'Losing Dh1 million won't compare to losing my first salary': UAE multi-millionaire who started as blue-collar worker

He began his career at 17, handling heavy construction fabrication for cement and oil plants and later as a labourer on India's thermal power plants

Top Stories

UAE announces 2-month grace period for residence visa violators

UAE announces fee refund for tax service charges from August 1

Paid parking in Dubai: Residents face up to Dh4,000 extra yearly costs when new rates kick in

Ramjee Iyer

Published: Fri 9 Aug 2024, 6:00 AM

Last updated: Tue 13 Aug 2024, 6:43 PM

It may seem paltry today, but for Ramjee Iyer, the UAE-based founder and chairman of a multi-million dollar company, losing his first salary as a white-collar worker to a pickpocket at a theatre in India felt monumental at the time.

Iyer, who began his career as a blue-collar worker handling heavy construction fabrication for cement and oil plants at 17, noted that his first salary as a white-collar worker held special significance.

In an exclusive interview with Khaleej Times on Thursday, the 52-year-old, who now lives in Palm Jumeirah, said, “This incident happened around 1995. I had my first decent job and received my first salary of Rs1,200 (approx Dh55 now) instead of daily pay. I decided to treat myself to a movie, something I hadn’t done in over a decade. For that matter, I hadn’t done anything for myself in years - I had only focused on working. So, one Sunday, with my first salary in my pocket, I stood in line at the theatre.”

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

When Iyer went inside and sat down, he realised that someone had picked his pocket. “My wallet, which had my first salary, was gone. Those few hours during the movie were the most depressing hours of my life,” he added. “After toiling for so many years to earn a proper salary, losing it in less than 24 hours was heartbreaking. The amount of money I lost might seem insignificant compared to what people earn today. Even if I lose a million dirhams now, it wouldn’t compare to the despair I felt that day,” said the Chairman and Managing Director, Acube Developments.

Started working young

Recalling his early life, the Indian expat explained how his father, an affluent businessman, owned a factory in Chennai (Tamil Nadu, India) that manufactured plastic parts.

“We were among the first to get a telephone and two cars. Everything was good. Later, my father faced financial problems in his business and suffered from health problems. He passed away when I was quite young. By then, we had lost all our money and were almost on the streets.”

Following this, Iyer’s struggles started with no money to finish school or attend college.

“Since then, I’ve been working all my life. My journey began as a labourer in South India at Gulbarga (now called Kalaburagi in Karnataka). I began with just Rs900 in 1993 (approx Dh40), working about 11 hours daily.”

Perseverance paid off

From there, he gained experience working in several power plants and on various dam construction projects nationwide.

“I was a labourer in constructing India's thermal power plants and nuclear facilities. However, due to my performance, I started receiving better opportunities. I have held nearly every position within a medium-sized construction company, including roles such as helper, fitter, welder, supervisor, project in charge, contract manager, and VP contracts. Additionally, I have experience in the purchasing department and briefly worked in sales as well.”

Despite all adversities, his Indian company eventually nominated him to serve as the Country Head of Operations for a company in Dubai.

“I came here when I was around 28 as a working partner for my Indian firm that wanted to expand into the UAE. When you come to Dubai, you work in that emirate but start your life in Sharjah. However, after a few years, I could set up my own company full-fledged.”

Iyer ventured independently to engage in offshore oil and gas construction projects and established a company that owned and managed vessels for marine and construction support.

Staying grounded

The real estate sector’s multi-millionaire, who over the years amassed several luxury assets, including a 66-foot yacht, a Ferrari, a Porsche, and a collection of premium watches that includes several Cartiers, stressed the importance of staying grounded and maintaining a strong work ethic despite achieving success.

“The experience of dealing with people in various posts – from being on the sidelines of meetings to becoming the centre of the place has been a journey in itself. You learn how to deal with people, and you learn to see and understand different kinds of people, and that’s one of the foundations of what I can achieve today.”

In 2014, his company, Oceanking, was at its peak, managing numerous global projects with around 300 engineers.

Eventually, he sold his business and retired. After eight years of world travel, he grew bored and decided to return to work as a developer.

Doing business ethically

“To become successful, you don’t need to be born into a rich family or acquire a lot of degrees; needless to say, education is important. But what one requires is intelligent hard work, remain ethical and do your job smartly. Then you’ll come up in life.”

He pointed out that the UAE is renowned for its supportive environment for business and entrepreneurship, with various programs and policies designed to support their growth and integration into the broader economy.

“The UAE teaches people to do business cleanly and professionally, requiring thoroughness and ethical practices. To succeed here, you must understand your product, target audience, and delivery methods. Professionalism and ethics are crucial for executing business effectively in the UAE,” said the expat, who has lived here for nearly 24 years.

ALSO READ: