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Arabian Business
10 hours ago
- Business
- Arabian Business
Indian Aces 2025: What the ‘Icons' reveal about power, scale and influence in the region
The Indian Aces 2025 Icons category highlights 25 individuals who represent the most well-established and influential Indian-origin business leaders in the Gulf. Their companies collectively generate tens of billions in revenue, employ hundreds of thousands of people, and operate across key economic sectors in the UAE and beyond. 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
Arabian Business
10 hours ago
- Business
- Arabian Business
Indian Aces 2025: How 25 Family Dynasties are reshaping the Gulf's $2bn business landscape
From a single grocery store to a 50-outlet GCC empire. From trading electronics in Deira to commanding billion-dollar conglomerates across continents. These are stories of 25 Indian Family Dynasties, representing more than succession stories – they embody the Gulf's economic transformation over five decades, with combined operations spanning 101 countries and employing over 100,000 people. The 25 leaders recognised in this category represent enterprises that span three generations, collectively employing hundreds of thousands across sectors from healthcare to retail, hospitality to logistics. Family Dynasties: Where legacy meets revolution The Family Dynasties category of Indian Aces 2025 tells a story that runs deeper than succession. It's about businesses that began as trading posts and textile shops, now commanding billions in revenue across continents. But what makes this year's 25 standout isn't just their scale. It's how they've turned inheritance into innovation. Take Dino Varkey at GEMS Education. Third-generation leadership of a business that started nearly 60 years ago. But under his direction, GEMS isn't just running schools – it's shaping global education policy. Varkey sits on World Economic Forum councils, speaks at international summits, and drives conversations about the future of learning. This isn't traditional family business management. It's influence that transcends sectors. The numbers tell part of the story. Feroz Allana's IFFCO Group: $8 billion in revenue, operations in 50 countries, 15,000 employees from 67 nationalities. Shamlal Ahamed's Malabar Gold & Diamonds: 200 outlets across 13 countries, $7.5 billion annual turnover. These aren't family shops that got bigger. They're global enterprises that happen to be family-owned. But scale alone doesn't explain their recognition. What matters is how they're redefining what family business means in the modern Gulf. Selina Ved, second-generation at Apparel Group, didn't just join the family firm. She built from scratch, integrating AI tools and creator content to capture changing consumer behaviour. Her platform recorded 300 per cent growth in a year. This isn't about preserving tradition. It's about using family resources to build something new. The same pattern appears across sectors. Adel Sajan at Danube Group took a building materials business and turned it into a lifestyle brand, launching e-commerce platforms and virtual design tools during the pandemic. Online sales grew several-fold. Rohan Mehta at Petrochem Middle East is pursuing executive education at Harvard whilst driving digital transformation in petrochemical distribution. What's striking is the educational foundation. These leaders combine family business experience with formal credentials. Winchester College and University of Sheffield for Varkey. Harvard Business School for multiple members. Northeastern University for Mehta. Georgetown for Rahul Jagtiani. This isn't about learning the trade from the ground up anymore. It's about bringing external expertise into family enterprises. The geographic expansion matters too. Businesses that started in single cities now operate across multiple continents. Tony Jashanmal's retail empire spans from Kuwait to India. Rajen Kilachand's Dodsal Group operates in 22 countries. Anil Ramchandani's Kachins Group has moved from Dubai tailoring into West African markets. These leaders aren't just inheriting local businesses. They're building international platforms. Technology integration is reshaping traditional industries. Mahesh Shahdadpuri at TASC Outsourcing is exploring artificial intelligence applications including early forms of artificial general intelligence. Vidya Chhabria at Jumbo Electronics has built omnichannel retail platforms. Girish Narayanan at Granteq introduced video conferencing technology to the UAE before it became standard business practice. The philanthropy component runs deeper than corporate social responsibility. Rajen Kilachand has donated over $200 million in 15 years, funding institutions at Boston University and supporting global charities. Lekhu Pagarani's Choithrams operates through a foundation that partners with Médecins Sans Frontières and the UN World Food Programme. This isn't about giving back. It's about building parallel institutions. Healthcare representation is particularly strong. Akbar Moideen Thumbay oversees operations treating patients from 175 countries through seven academic hospitals. Zunubia Shams leads Zulekha Healthcare Group across the UAE and India, driving community health initiatives including cervical cancer prevention programmes. These aren't just family businesses in healthcare. They are healthcare systems. The retail presence spans from traditional formats to digital platforms. Choithrams operates 70 locations across the GCC. Landmark Group runs 2,200 outlets in 17 countries with 50,000 employees. But alongside these established players, leaders like Selina Ved are building digital-first beauty platforms that carry 14,000 products from 250 brands. What emerges from this year's Family Dynasties category is a group that's rewritten the rules of succession. They haven't just inherited businesses. They've inherited platforms and used them to build influence that extends far beyond their original sectors. Educational policy. International trade. Healthcare systems. Digital commerce. Philanthropic institutions. The old model of family business – learning from elders, maintaining traditions, growing gradually – has been replaced by something more dynamic. These leaders combine family resources with global education, traditional values with technological innovation, local roots with international expansion. This isn't about preserving legacy anymore. It's about using legacy as a foundation for transformation. And that transformation is reshaping not just their businesses, but the broader economic landscape of the Gulf region. RANK NAME DESIGNATION COMPANY 1 Dino Varkey Group CEO GEMS Education 2 Rahul Jagtiani Group Director Landmark Group 3 Shamlal Ahamed Managing Director of International Operations Malabar Gold & Diamonds 4 Adel Sajan Managing Director Danube Group 5 Dr. Dhananjay Datar Chairman and Managing Director Al Adil Group 6 Feroz Allana Director – IFFCO Allana Group 7 Tony Jashanmal Group President Jashanmal Group 8 Aarti Jagtiani Director Landmark Group 9 Lekhu Thakurdas Pagarani Chairman Choithrams 10 Ravi Menon Chairman Sobha Group 11 Abdulla Ajmal CEO Ajmal Group 12 Ramesh S. Ramakrishnan Chairman Transworld Group of Companies 13 Raju Shroff Chairman Regal Group of Companies 14 Rohan Mehta Managing Director Petrochem Middle East 15 Vidya Chhabria Chairperson Jumbo Electronics 16 Akbar Moideen Thumbay Vice President – Healthcare Division Thumbay Group 17 Selina Ved Co-founder and Director GCC Nysaa (JV with Apparel Group) 18 Girish Narayanan Managing Director Granteq 19 Rajen Khilachand Chairman and President Dodsal Group 20 Mahesh Shahdadpuri Director NIKAI 21 Hashim Vahedna Director and Vice President Vahedna Group of Companies 22 Prashant Goenka Director Emami 23 Anil Ramchandani Director of Business The Kachins Group 24 Zanubia Shams Co-chairperson Zulekha Healthcare Group 25 Rahul Shetty Managing Director Peninsula Hospitality
