Sep 14 2011 |
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Strong belief in UAE economy, Patels plan to invest in DIFC
Patel Group crosses 50 years - and having AED 1 Billion as Group turnover
It was in 1982 that Wall Street Exchange Centre was set up in Dubai. Today, almost three decades later, a founder Asgar A. Patel is still upbeat about investing in UAE.
Today, even as his Patel Group has crossed the milestone of being in business for half a century, Patel is as enthusiastic as a new entrepreneur when it comes to new investments in the country. He's investing in Dubai International Financial Centre , thereby reiterating his continuing faith in the UAE market.
The seasoned entrepreneur should know. Back in 1982, he spotted the opportunity in money exchange and set up Wall Street Exchange . He successfully met the demand for foreign exchange which facilitated repatriation by millions of expatriates who made a beeline for these destinations. The Exchange grew into an international organisation with a network of branches in UK, USA, Hong Kong, Canada and till date, remains one of the most leading, trusted and profitable companies in the foreign currency business. In 2005 when Emirates Post was keen on a major stake in Patel's business, resulting in the federal government entity acquiring 60% stake in Wall Street Exchange . Patel continues to serve the company as its Vice Chairman.
When asked who was behind his success, Patel says, "I would like to bestow a special thanks to my team. Yes, one may say it was my vision, but to make it a reality was the missionary zeal with which my teams worked and performed."
Today, apart from Finance, the Group has interests in Logistics, Construction and Real Estate, with a dominating presence in USA, UK, Canada and India. The Group turnover is almost crossed AED 1 billion.
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