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The Gulf Special
20. Asgar Shakoor Patel
630 million; Banking and finance, House of Patels
COMMENTS PRINT
Special Issue: The Gulf Special The Gulf Special
The Gulf Special
Arabian Business presents the 50 Richest Indians in West Asia
The Gulf Special
7.2 billion; Industry; Stallion Group
The Gulf Special
4.5 billion; FMCG, IFFCO Group
The Gulf Special
3.6 billion; Construction, RP Group
The Gulf Special
3.3 billion; Healthcare, NMC Healthcare
The Gulf Special
3.21 billion; Retail LuLu Group International
The Gulf Special
3 billion; Banking and finance, Kataria Holdings
The Gulf Special
1.8 billion; Industry, Mulk Holdings
The Gulf Special
1.7 billion; Property, Sobha Group
The Gulf Special
1.5 billion; Retail, Choithrams
The Gulf Special
1.37 billion; Healthcare, VPS Healthcare
The Gulf Special
1.35 billion; Retail, Jashanmal Group
The Gulf Special
1.31 billion; Healthcare, DM Healthcare
The Gulf Special
1.2 billion; Retail, Jumbo Group
The Gulf Special
995 million; Retail, Rosy Blue Group
The Gulf Special
928 million; Retail, Al Safeer Group
The Gulf Special
905 million; Property, SKAI Holdings
The Gulf Special
828 million; Construction, Danube Group
The Gulf Special
645 million; Retail, Dhamani Jewels
The Gulf Special
640 million; Industry, Khimji Ramdas Group
The Gulf Special
630 million; Retail, Joyallukkas Group
The Gulf Special
585 million; Retail, Apparel Group
The Gulf Special
550 million; Industry, Palmon Group
The Gulf Special
542 million; Industry, Al Dobowi Group
The Gulf Special
533 million; Industry, Petrochem Middle East
The Gulf Special
520 million; Retail, Regal Group
The Gulf Special
505 million; Healthcare, Thumbay Group
The Gulf Special
490 million; Industry, KEF Holdings
The Gulf Special
470 million; Retail, Marina Home Interiors
The Gulf Special
440 million; Retail, Pure Gold
The Gulf Special
420 million; Healthcare, Zulekha Healthcare
The Gulf Special
420 million; Retail, Al Adil Trading
The Gulf Special
410 million; Retail, Jacky’s Group
The Gulf Special
400 million; Industry, Dodsal Group
The Gulf Special
375 million; Food, Al Kabeer Group
The Gulf Special
370 million; Banking and finance, Al Razouki International Exchange
The Gulf Special
360 million; Retail, Lal’s Group
The Gulf Special
340 million; Industry, Giant Group
The Gulf Special
327 million; Healthcare, Dr Sunny Healthcare group
The Gulf Special
325 million; Hospitality, Ramee Hotels
The Gulf Special
320 million; Retail, Mikura
The Gulf Special
318 million; Industry, Hira Group
The Gulf Special
315 million; Transport, Transworld Group
The Gulf Special
300 million; Industry, geebee group
The Gulf Special
300 million; Industry, MJ Group
The Gulf Special
300 million; Industry, Dana Group
The Gulf Special
300 million; Hospitality, SFC Group
The Gulf Special
290 million; Construction, City Diamond Contracting
The Gulf Special
270 million; Industry, Bhatia Brothers
The Gulf Special
240 million; Property, Rocky Real Estate

Having made his money setting up one of India’s biggest transport and logistics conglomerates, Asgar Shakoor Patel travelled to Dubai with the cash needed to kick-start his own ventures, ironically benefiting from the earnings of his fellow Asian expats who typically worked as low-paid labourers. Wall St Exchange Centre became the UAE’s largest and oldest foreign exchange and money transfer company and was a lifeline for many who came to rely on Dubai to support their families back home.

Patel says he could sniff the money-making opportunities in west Asia from 2,000 km away. “I established the exchange centre to help the increasing number of Indians remitting money from Dubai to India,” he told Arabian Business. “Dubai was just building up so labourers had to send the money back to India. Being in the roadways business, I didn’t see any difference to transporting money. One thing went by wire and one thing went by truck,” he adds.

Patel spread the firm to the UK and Hong Kong, as well as other emirates, and used the profits to branch into real estate, creating property advisory group House of Patels.

COMMENTS PRINT
The Gulf Special
Arabian Business presents the 50 Richest Indians in West Asia
The Gulf Special
7.2 billion; Industry; Stallion Group
The Gulf Special
4.5 billion; FMCG, IFFCO Group
The Gulf Special
3.6 billion; Construction, RP Group
The Gulf Special
3.3 billion; Healthcare, NMC Healthcare
The Gulf Special
3.21 billion; Retail LuLu Group International
The Gulf Special
3 billion; Banking and finance, Kataria Holdings
The Gulf Special
1.8 billion; Industry, Mulk Holdings
The Gulf Special
1.7 billion; Property, Sobha Group
The Gulf Special
1.5 billion; Retail, Choithrams
The Gulf Special
1.37 billion; Healthcare, VPS Healthcare
The Gulf Special
1.35 billion; Retail, Jashanmal Group
The Gulf Special
1.31 billion; Healthcare, DM Healthcare
The Gulf Special
1.2 billion; Retail, Jumbo Group
The Gulf Special
995 million; Retail, Rosy Blue Group
The Gulf Special
928 million; Retail, Al Safeer Group
The Gulf Special
905 million; Property, SKAI Holdings
The Gulf Special
828 million; Construction, Danube Group
The Gulf Special
645 million; Retail, Dhamani Jewels
The Gulf Special
640 million; Industry, Khimji Ramdas Group
The Gulf Special
630 million; Retail, Joyallukkas Group
The Gulf Special
585 million; Retail, Apparel Group
The Gulf Special
550 million; Industry, Palmon Group
The Gulf Special
542 million; Industry, Al Dobowi Group
The Gulf Special
533 million; Industry, Petrochem Middle East
The Gulf Special
520 million; Retail, Regal Group
The Gulf Special
505 million; Healthcare, Thumbay Group
The Gulf Special
490 million; Industry, KEF Holdings
The Gulf Special
470 million; Retail, Marina Home Interiors
The Gulf Special
440 million; Retail, Pure Gold
The Gulf Special
420 million; Healthcare, Zulekha Healthcare
The Gulf Special
420 million; Retail, Al Adil Trading
The Gulf Special
410 million; Retail, Jacky’s Group
The Gulf Special
400 million; Industry, Dodsal Group
The Gulf Special
375 million; Food, Al Kabeer Group
The Gulf Special
370 million; Banking and finance, Al Razouki International Exchange
The Gulf Special
360 million; Retail, Lal’s Group
The Gulf Special
340 million; Industry, Giant Group
The Gulf Special
327 million; Healthcare, Dr Sunny Healthcare group
The Gulf Special
325 million; Hospitality, Ramee Hotels
The Gulf Special
320 million; Retail, Mikura
The Gulf Special
318 million; Industry, Hira Group
The Gulf Special
315 million; Transport, Transworld Group
The Gulf Special
300 million; Industry, geebee group
The Gulf Special
300 million; Industry, MJ Group
The Gulf Special
300 million; Industry, Dana Group
The Gulf Special
300 million; Hospitality, SFC Group
The Gulf Special
290 million; Construction, City Diamond Contracting
The Gulf Special
270 million; Industry, Bhatia Brothers
The Gulf Special
240 million; Property, Rocky Real Estate
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