Ali said this has encouraged his LuLu Group to further invest US $2 billion in shopping malls, a food processing facility, a convention and a hotel in India, from 2017 till 2020.
He noted a strong demand from India’s younger generation for “good quality food and branded products with strong preference to shop in malls”.
As such, Yusuff is confident of business growth in retail sector.
The Lulu Group, already a leading importer of Indian foods, fruits and spices to the Middle East, will next month lay foundation of its shopping mall-convention-hotel hub construction at Visakhapatnam in Andhra Pradesh state, he said.
It is part of the ongoing investment, with one shopping mall under construction in Lucknow in Uttar Pradesh state, another planned in Hyderabad and a food processing plant coming up in Telangana.
The group, which has a series of shopping malls and retail outlets in the United Arab Emirates, will inaugurate its Lulu Bolgary Shopping Centre in Cochin in about six months.
This will be second complex in the southern city, following on the success of LuLu Shopping Mall Cochin which has been operating for four years.
He underlined the importance of quality retail centres, saying LuLu Group is bringing branded products to the Indian consumers through the malls for the preference of the younger generation.