulu in the UAE, has acquired 4.99% stakes in Kerala based Dhanalaxmi Bank. Yusuffali had earlier acquired close to five per cent stake each in Federal Bank and Catholic Syrian Bank this. With this latest acquisition, Yusuffali has invested close to Rs. 510 crore in just the banking sector in Kerala this year itself.
Yusuffali topped the list of the most powerful Indians in the Gulf region for the 4th time in a row with an annual turnover of USD 4.5 billion. Kerala-born Yusuffali, Managing Director of Abu Dhabi- based EMKE Group, employs around 27,000 people, including 22,000 Indians, in 29 nations.
Feroz Allana of the Allana Group, which manufactures and markets a well-integrated range of consumer products, came second in the list of ‘100 most powerful Indians in the GCC (Gulf Cooperation Council)’ published today by Arabian Business magazine.
Standard Chartered banking boss V. Shankar stood third, ahead of healthcare boss Dr. B. R. Shetty, with legendary investor Ragu Kataria completing the top five.
Ashish Mehta was the highest placed lawyer at number seven, with Sunil John leading the way for entries from PR and Media, at number 14.
The list was propped up by Geebee Group boss G. B. Jethwani in 100th place.
This year’s list also featured a record 11 female entries, with 20th placed Zulekha Daud leading the way, ahead of Jumbo Group boss Vidya Chhabria ranked 39th.Arabian Business editor Ed Attwood said, “The contribution of the Indian community to the growth of the GCC has been nothing short of spectacular, and everyone on this list has played and continues to play a major part in that story.”