Billionaire Diaries: Affluent Indian Tycoons and Their Entrepreneurial Ventures in the Middle East

The Middle East is a land of opportunities, offering various options to expats looking to work here. Not only has it answered the prayers of several jobs seekers, it has also been generous enough for many who wanted to set up entrepreneurial ventures, many of them being Indian.  The given article is based on financial magazine Arabian Business’ GCC Indian Rich List for 2014 and will discuss about some of the wealthiest Indians who struck a fortune in the Middle East. Read on to know about Gulf’s richest Indians, their stories and their market worth.

Before we learn about these big-shot businessmen, let us throw light upon some interesting facts that are worth noting –

86% of these rich Indians live in the UAE; 46% work in the retail industry

Image source: Arabian Business

Did you know that there are nine Indian billionaires in the region with an average wealth amounting to $800 million?! Here’s a list citing seven of these major tycoons –

1. Feroz Allana

Feroz Allana (worth $4.4 billion) is the Founder of the Allana Group that deals in fast-moving consumer goods (FMCG). His Sharjah-based company IFFCO is among the biggest names in the food manufacturing and distribution business in the Gulf. Founded in 1975, the company operates under segments like FMCG, frozen foods, oils and institutional services. Its popular brands include Al Baker, London Dairy, Noor, Tiffany, Rahma, Khaleej and Igloo. Back in India, the group operates under Allana Sons Ltd. with interests in retail, food products, marine products and pet foods. IFFCO has won two prestigious awards at the 2014 Gulfood exhibition for the best healthy food category and for the best marketing category. The group is a major sponsor for Dubai World Trade Center (DWTC) organizers.

2. Raghuvinder Kataria

This man is the Chairman of Kataria Holdings and is worth $2.8 billion. Ragu Kataria is among the most influential non-resident Indians and yet believes in maintaining a low profile. In June 2009, he acquired a couple of buildings in Emaar Square. The deal included Building 5 housing the HSBC Dubai headquarters for a total cost of $204.15 million. Since then, the price of the property has grown by at least 70%. His real estate investments include those across Dubai, India and Europe.

Previously, Kataria was responsible for the inception of JT Telecom that later merged with Bharti Enterprises to offer mobile coverage across India. He was a driving force behind the privatization of mobile services and still remains a founding shareholder of Bharti Airtel, serving nearly 250 million subscribers around the world. Additionally, Kataria also has strategic stakes in financial institutions like Destimoney and Dhanalaxmi Bank.

3. Yusuffali MA

Yusuffali MA is the Managing Director of the Abu Dhabi-based retail company EMKE Group. This food and clothes company has helped raise Yusuffali’s net worth to $2.6 billion today. Yusuffali started his tryst in the region when he came practically broke to the UAE in 1973. Four decades later, he owns 104 stores in the entire Middle East with a footfall of 500,000 shoppers a day. EMKE also has interests in food processing, manufacturing, food exports and imports, warehousing and cold stores. It has also ventured into real estate projects and shopping malls. The company’s projects are spread across the UAE, Saudi Arabia, Bahrain, Oman, Qatar and India.

4. BR Shetty

Bavaguthu Raghuram Shetty is Chief Executive Officer and Managing Director of the Abu Dhabi-based New Medical Centre Group of Companies (NMC Goup) and UAE Exchange. NMC Group was set up in the year 1975 and was originally interested only in hospitality and hospitals. Later, it went on to expand into domains like pharmaceuticals, retail, global financial services, information technology and advertising. Today, BR Shetty’s net worth is $2 billion and this fortune continues to grow. NMC is planning to expand its foothold in the MENA region over the next three years by establishing new hospitals in Qatar and Saudi Arabia. Two years ago, the company raised $187 million in its IPO. It was the fifth-best performing stock on the London Stock Exchange in 2013.

5. LT Pagarani

Chairman of Choithrams, LT Pagarani is a man worth $1.4 billion. Operating as a retail entity, Choithrams is a supermarket brand initially set up in West Africa by Thakurdas Choithram Pagarani in the year 1944. Over the past seven decades, Choithram & Sons nurtured the brand transforming it into an international company spanning across the Gulf, North America, Europe and Africa. Thirty years ago, Choithrams set up its first store in the UAE and today runs 25 shops across the emirates and the GCC. In 2010, LT Pagarani announced plans to double the number of stores across the UAE and set up small convenience stores. Apart from the retail industry, the entity also has interests in hospitality, household appliances, food services, garments and logistics.

6. Tony Jashanmal

With a net worth of $1.3 billion, Tony Jashanmal serves as the Executive Director of the Jashanmal Group. From a humble beginning where he owned just one store in 1919 in Iraq to the ownership of the magnificent Jashanmal Group, Tony has had a transforming journey. His is among the most successful retail giants dealing in the wholesale trading and retail of high-end luxury as well as consumer services and goods. Over the last one year, the conglomerate has unveiled new franchise deals, counting in those with New York-based Kate Spade and UK’s L.K. Bennett.

7. Dr Azad Moopen

Dr Azad Moopen is the Chairman of Dubai-based Aster DM Healthcare and is estimated to be worth $1.13 billion. Originally from India’s south-west state of Kerala, Azad Moopen arrived in the UAE around 27 years ago and founded DM Healthcare in the year 1987. Today he holds a huge office in Dubai’s Business Bay district and has been honored with prestigious awards. He is responsible for the company’s growth and expansion and has led the humble clinic chain to expand into an empire of hospitals, pharmacies and medical centers in several GCC countries and in India. The group has over 5,000 employees and has anticipated revenue of $500 million. Azad Moopen also holds a 90% stake in an Indian educational institute and has personal immovable assets worth $50 million.