Lessons from our extraordinary league of businessmen

There was a time when a simple handshake established an agreement that could last for decades. The scope of business has taken a dynamic shift in the past couple of years, yet firms established 50 years ago are still successful, backed by heritage and pedigree giving them trust and credibility that new businesses can only aspire to.

In 1943 my grandfather established his own import/export business in Al Ras, Deira – the business hub of its day. This was entrepreneurial: in fact, at the time, almost unheard of, particularly as he ventured as far as Europe in his trading. The office is still in the same district, and while he has passed on, the business he started continues to thrive.

Someone starting such a business today wouldn’t be entrepreneurial, since they would not be tapping a new market sector, but for the likes of my grandfather, as well as Hassan bin al Shaikh, Saif Al Ghurair, Juma Al Majid and a host of other national personalities, creating business opportunities in Dubai was born from the necessity to develop the emirate, spanning retail, shipping, light manufacturing, financial services and the food industry.