The DMCC boss is indebted to ‘his father and idol, the Dubai Ruler, for taking an opportunity with him’ in 2001, when he was 23 years previous

Ahmed bin Sulayem, Government Chairman and CEO of the DMCC. — Photograph by Neeraj Murali

Ahmed bin Sulayem, Government Chairman and Chief Government Officer (CEO) of the Dubai Multi Commodities Centre (DMCC), is a staunch believer in Canadian hockey legend Wayne Gretzky’s saying, “I skate to the place the puck goes to be, not the place it has been.”

It is a perception that has stood the dynamic Emirati gentleman in good stead.

From a start-up of solely 28 member corporations in 2003, the DMCC has grown to turn out to be one of many world’s main free zones in 2022, comprising over 21,000 member companies from 180 nations all over the world and using over 65,000 individuals.

Bin Sulayem is synonymous with the DMCC Free Zone grasp improvement in Jumeirah Lakes Towers (JLT), a 200-hectare enterprise and residential neighborhood in southern components of Dubai, of over 100,000 individuals from various nationalities dwelling and dealing throughout 87 towers, adjoining to the much-anticipated Uptown Dubai district — at present underneath building — underneath his watch.

However minimize to the center of 2001, the place windfall guided his profession transfer.

Ahmed bin Sulayem, Government Chairman and CEO of the DMCC, with reputed scientific psychologist, Jordan Peterson.

Bin Sulayem, who was born in Philadelphia, United States of America (USA), and grew up in an illustrious Emirati household in Dubai — he lived in Al Mamzar and spent his weekends within the household farm at Al Khawaneej — was all set to pursue his greater research within the USA, had it not been for the life-altering 9/11 assaults that modified the course of the Arab world.

The alumnus of Rashid Faculty for Boys in Dubai had graduated with a level in Enterprise Administration from California State College in San Bernardino within the USA and was “contemplating pursuing a postgraduate examine in e-commerce, which was the trend again within the day”.

Nonetheless, bin Sulayem mentioned: “Destiny had different concepts for me. The DMCC was nonetheless within the works in the summertime of 2001, and I used to be all set to return to high school for my postgraduate diploma that Fall. As luck would have it, my plans went for a toss. 9/11 struck and the worldwide narrative for the Arab world modified endlessly.”

USA’s loss was Dubai’s achieve

Bin Sulayem’s plan to remain in his native Dubai couldn’t have been extra opportune.

He, alongside along with his neighborhood members, gave a fillip to the establishing of DMCC, which had been a non-starter.

“In 2001, my father and idol, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, gave me an opportunity and I took a chance that yr. Until in the present day, I really feel I didn’t put a drop within the ocean in repaying the debt again. Why? It’s easy, even now I might by no means open the door for my 23-year-old self again in 2001 and that, my mates, is the distinction between my management and His Highness’ angle. He took an opportunity and a threat with me, I might by no means try this, even in the present day I might by no means try this. To say I really like him and owe him is an enormous understatement,” he mentioned.

However his stellar profession path by means of the years exhibits His Highness’ status as a talent-spotter for nurturing second-generation management and skills for the expansion and improvement of Dubai because the jewel within the Arab world’s crown.

Ahmed Bin Sulayem items Jordan Peterson a duplicate of Sheikh Mohammed’s e book ‘My Imaginative and prescient’.

These childhood had been spent by bin Sulayem and his core staff convincing a cross-section of corporations, together with diamonds, jewellers, gold refineries, meals & beverage retailers, eating places and JLT neighborhood spots to commit their futures to DMCC.

“The record is various, which is our innate power. From Costa Espresso to Emirates Gold to Worldwide Gemological Institute (IGI), to Kcal, to Raed Baker’s Liali Jewelry, to Pepsi, to Rosy Blue to SBMH Group to SCAFA to Taché Diamonds to Complete, who put their religion in us since inception,” Bin Sulayam mentioned in deference to his early backers.

Within the precincts of Almas Tower, a 68-storey enterprise skyscraper in JLT, which was opened in January 2009, Bin Sulayem, a individuals’s one who can contact a chord with anyone and everyone along with his simple appeal, his success story has turn out to be a folklore. He’s at all times mobbed by his admirers — from Emiratis to nationalities of all backgrounds who name Dubai and the UAE their home-away-from-home.

“The DMCC had barely 400 members when it bought out Almas Tower to finish customers inside seven hours of its launch. Firms had been making a beeline for us on the again of a worldwide recession. It is a tribute to the robust basis of DMCC and His Highness’ imaginative and prescient the place a monetary meltdown that had taken the world by storm didn’t impression us in any respect. We paid up the $200 (Dh734.60) million mortgage on time and our progress has been phenomenal year-on-year and even the challenges posed by Covid-19 did not put a spanner in our works,” he reminisced.

Information confirmed that 2,485 corporations had been registered with DMCC final yr and going by the development within the first three quarters, the corresponding determine is prone to be over 2,600 this yr — a brand new document that exhibits the emergence of the free zone because the one-stop vacation spot for international investments.

Bin Sulayem is a beneficiant man, who lavishes reward on one and all, particularly these, together with many Indian enterprise homes, who helped the DMCC develop by means of the years.

He singles out Chaim Even-Zohar, editor-publisher of the Diamond Intelligence Briefs and one of many foremost analysts of the diamond business, for his steerage in making DMCC because the main hub for the sector.

As an illustration, in 2022, the DMCC was named the ‘World Free Zone of the 12 months’ by The Monetary Occasions’ fDi journal, for a document eighth consecutive yr.

The UAE was additionally formally appointed as the primary and solely Arab nation to chair the Kimberley Course of in November 2015. Shortly after, the UAE Ministry of Economic system made bin Sulayem the nation’s Chair of the Kimberley Course of for 2016.

Bin Sulayem is effusive about blockchain and new-age economies comparable to non-fungible tokens (NFTs) and the Metaverse spearheaded by Dubai’s authorities technique, together with most lately Crown Prince Sheikh Hamdan bin Mohammed al Maktoum’s 2022 Metaverse Technique.

The DMCC launched its very personal Crypto Centre in Might 2021 — “a value-added system for the sector” — which has already seen super progress. At present the Centre is dwelling to over 460 corporations and is a significant focus of DMCC’s new membership. The world’s largest cryptocurrency alternate Binance can also be headquartered within the DMCC.

The DMCC boss is betting large on diamonds, espresso, gold, oil and gasoline and renewables for the free zone’s uptick within the coming years. He’s concurrently engaged on a number of initiatives amid Dubai’s futuristic leap, as he enjoys a late lunch at Bait Maryam, the passionately run ‘dwelling’ provides a heat welcome and scrumptious, home-style Levantine dishes cooked with love and was awarded a Michelin one-star earlier this yr, and considered one of his favorite eating places in JLT.

Bin Sulayem shares a particular rapport along with his buddy Koksal Baba, an web sensation from Turkey. Baba was once knowledgeable boxer; and other people recognise him from his YouTube movies about Turkey’s life. He has greater than 1,000,000 YouTube subscribers since he launched the account in 2015.

A wholesome work-life steadiness

Looking for time to loosen up with a wholesome work-life steadiness is hard amid the myriad initiatives happening on the DMCC. However that’s not for lack of making an attempt. Amid bin Sulayem’s many hobbies, he’s a self-confessed gaming addict and loves sports activities — he professes a ardour for basketball, holds a diving licence and can also be into browsing “in a giant method”.

In his spare time, which is “few and much between amid a busy journey schedule all over the world”, he performs with pet parrots — Raffi and Dona — an Amazonian and African Gray, respectively.

Bin Sulayem hits a candy spot to be in concord with nature and at peace with himself within the firm of Raffi and Dona.

Water is the brand new oil

Bin Sulayem is engaged on a number of pioneering initiatives comparable to a brand new DMCC Water Centre. “There could be no higher commodity than water, the place Dubai can emerge as the subsequent hub for this valuable pure useful resource, from redistribution companies from Lake Victoria in Tanzania, to importing Norwegian recent water and sustainable packaging expertise in sync with Dubai Can’s ambitions. We will emerge as a co-working place for a giant aqua index and a water coin is a definite chance within the close to future,” he mentioned.

He’s indebted to Yaacov Shirazi, the founding father of Aqua Index Alternate, who recognised the necessity and potential of integrating the general public commerce of water into a worldwide market and whose affect on him can’t be understated.

Because the DMCC goals to open new commerce corridors for water with strategic companions comparable to the highest international exporters within the USA, China, France, Norway and Turkey to safe long-term safety of provide for this valuable commodity.

And that’s the genius of a person who — as Wayne Gretzky alluded to — “is at all times prepared to maneuver early and seize alternatives forward of different markets”.

Onwards and upwards