LULU Hypermarket Group has been ranked 3rd in the prestigious “Forbes Top 100 companies” making an Impact in the Arab World. Lulu is the only Indian company to be featured in the Top 10. At a glittering ceremony held at Ritz Carlton Abu Dhabi Sheikh Nahyan Bin Mubarak Al Nahyan, UAE Minister of Culture, Youth and Social Development, presented the award to M.A. Yusuff Ali, Managing Director of Lulu Group, which was attended by government officials, businessmen and people from all walks of life. National Commercial Bank of Saudi Arabia bagged the first position while UAE's Al Futtaim Group secured the second position. The list covers companies operating in Saudi Arabia, UAE, Jordan, Kuwait, Oman, Bahrain and Lebanon. The main criteria used for ranking are financial results, CSR programs, global presence, number of subsidiaries, employee strength, and the assessments of independent auditors and Forbes research team. Currently, Lulu Hypermarket Group has 105 stores across the region and this year it intends to open another 12 hypermarkets and shopping malls. Lulu has recently opened its logistics facility at Birmingham, UK and is set to enter in the Americas by starting its operations in Brazil next year.
The group is also exploring new growth opportunities in Egypt, Iraq and countries in the Far East especially in Malaysia and Indonesia. At present the group's total strength is 30,000 from 29 nationalities and the new projects are expected to generate 4,000 additional employment opportunities. The group's revenue last year was $4.7 billion is expected to grow at the rate of around 15% this year. Audit research firm Deloitte has recently placed Lulu as 9th fastest growing retail chain in the world. — SG
