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Arabian Business
23-06-2025
- 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
09-05-2025
- Business
- Arabian Business
Celebrating legends: The icons who defined Indian excellence in the Middle East
Success doesn't just happen. It's built – over decades of ambition, resilience, and relentless pursuit of a bigger vision. It requires a willingness to dream bigger, a capacity to overcome setbacks, and an unwavering commitment to creating lasting impact. For years, Indian Aces has been the definitive platform to recognise the Indian community's extraordinary influence across the Middle East. It's a celebration of individuals who didn't simply find success in the Gulf – they redefined what was possible, elevated industries, and forged lasting legacies. Their contributions have helped shape economies, transform industries, and bridge cultures between India and the Arab world. As we prepare to launch Indian Aces 2025, we pause to reflect on the names that have graced past lists – legends who set the gold standard for leadership and achievement. Their stories are not just examples of personal triumph; they are integral chapters in the extraordinary story of the Gulf's rise as a global economic powerhouse. The titans of industry Some names need no introduction. Leaders like Yusuffali M.A., PNC Menon, and Sunny Varkey have become synonymous with dedication, excellence, and success. Yusuffali M.A., the force behind Lulu Group, didn't just create a retail empire; he transformed consumer habits across the Gulf, bringing a world-class shopping experience to millions. His leadership embodies the essence of cross-border entrepreneurship, marrying Indian tenacity with Gulf ambition. PNC Menon, meanwhile, pioneered a new era in luxury living with Sobha Realty, setting new standards for quality and craftsmanship not just in Dubai, but across the world. His story proves that perfection and persistence go hand-in-hand when building a brand that transcends borders. And Sunny Varkey, through GEMS Education, didn't merely build schools – he revolutionised the concept of education itself, providing opportunities for excellence to students from every corner of the globe. His work has impacted generations, shaping minds and futures far beyond classroom walls. These men didn't just build businesses. They built futures, communities, and dreams. The next wave of pioneers But Indian Aces has never only celebrated established icons. It has always shone a spotlight on the rising generation – dynamic leaders like Adeeb Ahamed, Shamsheer Vayalil, and Renuka Jagtiani who are redefining what leadership looks like today. Adeeb Ahamed's multi-sector empire, stretching from finance to hospitality to healthcare, illustrates the new model of entrepreneurship: diversified, resilient, and globally connected. His achievements show that success today demands agility and boldness across borders. Dr. Shamsheer Vayalil, founder of VPS Healthcare, built one of the region's largest healthcare networks, demonstrating that purpose-driven leadership can achieve both commercial success and meaningful societal impact. His story is a testament to the power of vision combined with compassion. Renuka Jagtiani took the head of Landmark Group and led it into a new era, modernising its operations, expanding its footprint, and reinforcing its reputation as a regional powerhouse in retail and hospitality. Her leadership is a masterclass in balancing legacy with innovation. These pioneers embody the spirit of a new generation: fearless, inventive, and deeply committed to creating a better future. The legacy builders Across the Gulf, a deeper story of success has been written by leaders like Rizwan Sajan, Thumbay Moideen, Ramesh Ramakrishnan, and Firoz Merchant. Their achievements span across diverse sectors – real estate, education, logistics, retail – but they share a common thread: resilience, foresight, and an enduring commitment to excellence. Rizwan Sajan's real estate ventures have shaped city skylines, while Thumbay Moideen's contributions to education and healthcare have built bridges across communities. Ramesh Ramakrishnan has steered logistics and trade into the modern era, and Firoz Merchant has created value not just through business, but through philanthropy. What binds them together is not just their business acumen – it's their role as custodians of a greater legacy: building stronger, more connected societies. A new era: 25 names per category In 2025, Indian Aces will evolve even further, honouring 100 extraordinary individuals across four distinct categories: Icons, New Mavericks, Change Makers, and Family Dynasties. Each category will spotlight 25 leaders who have reshaped industries, driven innovation, empowered communities, and carried forward the proud legacy of Indian enterprise in the Middle East. This approach is not just about breadth. It's about depth – capturing the richness of achievement across generations, sectors, and geographies. Whether you are a builder of institutions, a disruptor of norms, a champion of communities, or a guardian of family heritage, Indian Aces 2025 will honour your contribution. Each category is a celebration in itself. Each name a testament to what's possible when ambition meets opportunity, and leadership meets purpose. Nominations for Indian Aces 2025 are officially open. Entries close on May 19. Don't miss your opportunity to make history. History does not merely remember those who made it to the top. It honours those who helped shape a future for others. Ensure your story is part of that legacy.
Arabian Business
08-05-2025
- Business
- Arabian Business
Indian Aces 2025: How Arabian Business is redefining influence in the Middle East
Greatness, in today's world, is not a one-dimensional achievement. It is built on leadership, innovation, legacy, and impact – not just in boardrooms, but across society. That's why Indian Aces 2025 marks a new era for Arabian Business' most celebrated power list. As we prepare to honour 100 Indian leaders transforming the Middle East, we're introducing a sharper, more comprehensive evaluation system – ensuring that every name reflects the true breadth of influence today. A smarter, more rigorous evaluation This year, nominees for Indian Aces will be assessed using a nine-parameter algorithm, a first-of-its-kind system that moves beyond traditional measures of success. Each candidate will be scored across the following weighted factors: Inspiration (20%) Recognising the ability to motivate, influence, and ignite ambition in others. Legacy (15%) Honouring those who have created enduring impact – building institutions, industries, and communities that last. Economic Contribution (15%) Measuring the tangible value created through entrepreneurship, investment, and job creation. Cultural Impact (10%) Acknowledging those who have shaped arts, education, media, or broader societal values. Community Engagement (10%) Celebrating leaders who actively support and strengthen the communities around them. Entrepreneurial Achievement (10%) Recognising business acumen, growth, innovation, and risk-taking in ventures large and small. Social Media Presence (10%) Reflecting the growing importance of digital influence in leadership narratives. Environmental Impact (5%) Spotlighting contributions towards sustainability, green initiatives, and environmental responsibility. Innovation (5%) Rewarding new ideas, technologies, or approaches that have transformed sectors or created new markets. Every nominee will be evaluated on a 10-point scale per parameter by a panel of experts. These scores are then fed into Arabian Business ' proprietary algorithm, ensuring final rankings are fair, balanced, and comprehensive. This approach captures not just what nominees have achieved – but how they are shaping the future. The Icons category recognises the titans – individuals whose careers span decades and whose influence is felt across industries and generations. If you have built a legacy that will outlast you, this is your place. The New Mavericks are the disruptors – younger leaders, entrepreneurs, and innovators who are reshaping the Gulf's business landscape today. If you are breaking barriers, scaling new heights, and rewriting the rules, this is your arena. The Change Makers are those using their success for something bigger than themselves – driving sustainability, philanthropy, social change, or cultural leadership. If your work is transforming lives, lifting communities, or shaping a better world, you belong here. The Family Dynasties category honours those carrying forward – and evolving – the great family enterprises that have anchored the region's economy for generations. If you are modernising, leading, and building on a family legacy, this is your stage. Each category reflects a different face of leadership – but every honouree shares the same DNA: a relentless commitment to excellence. Your moment to step forward In previous years, the likes of Yusuffali M.A., PNC Menon, Sunny Varkey, Adeeb Ahamed, and Shamsheer Vayalil have set the standard for what it means to be an Indian Ace. This year, the stage is wider, the lens is sharper, and the opportunity is greater. Nominations for Indian Aces 2025 are officially open. Entries close on May 19. Don't miss your opportunity to make history. This is not just about celebrating individual success. It is about building a collective story of ambition, leadership, and excellence that continues to inspire generations to come. Be part of history.
