Ram Buxani: In Dubai, risks come with rewards

Dubai’s rise from the city of merchants to the city of the future is an oft-narrated story. The ethos and entrepreneurial spirit that fired the initial spark continue to inspire this transformation today. As a witness to this change, veteran Dubai-based businessman and Indian community leader, Dr Ram Buxani, says this amazing economic powerhouse is a model in business management.

Buxani spoke to Weekend Review on what inspired him to tell his Dubai experiences through his book “Taking the High Road”, whose Arabic edition “Al Sair fi al Tareeq al Sariya” was released in February. Excerpts:

What do you expect from the Arabic edition as you are telling this story from the perspective of your life and memories?

My basic expectation from the Arabic edition is to reach out to the Arabic-speaking people of the region. I have lived here for 57 years. When I came here, this was the Trucial States, not the UAE. I have spent almost two-thirds of my life here. It is necessary to leave a legacy for the readers here about my experiences, because they may not get the opportunity to see what I have seen. And there is a lot of business sense in what I have seen and experienced. So in a way I am paying my debt to the society that has given me so much and leaving something for the future generations.

There was a seminar recently on leadership where I had received an award. What I believe is that in Dubai every step is a lesson in leadership.

Take the Dubai Creek, which was very shallow when I first arrived. The then ruler, the late Shaikh Rashid Bin Saeed Al Maktoum needed Rs300,000 (the currency at that time; Dh16,000 at today’s rate), so he raised it from Indian and local merchants against bonds worth Rs5,000 each, with the condition there would be no interest and the money would be “payable when able”.

Shaikh Rashid was a man who had no ego. He was business-minded and a visionary who wanted to develop Dubai. He started the work with the borrowed money when the Kuwaiti ruler offered the required funds. Shaikh Rashid simply said, “Bismillah. Send me the money”, and returned the merchants their dues.

Today that creek is a busy waterway worth billions of dollars. Along with the cargo-laden dhows the buildings that came up on both sides have brought economic gains, as in Jebel Ali. This is intelligence.

Recently I met a Feng Shui expert who observed that just like the beautiful sand dunes outside the city, Dubai too will have its ups and downs, but like the dunes it will continue to survive and sustain itself. In my 57 years here, I have seen many ups and downs along the road. Dubai has not just survived but thrived economically in its journey over the past 100 years.

We presume this is the reason you call your book “Taking the High Road”. What is the concept of fortune for you? Having money, wealth and property? How do you define success?

In life, making money is not the only thing ... not in my philosophy. You do need a good life, but at the same time you have to take care of the people around you. Wealth has to be shared since you cannot take it with you when you die. I believe corporate social responsibility (CSR) is very important for us. So when you ask what fortune is, we have to look at ourselves and see how we can look after our surroundings and community.

The whole society, the whole world will have to be taken into consideration whenever you can. Because at the end of the day, wealth is transient.

But when you came to Dubai, when you were young, what did you think? Was your goal to make money or you came here just to live?

I came to live and I still continue to live here. If I say that I came here to make a fortune, I would be misleading you. At that time I was 18 years old. Dubai did not even have electricity. In those days, if you said that Dubai was going to become what it now, who would believe you? However, not only has Dubai transformed, it has also helped everybody prosper with it. Like waves in the sea, wherever they flow, we are taken with them. Without any hesitation I keep moving along.

What are your hobbies? What are the things that attract you?

I have not gone into any extra-curricular activities. Many people think golf is my passion, but I don’t have any such passions. I manage my hobbies, besides business, according to the situation. I have promoted cricket. I have supported snooker and many other sports, without knowing how to play. We have promoted photography in this region in a very big way through competitions.

I like reading the stories of failure more than success stories because I learn from them. I learn what not to do and the bad decisions I should not be making or repeating. Reading success stories creates some sort of jealousy and builds a little ego, too.

Also, if you only read success stories and try to match them, by the time you’re done there is already someone else doing better than that. In this world, you cannot be at the peak all the time. You’ll find this in the lists of powerful or influential people brought out by various publications. Every two months somebody replaces someone else above him. It is a race that brings dissatisfaction and unhappiness. Who are we trying to satisfy?

But if you read the stories of failure, then you are only correcting yourself. You are not competing with anybody, rather you are possibly correcting others. I have also learnt that in life you don’t compete, but create. Because, if you are only competing you will never be on the top. It’s impossible for a person to remain at the top all his life because you run out of fuel and have to come down. Keeping your feet on the ground, not the heights you reach, is the key to sustainability.

Has your wife played an important role in your success?

Very important. She does not disturb me because she is a very quiet person. Whatever I do, she derives happiness in my happiness. She does not interfere in what I do, including many silly things, but she just smiles and happily takes it in her stride.

How has your relationship with Arab leaders and Arab businessmen evolved over the years? Are you satisfied with them?

Yes. We have had very cordial relations with our Arab business counterparts. But I must admit that they race on the fast track. Their progress is so fast, we have not been able to match theirs but whenever we meet them, whenever we talk to them, there is a lot of mutual respect.

As far as Emiratis are concerned, they have a lot of respect for Indians, particularly old-time Indians. In those days, they were not identified as Emiratis, but just locals living here.

I still remember the trust they placed in us. Whenever they made payments for the goods they bought, they used to bring cash since they had no bank accounts. I remember telling them, “Why are you giving me cash? Give me cheques.” Their response was: “We don’t trust banks. We trust you, because you are a 24-hour banker for us. Banks are open only for six hours. So we deal in cash with you.”

Besides the goods they purchased, they would also keep whatever money they had with us, saying, “You keep it. Whenever we want it, we will take it from you. We trust you.”

In your book you also describe the market as your university. It’s an interesting way of looking at it. Can you elaborate on it?

The world over people go to colleges and universities to learn how to do business these days. But here in Dubai, every step you take as a businessman is a lesson and every deal you make is a teacher. I have very closely watched how Dubai has managed itself. It is an excellent model.

That’s why the subject of my doctorate was “Governments of Dubai: Role of the tribal element in managing the city state”. We’ve seen Bill Gates tire of his work at a certain age. But we can only admire the way His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, continues going about with his life’s work tirelessly, delegating responsibilities to his sons at a young age. The Ruler can be seen everywhere, even in restaurants enjoying noodles, even as he goes about his official work. This is management of the state at its best.

What are your views on the Arabic and Islamic culture?

The Arab culture is not too different from Indian culture. In more than one way, it is more human. An average Arab person will always be helpful. I’ve experienced this more than once during trips to the desert when passing Arabs would leave everything to help and ensure we were safely on our way.

Are you inspired by the Arab culture?

Yes, I am quite inspired by the Arab culture. I’m talking about the Arab culture that was untouched by development in the materialist sense. People knew the difficulties that humans faced. With development, cultures get diluted. Everywhere, be it in Europe, India or China.

Living with people of more than 200 nationalities — how does that make you feel?

Managing 200 nationalities requires great administrative acumen and power. Dubai is a city where development is tailored with everyone in mind — Emiratis and foreigners. This is great thinking and great management skill.

What are your wishes for 2016? Will you take the high road again or lie low because of risks?

Everybody says 2016 is going to be a difficult year. And I believe so. However, I feel that if we are careful, 2016 is going to be a very good year, Inshallah! Yes, I’ll be taking the high road this year too. Don’t forget, this is Dubai where risks come with rewards.

Shakir Noori is a Dubai-based writer.