Navigating through history

Dubai: Life was slow in the narrow lanes of Bur Dubai and Deira, then. Opportunities were abundant while competition was limited to a few players. This is where an 18-year old Ram Buxani started his journey.

Right after the leaders of the then Trucial States formed a federation, the UAE, that was to become the second biggest Arab economy, Dubai emerged as a consumer electronics hub. It was a time when cassette players, the two-in-one, dominated the shopping lists. CDs were yet to come, while the days of the long-playing records were numbered.

Buxani’s company, ITL-Cosmos was so synonymous with electronics trade, then, that people started to call its Bur Dubai street the Cosmos Lane. Many old timers still refer to the place as Cosmos Lane.

Could you recollect the formative days of the UAE — the 1970s? How was business then? What were the challenges and how did you overcome those, then?

I have been in UAE since 1959 — 53 years to be precise. At that time the country was known as Trucial States. It was absolutely A-seller’s market! Dubai was indeed land of opportunities. Business was very simple. It used to operate simply on trust.

It did not require extra skills to be able to grab the opportunities. I don’t think we had many challenges at that time. In absence of a developed port with berths, ships used to dock in mid-sea and brought cargo in barges to a berth near present Diwan Amiri in Dubai which housed the Customs department also.

This limited facility led to goods from suppliers reaching the consignees after 3/4 months against present transit period of one to two weeks. Planning of supplies or greed were totally missing. All these created opportunities for sellers. Opportunities are available now also. But to become successful or beneficiary, one has to face many sharks. It is no more simple business.

What was the most memorable event in your business carrier over the last four decades?

I was one of the first few Indians to visit Japan on business from Dubai. That was most memorable experience in my business carrier. My senior colleague had never been there, but suggested I go. He allowed me to fly like a kite, keeping the string with him. That was rather exciting and challenging. And when I got such opportunity, I saw that it becomes commercially and financially rewarding for the company.

As business grew and the environment changed, how did you change your organisation and business to adopt to the changes?

We have changed ourselves fairly well to be in tune with growth and environment. But I must admit that our speed towards change may have been conservative comparing to many international organisations who were earlier shying away but have entered this region with a big bang and totally prepared. Having lived here for long, and witnessed different situations, we may have taken cautious view of height we should attempt to reach while flying our business to avoid causalities comparing to the pilots who are trained to break the barriers.

What are the major contributing factors to the success of your business? How did the UAE’s overall progress compliment your business’ growth?

Our company grew naturally with the growth of UAE. I feel positive towards inevitable change — business and tourism-friendly policies of the Government all helped growth of our business.

Now that the UAE has achieved such a huge success, so did your business – how do you see the country’s overall progress in economy?

UAE was limping in nineteenth when developed world was in the 20th Century. Instead of moving like a tortoise, UAE took a fast track mode and arrived in 21st Century running like a rabbit but without age-old myth of resting in between. Now we are shouldering world’s biggest economies and developed countries. There may have been little lull in economy in UAE but it is just a short resting break.

I don’t think it is a cause of anxiety. the UAE will soon come out. As a matter of fact it has already. People around world always need second home and place to keep spare money with confidence. And the UAE provides security and infrastructure both.

Where do the challenges and opportunities lie?

I feel one has to be ever ready and equipped to face challenges and changes in present business environment. UAE does not move with normal speed anymore. It has adopted supersonic pace in all fields. Those who follow will survive. Others risk the possibility of getting perished.