From Grocery Stores to Global Empires: The Journey of Indian Family Dynasties in the GCC
The Rise of Indian Family Businesses in the Gulf
In just a few decades, Indian family businesses have evolved from modest grocery stores to expansive conglomerates with a global footprint. A remarkable transformation has taken place in the Gulf Cooperation Council (GCC), where 25 prominent Indian family dynasties now operate across numerous industries, employing over 100,000 people across 101 countries. This remarkable growth is not just a testament to business acumen; it also reflects the broader economic changes that have occurred in the region.
Legacy and Innovation: A New Model
The stories of these family businesses, highlighted in the Indian Aces 2025, go beyond succession planning. While many started as small trading ventures, they now command impressive revenues that span across continents. For instance, GEMS Education, led by Dino Varkey, has progressed from a single institution to a leader in shaping educational policy worldwide. Under Varkey’s innovative leadership, GEMS is now actively involved in global discussions about shaping the future of education.
A Snapshot of Financial Success
Consider Feroz Allana’s IFFCO Group, which boasts an annual revenue of $8 billion and a workforce of 15,000 from 67 different nationalities. Similarly, Shamlal Ahamed’s Malabar Gold & Diamonds operates 200 outlets across 13 countries, generating $7.5 billion yearly. These businesses have transcended the traditional family business model, demonstrating how they operate as global enterprises while still being family-owned.
Redefining Family Business Norms
What sets this generation apart is their embrace of innovation over tradition. Selina Ved, a second-generation leader at the Apparel Group, didn’t merely step into her family’s established business; she innovated by creating Nessa.com, a digital platform that leverages artificial intelligence and creator-generated content. In just a year, her platform achieved impressive growth, illustrating a shift from merely maintaining legacy to actively transforming business models.
Adapting to Modern Challenges
Leaders such as Adel Sajan of Danube Group have employed creative solutions to adapt to market changes. By reshaping a traditional building materials business into a modern lifestyle brand, Sajan utilized e-commerce strategies and virtual design tools during the pandemic. This shift not only helped sustain the business but also accelerated its online sales.
Education Meets Experience in Leadership
A common thread among these family businesses is the integration of formal education with practical experience. Many leaders hold esteemed degrees from institutions like Winchester College and Harvard Business School. For example, Rohan Mehta of Petrochem Middle East is furthering his executive education while driving digital transformation in the petrochemical sector. This blend of educational prowess and hands-on experience is reshaping the family business landscape.
Geographic Expansion and Global Presence
The geographic reach of these Indian dynasties is noteworthy. What began as neighborhood businesses are now international entities. For example, Tony Jashanmal’s retail operations extend from Kuwait to India, while Rajen Kilachand’s Dodsal Group flourishes in 22 different countries. This expansion reflects a forward-thinking approach that seeks opportunities beyond local markets.
The Tech Drive in Traditional Industries
Technology is playing a crucial role in these transformations. Leaders like Mahesh Shahdadpuri at TASC Outsourcing are pioneering initiatives in artificial intelligence, exploring its applications across various sectors. Similarly, Vidya Chhabria of Jumbo Electronics has successfully created omnichannel retail experiences, while Girish Narayanan at Granteq introduced video conferencing technology in the UAE long before it became normalized.
Philanthropy Beyond Corporate Responsibility
Many of these leaders have approached philanthropy as a commitment rather than a mere corporate responsibility. For instance, Rajen Kilachand has contributed over $200 million in the last 15 years towards educational and charitable causes. Lekhu Pagarani’s Choithrams runs initiatives in partnership with Médecins Sans Frontières and the UN World Food Programme, showcasing how these dynasties are committed to creating lasting societal impacts.
Strengthening Healthcare
Healthcare is another area where these family dynasties are making significant strides. Akbar Moideen Thumbay oversees operations that cater to patients from 175 countries across multiple academic hospitals. Zunubia Shams, leading the Zulekha Healthcare Group, drives efforts in community health, focusing on initiatives like cervical cancer prevention.
Navigating the Retail Landscape
In retail, these businesses reflect both tradition and modernity. Choithrams operates 70 locations in the GCC, while Landmark Group boasts 2,200 outlets across 17 countries, employing around 50,000 individuals. Yet, fresh initiatives like Selina Ved’s digital-first beauty platform, which features a broad range of products from numerous brands, highlight the continuing evolution in this sector.
A New Era of Family Business Dynamics
What emerges from this year’s spotlight on Family Dynasties is a clear narrative: these leaders are not merely managing inherited businesses. They are transforming their legacies into platforms of influence and innovation. From educational reforms and healthcare systems to digital commerce and philanthropic initiatives, these family dynasties are reshaping the economic landscape of the Gulf region for the better.
