Landmark, Emke bosses top list of rich Indians
Manama, September 26, 2011
Landmark boss Micky Jagtiani has topped the first list of wealthy Indians in the GCC, with a fortune of $3.2 billion.
The survey, released by Arabian Business, shows that Jagtiani is followed closely by Emke Group managing director Yusuffali MA with $1.75 billion.
Emke Group, which is headquartered in Abu Dhabi and has offices in 29 countries, employs around 27,000 people - including 22,000 Indians - and has an annual turnover of $3.75 billion.
Jagtiani founded the Landmark Group in Bahrain in 1973 with a single store. Today, his Dubai-based company is one of the largest retail conglomerates in the region with interests spanning children's fashion, footwear and cosmetics, with additional interests in leisure, hotels and electronics.
Covering 30 richest Indians in the GCC region, the survey placed New Medical Centre Group boss B R Shetty in third place with $1.72 billion, while the Chhabria family, owners of the Jumbo Electronics chain, came in fourth with $1.3 billion.
In total, the list has five billionaires, including fifth placed Oman-based PNC Menon of Sobha Developers with $1.2 billion.
'Wherever you look in the GCC, there are so many success stories of Indian entrepreneurs who came to the region many years ago, and have created world class businesses worth several billion dollars,' Arabian Business deputy editor Edward Attwood said.
'Micky Jagtiani may have topped this year's list, but everyone on it is a success story in their own right,' he added.
Other notable names included Gems Group founder Sunny Varkey, ranked sixth with $950 million, while Petrochem Middle East managing director Yogesh Mehta is ranked 13th on the list, with $623 million.
Propping up the top 30 is Arabian Trading Agency chairman Maghanmal Pancholia, with an estimated fortune of $170 million.-TradeArabia News Service