[Yusuff Ali (R) and Micky Jagtiani, both entrepreneurs from India, with a combined net worth of $10.8 billion (Dh39 billion) are based in the UAE.]
Dubai: Yusuff Ali and Micky Jagtiani, two Indian origin entrepreneurs operating from Dubai in the United Arab Emirates, are among the richest self-made billionaires in the Gulf Cooperation Council (GCC) region, according to a new report.
Yusuff Ali M.A., the owner of one of the ubiquitous retail brands in the UAE, Lulu Hypermarket, and Micky Jagtiani, the success behind Landmark that runs a number of retail stores, have been included in the list of top ten richest people in the Gulf by China-based Hurun Research Institute.
The “Retail King”, as Yusuff Ali is known as, has also invested $300 million to build a mall, hotel and convention centre in India.
Micky Jagtiani, founder of Landmark Group, is worth $4.6 billion. In 2015, after Donald Trump made anti-Muslim remarks, Dubai's Landmark Group suspended sales of all Trump-branded products.
Both entrepreneurs from India, with a combined net worth of $10.8 billion (Dh39 billion) are based in the UAE, according to Gulf News.
The institute’s first ever study of self-made billionaires from the Gulf also showed that Dubai is home to the highest number of people who have become billionaires through their own efforts, making it the most preferred destination for the Gulf’s ultra-rich.
There are now 12 individuals with at least $1 billion in fortunes living in Dubai, the highest in the Gulf Cooperation Council (GCC) region. Dubai is followed by Jeddah with four billionaires, and Abu Dhabi, Riyadh and Muscat with three each.
Across the Gulf, the self-made billionaire population has reached 27 individuals, with combined fortunes hitting $84 billlion, and per capita wealth reaching $2.2 billion, up 10 per cent year on year. While only 27 billionaires from the Gulf have been documented so far, it is likely that the actual number is now close to 100.