< Previous60 Indian Aces, March 2024 INDIAN ACES 2024 In addition to the multiple roles he holds, Shetty is known as the ‘managing worker’ of the Ramee Group of Companies. He studied in Koteshwara Primary School in India and by the age of 18, shifted his base to Dubai. In 1985, he launched Ramee Group of Hotels, Resorts and Apart- ments. He has built one of the region’s largest home-grown hospitality chains, the Ramee Group of Hotels, Resorts and Apartments, with more than 40 properties across cities in the UAE, Bahrain, Oman, and India. He is also the founder trustee of Ramee Founda- tion & Charitable Trust and is engaged in charitable activities. He is known for his belief in ‘education to all’ and he also believes in improving the standard of living of every individual. About Ramee Group The Ramee Group of Hotels, Resorts & Apartments, a distin- guished multinational conglomerate, currently manages a portfolio of 42 properties, upholding superior standards throughout its operations. Led by Shetty, the group not only celebrates its current achievements but also plans to broaden its portfolio into various sectors related to the hospitality industry in the upcoming years. With a considerable presence in the hospitality market, the Ramee Group, along with its subsidiaries, operates a wide range of hotels, resorts, and apartments in the mid-market segment. Its geographical footprint extends across key markets such as the UAE, Bahrain, Oman, and India, establishing it as a pivotal player in the global hospitality sector. The group’s strategic expansion and commitment to excel- lence are evident in its yearly addition of properties to its burgeoning portfolio. Committed to delivering unparalleled guest experiences, the group emphasises hospitality as its core business focus, continually enhancing its services across its network of mid-range hotels and service apartments. At the vanguard of culinary innovation, Ramee Hotels prioritises authentic regional fl avours and unique chef collaborations across its locations in Bahrain, India, Dubai, and Oman, cater- ing to the growing demand for diverse and unique dining experiences. Expanding beyond traditional lodging services, the Ramee Group has ventured into the culinary and entertainment industries, launching and developing several restaurant brands and live entertainment venues. Notable establishments under its umbrella include Bollywood Café, Tanatan, It’s Mirchi, R’Adda, Yeda Republic, Bombay Adda, Punjabi Tadka, as well as the Reborn Spa & Wellness Centre and Elegant Beauty Salon. These brands have earned international recognition, reinforcing the group's infl uence in the hospitality industry. The group's presence in Dubai is marked by the Ramee Royal Hotel in Al Karama, the Regent Palace Hotel in Bur Dubai, and the Ramee Dream Hotel in Business Bay. As it eyes expansion into the luxury segment, a new property has been inaugurated in Pune, India. Moreover, the group actively manages a luxury Japanese restaurant within its five-star Bahrain property, with plans to open a new branch in Mumbai, India, underscoring its ambitious growth trajectory and dedi- cation to enhancing the luxury dining landscape. VARDARAJ SHETTY HOSPITALITY Founder and Chairman Ramee Grouparabianbusiness.com 61 INDIAN ACES 2024 VIJAY VALECHA Chief Investment Officer Century Financial INVESTMENT Since his appointment at Century Financial in January 2015, Valecha has amassed over 13 years of invaluable experience in trading within the fi nancial markets. His area of expertise extends to both fundamental and tech- nical analysis, with a particular focus on asset management as well as the intricacies of derivative trading. Dedicated to advocating for prudent fi nancial manage- ment, Valecha has developed a robust interest in multiple fi nancial disciplines, including an in-depth analysis of the global economy, behavioural fi nance, the evolving fi eld of fi ntech, strategic retirement planning, as well as systematic and modelling methods. Additionally, he is deeply engaged in refi ning strategies for both short-term trading and the pursuit of long-term investment objectives. In Valecha’s commitment to fi nancial education, he has led numerous seminars aimed at demystifying trading strate- gies and the complexities of technical analysis. He is also a recognised voice in the fi nancial community, contributing regularly to newspapers, magazines, and business broadcasts across the region. Prior to his current role, Valecha enriched his professional background with over seven years of experience serving as a fi nancial analyst with Edelweiss in India; Hira Global DMCC in Dubai; and later as a quant analyst at Rasmala Investment in Dubai International Financial Centre (DIFC), Dubai. His academic creden- tials include an engineering degree from Mumbai University and an MBA with a specialisation in Asset Management from IBM, both in India. Furthermore, he has earned the distinction of being a certifi ed fi nancial risk manager. In his capacity at Century Financial, Valecha oversees the continuous moni- toring and analysis of economic and market trends across a spectrum of global markets, including bonds, shares, commodities, and currencies. He is instrumental in the formulation of stra- tegic trading initiatives and plays a key role in the educational journey of the fi rm's clients. Through the regular publication of research reports, he provides insight- ful analysis on current fi nancial and economic developments that hold the potential to aff ect both regional and international markets. By working closely with clients, he off ers tailored guidance, helping them to navigate their risk and return expec- tations eff ectively. Demystifying global fi nancial markets Located in Dubai, Century Financial stands as a leading hub for streamlined global investing, boasting over three decades of trailblazing in investment and trading innovation. Their mission is to demystify the global fi nancial markets for both residents and the expatriate community, a commitment that has earned them numerous accolades as an outstanding fi nan- cial service provider. Operating with a license from the Securities and Commod- ities Authority of UAE (SCA), Century Financial provides an extensive array of off erings, including international market trading, over-the-counter derivatives, currency exchange, and in-depth fi nancial analysis. They off er a diverse product range, including stocks, indices, forex pairs, commodities, and ETFs, all backed by live economic data from upwards of 30 countries. 62 Indian Aces, March 2024 INDIAN ACES 2024 Established in 1974 by the late M. R. Chhabria, Jumbo Electronics started out initially as a family enterprise that has since evolved into a multifaceted conglomerate. Chadha, with over two decades of expe- rience collaborating with multiple lead- ing global technology fi rms, brings a wealth of leader ship exper tise in expanding and overseeing businesses across different sectors and regions, perfectly aligning with the group’s stra- tegic goals. Pr ior to his tenure at Jumbo, Chadha excelled in several executive positions at key multinational corporations, including Honey- well International, L&T, Sharp Corporation, and McKinsey & Co. Jumbo Distribution, one of the group’s key divisions, specialises in generating demand, managing the entire supply chain, and off ering after-sales services for an array of distin- guished international brands. With its operations spread across the UAE and GCC countries for over four decades, Jumbo Electronics is dedicated to sustaining its leadership in the market while also aligning its endeavours with the UAE Vision 2030. The anticipated shift towards a more automated future, coupled with the fast- paced adoption of 5G and the Internet of Things (IoT), presents challenges, particularly in security, necessitating enhanced service quality. At the forefront of innovation Jumbo Enterprise, a division of the Jumbo Group since 2001, has rapidly climbed the ranks in the UAE’s IT solutions and managed services sector, impacting multiple industries includ- ing telecommunications, education, hospitality, banking, and healthcare. The company’s journey to prominence has been characterised by strategic partnerships with leading industry players, off ering advanced IT solutions such as network inte- gration, cybersecurity, hybrid IT, digital workplace solutions, and managed services. In response to the evolving digital envi- ronment, Jumbo Enterprise is expanding its service off erings to include cybersecurity and artifi cial intelligence integration, addressing the growing demand for these technologies. The company has established partnerships with global technology leaders including HP, Lenovo, Microsoft, Intel, Aruba, Checkpoint, Fortinet, Nexthink, Hitachi Systems, SymphonyAI Summit, and Ricoh. Leveraging these relation- ships, Jumbo Enterprise off ers a diverse range of services, from advisory consultations and solution design to implementation and managed services, catering to the needs of large and mid-sized businesses as well as government entities across the UAE. The company’s collaborative eff orts with key organisa- tions such as ADNOC EGA, DEWA, Alef Education, Federal Authority, Dubai Holding, Du, fl ydubai, Expo, ADNEC, ADCB, and Mediclinic, underscore its capacity to surpass client expectations consistently. With a dedicated team of over 300 professionals, Jumbo Enterprise builds on the Jumbo Group's legacy as a trusted IT distributor and retailer. This foundation supports the company’s ambitious expansion into managed services, network solutions, data centre services, security solutions, and end-user devices for enterprises. RETAIL VIKAS CHADHA CEO Jumbo Grouparabianbusiness.com 63 INDIAN ACES 2024 VINEET BUDKI CEO and Managing Partner Cypher Capital FINTECH Budki has become a prominent player in the global block- chain and cryptocurrency landscape, having led invest- ments in over 100 blockchain start-ups, including well- known names like Casper Labs, Mysten Labs, Torus, and KILT. His expertise covers a wide range of domains such as Web 3.0, GameFi, DeFi, the metaverse, alongside invest- ment and venture capital techniques tailored for blockchain start-up companies. He has shared his insights on venture capital in the blockchain space at several notable forums, including Token 2049 in Singapore; the World Economic Forum (WEF) in Davos; DCentral in Austin, Texas; Nearcon & Nearverse in Portugal; the Future Blockchain Summit and the Global Blockchain Congress in Dubai; and Blockchain Life in Moscow. As the innovative founder of Cypher Capital, Budki leads investment eff orts in businesses pioneering in blockchain protocol and infrastructure development. The fi rm"s invest- ment purview includes a variety of blockchain solutions like exchanges, asset transfer protocols, stable coins, smart contract platforms, digital currencies, and utility tokens designed for growing sectors. With a significant $100m venture capital fund earmarked for blockchain startups, Cypher Capital proactively supports unicorns in expanding their operations and teams globally. By obtaining specialised legal advice, the company devises custom legal structures in compliance with current regulations to ensure smooth market entry in the MENA region. Cypher Capital goes beyond just invest- ment, providing start-ups with extensive market access in the MENA region and creating vital partnerships with private and public sector s. This strategy promotes networking with other key entities in the MENA region, Turkey, and India, thus fostering a cooperative environment for blockchain innovation. Shaping a sustainable legacy Headquartered in the UAE, Cypher Capital is founded on the belief that investing in crypto mining is a progressive strategy. Prioritising ESG principles in all investment decisions, this approach aims to build a lasting, sustainable impact in the digital currency, public markets, and Web3 spheres. Cypher Capital boasts a remarkable 45 times return on capital across over 100 ventures, with investments ranging from $250,000 to $1m and overseeing more than 45 assets. The company optimally positions itself to enhance returns and reduce risk in this rapidly growing asset category. The fi rm utilises an extensive array of fi nancial tools, clear legal guidelines, thor- ough underwriting practices, and a methodical strategy to select successful projects and avoid fewer promising ones. In January 2024, Cypher Capital co-led a strategic invest- ment of $2.4m in bitsCrunch, an international analytics company delivering multi-chain insights and forensic analysis for NFTs and digital assets. Supported by key entities such as Coinbase Ventures, Animoca Brands, Chainlink, Crypto. com Capital, Morningstar Ventures, Shima Capital, and including Cypher Capital, bitsCrunch leverages AI to operate a decentralised platform for NFT data. This platform empow- ers developers to create dependable NFT applications (dApps) and spearheads the advancement of crypto data forensics.64 Indian Aces, March 2024 INDIAN ACES 2024 Driven by passion and a need to succeed, Yogesh Mehta estab- lished the brand in 1995 at age 35 which today is considered one of the best in the chemical industry. With an annual turnover in excess of $2bn, Petrochem is the largest chemical distributor in the Middle East and the 12th largest distributor in the world. Apart from their state-of-the-art tank farm in Jebel Ali Fee zone in the UAE, The company also has two large bulk chemical storage terminals in Egypt (Adabiya and Port Said) that can store more than 55 kt of various chemicals and a drumming and logistics facility in KSA which has not only expanded their portfolio, but has created economies of scale. Petrochem distributes chemicals across pharmaceutical, oilfi eld, and paint, coating, printing and packaging industries, in more than 32 countries. Under his leadership, Petrochem Middle East has now expanded into chemical trading, tank leasing and logistics. With new expansion plans already under- way, Petrochem is newly tripling its chemical storage and distribution capacity with stainless steel tanks with manufac- turing and blending capability in Jebel Ali investing more than $95m to committing to sustainable development in UAE. Construction of this large bulk storage terminal has already started a few months ago to complete in late 2025. Petrochem have offi ces in China, Singapore, Taiwan, London, Egypt, and India with their corporate head offi ce in Dubai. Mehta earned his Bachelor of Science degree in Chemis- try from Mumbai; India and his fi rst job was at his father’s chemical manufacturing factory in western India. It was here that Mehta honed his innate leadership skills and gained valu- able hands-on business experience. He then went on to open his own chemical trading business, which enjoyed limited success. Mehta then relocated to Dubai in 1990, and in fi ve years, managed to establish a successful chemical distribution business and become a market leader. Mehta attributes his company’s success to the team of engineers and professionals who are like a family. His son Rohan joined Petrochem eight years ago and is very successful in his own right. Rohan plans to take the company to new heights and believes that they have just started the growth period at Petrochem. Mehta is a Harvard Business School Alumni and a trustee board member of GSN, Global Sustainability Network, supporting human rights and abolition of child slavery. He is also the vice chairman and Trustee of the iconic BAPS Temple being built in Abu Dhabi and a board member of the Educa- tion for Employment ( EFE) Middle East chapter. Mehta’s contribution to the Dubai music and culture and arts is legendary and has promoted several events regularly. ENERGY YOGESH MEHTA CEO Petrochem Middle Eastarabianbusiness.com 65 INDIAN ACES 2024 ZULEKHA DAUD Founder and Chairperson Zulekha Healthcare Group HEALTHCARE Dr. Daud, the fi rst recognised Indian woman medical professional in the UAE, has committed herself to the well-being of both Emiratis and expatriates. In 1964, she earned her medical degree from the Government Medical College in Nagpur, India, followed by an appointment at Sharjah’s Kuwaiti Mission Hospital. Establishing herself as a practicing physician, Daud, aff ec- tionately known as Mama Zulekha, launched her small clinic in Sharjah in 1965. Through years of hard work, Zulekha Hospital emerged in 1992, initially as a 30-bed facility provid- ing essential services in gynaecology, obstetrics, surgery, medi- cine, and paediatrics. The success continued to grow, leading to the establishment of Zulekha Healthcare Group (ZHCG) in 2004. This expansion included a second hospital in Dubai, three medical centres, and pharmacies. Today, Zulekha Healthcare Group has evolved into a comprehensive network with medical centres, super-speciality hospitals, educational institutes, and pharmacies in both the UAE and India. In 2012, Zulekha Hospital, Sharjah trans- formed into a full-fl edged, multi-disciplinary hospital and diagnostic centre with extensive outpa- tient and inpatient facilities. The group further extended its reach internation- ally by announcing the Alexis multi-spe- cialty hospital in Nagpur, India, in December 2016. In addition to her signifi cant contri- butions in the medical fi eld, Daud is highly regarded for her CSR activities. Her involvement extends to backing educational and vocational training programmes specifi cally designed for women, spearheading initiatives aimed at providing access to clean drinking water, and leading public health aware- ness campaigns. Among the noteworthy campaigns she has championed are ‘Smear, Don’t Fear,’ which is focused on raising awareness about cervical cancer, and ‘Pink It Now,’ a campaign dedicated to advocating for breast cancer awareness. About Zulekha Hospital Zulekha Hospital has been widely recognised for its dedica- tion to quality care and sustainable business practices. The hospital has been honoured with several prestigious awards, including the Dubai Quality Appreciation Award, the Dubai Quality Award, and the Mohammed Bin Rashid Al Maktoum Business Excellence Award. These accolades underscore the group’s unwavering commitment to delivering superior healthcare services to patients and contributing positively to the broader society. In October 2023, over 15,000 women have availed the checks in 12 years at both Zulekha Hospital Dubai and Sharjah since the campaign fi rst started. The ‘Pink It Now’ breast cancer awareness campaign invited women in the UAE to attend the free screenings and consultations in its hospitals. Each year, the initiative raises awareness about breast cancer, the importance of early detection and the benefi t of regular check-ups. 66 Indian Aces, March 2024 Indian-owned businesses in the GCC Indian businesses in the GCC play a pivotal role in fostering economic growth, cultural exchange, and collaboration between India and the Gulf countries. Their adaptability, resilience, and contribution to trade and employment underscore their importance in the region’s business ecosystem Indian businesses have a signifi - cant presence in the Gulf Coop- eration Council (GCC) coun- tries, spanning various industries such as construction, retail, healthcare, and information technology. Their diverse portfo- lio contributes signifi cantly to the GCC economies. Indian expatriates constitute a substantial portion of the work- force in GCC countries, including skilled professionals, labourers and entrepreneurs. Indian busi- nesses often leverage this work- force to drive their operations efficiently, contributing to the economic growth of the region. Successful Indian businesses in the GCC understand and respect the cultural nuances of the region. They adapt their business prac- tices, products, and services to cater to the preferences and sensi- tivities of the local population, fostering better integration and acceptance. Indian businesses operating in the GCC navigate through a complex regulatory landscape shaped by government policies and regula- tions. Understanding and comply- ing with local laws regarding taxa- tion, licensing, and labour practices are crucial for sustained success in the region. India and the GCC countries share robust trade relations, with bilateral trade surpassing billions of dollars annually. Indian busi- nesses play a crucial role in facil- itating this trade, acting as both importers and exporters of goods and services. Government policies and regulations Cultural adaptation Workforce contribution Diversity and scope Strong trade relations Next >