India has been a strategic ally of Saudi Arabia and the UAE, among other countries in the GCC and the MENA region, for decades. With the growing focus on trade, investments, and infrastructure in 2022, cross-border relationships have been brought back into the limelight as Indians continue to play a crucial role in the region’s post-pandemic economic recovery.
While Saudi Arabia remains India’s second-largest oil supplier and the UAE remains the sub-continent’s second-largest trading partner, India’s partnership with the Middle East economies have spread across the energy, retail, healthcare, construction, education, logistics, banking, hospitality, industrial, and jewellery sectors, among others.
Trade volumes between India and the UAE have grown from $180 million in the 1970s to $60 billion in 2019, and are projected to reach the $100 billion mark by 2030. The Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE in the first quarter of 2022 is another testament to growing bilateral non-oil trade that aligns with the region’s diversification strategies.
Forming a vital part of the region’s expatriate community, Indians have left an indelible mark on their respective industries in the Middle East, while remaining an invaluable part of the Middle East multicultural community.
Here, we highlight some of the region’s most prolific businesspeople, detailing their contributions to the region. Many of them have revealed a positive outlook for the months ahead, while sharing their insights on the trends and challenges across key sectors in the MENA region.
Name: Adeeb Ahamed
Designation: Managing Director
Company: Lulu Financial Holdings
Industry: Banking and finance
A serial entrepreneur with an eye on the future, Adeeb Ahamed has been successfully steering the progress of LuLu Financial Holdings over the past 13 years. An astute businessman in the financial services sector, Ahamed is on a mission to realise the true meaning of financial inclusion for people from all walks of life.
Under his dynamic leadership, LuLu Financial Holdings has come to oversee varied investments across 11 countries, with a digital-first approach to transforming the modern cross-border payments landscape.
Ahamed is also the owner of several iconic hotels around the world, including the Great Scotland Yard in London, Waldorf Astoria in Edinburgh, Pullman Downtown Dubai, Sheraton Oman and Port Muziris Kochi. These hotels are owned under his hospitality investment company, Twenty14 Holdings.
Ahamed’s business acumen hasn’t gone unnoticed, and he today holds positions on the senior advisory board of the South Asia Regional Strategy Group (RSG) at the World Economic Forum (WEF), as well as the World Tourism Forum Lucerne and the Al Maryah Community Bank in the UAE.
Ahamed’s commitment to social projects is also visible in his many philanthropic activities, mostly geared towards women empowerment, girls’ education, and geriatric support. He also supports the parents of young children needing medical emergencies and has contributed to building schools and shelter homes for the underprivileged.
When asked on how the business has performed in 2021-22, he says: “LuLu Financial Holdings witnessed robust growth in 2021-22, riding high on the investments made on digital payment solutions. Our network of branches has grown to nearly 245, and Singapore was added as the newest country of operations.
Overall, we processed inward and outward remittances worth over $11bn, and achieved a record turn-around-time in processing of transactions to key corridors to less than 15 seconds. Some of our other allied services such as banknotes business also saw significant growth this year.
“We are quite upbeat about 2022. In the UAE, Expo 2020 Dubai has boosted the local economy and helped revive tourism to a large extent. The job sector is seeing a fast revival, and with employment opportunities abounding, the year looks encouraging. In other countries across GCC and the sub-continent too, we are seeing a gradual recovery. The APAC region is quite dependent on travel and tourism, and pace of recovery there will depend on how fast the economies open up completely,” Ahamed adds.
Name: Adnan Chilwan
Designation: Group CEO
Company: Dubai Islamic Bank
Industry: Banking and finance
A leading authority in Islamic banking and finance, Dr Adnan Chilwan is widely seen as a driver of change and innovation and a key figure in the progression of Islamic Finance which is quickly evolving into a global phenomenon. He has been hailed by stakeholders around the world as a key spokesperson spearheading the progression, development and growing acceptance of Islamic finance across the world.
With an extensive banking career spanning over two decades with both reputed conventional and Islamic banks in the region, Chilwan currently serves as the Group CEO of Dubai Islamic Bank, the world’s first Sharia-compliant player and the largest Islamic bank in the UAE.
Driving the globalisation of Islamic finance
Renowned as a visionary and driven by an unwavering belief in his convictions, Chilwan has made it his personal and professional goal to establish Islamic Banking and Finance as a global norm rather than being considered as an alternative.
Chilwan leads an organisation which is fast being recognised as a formidable force in Islamic finance and one of the most progressive institutions in the world today, with assets of in excess of $80bn and a market capitalisation of over $9bn.
DIB boasts a workforce of more than 10,000 employees across a network of branches in the UAE as well as growing international operations in Asia, Middle East and Africa.
The UAE has set out plans to levy a 9 percent corporate tax from June 2023. The tax won’t apply on personal income from employment, real estate and other investments, and incentives for free zones will continue.
The new tax regime is “welcome,” Chilwan said in an interview on Bloomberg TV. The levy won’t lead to a slowdown in the economy as it is still more competitive than some regional neighbours and global tax standards, he said.
“The UAE continues to be a very, very attractive market,” Chilwan said.
Name: Alisha Moopen
Designation: Deputy Managing Director
Company: Aster DM Healthcare
Industry: Healthcare
Managing the company’s operations in India and the GCC, Alisha Moopen is the deputy managing director of Aster DM Healthcare, currently one of the largest and fastest growing conglomerates in the MENA region that covers the full spectrum of healthcare services with an expansive portfolio that includes hospitals, clinics, pharmacies, diagnostic centres, educational institutions, healthcare management and healthcare support systems.
Having joined the company as a director in 2013, she is responsible for overseeing the strategic direction and development of the company, and notably spearheading the expansion of the group into new markets.
Passionate about healthcare
Moopen’s philosophy in life is ‘Healthiness is Happiness’. She wants to enable quality healthcare across the globe through treating people with compassion, precision and excellence. Dedicated to the cause of women empowerment and mental health, she believes in the diversity of workforce, strength in differences and focused on improving the glass ceilings at work for women.
She was instrumental in launching the Women in Leadership programme at Aster DM Healthcare which empowers talented and capable female employees with training and growth opportunities, to shape them for leadership roles.
Also an active philanthropist, Moopen is a trustee of Aster DM Foundation and involved in social welfare through Aster Volunteers programme which connects people in need with those who would like to help.
A Chartered Accountant from the ICAS (Institute of Chartered Accountants of Scotland), Moopen worked earlier with Ernst & Young. She graduated from the University of Michigan, Ann Arbor with distinction in Finance & Accounting. Moopen was elected by World Economic Forum as a Young Global Leader to join the class of 2018.
Recognising her past work in healthcare, she has been inducted into a five-year programme with like-minded people who are committed and passionate to tackle the main challenges of the world today, with healthcare being one of them.
Name: Ashish Panjabi
Designation: Chief Operating Officer
Company: Jacky’s Group
Industry: Retail
An entrepreneur at heart who loves technology, Panjabi is the COO of Jacky’s Group of Companies. He also holds a senior leadership position at the UAE Chapter of TiE (The Indus Entrepreneur), a group founded in 1992 in Silicon Valley with a focus to foster entrepreneurship through education, networking, mentoring, incubation, and funding.
Panjabi is also a member of the MENA One Chapter of the Young President’s Organization (YPO) and a board member of the Dubai Computer Group (DCG) which represents the interests of the computer industry in Dubai and was formed under the auspices of the Dubai Chamber of Commerce and Industry.
Taking over the reins
Panjabi assumed responsibility in his family-run business in 2004 and while initially was involved in the finance side of the business; he soon got involved in the e-business aspects. In 2000, he launched the first e-commerce electronics website in the UAE.
He is also the COO of Jacky’s Retail since 2014 where he is responsible for running a dedicated chain of brand shops for Samsung, with stores spread across the UAE. Jacky’s Group of Companies is based in Dubai with five subsidiaries, namely: Jacky’s Electronics, Jacky’s Middle East, Jacky’s Business Solutions, Jacky’s Gulf, and Jacky’s Logistics Worldwide LLC.
Name: Bharat Bhatia
Designation: Founder and CEO
Company: Conares
Industry: Construction and real estate
At the mere age of 18, Bhatia began working in the trading of building and hardware materials. Eager to learn, he multi-tasked and covered various aspects of the business, from sales to store monitoring.
In 1987, he created Mechweld Trading Company, his first UAE-based business where as the owner, he continues to oversee the business which includes trading of welding, hardware and building materials. That same year, Bhatia started United Metal Supply Limited, a UAE based company, trading in structural Steel and Pipes for which is currently also the CEO.
Industry benchmark
In 1988, he founded Conares, a steel production and trading business, from the Jebel Ali Free Zone. The company initially focused on steel trading, but later set up manufacturing facilities in the UAE, and today, is the only private and one of the largest steel manufacturers in the UAE.
Conares is the leading producer of steel pipes and tubes, rebars, flat steel colour-coated lines, in the region with a capacity to manufacture 1.15 million tonnes of steel products annually to meet the growing demand for steel from the region’s infrastructure development sector.
Its steel has been used in several projects in the UAE, including Etihad Rail and Expo 2020 Dubai.
Name: Deepa Sachanadani
Designation: Deputy Head of Research
Company: Century Financial
Industry: Banking and finance
With more than eight years of diverse experience in equity as well as credit research, Sachanandani is well versed in fundamental and technical analysis of equities, foreign exchange, bonds and commodities. Before joining Century Financial, she worked for CRISIL and DBOI Global Services (Deutsche Bank Operations International).
Some of Sachanandani’s notable key skillsets include research on global equity markets, formulation of short-term and long-term trading strategies, quantitative analysis, formulation of customised investment portfolios, fundamental analysis, financial statement analysis, credit research, and risk management. She is also responsible for an instructional programme related to financial markets for educating the clients and the internal employees.
Also, she has successfully completed all three levels of the Chartered Financial Analyst Programme (CFA) and holds a Master’s Degree in Finance from Mumbai University.
Providing clients with better investment prospects
For almost three decades, Century Financial have been striving to provide an array of professional services to private and corporate investors. The company has since then extended its network throughout the Middle East and Gulf countries.
With a vision to be the region’s first choice for global financial investments, Century Financial are the pioneers of global financial markets in the region. Committed to making investments simple and accessible through a highly customer-centric approach, industry-leading expertise and cutting-edge technologies, their core emphasis is on educating investors thereby, empowering them to make an informed decision.
Century Financial operate on an international platform that is diversified from a geographical perspective. With research that gets regularly published on international platforms, their expertise helps generate customised portfolios and their strategies are fine-tuned according to market dynamics. Some of Century Financial’s pioneering products in the region include market neutral strategies that have been launched after years of back testing.
Name: Devaki Khimji
Designation: Executive Director
Company: Al Turki Enterprises
Industry: Construction and real estate
A member of the company’s founding family and currently, the managing director of Al Turki Enterprises (part of the Al Tasnim Group), Khimji served as the managing director and founding partner of India Circus Retail, an online retailer of lifestyle products in India for four years. Her business acumen and foresight were essential to India Circus’ launch and financial growth. She guided the brand through the market with her reputed management skills, lent from her prior experience.
Previously, she has embarked on various successful entrepreneurial ventures, and acquired an indispensable understanding of the global market, including the domain of e-commerce. She has also embarked on various successful entrepreneurial ventures and her vast experience and proficiency have channelled her businesses and aspirations in the right direction.
Transformation of Al Tasnim Group
Established in 1976, Al Turki Enterprises (ATE) has grown to become a firm fixture within Oman’s construction sector. Khimji joined the Al Tasnim Group in 2012 and immediately restructured the Group into manageable divisions. A multifaceted construction firm, the group functions through six main verticals, including oil and gas, civil construction, building finishes, cement products, roads and infrastructure, and product dealership training. Other divisions of the group include fitness, catering, housekeeping, rotomoulding, and health.
She has steered the Omani company through a number of key projects during her eight years in the role, including Oman’s integrated tourism complex (ITC) Al Mouj, Muscat. Phase 2 of Al Tasnim Group’s multi-dwelling community development – The Ras Al Hamra Development Project. This consists of apartments, villas, and related infrastructure and was shortlisted for Construction Week’s Residential Project of the Year at its CW Oman Awards 2020 by ITP Media Group. In February 2020, Al Tasnim signed an MoU with Oman’s Ministry of Heritage and Culture to construct a visitor centre at the Bat archaeological site and develop the surrounding area of the Khutm Archaeological Tower.
Name: Divyank Turakhia
Designation: CEO
Company: Media.net
Industry: Media
A computer programmer, businessman, billionaire, serial entrepreneur, and investor all in one, Divyank Turakhia is also the co-founder of Directi, a company that provides web hosting services, and all its media businesses, such as Media.Net, Skenzo, BigJumbo, DomainAdvertising.com, and MediaInvestments.com. The recipient of multiple accolades, Turakhia has been listed in many high-profile magazines across the UAE and India.
Born in India, Turakhia began learning coding at the age of eight and had provided freelance internet consulting for large corporates at just age 14. In 1998 at age 16, he co-founded Directi with his older brother, Bhavin. In 2014, NASDAQ:EIGI purchased the hosting and domains businesses for $160m.
In 2005, Turakhia founded Skenzo, a domain advertising startup, and in less than a year, it grew to become the number one fastest growing domain advertising business worldwide. Later, the company built Bigrock and launched 10 other companies under the same Directi banner.
His net worth is estimated at $1.76bn. He sold Media.net in 2016 to a Chinese consortium for $900m, the third-largest ever ad-tech deal.
The Turakhia brothers’ other startups include Flock, which offers collaboration tools for enterprises.
Name: Dr Dhananjay Datar
Designation: Chairman and Managing Director
Company: Al Adil Group
Industry: Retail
Masala King Dr Dhananjay Datar is chairman and managing director of Al Adil Trading in Dubai. He is a self-made entrepreneur who has carved a unique niche in the retail sector. He was raised in rural India in poverty, which taught him self-reliance, frugality and hard work.
He started his business career in 1984 as an intern in a small grocery shop established by his father in Dubai. With honesty, hard work and determination, he carved the world-famous business group Al Adil out of a tiny shop. Today, his Group encompasses a chain of 50 spacious super stores spread across Gulf Countries, two spice factories, and two flour mills equipped with modern technology and an import-export company acting as an Indian arm.
A spotlight on Indian products
Apart from business, Datar, along with his family and business has immensely contributed in philanthropic activities and supported social welfare projects. Recognised as an ISO 22000, HACCP, GMP, GHP certified company in 2006, Al Adil Trading has performed a key role in bringing more than 9,000 Indian products to UAE.
The group also produces more than 700 products within categories as readymade flours, spices, pickles, jams, Namkeen and instants, under its own brand Peacock. For the last 36 years, it has been serving authentic, hygienic and secure Indian foodstuff to the customers from the GCC. Al Adil Group is actively expanding its presence in other Gulf countries. It has already established special trade routes in USA, Canada, Kenya, Switzerland, Italy, Eritrea, Kuwait, Oman, Bahrain, Saudi Arabia and UAE.
“In the year 2021-22, we all witnessed the impact of global pandemic, continuing from the previous year. Due to lockdowns and transport restrictions in many countries, the supply chains were disrupted and the industry as well as the consumers faced a lot of challenges,” Datar says on how the business has performed.
“Since we are in retail business and food is a basic necessity for everyone, our company Al Adil Trading didn’t face any problem at all. On the backdrop of the Covid pandemic, we anticipated the challenges ahead and procured sufficient stock of food products in advance. Besides, we import and export our consignments mainly through water transport. This service continued well even during the pandemic. It helped us to sustain and continue our trade and operations as usual. Consumers also anticipated the challenging situation and stored extra food stock which increased the demand for our products. Thus, we could maintain our growth to a satisfactory level.”
Name: Faisal Yusuf Vahedna
Designation: Group Managing Director
Company: Vahedna Group of Companies
Industry: Retail
With humble roots, Vahedna Group was established by Faisal Yusuf Vahedna, as Vahedna Trading Co LLC in 1996 in Deira. And today, the group owns four companies in the UAE, two retail showrooms in Deira, Dubai, and an online e-commerce portal eDubuy.me. The company’s core business activities are focused on retail, wholesale, import and re-export. It deals in all major brands of mobile phones, home appliances, IT products, telecommunication, office automation and consumer electronics in the region and around the globe.
As a leading retail distributor of major electronic brands in the UAE, just some of these international brands include GE, Sony, Panasonic, Toshiba, LG, Hitachi, Dell, Philips, HTC, Super General, Supra, Samsung, Akai, Canon and many more.
The group is also the authorised distributor of Apple products in the UAE. In 2017, Vahedna Group has registered its own brand V-TEC in the UAE. Sourced from the most trusted manufacturers, V-TEC boasts its legitimate high quality products and has expanded its product from smartphones, cameras and accessories to home appliances.
Vahedna Group also supports several NGO programmes in the fields of medical and education throughout the world.
Name: Faizal Kottikollon
Designation: Founder and chairman
Company: KEF Holdings
Industry: Industry
From a family of Kerala-based industrialists, Faizal Kottikollon, founder and chairman of KEF Holdings, launched Sharjah-based foundry Emirates Techno Casting in 1997 which initiated his foray into the oil and gas sector. An integrated facility incorporating cutting-edge engineering and design lab, Emirates Techno Casting boasted the world’s largest automatic moulding line, steel refining furnace, machine shop and research and development lab, and was rated amongst the top three technologically advanced foundries in the world.
An industry agnostic company powered by innovation
In 2012, Tyco International bought the business for $400m, becoming the impetus for the launch of KEF Holdings’ two new verticals; KEF Investments and KEF Infra, which was among the world’s largest fully integrated offsite infra manufacturing facility. A true change maker and genuine trailblazer, KEF Holdings is an industry agnostic company powered by innovation, an unshakeable disruptive spirit and an unwavering commitment to creating positive social impact for a better future.
The firm specialises in offsite manufacturing technology in several industries, including healthcare, education, sports and agriculture. In December 2016, KEF Infra (a KEF Holdings subsidiary) opened the world’s largest fully integrated offsite manufacturing park in the Indian state of Tamil Nadu and produces everything from precast products and prefabricated room to windows, furniture, marble and granite.
With a 20-year legacy of building successful businesses, in 2018, KEF Infra announced a strategic merger with Katerra, a Silicon Valley infra tech company, He is also a member of the Indian Prime Minister Narendra Modi’s prestigious panel of Champions of Change for Infrastructure. And staying true to Kottikollon’s belief of KEF Holdings being a social-enterprise, in close collaboration with stakeholders in the public and private sectors, the company actively drives, funds and supports high-impact social activities undertaken by the Faizal and Shabana Foundation. The Foundation addresses key human development areas including education, healthcare, infrastructure, sustainable livelihood and skill development.
Name: Feroz Allana
Designation: Co-founder
Company: IFFCO Group
Industry: Retail
Feroz Allana is from the city of Mumbai and has been a businessman based in the UAE since 1975. He is one of the founders and a member of the supervisory board of IFFCO Group, a UAE-based business house which manufactures and markets a well-integrated range of mass market consumer products.
Allana is one of the best-known entrepreneurs of FMCG products in the Middle East. Under his able guidance, today IFFCO operates businesses with 80 manufacturing operations in 37 countries and with a global turnover in excess of $8bn and a workforce of over 12,500 employees.
IFFCO, a diversified group, has its roots in manufacturing and marketing mass-market consumer products with segments of food and beverage, oils and fats, meat and poultry, personal care, confectionery, ice creams, packaging and industrial products and logistics. IFFCO‘s products are enjoyed by consumers in 101 countries.
Few of the well-known brands of IFFCO Group are Tiffany in confectionary, biscuits, snacks and culinary; NOOR edible oil, Hayat and Fern in oils and fats; Allegro and Rahma in olive oil; London Dairy and IGLOO ice creams; Al Baker flour; Al Khazna chicken; Khaleej fresh eggs; Shama spices; and Savannah in personal care. Allana’s leadership has made IFFCO Group one amongst the most well-known FMCG groups in the MENA region.
Name: Firoz Merchant
Designation: Founder and Chairman
Company: Pure Gold Group
Industry: Retail
Philanthropist, Firoz Merchant is the founder and chairman of Pure Gold Group, a multinational company comprising Pure Gold Jewellers, La Moda Sunglasses, Pure Gold Properties and real estate investments in several other countries. It all began in 1989 when Merchant made his dream a reality with the first Pure Gold Jewellers store. Within a short span, Merchant, with his high held vision and a wealth of experience in the bullion business, expanded the retail network of Pure Gold. With over two decades in the market, Pure Gold Jewellers has matured over the years with more than 150 stores over 20 countries including Middle East and Asia.
With the latest designs, extensive retail experience, and a range of innovative concepts, today, Pure Gold Jewellers has become a leading jeweller in the Middle East and Asia with two factories in India and one in China, employing over 2,000 craftsmen and professionals. Based upon the two pillars of excellence and innovation, Pure Gold Jewellers has received numerous awards over nearly three decades of service, and continues to pride itself on its superior quality and competitive pricing.
Over the years, Pure Gold Jewellers has been recognised for excellent customer service. It is now one of the fastest growing jewellery brands with 150 stores in 12 countries. It is the only ‘D’ certified World Diamond Mark authorised diamond retailer in the GCC region. The company also topped in the Best Customer Service category in the UAE jewellery sector in an annual study by international consultancy Ethos Consultancy for the year 2009 and 2010. Pure Gold Jewellers has been consistently ranked as a Superbrand by UAE Superbrand Council for five consecutive years since 2009.
The Forgotten Society initiative
Merchant is best known as the “merchant with a heart of gold”, having launched the Forgotten Society’ initiative in 2008 to help free several thousand prisoners by paying off their debts and ensuring their return home to their families. He was honoured by UAE’s Ministry of Interior in August 2020 for his philanthropic work. His philanthropy has cost him well over $4m.
Name: Joy Alukkas
Designation: Chairman and Managing Director
Company: Joyalukkas Jewellery
Industry: Retail
The son of jewellery store owner Varghese Alukka, an enterprising businessman who started his first jewellery showroom in Kerala, India, Joy Alukkas was a school dropout. He first came to the UAE in 1987 to open the family’s first overseas store in Abu Dhabi. In the year 2000, he broke off to launch his own Joyalukkas brand and then in 2002, the brand Joyalukkas was established in India which was the impetus for rapid expansion of the brand across India. The group’s international operations are managed by Alukkas’ son John Paul. Now, Joyalukkas has 130 outlets spread across India and 13 other countries. Alukkas’ other interests include a money exchange, luxury aviation, malls, silks and real estate.
With their highly committed team of 8,000 employees and a mission to improve and enrich lives everywhere, Joyalukkas offers extraordinary lifestyle solutions backed by incomparable value addition and innovation, adhering to globally approved processes and norms.
The first jewellery retailer to receive esteemed ISO 9001:2008 and 14001:2004 certifications; other noteworthy achievements include the award for Retailer of the Year in the Middle East and the Dubai Quality Awards Certification by Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.
Recently, Joyalukkas India plans to raise as much as 23 billion rupees ($300m) from an initial share sale, seeking to tap into the growing demand for the precious metal in the world’s second-biggest consumer. The proceeds from the issue will be used to pay back some loans and to open new stores,the company said in a draft prospectus.
Edelweiss Financial Services, Haitong Securities India, Motilal Oswal Investment Advisors and SBI Capital Markets are the lead managers to the issue. The industry’s prospects have brightened, after two bleak years, as the waning pandemic is encouraging Indians to once again flock to jewellery stores. Joyalukkas operates in a market that is dominated by small shops and national chains like the Tata Group’s Tanishq and Warburg Pincus LLC-backed Kalyan Jewellers India, which listed on stock exchanges last year. Joyalukkas has 85 showrooms in India.
Name: Kabir Mulchandani
Designation: Founder and CEO
Company: FIVE Holdings
Industry: Hospitality
Considered to be a market leader and a market disruptor, Kabir Mulchandani, founder and CEO of Five Holdings is the man behind the FIVE Hotels & Resorts in Dubai, a hotspot for millennials seeking award-winning experiential lifestyle experiences amidst Dubai’s hospitality landscape.
A real estate developer active in Dubai, FIVE Holdings was founded in 2011 as SKAI Holdings and later, its name was changed to FIVE. Under their feather cap is also the FIVE Palm Jumeirah Hotel, considered to be one of the top 10 hotels in Dubai, with reported development costs at more than $1bn. FIVE also owns the FIVE Jumeirah Village, a landmark hotel tower with 60 floors. Mulchandani has said that FIVE has seen an increase of total revenue generated between both hotels by 153 percent since 2019.
Closer ties with India
Cultural and social ties between India and the UAE are stronger than ever, says Mulchandani, which is bound to result in an increase in investment and trade, more so than ever before. He also believes that another very important element of closer ties between India and the UAE is greater philanthropy. As an entrepreneur, giving back is one of his personal core values; hence, with Project Udaan, FIVE funds children’s life-saving heart operations. Since the onset of contributing back to society, 343 children’s operations have been successfully completed.
When asked on how his business has performed in 2021-22, Mulchandani says: “FIVE has closed out another very successful year in 2021, with highlights that include the acquisition of FIVE LUXE, JBR, ongoing renovation for the on-track launch of FIVE Zurich – and literally taking to the skies with FLY FIVE. As we stand in 2022, I am proud to say that both FIVE Palm Jumeirah and FIVE Jumeirah Village, continued to be leaders in their STR competitor sets – with each hotel, individually ranked number one in their respective sets. FIVE Palm Jumeirah has generated a TrevPAR (total revenue per available room) of 246 percent more than its’ competitive set while FIVE Jumeirah Village generated a TrevPAR of 286 percent more than its competitive set.
Name: Kalyana Sivagnanam
Designation: CEO
Company: Petromin Corporation
Industry: Transport
With an exceptionally strong business acumen, Sivagnanam holds a rich global experience with startups and growing established and non-performing businesses. He has over 30 years of expertise in strategy, operations, sales, and marketing in the automotive industry.
In 2020, he became the CEO of Petromin Corporation. Prior to that, he held several positions at Nissan Motor Corporation, including managing director for Nissan Motor Great Britain; regional vice president of sales and marketing for Africa, Middle East, and India; and president for Nissan Motor Middle East. Preceding these roles at Nissan, Sivagnanam also held various senior level roles at Ford Motor Corporation, including vice president of marketing, sales and service for Africa and the Middle East, in addition to regional director for Europe.
With more than 5,000 employees, Petromin exports its products to over 40 countries in the GCC, Middle East, Africa and Asia. Operating in KSA for nearly 50 years, Petromin traces its roots back to 1968, when the company built its reputation for producing the highest quality lubricants in the region.
Name: Kamal Vachani
Designation: Partner and Group Director
Company: Al Maya Group
Industry: Retail
Established in 1982 by a pioneering and inspiring businessman LK Pagarani, Al Maya is one of the leading and trusted supermarket chains in the UAE, with multi-format stores serving a sizeable number of customers for more than 38 years and enjoying a significant share of the UAE retail market.
Vachani has led this Dubai-based conglomerate to become a force to reckon within the industry with more than 5,000 employees from 30 different countries for its multiple business verticals. These include the FMCG distribution of food and non-food products, processing plants in India and other countries around the world, over 90 retail stores in the UAE and GCC, including supermarkets, Borders and Paperchase.
With more than 100 brands, 50 plus supermarkets, 90 plus retail outlets, the Al Maya Group has strengthened its regional presence across Oman, Bahrain, Kuwait and Qatar over the past two decades.
A recipient of the prestigious Vishwa Sindhi Divas Inspiring Leaders Award 2021 in Dubai, Vachani was honoured for his relentless work for community service. Vachani is also chairman of the Global Organisation of People of Indian Origin (GOPIO) – Dubai and Northern Emirates.
Name: Lekhu Thakurdas Pagarani
Designation: Chairman
Company: Choithrams
Industry: Retail
While Choithrams, one of Dubai’s leading supermarket chains, was founded by Thakurdas Choithram Pagarani in West Africa in 1944, his son LT Pagarani is the force behind its impressive transformation over the years, especially in the GCC, where it boasts around 70 stores; 45 of which are in the UAE.
Under his guidance, Choithrams’ grounded approach to business, focus on sustainability and giving back to the community has impacted healthcare, education and food supply chain. Their collaborative approach has been the biggest learning and Pagarani managed to stay united and provided jobs to those who had lost theirs due to the immediate impact of the pandemic, for example, restaurant delivery personnel.
Earth-friendly offerings
Pagarani believes the biggest economic game changer over the next five years will be aligned with the old adage of ‘global reach, local touch’ and is being re-expressed with the wide-scale embracing of digital tools. Demand for earth-friendly food is another area that will emerge steadily. According to Pagarani, this will not be limited to food alone, but also, how food is grown, where it is grown, what is its carbon footprint, how food is packaged to offset and reduce waste.
In terms of sustainable investment, Choithrams recently invested in a 2.7MW solar project in Dubai that turns warehouse rooftops into a source of energy, expected to cover 80 percent of its needs.
He says Choithrams is about the world of food and adds: “Employing more than 9,000, and serving a market of over 100 million, we see nurturing of sustainable goals as the essence growing trade opportunities between India and the UAE.”
On the philanthropic front, Choithram International Foundation, the philanthropic arm of Choithrams, works with several local, regional and global entities to foster the Sustainable Development Goals of the United Nations (UN). Through its donorship of international projects in education, healthcare, food security and sustainable practices, the foundation impacts the lives of more than 50 million people in Africa, Asia and Middle East.
Name: Mohan Valrani
Designation: Co-founder and Mentor
Company: Al Shirawi Group
Industry: Industry
Mohan Valrani, founding senior vice chairman of Oasis Investment Company (the holding company of Al Shirawi Group of Companies), one of the largest private conglomerates in the UAE and Gulf region, and chairman at Arcadia Education, arrived in Dubai in 1966 with a zeal to contribute to the development of the city. With his friend and business partner, Abdulla Al Shirawi, they launched Al Shirawi Group in 1971, an investment vehicle with over 30 companies across different verticals headquartered in Dubai. Some of the industries the group operates include printing and packaging, logistics, oil and gas, construction services, and steel manufacturing.
He was appointed as chairman of The Indian High School, the largest non-profit school in the UAE in 2009 where his guidance led the school to receive its very first ‘Outstanding’ rating from the Dubai Schools Inspection Bureau. In 2016, he founded the Arcadia School in Dubai, a British curriculum school with a progressive approach to education.
With credentials of 49 years, executing over 3,000 large projects in UAE, Al Shirawi Interiors is one of the most reliable fit-out contractors in the UAE. Al Shirawi Interiors was awarded the fit-out and MEP works package of the Swedish Pavilion at Expo 2020 Dubai and fit-out works for the Expo Cartier Auditoire Women’s Pavilion.
Name: Naresh Bhawnani
Designation: Founder and Chairman
Company: Westzone Group
Industry: Retail
Hailing from a family of entrepreneurs, Bhawnani arrived in the UAE in the late 1980s and quickly became immersed in the country’s fast growing retail and hospitality sectors. West Zone Group was established in 2005 and has grown from a single store into a retail conglomerate with over 125 retail outlets, of which 100 are supermarkets.
Always looking for expansion opportunities, he diversified into the hotel sector with the launch of the West Zone Plaza Hotel Apartments in Bur Dubai as well as into logistics, shopping malls, real estate, construction, technology, hospitality, and F&B. Supermarkets and hypermarkets remain at the forefront of the group’s activities and its 300,000 sq m state-of-the-art distribution centre processes over 5,000 global brands to its outlets.
Bhawnani oversees more than 5,000 employees and the company’s expansion skyrocketed with the $10m deal to acquire supermarket chain Safestway, three Giant branches and G-Mart from the Giant Group.
Actively involved in giving back to society through the CSR arm of West Zone Group, Bhawnani has established initiatives as a reflection of their mission and business core values. By creating various job platforms, and with strong customer support, West Zone Group plans to nurture the relationship of customer and counter staffs to levels above and beyond today’s standards.
Name: Nawab Shaji Ul Mulk
Designation: Founder and Chairman
Company: Mulk Holdings
Industry: Industry
Nawab Shaji Ul Mulk hails from the aristocratic family of Nawabs of Kurnool and is the founder and chairman of Mulk Holdings. A global business powerhouse with diversified interests in the manufacture of building facades, facade contracting, healthcare, plastics and sports assets, the company employs a workforce of more than 7,000 globally and has operations and manufacturing bases in the US, Europe, India, the UAE, Oman and Ghana.
He chairs the Mulk Foundation, the active CSR wing of the group, and is responsible for various philanthropic initiatives in UAE and India, offering free medical clinics, free libraries, support for disabled children and an orphan marriages programme.
Accolades and recognitions
The flagship product of the group is the manufacture and distribution of the A2 fire-rated aluminium composite panel under the brand name of Alubond A2. The brand has grown into the world’s largest aluminium composite panel manufacturer with an installed capacity of 25 million sq m and installations in more than 100 countries. Mulk Holdings is ranked eighth among the Most Admired Companies in GCC index and in the top 10 best employers of GCC.
The company under Ul Mulk has won numerous national awards such as Sheikh Mohammed’s MRM Excellence Award in 2009 for the Largest Foreign Manufacturer in UAE, a Sharjah Excellence Award in 2011 for the Largest Manufacturer in Large Scale Industry, and an Ajman Chamber of Commerce Award as Ajman’s Largest Manufacturer in 2010 and Power Brand in GCC. An avid cricket enthusiast, he is the only Indian member of the Emirates Cricket Board, headed by Sheikh Nahyan bin Mubarak Al Nahyan. The latest passion of Shaji Ul Mulk is the T10 cricket league, which has created history and become a global phenomenon.
Family comes first to Mulk and he is vocal about the harmony and peace it brings him. His wife Farha Mulk and son Adnan, and daughter Nida and son-in-law Bilal Khan with grandchildren Hazza and Hassan and youngest daughter Sania Mulk, are his biggest treasures.
Name: Paras Shahdadpuri
Designation: Chairman
Company: Nikai Group
Industry: Retail
Shahdadpuri served as an Indian foreign services diplomat in China, the US, Saudi Arabia and Libya before quitting his diplomatic career and starting a business in the UK in 1987. After falling in love with Dubai during a chance visit on his way to London, he relocated to the emirate to set up his business. Now a resident of 34 years, his Nikai Group has interests in electronics, appliances, food products, staffing outsourcing and restaurants, with offices in countries including UAE, Oman, China, Saudi Arabia, Egypt, Georgia and Russia.
Nikai Group has a workforce of around 5,000 and turnover of over AED 1bn. Named a Superbrand in 2011, 2016, 2017, 2018, 2020 and 2021, Shahdadpuri has taken the Nikai brand to new heights as a formidable electronics name with more than 400 products that compete with major Japanese and Korean brands.
With a view to giving back to the community, Shahdadpuri has taken keen interest in developing India-UAE business relations. The Indian Business and Professional Council (IBPC) elected him president from 2009 to 2011 and 2013 to 2015. Under his guidance, the IBPC has helped the UAE become one of India’s biggest trading partners.
Name: PNC Menon
Designation: Founder and Chairman
Company: Sobha Limited
Industry: Construction and real estate
Originally hailing from the Indian state of Kerala, PNC Menon has built up a formidable reputation since starting his career working as an interior designer. At the age of 26, he left Kerala for Oman, where over the years he developed his interior decoration business into a profitable venture.
With time, he began securing a number of noteworthy interiors contracts, including the sultanate’s famed Qaboos Grand Mosque, which led to its next phase of growth. As the business strengthened its presence in the Gulf, Menon next moved into India’s property sector by launching Sobha Limited in 1995, which has become one of the largest real estate development companies in India.
On the CSR front, Sobha Group’s green initiatives in India are widespread in all its projects. This involves large-scale rain water harvesting, preserving 3,000 varieties of flora and fauna and adopting efficient waste management.
In 2003, Menon moved to Dubai and founded Sobha Group which focuses on residential and commercial projects. Currently at work on one of the emirate’s most significant projects, namely the $10bn Mohammed Bin Rashid District One, which he’s described as the “most exciting” project in his life.
Real estate rising
Dubai-based Sobha Realty has recorded sales of over $1bn for 2021 amid the UAE’s strong economic recovery and strong demand from its investors.
The developer has consistently expanded its offering at its flagship iconic Sobha Hartland development in Dubai’s Mohammed Bin Rashid Al Maktoum City. Sobha Hartland, launched in 2014, is known for key projects within the community, including Greens, Creek Vistas, Creek Vistas Reservé, Gardenia Villas, Garden Houses, One Park Avenue and Forest Villas. It is now on track for handover in 2025.
Speaking about the positive sentiment in Dubai’s real estate sector, Menon says: “The real estate market in Dubai continues to scale new heights. Despite the pandemic, transactional activity has been high in the emirate.
“We are optimistic about the sector outlook in 2022.”
Name: Rajen Kilachand
Designation: Chairman and President
Company: Dodsal Group
Industry: Industry
The Dodsal Group is a Dubai based multinational conglomerate, operating in the areas of exploration and production of oil and gas, engineering procurement construction (EPC) and Trading. Founded in India in 1948 by the Nandlal Kilachand family as a trading company in partnership with a British trading company (DODWEL) and Karsa Salem (DODSAL), the Group has transformed from a family trading enterprise into a multi-billion-dollar organisation based in Dubai, under the leadership of Dr. Rajen A. Kilachand, chairman and president of Dodsal Group.
Over the past three decades, the group has served customers in 22 countries in the Middle East, Africa, Asia and Europe. His remarkable career trajectory raised Dodsal from a $200m multi-retail interest company to a world-class multi-billion Dollar organisation that’s built on state-of-the-art technology, integrity, expertise, and an unwavering commitment to excellence. For this accomplishment, he has been the recipient of several awards and recognitions at the global level. Kilachand is also on the board of directors of Pathfinder International.
Name: Raj Rana
Designation: CEO
Company: Citymax Hotels and Foodmark
Industry: Hospitality
A US national who spent his early years in India, Rana, CEO of Citymax Hotels and Foodmark (part of Landmark Group) stepped in after Aly Shariff as the new Citymax Hotels CEO in June 2020. With over 30 years of international hospitality experience, Rana has held leadership positions in the USA, Europe, and Asia. Most recently, he was the CEO of Radisson Hotel Group for South Asia with the responsibility for the region’s profit growth.
According to Rana, while high-end hotel brands dominate the market, there will be a shift towards the mid-market segment with destinations to promote to a wider base of travellers. Within this segment, Citymax Hotels offer great service, value and exceptional experiences – all at an affordable price. There are five Citymax Hotels across the UAE and one in Egypt, with new hotels coming up in the pipeline. With central locations, travellers can explore tourist attractions and local favourites. Moreover, Citymax has assorted dining options and spacious rooms to ensure a good night’s rest before your day of exploring or business.
Citymax is the recipient of several accolades, including World’s Leading Budget Hotel Brand 2014-2019 – World Travel Awards, Traveller’s Choice Hotel 2016-2018 (Citymax Hotel Al Barsha at the Mall) – Trip Advisor, and Three Star Hotel Team of the Year 2017 – Hotelier Express Awards.
Name: Ramesh Ramakrishnan
Designation: Chairman
Company: Transworld Group
Industry: Logistics
Founded by R Sivaswamy in 1977 in Mumbai, India, Transworld Group began as a shipping agency which steadily expanded to become the dynamic shipping and logistics conglomerate it is today.
Ramakrishnan, chairman of Transworld Group took over the helm in 1989 following the demise of his father and in 1983, he purchased its first ship; the Khaleej Express. The group went on to launch Shreyas Shipping in 1993, which was converted into a public limited company and expanded its international operations to the US in 2002.
With over 35 years of experience, the company expertise covers a complete range of solutions from ship owning to project logistics to warehousing and is a reliable partner for corporations seeking world-class logistics and associated services.
Transworld Group has grown to become a $700m enterprise with extensive international operations across Asia, USA and the Middle East, and a 3,500-strong workforce.
In 2020, DP World’s subsidiary Unifeeder Group acquired three business units of Transworld Group – Transworld Feeders FZCO, Avana Logistek and Transworld Feeders Pvt, the Indian coastal and EXIM feeder shipping operations of Shreyas Shipping and Logistics.
Name: Ravi Pillai
Designation: Founder and Chairman
Company: RP Group of Companies
Industry: Construction and real estate
Founder and chairman of RP Group of Companies Dr. Ravi Pillai, was born to a family of farmers in Kerala. But today RP Group, established in the 1970s, has 20 companies and four affiliated organisations with a reported $3.5bn net worth.
Moreover, his private firm RP Group completed over $25bn worth of projects, covering more than 92,903 sq m of real estate projects alone, despite the Saudi-based conglomerate covering eight sectors including construction, infrastructure, retail, hospitality and healthcare. And the projects do not end there. The group’s successful subsidiary Taj RP International has completed the Crowne Plaza Dubai Marina, with RP Global also developing two projects in Business Bay and on Sheikh Zayed Road, worth $1.5bn.
But the sky is the limit for Pillai, who told Arabian Business he has plans to expand the company across the GCC and abroad. In Saudi Arabia, he made headline news when he revealed he would hire 3,000 Indian workers who lost their jobs in the kingdom’s construction downturn when the government suspended payments due to budget curbs. The billionaire also made headlines after spending $8.5m on his daughter’s wedding in 2015.
Name: Renuka Jagtiani
Designation: Chairwoman and CEO
Company: Landmark Group
Industry: Retail
For over 25 years, Renuka Jagtiani, chairwoman and CEO of Landmark Group, has guided the group’s corporate strategy and grown the fashion and hospitality businesses for the region’s leading retail and hospitality conglomerate in the Middle East, Africa and the Indian subcontinent. A cornerstone of the company’s journey, Jagtiani was instrumental in creating the high-street fashion brand Splash in 1993. In her current role, she oversees all retail and hospitality operations, leading strategic growth through expansion into new markets and driving the group’s CSR initiatives.
Landmark Group’s foray into e-commerce
Under her leadership, the group forayed into e-commerce and invested in the MENA region’s largest privately-owned logistics and distribution hub, with a vision to reach the customers, no matter where they shop. Landmark chairman Micky Jagtiani, Renuka’s husband, founded the group in 1973 with a single store in Bahrain and has successfully grown it into one of the largest retail and hospitality conglomerates in the region.
The couple were inducted into the Retail Hall of Fame at the 2017 World Retail Congress held at Madinat Jumeirah Hotel in Dubai. Last year, the Landmark Group and Jagtiani Foundation committed AED15m ($4.08m) towards accredited NGOs, food banks and healthcare workers on the frontlines to provide aid to help local communities in need where the group operates in the GCC and India.
Coronavirus relief efforts by Landmark Group in India
The group’s brands, alongside the Jagtiani Foundation and The LIFE Foundation, have pledged to support and empower affected communities including migrant and garment workers, frontline personnel, low-income families and other vulnerable individuals. The foundation is also working with a network of reputed local non-profit organisations, such as Apnalaya, Jan Sahas, Oscar Foundation, SAVE, and READ, to provide access to food for underserved populations including low-income families, daily wage earners, and migrant workers. Since its inception, READ has been working on the protection and rehabilitation of workers from textile industries in Tiruppur, Erode and Coimbatore.
The LIFE Foundation has dedicated its Covid-19 efforts to providing food rations and hot meals for labourers, villagers, street dwellers, elderly citizens, and children, as well as PPE kits, sanitisers, masks for frontline workers in police stations, and public hospitals.
Name: Rishi Kapoor
Designation: Co-CEO
Company: Investcorp
Industry: Banking and finance
Investcorp is a leading global manager of alternative investments with six lines of businesses, including: real estate, strategic capital, private equity, absolute return investments, infrastructure, and credit management. Investcorp’s Co-CEO Rishi Kapoor oversees the firm’s private equity businesses in North America and India, in addition to the credit management, absolute returns, real estate, and strategic capital businesses globally. He joined Investcorp from Citigroup in 1992 and prior to his appointment as Co-CEO, Kapoor had held several leadership positions between 2003 and 2015 within Investcorp including chief financial officer.
With a Bachelor’s Degree in Electrical and Computer Engineering from the Indian Institute of Technology (IIT), Kapoor has an MBA from Duke University’s Fuqua School of Business and is a member of Duke University’s Middle East regional advisory board. He is also a member of the board of directors for Gulf Air Group, Bahrain Airport Company, Gulf Aviation Academy, and National Bank of Bahrain.
Robust growth and resilience
Sustainability, diversity and inclusion remain at the heart of everything Investcorp does and they continue to outperform to the benefit of their stakeholders. According to Investcorp’s annual report 2021, the firm continued to show resilience against the impact of Covid-19 and delivered 17 percent growth in assets under management to a record high of $40.4bn supported by strong performance across all business lines. Investcorp is also growing their impact in Asia with a total of 11 new private equity investments made during the period across India, China and southeast Asia.
Last month,Investcorp announced its first two Italian real estate acquisitions as the investment company further boosts its European assets.
The deals for Kering’s Italian headquarters in Milan for €74m ($81.8m) and an office occupied by the UN agency the International Fund for Agricultural Development (IFAD) in Rome for $141.4m took Investcorp’s European business to over $1.22bn.
Name: Rizwan Sajan
Designation: Founder and Chairman
Company: Danube Group
Industry: Construction and real estate
One of the most prominent UAE businessmen, Sajan has consecutively been on the Arabian Business list and has multiple awards to the company’s credit, including the prestigious Dubai Quality Awards and MRM Business Awards. His entrepreneurial journey began in the 1990s when he was forced to flee Kuwait following the invasion of the country by Iraqi forces.
Upon arriving in the UAE, he started working for his uncle, but quickly branched out on his own to establish a brokerage business buying and selling building materials. This led to the establishment of Danube, which started as a supplier of building materials to hundreds of projects during the Dubai construction boom. Sajan built his company into the undisputed market leader in his sector, expanding to 38 offices across the Gulf as well as in India and China and is operating in nine countries across the Middle East and Asia with over 2,500 staff.
Tapping into the affordable housing sector in Dubai
From this position of strength, the group was able to diversify and seize exciting new opportunities in Dubai’s ever-lucrative real estate sector. It launched development company Danube Properties and its first scheme, Dreamz by Danube, sold out within hours of its 2014 launch. The company targets the burgeoning and affordable housing sector in the UAE and currently has eight projects under development, including the trio it launched in 2016: Glamz, Starz and Miraclz.
In addition to this, three Glitz towers are under construction in Dubai’s Studio City and there are plans for a new development called Resortz, a neoclassical-designed residential development near Miracle Gardens. In 2017, Danube Properties stated that 75 percent of its Bayz project in Business Bay was sold out within four months of the project’s launch.
Name: Sandeep Walia
Designation: COO – Middle East
Company: Marriott International
Industry: Hospitality
Chief operating officer for Marriott International in the Middle East since June 2021, Sandeep Walia oversees 40,000 associates and almost 200 hotels. Armed with 25 years of international experience in the hotel industry and a global mind-set, he has an innate understanding of the consumer landscape.
He joined Marriott International in 2005 and prior to his current role, Walia was the area vice president for the United Arab Emirates where he played a key role in support of the company’s guests, hotels, and associates during the Covid-19 pandemic. Before his role in the UAE, he was the area vice president – luxury brands for Western Europe, overseeing the company’s luxury portfolio across France, Germany, Iceland, Netherlands, Poland, Austria, Switzerland, the UK, and the Czech Republic and all BVLGARI Hotels across Europe.
He completed his studies in hospitality at the Indian Institute of Hotel Management and the Oberoi School of Hotel Management. And in 2017, he received his Executive MBA from Northwestern University, Kellogg School of Management.
Name: Sangeeta Desai
Designation: Non-executive director and Interim CEO
Company: OSN
Industry: Media
A powerhouse with a proven track record, Sangeeta Desai, who served as a non-executive director on the OSN board for over a year, took over the reins as interim CEO in September 2021. The region’s leading entertainment business, OSN has rights to broadcast in 17 countries across the MENA region. The company is owned and operated by Panther Media Group, is registered in the Dubai International Financial Centre (DIFC) and has two shareholders, KIPCO and the Mawarid Group.
Commenting on the appointment, Faisal Al Ayyar, chairman of OSN (Panther Media Group), said: “The board is delighted that Sangeeta has accepted the position of interim CEO, which will increase her involvement with OSN as she works towards the board’s vision for the company as a leading entertainment hub in the region. Sangeeta has a proven track record in successfully leading large-scale company transformations, scaling businesses, navigating disruption, and growing global brands. She brings with her a unique combination of strategic, operational, and financial expertise, having led global media businesses for over a decade bolstered by an early career in private equity and investment banking.”
Amalgamating a unique skills set
Desai’s career began in investment banking at Goldman Sachs and JPMorgan before becoming a private equity investor at Apax Partners. Most recently, she was group COO and CEO of Emerging Markets at Fremantle and prior to that, she served as COO of Hit Entertainment. Desai holds a Bachelor of Science in Business Administration from the Haas School of Business, UC Berkeley and an MBA from the Wharton School, University of Pennsylvania.
Having started her career in private equity and investment banking to later becoming a C-level operating executive in global media businesses, Desai amalgamates a unique combination of operating, strategic and corporate transactional skills. In addition to her role as interim CEO of OSN, Desai holds various non-executive board positions in publicly-listed and private-equity owned businesses in North America and Europe.
As one of the leading entertainment hubs in the Middle East, OSN is the exclusive distributor of Disney+ Originals in the region and has long-term partnerships with several majors including Disney, HBO, NBC Universal, Fox, Paramount, MGM, and Sony. Moreover, OSN offers premium and exclusive content in Arabic, English and Filipino.
Name: Dr Sanjay Parashar
Designation: Non-executive chairman
Company: Cocoona Centre for Aesthetic Transformation
Industry: Healthcare
Dr Sanjay Parashar moved from Australia to Dubai in 2005 with the dream to make Dubai the Beverly Hills of the Middle East and be one of the best plastic surgeons in the world. Today, he stands tall with his dream becoming a reality. Alongside all this, he also operates a skin care range – Skin by Cocoona, Topline – a medical software and IT systems company and a premium beauty salon, Salon 900 by Cocoona. He is also known as a surgeon, writer, professor, entrepreneur and a dad. He has performed over 13,000 surgeries, authored two books, contributed in a few and written a host of medical papers. All proceeds from the books go towards the treatment of cleft lifts for children born with the deformity.
He often travels around to world to share is knowledge with his peers and students. He is also the chairman scientific, Emirates Plastic Surgery Society. A surgeon who stands tall among the best in class, Parashar is ambidextrous and extremely ambitious. He has been practicing for over three decades and is among the busiest surgeons in the UAE. As a businessman, he has been listed as the Top Indian Aces, 100 Smartest People in UAE, the 100 Most Influential People in UAE, CEO of the Year and 50 Most Powerful Indians in the UAE by Arabian Business.
Cocoona has centres in UAE, India and Beverly Hills. He is currently looking at opening Cocoona in Saudi Arabia, Qatar, Paris and Rome.
When asked about some of the main challenges the industry is facing today, he says: “The aesthetic industry is growing for the past few years and we will continue to see it grow. Obviously, there are challenges. Apart from the challenges of Covid and the health-related issues, the other challenge, and it’s very surprising, is there is a lot of competition that has sprung up in the last two years.
“The reason for this competition is a lot of businesses are trying to focus in this category of aesthetic surgery and medicine. They’re expecting this will give them a quicker return on a short-term basis. So, the only thing they can actually compete on are the prices by hiring inexpensive experts and competing on the prices. So this is one of the challenges.”
Name: Sanjiv Kakkar
Designation: EVP, MENA, Russia, Ukraine, Belarus and Turkey
Company: Unilever
Industry: Retail
A global conglomerate with a global purpose, Unilever boasts 400 brand names in over 190 countries. Having worked for Unilever for 37 years, Sanjiv Kakkar was appointed executive vice president of Unilever Arabia, MENA in October 2013 with the addition of Russia, Ukraine, Belarus, and Turkey later in August 2014.
His career trajectory with Unilever began in 1984 where he worked in various roles in both marketing and sales across positions in the food, beverage, home and personal care businesses of the company. Between 2006 to 2008, he took over the helm as executive director – foods and was made executive director – customer development on the board of Hindustan Unilever, India.
In December 2016, Kakkar was nominated as chairman of the Advertising Business Group (ABG), the region’s largest advertising and marketing self-regulatory organisation which aims to promote ethical, responsible advertising in the Middle East.
Unilever Dubai’s personal care manufacturing site was the company’s first site to be awarded ‘Lighthouse’ status by the World Economic Forum (WEF) in 2020.
In March 2021, Unilever launched the Positive Beauty campaign in MENA, with goals that include boosting the health and wellbeing of a billion people every year, and protecting and regenerating 1.5 million hectares of land, forest, and ocean by 2030.
Name: Shamsheer Vayalil Parambath
Designation: Founder, Chairman and Managing Director
Company: VPS Healthcare Group
Industry: Healthcare
Dr Shamsheer Vayalil Parambath aspired to work on developing medical facilities and enhancing the quality of healthcare in the Middle East. He went on to launch VPS Healthcare in 2007 in the UAE, underpinned with a vision to deliver affordable, accessible healthcare services to those in need. In just over a decade, VPS Healthcare has transformed into an integrated healthcare network with a presence in the GCC, India, and Europe with 22 operational hospitals, 13,000 employees, and over 125 medical centres.
VPS also manages LifePharma, the first and only pharmaceutical manufacturing facility in the UAE to have USFDA approval both for ANDA & facility. It’s recognised as an Industry Partner by the World Economic Forum (WEF) and a member of the MENA Regional Partnership Community of the WEF.
A role model for Indians, in January, 2014, Parambath was the recipient of the Pravasi Bharatiya Samman Award, the highest recognition for NRIs by the Indian government, followed by an Honorary Doctorate (D.Litt & DSE Honors Degree) by Aligarh Muslim University. In 2015, he went on to receive the GPF Global Humanitarian Award at the UN headquarters. In 2008, VPS Healthcare launched the breast cancer screening initiative to spread awareness about the disease.
Just last month, the healthcare group announced it’s preparing to expand boldly into new global markets, introducing the same personalised care and expertise to patients that has elevated healthcare in the UAE.
Parambath said: “We are extremely proud of our contributions to the healthcare industry in the UAE. With 15 brands, 24 speciality hospitals, capacity of over 2,700 beds and dedicated divisions on digital health, pharma and bioscience, VPS Healthcare has rapidly grown into an operator with global appeal. The diversity and extent of the VPS Healthcare network is our greatest strength, and we are committed to bringing the same quality of care and service to patients in new markets as we seek to expand our operational footprint to meet evolving needs.”
Name: Dr Shanila Laiju
Designation: Group CEO
Company: Medcare Hospitals and Medical Centres
Industry: Healthcare
With a career trajectory that evolved from a clinic supervisor to operations manager, and then Group CEO, today, Dr Shanila Laiju heads up Medcare Hospitals and Medical Centres. Despite having studied dentistry in India in 1994, after starting her family, Laiju became a hospital administrator instead to afford her more time with her children. After a four-year hiatus, she joined Aster Clinic in a supervisory role and was promoted after three years to work at Aster Hospital. At that time, the hospital was very small with only 14 beds. Her hard work and tenacity paid off as she rose through the ranks and in 2006, was appointed hospital administrator before joining Medcare in 2008.
Medcare is a part of the Aster DM Healthcare Group, which serves over 10 million patients a year through a network of hospitals, clinics and pharmacies in the Middle East, India and the Philippines. Aligned with modern medical technology and innovation, the Medcare network comprises of four multispecialty hospitals, four speciality centres, nine medical centres and over 350 highly qualified doctors.
With over 18 years of success and fostering a people-focused hospital administration, Laiju’s hands-on approach towards financial discipline, leadership, and strategic decisions has raised the bar on patient trust, led to resilient employees, as well as satisfied physicians. Her rich expertise also brings great value to the medical community at large.
Also an engaging communicator and relationship builder, she has spearheaded organisational planning, multimillion-dollar capital projects, contract negotiations, and team development while also increasing the brand’s visibility and growth. She also served as mentor in the women leadership programme at Aster DM Healthcare and for over six years has been a member of the Aster DM Group’s senior management committee.
Other noteworthy career highlights include the launch of the 93-bed Medcare Women and Children Hospital, in addition to carving out one of Medcare’s centres of excellence: the 65-bed Medcare Orthopedics & Spine Hospital.
Name: Shoba Menon
Designation: Group CEO
Company: Equity Group
Industry: Media and marketing
An independent advertising agency in Dubai since 1998, Equity Group of Companies has associates in Saudi Arabia and Egypt. A force to be reckoned with in Dubai’s advertising agencies landscape, Shoba Menon, Group CEO and founder of Equity Group of Companies for almost 18 years to date, has taken her brand from strength to strength.
Armed with a Master’s Degree in Industrial Psychology from the University of Mysore in Karnataka, she initially started out with just two clients and a modest team of four employees. And now, Menon’s team has serviced well over 20 high-profile clients on a wide variety of campaigns.
Providing key communications solutions
Renowned as a straight-talking agency, Equity Group of Companies has grown exponentially across the MENA region, with over two decades of award-winning experience. Through refined market experience and a handful of seasoned professionals, they provide key communications solutions.
Fostering fresh ideas that steer away from the box and a strive to stay fresh and relevant, just some of their services include branding and strategy, through-the-line advertising, direct marketing, online and new media, event planning and management, media planning and buying, and printing and publishing.
Equity Group includes Equity, The Cheek, The Cheek Active and M3 Productions, with clients that include some of the leading names regionally and globally, which include Citibank, Dettol, Samsung, Jacky’s, Hershey’s, L’Oréal Paris, DP World, Peugeot, and more.
Menon has received several awards and recognitions, some of which include an appreciation award for ROUTES Dubai from Sheikh Ahmed bin Saeed Al Maktoum, President of the Department of Civil Aviation, CEO and chairman of the Emirates Group, and chairman of Dubai World. Equity Group also received certificates of appreciation from Jacky’s and Citibank, to name a few.
Name: Sima Ganwani Ved
Designation: Founder and Chairwoman
Company: Apparel Group
Industry: Retail
Sima Ganwani Ved is the founder and chairwoman of the Apparel Group, one of the largest retailers in the Middle East based out of the UAE. The multibillion-dollar company is home to 75+ brands with over 1,850+ retail stores in 14 countries with 16,500+ human capital.
Over the years, Ved has been the recipient of many awards professionally and personally, some of which are The Philanthropreneur of the Year, Retailer of the Year, Great Place to Work, Great Women’s Award and Emirates Woman of the Year.
Ved was born in Africa and brought to Dubai by her self-made entrepreneur father in the 1970s. She studied in King’s College London to achieve her Bachelors degree and subsequently an MBA in business management.
She began her entrepreneurial journey at the age of 20, working in her dad’s shopping mall in early 90s as the manageress of a department. To her, that set the tone of her value for hard work and business ethics. Sima is an active member of many world organisations like YPO and CEO.
Her compassion for underprivileged children led her to mentoring her teenage daughter to launch her own Athleisure brand F5global, some of the profits of which will go towards the education of such kids. She simultaneously has mentored and founded a new social commerce beauty platform NESSA with her eldest.
“When you think about female empowerment; you have a vague figure of someone in your head, but then meet Sima and you go like, oh wait a minute; that’s female empowerment, that’s what it looks like!”, said Eva Longoria at the Global Gift Gala in Dubai, before bestowing Sima with the Philanthrepreneur of the Year award.
Every decade or so, Sima likes to reinvent herself creatively. She has written a column for two and a half years in the newspaper back in 2000 and at the same time won awards for her play acting. In 2010, she launched her own TV chat show, Hi tea with Sima Ved, on Star Plus international. So stay tuned to see what comes next!
Name: Sunil John
Designation: Founder
Company: ASDA’A BCW
Industry: Media
At the heart of the media and communications business in the Middle East for over 25 years, Sunil John is the founder ASDA’A BCW. He founded ASDA’A in 2000 and has shaped its growth into the benchmark PR consultancy in the Arab world. In 2008, after WPP Group acquired a majority stake, he relaunched the firm as ASDA’A BCW.
John serves on the global board of BCW, a top three global PR consultancy and a WPP Group company. He drives the annual ASDA’A BCW Arab Youth Survey, a unique thought leadership initiative started in 2008. In 2020, he launched the 12th annual survey on the region’s largest demographic, the over 200 million Arab youth. The study is now one of the most widely cited pieces of public opinion research by media and policymakers across the world.
Discarding tried-and-tested communications playbook during the pandemic in 2020, John led the firm through a strategic ‘reset’ to make ASDA’A BCW and its offerings agile, flexible, and relevant to the changed landscape and evolving needs of clients. He describes a more transparent communications model, with a focus on social purpose as the only way for brands to tell their story to an anxiety-ridden consumer base. Climate change and a new emphasis on ESG communications will rule the roost in the corporate sector.
John believes that embracing a digital-first mind-set, while delivering truly integrated and creative communications, will be the game changer over the next five years. He delivers this through ASDA’A BCW’s differentiating strength, which he describes as The Power of Three – integrating data and digital into PR through two fully owned subsidiaries: PSB Middle East (research) and Proof Communications (digital, social and design).
In July 2021, John was nominated as an advisory board member of the Dubai International Chamber, a newly formed entity to strengthen Dubai’s status as a global trade hub.
Name: Sunil Kaushal
Designation: CEO
Company: Standard Chartered Africa and Middle East
Industry: Banking and finance
Sunil Kaushal is the CEO of Standard Chartered Africa and Middle East (AME), and a member of Standard Chartered’s global management team, the highest executive body within the bank. Prior to this, Kaushal was the regional CEO of Standard Chartered – South Asia and CEO – India.
He has been with the group for nearly 24 years and has approximately 34 years of banking experience in diverse markets across North Asia, South East Asia, South Asia, Middle East and Africa. Kaushal has held senior roles across wholesale, retail, SME banking and country management within the group. He has served as the head of corporate banking in the UAE, head of originations and client coverage in Singapore, global head, small and medium enterprises and new ventures in Singapore and CEO of Standard Chartered Bank – Taiwan.
Kaushal has led the acceleration of Standard Chartered’s digital transformation in the AME region, with the launch of digital banks across nine key markets across Africa. The bank also digitised its wealth management offering and has grown accounts by around 700,000. The successful establishment of these digital banks through Kaushal’s leadership have served as a testament to the bank’s growing digital footprint in the region and its leadership in digital banking technologies.
In March 2021, he joined MoneyTap, one of the leading fintech companies in India, as a global advisor. In 2018 and 2019, Kaushal was named the Banking CEO of the Year by EMEA Finance and CEO Middle East magazine, respectively.
Kaushal held various positions in investment banking, corporate finance and commercial banking and foreign exchange at NatWest Markets, SocGen-Crosby, and American Express Bank in Mumbai. He holds a Bachelor of Commerce degree from Bombay University, and a postgraduate qualification as a chartered accountant from the Institute of Chartered Accountants of India. Kaushal has also completed general management courses at Harvard Business School, INSEAD, Oxford University, and London Business School.
In an exclusive Q&A with Arabian Business, Kaushal shared his thoughts on the industry as well as his outlook for the year ahead.
Could you share a short reaction to how your industry and business has performed in 2021-22?
2021 showed us the true extent of our resiliency and commitment to purpose, both of which were key to the significant successes we saw over the year.
The steps we have taken in recent years have been clearly reflected in our performance. In the Africa and Middle East region Standard Chartered Bank reported its highest operating profit since 2015.
Across the region, we delivered great performance, with the region reporting a 3.5 percent jump in our operating income to $2.45 million in 2021, while operating profit climbed to $856 million in 2021.
The competitive advantage of our network capabilities, coupled with the strong product offering allowed us to connect with our clients across Africa and the Middle East and grow key corridors into the region.
Our Africa business saw solid growth driven by our Consumer, Private and Business Banking (CPBB) expansion and pipeline conversion, and the UAE witnessed significant turnaround through cost reset and de-risking actions, recording the highest levels of operating profit.
We also proudly expanded our presence in Saudi Arabia to provide project finance, capital markets and cash management support to promote trade and investment, as well as expanded our digital banking network in Pakistan.
What is your outlook for the industry for the year ahead?
The global pandemic has caused a significant shift in the banking sector and has accelerated the drive towards digital adoption.
We are investing in digital capabilities, alliances and partnerships, and redoubling our digital efforts including providing a standard platform for global core digital services across our footprint markets.
Sustainability, achieving Net-Zero, tackling climate change, ethical work practices, sustainable sourcing and financial inclusion also continue to be pivotal components for the future of trade and supply chains as we enter a post-pandemic future.
We also continue to work towards our sustainability ambition to become the world’s most sustainable and responsible bank.
Name: Sunil Vaswani
Designation: Chairman
Company: Stallion Group
Industry: Industry
Named after Sunil Vaswani’s favourite animal, Dubai-based Stallion Group is one of the best known and managed conglomerates in West Africa which also manages an exclusive brand portfolio of automobiles including Nissan, Porsche, Audi, Volkswagen, Honda, Hyundai, Ashok Leyland, Bajaj, Changan and Skoda. Vaswani has topped the Arabian Business Indian Rich List for 2015, with an estimated net worth of $7.2bn.
This unstoppable entrepreneur has been instrumental in building a conglomerate that comprises businesses such as commodities, automobile manufacturing and distributorship, integrated rice value chain, agrochemicals, aquaculture, seaport, steel manufacturing, packaging plants, fertiliser plant, real estate, financial services, technology, logistics and shipping.
The summation of his efforts has led to a presence in 18 countries and an impressive 50-year history. His long-standing reputation with globally acclaimed suppliers and his principles have been critical to the group’s sustained growth over the years.
As part of his current initiative, Vaswani is driving Stallion Group to consolidate its presence in sub-Saharan markets, while diversifying more heavily into the Middle East. The focus areas include agriculture, FMCG, heavy industries, infrastructure, petrochemicals, power and mining. Vaswani, who lives in Dubai, says his stated vision is to lead the Group into becoming a pre-eminent global corporation, leveraging on the immense potential that Africa represents.
Stallion Empowerment Initiative
Stallion Empowerment Initiative, the philanthropic arm of Stallion Group, has pledged its support to the local governments of all states across Nigeria by committing to provide locally produced rice and fish to all the government run hospitals dedicated to Covid-19. Vaswani revealed that at Stallion Group, their top priority is the health and safety of their employees, customers and community.
Name: Sunny Varkey
Designation: Founder and Executive Chairman
Company: GEMS Education Group
Industry: Education
Sunny Varkey is a man who needs no introduction to parents in the UAE. His own parents, both teachers, first came to Dubai in 1959 and, 21 years later, Sunny opened his first school in the emirate, starting a career that would lead him to be a household name across the UAE. Under his leadership, GEMS has become one of the world’s leading players in private education, with 49 schools spread across more than 10 countries, with new schools frequently being announced as the company continues to expand. GEMS long-standing commitment to the field of education has been matched by its success as a company.
GEMS Education grew to become the world’s largest provider of private K-12 education by revenue and now owns and operates schools across the Middle East, as well as the US, France, India, Singapore, Malaysia, and Sub-Saharan Africa. Varkey believes in the power of education to reduce poverty, prejudice and conflict around the world. He has forged partnerships with the World Economic Forum, Microsoft, UNESCO, and the Clinton Global Initiative.
Last month, GEMS announced plans to expand one of its Dubai schools amid rising demand for places. GEMS Founders School – Dubai (GFS) expanded for the 2021- 22 academic year in September, increasing its capacity by an initial 1,000 places and rising to a total of 1,800 in the longer term.
In March, Education Business Group (EBG), a Dubai-based non-profit organisation that launched during the height of the Covid-19 pandemic, serves as the first-of-its-kind support network representing 26 private K-12 operators. Operating under the umbrella of the Dubai Chamber of Commerce, Education Business Group works in close proximity with Dubai’s private school operators to strengthen the culture of collaboration within the private sector and its affiliated stakeholders.
Today, Dubai boasts 209 private schools representing 248,434 students, of which Education Business Group represents 53 percent across various school backgrounds, fee brackets, curriculums and quality variations.
Name: Thumbay Moideen
Designation: Founder and president
Company: Thumbay Group
Industry: Diversified
Dr Thumbay Moideen, founder and president of Thumbay Group, is a man of vision with a determination to succeed. He is recognised for the various achievements to his credit. A third generation entrepreneur, Moideen was raised in a traditional family with a business background. Taking to business at the tender age of 21 years, he demonstrated his business acumen from the very start. In 1997, he established the Thumbay Group.
Under his dynamic leadership, Moideen had forayed into medical education and healthcare services when there was no existing set-up to cater to the needs of the students to pursue higher education in medicine and healthcare sciences in the private sector. He was the first expatriate to be invited by the rulers of Ajman to start a medical college in UAE and thus, Gulf Medical University took shape which soon became a destination for medical education not only for local students, but to students from over 90 countries.
A diversified group making a mark in the global map
Thumbay Group is a diversified international business conglomerate with operations across different verticals including education, healthcare, medical research, diagnostics, retail pharmacy, retail opticals, wellness, nutrition stores, hospitality, real estate, publishing, technology, media, events and medical tourism. Headquartered in Dubai, the group presently employs around 3,000 people.
Thumbay Group is committed to provide quality care to the community, the Thumbay Hospital network, which today has the distinction of being the biggest chain of private academic hospitals in the region, treats patients from as many as 175 countries. Thumbay Group’s Healthcare Division operates eight academic hospitals, 10 family clinics/medical centres, five diagnostic labs and 46 retail pharmacy outlets.
Thumbay Group’s pioneering role in the region has led UAE as a regional hub of futuristic medical education, state-of-the-art healthcare, and cutting-edge research, creating a mark in the global map.
Could you share a short reaction to how your industry and business has performed in 2021-2022?
The pandemic has changed the dynamics of how businesses operate and Thumbay Group has coped well with challenging times. In the last two years, the healthcare and health professions education (our core businesses) faced extraordinary demands, which helped us in developing a deeper sense of purpose that today guides the strategic decisions, shapes the workplace culture while creating new sources of growth. We are thankful to the Almighty, the government of UAE and the rulers of this beautiful country and my dedicated team who make this journey a fruitful one.
Thumbay Group has treated and screened more than 10m patients, and conducted over 65,000 deliveries, with patients from 175 nationalities in the last 24 years of our existence. The university, too, has graduated over 2269 students, which form 60 percent of health professions every year and 20 percent doctors every year graduating from the UAE. The group employs more than 3000 people, having 400 doctors and paramedics from 35 countries
What’s your outlook for the year ahead?
Thumbay Group has grown from establishing the first private medical college into a diversified business group with a well-established name in medical education, healthcare delivery, research, laboratory, pharmacy and several other hospitality businesses like health clubs, coffee shoppe, optical shops and flower shops. It has over 110 touch points across 7 Emirates with tie-up’s to more than 70 institutions across the globe.
We are keen to make the coming years exciting and joyful for our customers, employees, and all other stakeholders. We plan to work on driving more efficiency and profitability while reducing risks, and encouraging scalability, also adding new services and programs to our brands as we move into new territories. The next five years are dedicated towards growth of medical education, healthcare and research which aligns to the goals and vision of the UAE by creating more jobs, employing its own alumni, and generating internship opportunities in every department Thumbay Group operates.
Name: Tony Jashanmal
Designation: Group President
Company: Jashanmal Group
Industry: Retail
Born in Kuwait and educated in India and Switzerland, Tony Jashanmal, Group Director, Jashanmal National Co., joined the group in 1973 as managing director of the Kuwait operations. He established several new businesses, rebuilt the Kuwait operations following the first Gulf War, drove the Group’s expansion into India, and established many joint ventures.
Jashanmal oversees 150 stores of franchised brands including perfumes, cosmetics, electronics and fashion, boasting names such as Calvin Klein and Brooks Brothers. The stores operate across the UAE, Kuwait, Bahrain, Oman, and India. The group is an equity partner in several regional joint ventures, supported by a proprietary logistics network that manages regional and international supply chains, freight-forwarding, warehousing, and actively seeks partnerships with market-entry firms.
A seamless customer experience
In 2019, Jashanmal relaunched its brand and integrated in-store technology to create a seamless experience for customers. In addition to revamping the retail website, one of its stores was reopened to include touch screens and tablets for a digitally enhanced, immersive customer experience. He believes in the value of education, having served on the board of the Indian School in Kuwait and the Board of Trustees of Aiglon College in Switzerland.
He is closely working with international business partners in the premium and luxury sectors in order to help build brands in the GCC region with the help of the group’s well-established retail operations and its extensive distribution and wholesale network.
In January, The Indian Business & Professional Council (IBPC) Dubai, one of the oldest, leading, not-for-profit organisations, recognised the large role retail industry plays in the UAE’s economy by organising the first, annual Retail Conclave at The Taj Dubai.
The focus was to honour the contribution made by large retail conglomerates and the Dubai government entities in making the emirate a popular retail hub for consumers worldwide.
Jashanmal Group was awarded the Legacy Retail Recognition Award for being one of the oldest retail conglomerates in the region.
Name: Vandana Gandhi
Designation: Founder and CEO
Company: British Orchard Nursery
Industry: Education
Born and raised in the UAE, Dr Vandana Gandhi, CEO and founder of British Orchard Nursery, has always had a thirst for education and knowledge. She earned a mathematics degree with honours, postgraduate diploma in International Business, distinction in Masters in Education from the UK, and Doctorate in Education from the University of Birmingham.
With business in her DNA, she wanted to do something innovative and out of the family’s shipping, logistics packing and textile businesses. Gandhi had a successful career in banking which helped her gain the learning experiences in wealth management and quality customer care.
The realisation of a dream
In 2008, British Orchard Nursery (BON) was launched at its first branch in Jumeirah, and has grown from a single nursery to become the UAE’s most-awarded nursery chain in the GCC with a singular focus on quality education and child development with over 25 convenient locations.
Adhering to the British early years foundation stages (EYFS) curriculum that focuses on seven core areas of age-appropriate learning, BON inculcates a holistic curriculum that merges fun with learning, alongside languages including Mandarin and complete curriculum for English, Arabic, Islamic and French studies, along with assorted extra-curricular activities like yoga, music, football and zumba.
With the belief that every child comes with an exclusive set of strengths, the nursery caters to more than 1,200 pupils including four partnership contracts with the government of Dubai to provide nursery care and facilities in DEWA, ADCO in Abu Dhabi and Dubai Municipality. BON is also the Middle East’s first and largest nursery chain to be ISO-certified for quality, environment, and health and safety to latest standards.
BON has been awarded more than 25 awards including the Sheikh Khalifa Excellence Award, the Mohammed Bin Rashid Al Maktoum Award, the Dubai Human Development Appreciation Award, and the Dubai Quality Appreciation award for its dedication to providing quality services and business excellence.
Name: Vasu Shroff
Designation: Chairman
Company: Regal Group
Industry: Retail
Beckoned by his father to join the family textile business while still in college, Shroff availed the golden opportunity and arrived in Dubai soon after. His inspiring career trajectory began as a salesman and a Hindi teacher at the Indian High School Dubai to the chairman of Regal Group of Companies. Shroff first established Regal Traders on the banks of the Dubai Creek in 1952, initially to deal in wholesaling and indenting of fine fabrics from Japan and India.
A pioneer in the region, the company grew under his astute leadership to become the flagship company of the Regal Group, setting up its first retail chain outlet in Dubai. His diversified conglomerate now has operations across textiles, technology, including high and low-voltage systems, sportswear and accessories, in addition to investments and real estate. The group has also diversified with subsidiaries including Regal Technologies, which is the direct-to-home distributor of channels such as OSN, Pehla and Al Jazeera.
Shroff also helped establish the Indian Association in 1960 to help people with passport and visa-related issues. He is famous for his philanthropic contributions, including key roles in the establishment of the Indian High School, the Indian Sports Club, the Hindu Temple in Bur Dubai, as well as hospitals across the world.
Name: Vikas Chadha
Designation: CEO
Company: Jumbo Electronics
Industry: Retail
When the late MR Chhabria founded Jumbo Electronics in 1974, the wheels were set in motion for a soon-to-be dynamic legacy. Setting milestone after milestone across various levels, this family-owned business has today become a diverse group of companies.
With over 25 years of experience working among leading global technology companies, Chadha focuses on leading Jumbo through a transition of growth across the UAE and GCC supporting Jumbo’s brands, customers, partners and employees. His proven track record of leadership in growing and managing several businesses across various sectors and geographies aligns with the group’s ambitions.
Prior to joining Jumbo, he held several leadership roles across reputed multinational groups, including Honeywell International, L&T, Sharp Corporation, and McKinsey & Co. An electronics and communications engineer, Chadha graduated from Delhi College of Engineering and later went on to procure an MBA in strategic marketing and finance from the Indian School of Business.
Today, Jumbo Electronics has been operating in the market for more than 44 years, with over 2,000 employees, 60 partner brands, a regional presence across UAE and GCC countries, and has served a whopping 10 million customers.
Name: Yogesh Mehta
Designation: CEO
Company: Petrochem Middle East
Industry: Energy
Driven by passion and a need to succeed, Yogesh Mehta, CEO, Petrochem Middle East established the brand in 1995 at age 35. Today, 25 years later, with an annual turnover of $2b, Petrochem is the largest chemical distributor in the Middle East and the twelfth largest distributor in the world. The company has offices in China, Singapore, Taiwan, India and Amsterdam.
In Egypt and Saudi Arabia they have assets with a logistic and chemical storage terminal, thereby expanding their international portfolio as well as creating economies of scale.
Petrochem distributes chemicals across pharmaceutical, oilfield, and paint industries, across 38 countries.
When the world’s industries were hit by the impact of the Covid pandemic, Petrochem not only survived, but thrived. “Our business benefitted during the pandemic because one of the main products we manufacture; isopropyl alcohol, was suddenly in demand,” he says, as a main component of hand sanitizers. “So generally, the chemical industry witnessed a big boom and because of the shortages, many countries faced issues with production.” Also, the UAE government’s proactive Covid prevention and vaccination strategies, which Mehta believes also benefitted their business. “The two black swan events—ongoing political hostilities on the other side of the world and Covid—have made a tremendous impact and ultimately, has proven beneficial to the chemical industry.”
With a Bachelor of Science in Chemistry from Mumbai, India; Mehta’s first job was at his father’s chemical manufacturing factory in western India, where he honed his innate leadership skills and gained valuable hands-on business experience. Mehta relocated to Dubai in 1990, and in five years, managed to establish a successful chemical distribution business by building a state-of-the-art storage terminal for bulk and drum chemicals. Mehta became a Harvard Business School Alumnus in 2003; his success story has been widely documented across several publications worldwide including BBC and CNN. He strongly believes that Petrochem Middle East’s success has been a result of forecasting and anticipating market and customer needs and affirms that his fellow directors and colleagues are the business’s greatest assets.
Under his leadership, Petrochem Middle East has now evolved into trading and providing storage and logistical services. His son Rohan joined the Business eight years ago and is now an integral part of the success story.
With new expansion plans already underway, Petrochem is newly tripling its storage and distribution capacity with a modern bulk storage, blending and manufacturing capability in Jebel Ali and investing more than $80m to committing to sustainable development UAE.
Name: Yusuffali MA
Designation: Chairman and Managing Director
Company: Lulu Group
Industry: Retail
Kerala-born Yusuffali MA embodies razor-sharp business acumen and has consistently delivered ambitious growth for LuLu Group. It’s little wonder, then, that he was chosen for a prestigious Arabian Business Achievement Award in 2018. Headquartered in Abu Dhabi, Lulu Group is best known for its chain of hypermarkets, which have long served a wide segment of Gulf residents.
Deloitte ranked LuLu Group as the top retailer in the Middle East and 27th in a list of the fastest growing retailers in the world.
Elected by the UAE business community to the board of the Abu Dhabi Chamber of Commerce & Industry (ADCCI) was a momentous milestone for Yusuffali MA as it was the first time that elections were held for the ADCCI and an expatriate was elected to the board. He was also unanimously elected by board members as the vice-chairman of the prestigious Trade Committee of the ADCCI.
After four years, in 2009, he was re-elected to the board of ADCCI. In 2021, he was appointed as second vice chairman of ADCCI by Sheikh Mohamed bin Zayed bin Sultan Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; making Yusuffali MA the only non-Arab to be in the board of ADCCI for a record four times in a row.
Hospitality segments
Twenty14 Holdings is the hospitality investment arm of the Abu Dhabi based LuLu Group International. Founded in 2014 to capitalise on the growth in the global hospitality industry, the company has already acquired a number of prestigious properties.
Twenty14 Holdings currently has assets worth more than $750m spread across UK, Europe, GCC and India. The group has also completed the acquisition of a Waldorf Astoria property in Edinburgh, Scotland, for $120m. The Caledonian joins a portfolio of $650m worth of luxury property across the UK, the Middle East and India.
Name: Zulekha Daud
Designation: Founder and Chairperson
Company: Zulekha Healthcare Group
Industry: Healthcare
The first recognised Indian woman medical professional and senior most female entrepreneur in the UAE, Dr Zulekha Daud has tirelessly worked towards the welfare of Emiratis and expatriates, especially at a time when healthcare access was very limited in the 60s. In the past five decades, she has transformed the healthcare landscape and inspired others to follow in her footsteps. And today, Zulekha Healthcare Group boasts of medical centres, super-speciality hospitals, educational institutes and pharmacies both in the UAE and India.
Unwavering dedication to help others
In 1964, Daud received her medical degree from the Government Medical College in Nagpur. She arrived in the UAE to work in the Kuwaiti Mission Hospital in Sharjah. By 1965, as a practicing physician serving patients from all walks of life, Daud began practicing medicine from a small clinic in Sharjah and soon became known as Mama Zulekha. In the mid-1960s, she treated the late Sheikh Zayed bin Sultan Al Nahyan, the nation’s founding father, on a visit to Al Ain. Zulekha Hospital was established in Sharjah in 1992 as a 30-bed hospital with basic facilities for gynaecology, obstetrics, surgery, medicine and paediatrics. Growing more successful over the years, in 2004, Zulekha Healthcare Group (ZHCG) was established through a second hospital in Dubai along with three medical centres and pharmacies.
In 2012, Zulekha Hospital, Sharjah became a full-fledged, multi-disciplinary hospital and diagnostic centre with outpatient and inpatient facilities. The 12-floor facility is sprawled over an area of 240,000 sq ft and the group became the first in the UAE to have both hospitals accredited by Joint Commission International for high quality care. It was in December 2016 when the group announced its first foray into the overseas market through the $43.6m Alexis Multi-Specialty Hospital in Nagpur.
Daud is also well-known for her support for CSR initiatives, which included education and vocational training programmes for women and public health awareness campaigns.
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