Indian Aces 2025: What the ‘Icons' reveal about power, scale and influence in the region
But beyond the profiles, the data tells a clear story about how economic power is concentrated, who holds it, and where gaps remain.
Sector concentration
The majority of Icons operate in retail, construction, or real estate. These three sectors account for 60 per cent of the category.
Retail & Consumer Goods – 36 per cent
Construction & Real Estate – 24 per cent
Finance & Investment – 8 per cent
Healthcare – 8 per cent
Education – 4 per cent
Other (Logistics, Automotive, Petrochemicals, Visa Services) – 20 per cent
Despite rapid transformation across the Gulf economy, the Icons category remains anchored in familiar industries. Retail and consumer goods continue to dominate, accounting for more than a third of the group.
Many of these businesses span hundreds of outlets, from hypermarkets and fashion chains to jewellery and lifestyle brands. Construction and real estate follow closely, reflecting the long-standing presence of Indian contractors and developers in the Gulf's urban expansion.
Leadership structure
64 per cent of Icons are founders or co-founders
36 per cent are professional executives leading legacy organisations
Average time in the Gulf: over 20 years
A defining characteristic of this group is the prevalence of founder-led businesses. The majority of Icons either established their companies or took them over during the early development of the UAE's private sector in the 1980s and 1990s. For many, the path to influence began with traditional trading models that have since evolved into multi-sector conglomerates.
However, a growing number of professional executives also appear in this year's list – including CEOs and vice-chairpersons steering long-established enterprises. This signals a subtle, but important, shift: legacy is no longer measured solely by ownership, but also by long-term stewardship and strategic growth under professional leadership.
Geographic reach
All Icons operate in the UAE. However:
72 per cent have expanded into other GCC countries
60 per cent maintain business or philanthropic ties to India
40 per cent have extended into Africa, Europe, or North America
While all Icons are based in the UAE, their business interests stretch beyond its borders. Almost three-quarters operate across multiple GCC countries, and more than half maintain deep commercial and philanthropic links with India. A significant proportion – around 40 per cent – have expanded further, into Africa, Europe, or North America, through retail footprints, industrial investments, or global service platforms.
Business scale
Based on available financials, public data, and internal estimates:
Combined revenues: $45–50 billion
Combined employment: 300,000+
Several Icons operate companies with 1,000+ retail or service sites
Many of these groups are among the largest private-sector employers and contractors in the region. Their commercial weight gives them influence in supply chains, real estate development, and consumer spending.
Social responsibility
68 per cent of Icons are engaged in structured philanthropic work
Focus areas include education, migrant welfare, housing, and healthcare
Initiatives are typically privately funded and family-led, with limited public visibility
One less visible, but deeply embedded trait among this group is philanthropy. Most Icons are involved in social impact initiatives, typically through foundations or family-run trusts.
Common areas of focus include education, healthcare, migrant welfare, and disaster response, both in the UAE and in India. While these initiatives are not always publicly promoted, they often play a central role in how these businesses operate and are perceived – particularly in sectors with large expatriate workforces.
Key insights
Influence is stable but concentrated – The same core industries continue to dominate year after year.
Leadership remains founder-heavy – Succession planning and professional governance models are uneven.
Scale is significant – These businesses underpin major segments of the Gulf economy.
The Icons of Indian Aces 2025 represent a model of leadership built on endurance, scale, and institutional reach. Their businesses are vital to the structure of the UAE's private sector. In many cases, they are among the largest employers, major landlords, and critical suppliers to both the public and private sectors.
As the UAE accelerates its diversification agenda and pushes for more inclusive and innovation-driven growth, the Icons category may face its own evolution. The leaders who appear in future editions of this list will likely need to represent transformation across technology, sustainability, and social equity.
RANK NAME DESIGNATION COMPANY
1 M.A. Yusuff Ali Chairman and Managing Director LuLu Group
2 Sunny Varkey Founder and Executive Chairman GEMS Education Group
3 Sima Ganwani Ved Founder and Chairwoman Apparel Group
4 Nawab Shaji Ul Mulk Chairman Mulk Holdings
5 Dr. B.R. Ravi Pillai Founder and Chairman RP Group of Companies
6 Dr. Shamsheer Vayalil Founder and Chairman Burjeel Holdings
7 Renuka Jagtiani Chairwoman and CEO Landmark Group
8 Joy Alukkas Chairman and Managing Director Joyalukkas Jewellery
9 Paras Shahdadpuri Chairman NIKAI Group of Companies
10 Dr. Thumbay Moideen Founder and President Thumbay Group
11 Yogesh Mehta CEO Petrochem Middle East
12 Rizwan Sajan Chairman and Founder Danube Group
13 Ashok Kanna CEO Al Tayer Motors
14 Zubin Karkaria Founder and CEO VFS Global
15 PNC Menon Founder Sobha Realty
16 Firoz Merchant Founder and Chairman Pure Gold Group
17 Mohan Valrani Co-founder and Managing Director Al Shirawi Group
18 Adeeb Ahamed Managing Director LuLu Financial Holdings
19 Sunil John Founder ASDA'A BCW
20 Adnan Chilwan Group CEO Dubai Islamic Bank
21 Ramesh Prabhakar Vice Chairman and Managing Partner Rivoli Group
22 K.P. Basheer Chairman Western International Group
23 Tariq Chauhan Co-founder and Vice Chairman EFS Facilities
24 Ajay Bhatia Chairman / Founder and CEO Bhatia General Contracting / SOL Properties Development
25 Amit Kaushal Group CEO Dubai Holdings
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