Indian billionaire to hire 2,500 employees in UAE

Dubai-headquartered retail major Landmark Group will hire 2,500 additional employees for its 50 new stores to opened in the UAE by the end of next year, a senior company official has said.

The Dubai-based group is owned by Indian billionaire Micky Jagtiani, whose net worth is estimated by Forbes magazine at $6 billion and whom the magazine ranks as the 267th richest person in the world.

Vipen Sethi, the group’s CEO, said the group has made a big commitment for the Yas Mall will host 25 stores of Landmark Group. The other stores will be opened in Sharjah and Dubai’s Tecom area. Yas Mall will have group’s all brands in the shopping mall which is expected to open in November this year.

The group has a workforce of 50,000 across its retail units. In addition to the brands developed in-house, the group also holds the franchise rights for some of the global fashion and footwear brands in countries where it operates.

Sethi was speaking at a press conference to announce opening of group’s three brands – Centrepoint, Max and Emax – at Dubai Festival City Mall where the group added 100,000 square feet of retail space across two floors and hired around 180 staff for the Festival City outlets.

The new stores will take group’s tally to more than 550 outlets by end-2015 in the UAE, also growing its retail space from 6.3 million square feet to 8 million square feet in the next 18 months.

The group currently operates over 270 stores in the emirate where it boasts loyalty of over one million Shukran customers.

Commenting on how the group will finance its expansion, Sethi said: “We have more than enough cash for the expansion.” He ruled out any plan to take company public at the moment.

Murray Bell, Managing Director, Retail at Al Futtaim Group Real Estate, said Festival City Mall expansion is underway with the first phase completed while the second phase expansion will be launched later. The expansion will see additional activities at waterfront site, more paintings and kiosks in the mall, and opening of H&M outlet.

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