UAE-based billionaire retail tycoon Yusuff Ali M.A. is looking to pump further investments into the Philippines and create at least 2,000 more jobs for Filipinos.
The Indian entrepreneur who operates 150 LuLu hypermarkets in the UAE and across the Gulf Cooperation Council (GCC) region and Egypt intends to make a further investment of $100 million in setting up a food processing unit and a hypermarket in the Asian country, a spokesperson told Gulf News.
The announcement was made following LuLu Group International’s foray into the Philippines.
Yusuff Ali travelled to the Philippines this week to officially open his first state-of-the-art logistics and export centre in Laguna, about 64 kilometres off the capital city of Manila.
The new business venture, MAY Exports Philippines Inc., has made many employments and will be basically occupied with the sourcing, putting away, pressing and sending out of natural products, vegetables and different items from the Philippines to the Middle East.
"At present, we utilize around 300 staff in our coordinations activities and after the fulfillment of our arranged venture, we hope to produce an extra work for around 2,000," a representative disclosed to Gulf News.
The representative likewise has 9,600 Filipinos on his finance for his hypermarket tasks in the area.
"They have been an exceptionally indispensable piece of our development and are known for their diligent work, commitment and productivity," Yusuff Ali said.
Yusuff Ali is right now positioned the 388th most extravagant extremely rich person on the planet by Forbes. As of August 9, the Keralite business visionary's total assets remained at $4.2 billion.
He is also pouring a lot of money back into his home country by investing in hotels, shopping centres and convention centres.
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