Yusuff Ali, a billionaire originally from India, has gained attention for the $1.72 billion initial public offering of Lulu Retail Holdings Plc, which is the largest share sale in the UAE this year.

Ali, who came to the UAE as a teenager in 1973, opened his first grocery store in Abu Dhabi shortly after, taking advantage of the region's oil boom to expand his business significantly.

This IPO has increased Ali's net worth to $7.1 billion, making him the second-richest private individual in the UAE, according to the Bloomberg Billionaires Index.

The successful launch of Lulu Retail Holdings reflects the growing importance of Indian-born tycoons in the UAE's economy.