< Previous20 Vol. 21/11, May – June 2020 C OVER S T O RY / SHEHAB G A R G A SH focus will be going forward and what it may need to be cut loose, Gargash says he isn’t particularly worried. The group’s core businesses – automotive, real estate, and financial services – will form a key part of the post-Covid economy in some form. In fact, he adds, the shock of the pandemic may end up being a blessing in disguise that forced the company to become “more daring in its implementation.” “We’ll try new ideas, new thoughts, concepts and industries that in the past I dismissed,” he explains. “Let’s imagine, for a second, potato farming. Potato farm- ing has been proven to be a strategic source of nourish- ment. That’s a silly example, but understand, I’m obliged to become a more entrepre- neurial business, and regard- less of how ‘classic’ I’ve been in the past. I must investi- gate new avenues. I have the “Where am I going as a business? What are my prior- ities? What are new oppor- tunities, and what’s a dying, sunset industry? “It’s time we ask ourselves these questions as businesses, as they’ll define how we act, post the shock-therapy. Once we do that, our priorities are better defined, and actions put together accordingly,” Gargash adds. “That’s the kind of soul searching that will occupy our minds this year, and possibly into next year.” Gargash Group is far larger than most businesses that operate in the country. For the average resident, the company is most readily associated with the automo- tive sector, being the author- ised distributor for Mercedes- Benz in Dubai, Sharjah and the Northern Emirates. It is, however, much more than that, offering a wide range of financial, investment and real estate services in vari- ous sectors. But the company’s size and status did not spare it from the impact of the coronavi- rus. “We went through shock and panic, and saw revenues tumble to extremely low levels, and like everyone had to grapple with a 24-hour lockdown,” Gargash recalls. “Those were the issues that we dealt with as a group in the early days of the pandemic. Nobody knew how to deal with Covid-19.” And although Gargash says it is “far too early” for decisions to be made on the company’s future, it has already begun a soul-searching process he advises for companies across the wider economy. “That’s where we are at right now. Let’s say I have 10 lines of business. Which ones are still valid propositions? The ones that aren’t, do I adjust them? Do I integrate them into something else? Or do I just cut the rope and let them sink?,” he says. “Those kinds of questions are still being tackled.” While it may be too early to determine what the group’s $408.4m The value of Dubai’s economic stimulus package announced on March 12 u Gargash believes many companies in the UAE are preoccupied with survival, rather than in longer-term outcomes “If I was an investor with AED1m, I’d hold back and watch and observe”arabianbusiness.com 21 / SHEHAB G A R G A SH has evolved somewhere else, or was manufactured some- where else. Your control over what your supplier gives you is fairly limited. I can’t invent a better wheel, so to say. I’m just distributing the wheel that was manufactured some- where else.” What we’ll see instead, Gargash hopes, is an oppor- tunity for motivated entre- preneurs to try and forecast where the future is headed and where they can step in with an idea. “In a post Covid-reality, we’ll be asking what is going to drive businesses, and what those businesses will look like,” he says. “There needs to be a proper reading of what demands will need to be fulfilled. Businesses will need to alter their offerings to suit the new realities.” “It’s by no means an easy task,” he adds. “There’s still a lot of projection and reading into the future that is required.” Once that’s done, he says, the UAE’s economy will be able to take off – as will he, on his next trip abroad. For Gargash, that day will be welcome news. “I have a fear of losing my frequent flyer miles,” he laughs. “But that’s another story.” same eagerness to survive as a brand new start-up.” A new GCC? Gargash is undoubtedly an optimist. Even while speak- ing about the challenges of the economy, he peppers his comments with remind- ers that, sooner or later, things will return to some- thing resembling normality. As he puts it, the masks will fall off, and the glove won’t be a necessity – even if the “trauma” of the event stays with us. Even widespread job losses, he says, will eventu- ally lead to something better. “In the longer term, jobs will be replaced, rather than lost. We still [in the UAE] have an economy serving 10 million people, and a broader GCC economy with 50 million or so. Jobs will be created, possi- bly in new industries and in new roles.” These new roles – which Gargash admits he isn’t sure what will be, exactly – will require many employees, from blue-collar workers to managers, re-skill them- selves, or learn entire new professions. Although chal- lenging, he is confident the region’s youth in particular will manage. “This [trend] will dispro- portionally [benefit] young people,” he says. “They’re more adept and more able to align themselves with industry trends.” These ‘new roles’ don’t just apply to employees. The pandemic, he believes, may ultimately change the UAE’s economy as a whole by encouraging more home- grown entrepreneurs to step up with fresh new ideas. “Most of the businesses that are set up in the UAE are in the ‘last-mile’ economy: the deliv- ery of a product or service that $34bn The total value of stimulus packages introduced by the UAE since the Covid-19 outbreak u Banking assets booked in DIFC stood at $178bn in 2019 Advice for investors When asked what advice he’s given to would-be UAE investors in the pandemic, Gargash responds without hesitation: “hold on to it and watch what happens.” “Do not rush into invest- ments today. I do not think there will be an imminent, overnight bounce back of growth and activity,” he says. “It’s going to come back, but it will be more deliberate. It’ll take more time. If I was an investor with AED1m, I’d hold back and watch and observe. I’d make a convinced decision before I take that plunge and go into one asset class.” “We went through shock and panic, and saw revenues tumble to extremely low levels” u Young people could align themselves with industry trends, says Gargash “Xxxxxxx Tem facerchicit, tem et hic tecab intiiss erepra dolorum sunto” u Businesses that will survive the impact of the pandemic over the coming months will soon have to start thinking of their next moves, Gargash believesBILLIONAIRES CLUB THE INDIAN From retail to healthcare and education, Arabian Business proudly presents the industry superstars who are making a difference in the UAE and beyondrence in the UAE and beyondondT he UAE’s relationship with India is an enduring one and many of the coun- try’s most prominent businessmen and women hail from the subcontinent. The reach of their empires is matched only by the scope of their vision, ambi- tion and prodigious work ethic and it is no understatement to say that they have helped to shape the economic and social landscape of the UAE. In 2020, a year destined to go down in history as one of the most challenging since the time of the Great Depression, no industry is immune, but the empires led by the individuals on our list are surely destined to weather the storm thanks to the powerful foundations upon which they are built. Topping the list this year is a business that falls into a particularly resilient category, a conglom- erate helmed by Sunil Vaswani. With an estimated wealth of $7.12bn, Vaswani’s Stallion Group handles food produce, building materials and other commodi- ties across West Africa, alongside a brand portfolio that includes Nissan, Porsche and Volkswagen. Vaswani tops a list that is illustrious and varied in its scope: titans of retail, construction, healthcare, agriculture, education and technology grace the Arabian Business Indian Billionaires Club, with each of the 10 listed names having a fortune of at least $1bn. And while many of the companies featured are family businesses, with some growing their fortune over generations, there are also those who preside over companies they founded from impoverished beginnings. THE INDIAN BILLIONAIRES CLUB 24 Vol. 21/11, May – June 2020 1. Sunil Vaswani Chairman STALLION GROUP Diversifi ed NAMED AFTER VASWANI’S FAVOURITE animal, the Dubai-based group is one of the best known and managed conglomerates in West Africa, handling key products such as rice, fertilisers, fish, edible oil, steel sugar, building materials and others. The group also manages an exclusive brand portfolio of automobiles includ- ing Nissan, Porsche, Audi, Volkswagen, Honda, Hyundai, Ashok Leyland, Bajaj, Changan and Skoda. The unstoppable entrepreneur has been instrumental in building a diversi- fied conglomerate that comprises busi- nesses such as commodities, automobile manufacturing and distributorship, inte- grated rice value chain, agrochemicals, aquaculture, seaport, steel manufactur- ing, packaging plants, fertiliser plant, real estate, financial services, technology, logistics and shipping. The summation of his efforts has led to a presence in 18 countries and an impres- sive 50-year history. His long-standing reputation with globally acclaimed suppliers and his principles have been critical to the group’s sustained growth over the years. As part of his current initiative, Vaswani is driving Stallion Group to consolidate its presence in sub-Saha- ran markets, while diversifying more heavily into the Middle East. The focus areas include agriculture, FMCG, heavy industries, infrastructure, petrochemi- cals, power and mining. Vaswani, who lives in Dubai, says his stated vision is to lead the group into becoming a pre-eminent global corpo- ration, leveraging on the immense poten- tial that Africa represents. $7.12bn “The decision to base our group headquarters in Dubai has helped us create a global platform for exponential growth”arabianbusiness.com 25 THE INDIAN BILLIONAIRES CLUB26 Vol. 21/11, May – June 2020 THE INDIAN BILLIONAIRES CLUB 2. Yusuff ali MA Chairman and managing director LULU GROUP INTERNATIONAL Retail 3. Nawab Shaji Ul Mulk Founder and chairman MULK HOLDINGS Industry 4. Faizal Kottikollon Founder and chairman KEF HOLDING Industry KERAL A-BORN B USINESSMAN Yusuffali MA is the man behind the Lulu Group. His astute business vision and strategic mind have consistently delivered ambitious growth for his companies. Headquartered in Abu Dhabi, Lulu Group is best known in the Gulf for its chain of popular malls and hypermarkets, which have long served a wide segment of multi-ethnic residents in the region. With a 57,000 strong workforce and operations in 37 different countries ranging from the GCC, Egypt, Thailand, UK and USA, Lulu Group is no less than a retail titan. With a whopping annual turnover of $7.4bn up until March 2020, Lulu Group International is one of the largest retail chains in Asia and the biggest in the Middle East with 188 outlets in the Gulf countries. The Lulu Group is also under- going vast expansion plans in retail, food processing and logistics sector. Testament to Lulu’s pedigree, an investment firm backed by a member of Abu Dhabi’s royal family agreed in April to buy a stake worth just over $1 bn in the firm, according to people familiar with the matter. IT’S BEEN A TOUGH FEW MONTHS BUT Mulk Holdings has demonstrated contin- ued resilience across its billion-dollar business. The company’s strength lies in its diversity across a huge range of sectors, such as construction, commodities, renewable energy, plastics and healthcare. Best known for its flagship brand, Alubond USA – the world’s largest metal composite brand and first aluminium composite panel in the UAE market – Mulk Holdings continues to go from strength to strength under the astute leadership of its founder. But Nawab Shaji Ul Mulk is not just a consummate businessman. One of greatest claims to fame is his champion- ing the transformation of cricket into a 90-minute sport. A keen cricket promoter and the only Indian member on the Emirates Cricket Board, Ul Mulk is the owner and chair- man of the T10 League, with players and ambassadors that have included current England captain Eoin Morgan, former Pakistan captain Wasim Akram, and former India captain Mohammed Azharuddin. BA CK IN THE L A TE 1990 s, Kottikollon set up one of the world’s three most technologically advanced foundries – the fully integrated valve casting firm Emirates Techno Casting (ETC). By 2012, ETC was sold to Tyco Inter- national for over $400m. This capital was then used to create KEF Holdings, a DIFC-based firm specialises in offsite manufacturing technology in industries, including healthcare, education, sports and agriculture. Kottikollon’s wife, Shabana Faizal, has been an integral part of his endeavours and is the vice-chairperson of KEF. Today, they have 1,500 employees from across 12 nations. Above all, Kottikollon is a humanitar- ian. As the co-founder and director of the Faizal and Shabana Foundation, the veteran businessman is focussed on giving back by creating sustainable initiatives to build a more equitable society. Kottikollon is a member of the Indian Prime Minister Narendra Modi’s pres- tigious panel of Champions of Change for Infrastructure. $3.8bn $1.7bn $1.6bn arabianbusiness.com 27 THE INDIAN BILLIONAIRES CLUB 5. PNC Menon Founder and chairman SOBHA GROUP Construction 6. The Allana Family Founder THE IFFCO GROUP Retail 7. Dr Shamsheer Vayallil Founder and managing director VPS HEALTHCARE Healthcare THIS ILLUSTRIOUS INDIAN-BORN real estate developer began working as an interior designer in Oman in the 1970s on projects such as the Sultan Qaboos Grand Mosque and Al Bustan Palace Hotel. He later moved to Dubai and founded the Sobha Group of Compa- nies, which has a footprint across India and the GCC. Today, the billionaire property devel- oper is the man behind the $4bn Sobha Hartland community project in Dubai’s Mohammed Bin Rashid City, and District One with Meydan Group. As India and the rest of the world reels from the economic effects of the lock- down, a recently-published list of 500 High-Growth Companies Asia-Pacific by the Financial Times said around 140 Indian companies will “assist in the revival of the Indian economy” – one of which it named as Sobha. Since its inception, Sobha has deliv- ered real estate projects and contractual projects covering about 100 million sq ft of area. No wonder Menon is among the region’s wealthiest businessmen. MANY OF THE MOST RECOGNISABLE locally-produced brands at the supermar- ket are the work of Iffco Group. With over 40 years of experience in the fast-moving consumer goods market, the family busi- ness established by the late Abdul Razak Allana has a strong portfolio of brands that boasts leading market shares, including London Dairy, Rahma, Tiffany and Noor. The group is now run by brothers Feroz, Irfan and Shiraz and has spread globally, with its products available across the Middle East, Africa, Eastern Europe, West Asia, the Far East, Australia and the US. Iffco also has a significant presence in agri business, oils and fats, packaging, chemicals, sales and distribution. In addi- tion, the group has built a strong portfolio of brands with leading market shares in the domestic and regional markets. In 2017, the group expanded to Tanza- nia and it also set up a joint venture with Spain’s Congelados De Navarra to launch a food processing plant in his home coun- try of India. IFFCO runs 80 operations in 33 countries around the world and employs more than 12,000 people. DR SHAMSHEER VAYALIL BEGAN HIS career as a humble radiologist at Sheikh Khalifa Medical City in Abu Dhabi. Today, he is the managing director of VPS Health- care and has successfully stewarded the group from being a single hospital to an end-to-end healthcare provider with a rapidly expanding global footprint. VPS Healthcare is one of the UAE’s fast- est growing integrated healthcare service providers, with 23 hospitals and 13,000 employees spread across the Middle East, Europe, UK and India. The company’s 13 brands include Burjeel, Lifeline, LLH, Lifecare and Medeor 24x7. The majority of VPS’s facilities are in the GCC, including the flagship Burjeel Hospital in the UAE. The firm has also developed a $1.5bn expansion at Mohammed Bin Zayed City, a world-class tertiary-care complex. Vayalil is also the vice chairman and managing director at Amanat Holdings, a Dubai-headquartered firm that invests in healthcare and education businesses. It reported a 40 percent rise in its full- year net profit in 2019 as its income from investments rose and expenses fell. $1.55bn $1.32bn $1.3bn 28 Vol. 21/11, May – June 2020 THE INDIAN BILLIONAIRES CLUB 8. Dr. Dhananjay Datar Chairman and Managing Director AL ADIL TRADING CO. LLC Retail T O SAY THE INDIAN BILLIONAIRE best known as ‘King of Spice’ has led a life less ordinary would be a huge understate- ment. Datar’s life has been as vibrantly colourful as the thousands of products he sells in his 43 stores across the Gulf. Growing up in abject poverty in Mumbai, the ‘Masala King’ as he is also known, used the experience to teach himself valuable lessons in self-reliance, frugality and hard work. It was these same humble and difficult times that shaped Datar into a world-class salesman. He sold phenyl and instant mixes door-to-door in Mumbai’s suburbs, finessing the art of selling, before embark- ing on his career as an intern in a small grocery shop in Dubai. As a young man, he undertook sweep- ing, cleaning and carrying tasks, gradu- ally learning shop management under the tutelage of his father. With what he terms as “honesty, hard work and determination”, Datar carved a world-famous business group out of this same tiny shop. Today, his group encompasses a chain of spacious superstores spread across the Gulf, two spice factories, two flour mills and an import-export company. And to mark 25 years in business, it’s said that he flew his entire team aboard a Royal Jet Airways Boeing 737, where he gifted his business partner and wife Vandana the key to a $2m bespoke Rolls-Royce Phantom, one of only 17 in the world. $1.25bnarabianbusiness.com 29 THE INDIAN BILLIONAIRES CLUB 10. Sunny Varkey Founder and chairman GEMS EDUCATION Education 9. LT Pagarani Chairman CHOITHRAMS Retail IT ’S BEEN A TESTING TIME FOR educators across the world as corona- virus lockdowns keep pupils at home. And while GEMS Education has been no exception, the teaching titan has rolled out comprehensive e-learning LT PAGARANI IS THE FORCE BEHIND THE transformation of regional powerhouse Choithrams, which was originally set up in West Africa in 1944 by Thakurdas Choith- ram Pagarani. The current chairman of the celebrated supermarket brand expanded Choith- ram & Sons into an international name spanning Europe, North America, Africa and the Middle East, having opened the first Choithrams store in the UAE three decades ago. The company now boasts over 25 stores across the GCC. Today, the turnover of Choithrams in the UAE alone runs into billions of dirhams, according to the chairman. But Pagarani is just as active when it comes to giving back to his community, as Choithrams has donated millions of dollars to the UN World Food Programme. Choithram International Foundation, the philanthropic arm of Choithrams, a supermarket chain in the UAE, recently announced an emergency grant to Al Jalila Foundation, a member of Mohammed bin Rashid Al Maktoum Global Initiatives. programmes to ensure continuous learning even amid a pandemic. Founded on humble beginnings in Dubai, GEMS Education grew to become the world’s largest provider of private K-12 education by revenue and now owns and operates schools across the Middle East, as well as the US, France, India, Singapore, Malaysia, and sub-Saharan Africa. Put simply, Sunny Varkey’s contribution to the UAE econ- omy has made his education provider a household name across the globe. GEMS Education has invested more than $1 bn in enhancing and expanding its offering since 2014, and continues to grow. Varkey is also a renowned philanthro- pist having donated AED100m ($27.2m) to Dubai Cares, allowing the NGO to reach out to millions of children around the world. The Varkey Foundation, a trust he founded in 2010, launched The Global Teacher Prize – the world’s first annual accolade that donates $1m to a teacher who has made an outstanding contribution to the profession. $1bn $1.15bn Next >