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RELATED ARTICLES: Indian steel magnate named Britain's richest man | Construction magnate fifth richest Arab | Dodsal: 1bn contract win
A new wealth survey by Arabian Business places retail king Micky Jagtiani on $2.65 billion, nearly $1 billion ahead of second placed BR Shetty, founder of the NMC Group.
Jagtiania’s Landmark Group is now one of the Gulf’s biggest retail empires, with 900 stores in 15 countries. Its operations turnover $3.2 billion per year, employing 31,000 staff. The company was launched in Bahrain in 1973 with just a single store.
In third place, in the list of the GCC’s richest Indians, are Jumbo Group founders the Chhabria family, with an estimated wealth of $1.45 billion. Lulu Hypermarkets boss Yusuff Ali is fourth richest, while Omani based PNC Menon, fifth on the list, is the richest Indian involved in the contruction industry. Ali is worth $1.3bn, while Menon's $1.25bn makes him the fifth billionaire on the list.
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Last night India’s Consul General to Dubai and the Northern Emirates paid tribute to the success of Indian’s in the GCC, telling Arabian Business: “The Indian entrepreneurs marched in step from the very beginning with the people of the Middle East forging symbiotic links which have benefitted both India and this region. I note with pride that Indians have not been fair weather friends to this region and have toiled side by side with their Emirati and other partners in testing times, from which we are finally emerging, richer in experience.”
Their fortunes come as India continues to experience phenomenal economic growth, despite the global financial crisis. The country’s economy accelerated by 8.6 percent in the first three years of this year alone, compared to a rise of 7.4 percent through 2009. Most experts predict the economy will continue to grow by at least 8 percent during the next two years, thanks to a rebound in the manufacturing sector and an increase in domestic consumption
Incidentally, Britain's richest man is also from India. Lakshmi Mittal heads up the world’s biggest steelmaker, ArcelorMittal and has had his wealth estimated at £22,450 million (AED126,777 million), up from £10,800 million in 2009.
Nominally the richest Briton, Mittal hails from India, where his father built up the family steel operation in Calcutta.
The Arabian Business Rich List
1. Micky Jagtiani, Landmark Group
2. BR Shetty, NMC Group
3. Chhabria family, Jumbo Group
4. Yusuff Ali MA, Emke
5. PNC Menon, Sobha Developers
6. Ramesh Prabhakar, Rivoli
7. Rajen Kilachand, Dodsal Group
8. Tony Jashanmal, Jashanmal Group
9. Dr P. Mohamed Ali, Galfar
10. Sunny Varkey, GEMS
Next: Micky Jagtiani
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