Company: Palmon Group
Wealth: 520 Million
Manohar Lahori described his relationship with Dubai as an “experiment”, during an interview with Arabian Business in October. His company Palmon Group was the first to set up in the Jebel Ali Free Zone in 1985, he was the first expat to buy property in Dubai Marina’s Al Murjan Tower in 1999 and he bought two villas on the Palm Jumeirah the day it opened to buyers.
Risks they may be, but each of his ‘experiments’ has paid off.
Palmon Group was established in Mumbai in 1974 as a clothing manufacturer but a chance meeting with Dubai Ports (DP) World chairman Sultan Ahmed Bin Sulayem in the 1980s saw him and the business relocate to Jebel Ali.
He has expanded the company to now encompass 20 businesses in fashion, interior design, real estate, logistics, facilities management and food but says he remains dedicated to Dubai, where he has 90 percent of his business.
Lahori’s main focus today is on expanding Palmon’s industrial real estate division, which plans to build 1 million sq ft of warehousing and logistics space by 2020. Real estate, fashion and F&B are expected to contribute the biggest growth in the company over the next few years.