Rags to riches

There are few people, much less immigrants, who can recall the days when Dubai truly was little more than a stretch of sand. Sheikh Zayed Road was a mere two lanes and the tallest building was a few storeys high. The population consisted of a scattering of people in a dusty city little known internationally.

That was until oil was discovered and thousands of foreigners flocked to the emirate to seek the opportunities. Among them was an ambitious 20-something-year-old Indian immigrant named Asgar Patel.

But what made Patel stand out in the early 1970s was that he had already proven his independent business acumen after building up the largest Asian transport company at the time, Patel Roadways, despite his age.

He arrived in Dubai with the cash needed to kick-start his own ventures, ironically benefitting from the earnings of his fellow Asian expats who typically worked as low-paid labourers. Wall Street Exchange Centre became the UAE’s largest and oldest foreign exchange and money transfer company and was a lifeline for many who came to rely on Dubai to support their families back home. Remittances from Dubai are among the highest in the world, with nearly $13bn transferred out of the country last year, according to UAE Exchange.

Patel says he could sniff the money-making opportunities in the Middle East from 2,000km away.

“Because I was educated in England I didn’t really like India, to be honest with you. Therefore I came to Dubai,” Patel says.

“First thing, it was a tax haven. Secondly, the government really encouraged investment very much. Sheikh Rashid, the father of Sheikh Mohammed, I used to know personally. Things were different in those days; you could talk to them, sit and have a cup of tea with them.

“I established the exchange centre to help the increasing number of Indians remitting money from Dubai to India. Dubai was just building up so labourers had to send the money back to India. Being in the roadways business I didn’t see any difference to transporting money. One thing went by wire and one thing went by truck.”

Article continued on next page

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Paolo C

Getting rich at the beginning exploiting the need of hundred of thousands of poor ignorant people to send back home they hard earned money probably with a commission of 5% is really nothing to be proud of. I guess this is what England thought him best.

Posted by: MAS

You really couldn't conduct bank transfers in the 60's and 70's. He atleast initiated to prepare a set up where hundreds could send money home without being duped.

Posted by: MAS

When you got money, and when you got billions, you can say anything and everything. People who are whining are either just jealous or cannot accept the fact of how he got rich. Asgar Patel just got rich and that's the end of it, accept it! Becoming wealthy is a combination of luck and intelligence. If it strikes - BINGO - you hit a jackpot!

I loved the article. I wish I can do something like this...

Posted by: Asgar Patel

I am proud to be a Indian. I love India. The Indian system however beats me. Its too complicated,nothing else.I can never forget my roots in India and I am grateful to India and all Indians.Yes I am proud to be called a Indian

Posted by: tony

Sorry, but it does not sound like you moved to Dubai because the system in India was too complicated, but because you didn't like India (maybe the cleanliness?)

"Because I was educated in England I didn?t really like India, to be honest with you. Therefore I came to Dubai"

Posted by: Nishtha Pandey

Inspiring. Truly.

Posted by: namo

Well he was very poor, and then he became rich. Read Page 5.

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi riyal peg pressure eases, but not gone

Saudi riyal peg pressure eases, but not gone

Volatile energy swings mean the currency remains vulnerable,...

The Gulf's sovereign dilemma

The Gulf's sovereign dilemma

With oil prices still faltering around their lowest level in...

Gulf's bond market thaws as panic over oil fades

Gulf's bond market thaws as panic over oil fades

Improved sentiment seen in the response to a $500m, five-year...

Most Popular
Most Discussed