Latest news with #UAEExchange
Gulf Insider
27-05-2025
- Business
- Gulf Insider
Indian Billionaire Sold ₹1.24 Lakh Cr Company for ₹74
The heartbreaking story of of BR Shetty, an Indian-origin businessman, who once owned several companies in the United Arab Emirates (UAE), had net worth of over Rs 12,000, and lived a life of prime luxury– is a profound example of how quickly one's fortunes can turn to ash due to one critical mistake, and send any person tumbling into the depths of obscurity. Who is BR Shetty? Born in a lower middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was once among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. BR Shetty began his career as a medical representative, and at age of 31, immigrated to Dubai, UAE in 1973 in search of better opportunities. Reports claim that Shetty came to Dubai with just $8 to his name, and worked as a door-to-door salesman, selling medicines. However, in short period, BR Shetty developed contacts with some wealthy and influential people, and a few years later, established the New Medical Center Health (NMC), UAE's first private healthcare provider company, in Dubai. UAE's first private healthcare provider The hospital was managed by BR Shetty's wife, Chandrakumari Shetty, who was the only doctor in the clinic, at the time. Today, NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. NMC is also the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index. However, the firm was de-listed from London Stock Exchange and removed from FTSE 100 index, following a request from its board of directors, and due to the on-going investigation of alleged financial irregularities. Apart from NMC, BR Shetty also founded the UAE Exchange, a company dealing in remittance, foreign exchange, and bill payment services. During the late 70s, Shetty observed that Indian expatriates living in UAE faced difficulties in sending money to their families back home in India, and thus landed upon the idea to establish the UAE Exchange, which in 2016, opened 800 offices in 31 countries. In 2003, BR Shetty founded NMC Neopharma, a UAE-based pharmaceutical manufacturer, which was inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi. BR Shetty – From riches to rags Over the years, BR Shetty's wealth ballooned thanks to owing to his diversified and successful business ventures which ranged from health, finance, to real estate, and capital investment. At one point, BR Shetty had a net worth of $3 billion (around Rs 20,000 crore), making him one of the wealthiest men globally. The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai. However, fate took a cruel turn when in 2019, US-based short-seller Muddy Waters Research levelled damning allegations against BR Shetty's companies. In a post on X (former Twitter), the short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors. What did the short-seller's report claim? In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. In 2020, amid investigations, BR Shetty resigned from his board position, and on April 8 that year, NMC Health went into Administration in the United Kingdom due to concerns over corporate governance and a share price in freefall. In the same month, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the UAE Attorney General's Office, and days later, the Central Bank of UAE ordered the freezing of Shetty's bank accounts and the blacklisting of his firms. The embattled businessman is also under investigation in India, with agencies initiating a probe to identify potential risks to Indian banks. According to reports, Shetty's current net worth is a minute fraction of his earlier $3.5 billion fortune, consequently leading Forbes to drop him from its annual list of billionaires in 2020. Also read: UAE Fines 23 Companies Dh610,000 For Violating Global Tax Reporting Rules
India.com
25-05-2025
- Business
- India.com
Meet Indian billionaire, owned two floors in Burj Khalifa, had Rs 18000 crore net worth, was forced to sell Rs 124000 crore company for just Rs 74 due to…
BR Shetty went bankrupt after a damning 2019 report by short-seller Muddy Waters Research exposed accused him of financial fraud. (File) The heartbreaking story of of BR Shetty, an Indian-origin businessman, who once owned several companies in the United Arab Emirates (UAE), had net worth of over Rs 12,000, and lived a life of prime luxury– is a profound example of how quickly one's fortunes can turn to ash due to one critical mistake, and send any person tumbling into the depths of obscurity. Who is BR Shetty? Born in a lower middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was once among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. BR Shetty began his career as a medical representative, and at age of 31, immigrated to Dubai, UAE in 1973 in search of better opportunities. Reports claim that Shetty came to Dubai with just $8 to his name, and worked as a door-to-door salesman, selling medicines. However, in short period, BR Shetty developed contacts with some wealthy and influential people, and a few years later, established the New Medical Center Health (NMC), UAE's first private healthcare provider company, in Dubai. UAE's first private healthcare provider The hospital was managed by BR Shetty's wife, Chandrakumari Shetty, who was the only doctor in the clinic, at the time. Today, NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. NMC is also the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index. However, the firm was de-listed from London Stock Exchange and removed from FTSE 100 index, following a request from its board of directors, and due to the on-going investigation of alleged financial irregularities. Apart from NMC, BR Shetty also founded the UAE Exchange, a company dealing in remittance, foreign exchange, and bill payment services. During the late 70s, Shetty observed that Indian expatriates living in UAE faced difficulties in sending money to their families back home in India, and thus landed upon the idea to establish the UAE Exchange, which in 2016, opened 800 offices in 31 countries. In 2003, BR Shetty founded NMC Neopharma, a UAE-based pharmaceutical manufacturer, which was inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi. BR Shetty – From riches to rags Over the years, BR Shetty's wealth ballooned thanks to owing to his diversified and successful business ventures which ranged from health, finance, to real estate, and capital investment. At one point, BR Shetty had a net worth of $3 billion (around Rs 20,000 crore), making him one of the wealthiest men globally. The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai. However, fate took a cruel turn when in 2019, US-based short-seller Muddy Waters Research levelled damning allegations against BR Shetty's companies. In a post on X (former Twitter), the short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors. What did the short-seller's report claim? In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. In 2020, amid investigations, BR Shetty resigned from his board position, and on April 8 that year, NMC Health went into Administration in the United Kingdom due to concerns over corporate governance and a share price in freefall. In the same month, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the UAE Attorney General's Office, and days later, the Central Bank of UAE ordered the freezing of Shetty's bank accounts and the blacklisting of his firms. The embattled businessman is also under investigation in India, with agencies initiating a probe to identify potential risks to Indian banks. According to reports, Shetty's current net worth is a minute fraction of his earlier $3.5 billion fortune, consequently leading Forbes to drop him from its annual list of billionaires in 2020.
Gulf News
05-05-2025
- Business
- Gulf News
Dubai: RTA renames UAE Exchange Metro Station
Dubai: Dubai 's Roads and Transport Authority (RTA) on Monday renamed the UAE Exchange Metro Station as Life Pharmacy Metro Station. This comes after the RTA granted Life Pharmacy the naming rights under a 10-year agreement. More about the station The UAE Exchange Metro Station is situated in Jebel Ali, along the Red Line of the Dubai Metro. Originally opened as Jebel Ali Metro Station in March 2011, it was renamed UAE Exchange on June 30, 2015, following a naming rights agreement with UAE Exchange This station is unique within the Dubai Metro network as it is the only ground-level station. All other stations are either elevated or underground. It serves as a vital transit point for employees and residents of the Jebel Ali Free Zone (JAFZA), facilitating access to various industrial and commercial hubs in the area. In April 2024, the RTA introduced a new operational configuration, eliminating the need for passengers to interchange at Jebel Ali Station. By using the Y junction at the station, trains now operate directly between Centrepoint and UAE Exchange, as well as between Centrepoint and Expo 2020 stations, enhancing the commuting experience for passengers. Updating signage RTA said it will begin updating and renaming all relevant external and internal directional signage across Metro stations till the end of August. 'The new name will also be reflected across RTA's smart digital systems, public transport applications, and onboard audio announcements prior to and upon arrival at the station,' it added. This is third time in two months that the RTA has announced the renaming of a Dubai Metro station. On March 18, Al Khail Metro Station was renamed as Al Fardan Exchange Metro Station and GGICO Metro Station's name was changed to Al Metro Garhoud Station on April 11. First in the world The agreement regarding the renaming was signed between Life Pharmacy Group and Hypermedia, with Mada Media attending in its capacity as the authorised concessionaire appointed by RTA under a concession agreement between Mada Media and RTA. Abdul Mohsen Ibrahim Kalbat, CEO of RTA's Rail Agency, described the agreement for renaming the station as a valuable addition to the Dubai Metro Naming Rights initiative, which has achieved sustained success since its launch in 2009 as the first project of its kind globally. He stated: "RTA is committed to forging successful partnerships with the private sector, given its vital role in driving national economic growth and contributing to GDP. This successful public-private partnership model facilitates the transfer of knowledge and expertise, creates job opportunities across multiple sectors, and supports the government's broader development agenda." Mohamad Al Hammadi, CEO of Mada Media, stated: "This initiative reflects our goal of transforming advertising spaces into impactful platforms, enabling naming rights sponsors to enhance their visibility and commercial footprint." He added: "The agreement presents a unique investment opportunity for Life Pharmacy, capitalising on the strategic location of Dubai Metro stations, particularly this one, to strengthen brand awareness and deepen engagement with commuters." Abdul Rahuman Abdul Nazzar, Chairman and Managing Director of Life Pharmacy Group, commented: "We are proud to partner with RTA through Mada Media to acquire the naming rights for a station that serves as a vital hub within Dubai's seamless, multi-modal transport network. This station has served thousands of commuters for over a decade, delivering significant value and connectivity."
Gulf Insider
05-05-2025
- Business
- Gulf Insider
Dubai: RTA Renames UAE Exchange Metro Station
Dubai's Roads and Transport Authority (RTA) on Monday renamed the UAE Exchange Metro Station as Life Pharmacy Metro Station. This comes after the RTA granted Life Pharmacy the naming rights under a 10-year agreement. The UAE Exchange Metro Station is situated in Jebel Ali, along the Red Line of the Dubai Metro. Originally opened as Jebel Ali Metro Station in March 2011, it was renamed UAE Exchange on June 30, 2015, following a naming rights agreement with UAE Exchange This station is unique within the Dubai Metro network as it is the only ground-level station. All other stations are either elevated or underground. It serves as a vital transit point for employees and residents of the Jebel Ali Free Zone (JAFZA), facilitating access to various industrial and commercial hubs in the area. In April 2024, the RTA introduced a new operational configuration, eliminating the need for passengers to interchange at Jebel Ali Station. By using the Y junction at the station, trains now operate directly between Centrepoint and UAE Exchange, as well as between Centrepoint and Expo 2020 stations, enhancing the commuting experience for passengers. RTA said it will begin updating and renaming all relevant external and internal directional signage across Metro stations till the end of August. 'The new name will also be reflected across RTA's smart digital systems, public transport applications, and onboard audio announcements prior to and upon arrival at the station,' it added. This is third time in two months that the RTA has announced the renaming of a Dubai Metro station. On March 18, Al Khail Metro Station was renamed as Al Fardan Exchange Metro Station and GGICO Metro Station's name was changed to Al Metro Garhoud Station on April 11. The agreement regarding the renaming was signed between Life Pharmacy Group and Hypermedia, with Mada Media attending in its capacity as the authorised concessionaire appointed by RTA under a concession agreement between Mada Media and RTA. Abdul Mohsen Ibrahim Kalbat, CEO of RTA's Rail Agency, described the agreement for renaming the station as a valuable addition to the Dubai Metro Naming Rights initiative, which has achieved sustained success since its launch in 2009 as the first project of its kind globally. He stated: 'RTA is committed to forging successful partnerships with the private sector, given its vital role in driving national economic growth and contributing to GDP. This successful public-private partnership model facilitates the transfer of knowledge and expertise, creates job opportunities across multiple sectors, and supports the government's broader development agenda.' Mohamad Al Hammadi, CEO of Mada Media, stated: 'This initiative reflects our goal of transforming advertising spaces into impactful platforms, enabling naming rights sponsors to enhance their visibility and commercial footprint.' He added: 'The agreement presents a unique investment opportunity for Life Pharmacy, capitalising on the strategic location of Dubai Metro stations, particularly this one, to strengthen brand awareness and deepen engagement with commuters.' Abdul Rahuman Abdul Nazzar, Chairman and Managing Director of Life Pharmacy Group, commented: 'We are proud to partner with RTA through Mada Media to acquire the naming rights for a station that serves as a vital hub within Dubai's seamless, multi-modal transport network. This station has served thousands of commuters for over a decade, delivering significant value and connectivity.' He continued: 'This partnership goes beyond naming rights—it reflects Life Pharmacy's broader commitment to the city and its communities. Linking our name to a key metro station demonstrates how Life Pharmacy has become an integral part of Dubai's daily rhythm and movement.'
India.com
25-04-2025
- Business
- India.com
Meet B R Shetty, had net worth of Rs 18000 crore, owned multiple flats in Burj Khalifa, became bankrupt due to…, sold Rs 124000 crore company for just Rs 74 after…
BR Shetty went bankrupt after a damning report by short-seller Muddy Waters Research in 2019. (File) There are hundreds if not thousands of riches to rags stories documenting the fall of billionaire tycoons who fall into the oblivion after going bankrupt and losing a significant portion of their wealth. However, the heartbreaking tale of BR Shetty, an Indian-born businessman, who once owned several companies in the United Arab Emirates (UAE), had net worth of over Rs 12,000, and lived a life of prime luxury– is a profound example of how one critical mistakes can ruin a man and send him tumbling into the depths of obscurity. Who is BR Shetty? Born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was once counted among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. BR Shetty began his career as a medical representative, and at age of 31, immigrated to Dubai, UAE in 1973 in search of better opportunities. As per reports, Shetty came to Dubai with just $8 to his name, and worked as a door-to-door salesman, selling medicines. In short time, Shetty built contacts with some wealthy and influential people, and a few years later, he established the New Medical Center Health (NMC), UAE's first private healthcare provider company, in Dubai. UAE's first private healthcare provider The hospital was managed by Shetty's wife, Chandrakumari Shetty, who was the only doctor in the clinic, at the time. Today, NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. NMC is also the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index. However, the firm was de-listed from London Stock Exchange and removed from FTSE 100 index, following a request from its board of directors, and due to the on-going investigation of alleged financial irregularities. Apart from NMC, BR Shetty also founded the UAE Exchange, a company dealing in remittance, foreign exchange, and bill payment services. During the late 70s, Shetty observed that Indian expatriates living in UAE faced difficulties in sending money to their families back home in India, and thus landed upon the idea to establish the UAE Exchange, which in 2016, opened 800 offices in 31 countries. In 2003, BR Shetty founded NMC Neopharma, a UAE-based pharmaceutical manufacturer, which was inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi. BR Shetty's fall from grace Over the years, BR Shetty's wealth ballooned thanks to owing to his diversified and successful business ventures which ranged from health, finance, to real estate, and capital investment. At one point, BR Shetty had a net worth of $3 billion (around Rs 20,000 crore), making him one of the wealthiest men globally. The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai. However, fate took a cruel turn when in 2019, US-based short-seller Muddy Waters Research levelled damning allegations against BR Shetty's companies. In a post on X (former Twitter), the short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors. In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. In 2020, amid investigations, BR Shetty resigned from his board position, and on April 8 that year, NMC Health went into Administration in the United Kingdom due to concerns over corporate governance and a share price in freefall. In the same month, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the UAE Attorney General's Office, and days later, the Central Bank of UAE ordered the freezing of Shetty's bank accounts and the blacklisting of his firms. The embattled businessman is also under investigation in India, with agencies initiating a probe to identify potential risks to Indian banks. According to reports, Shetty's current net worth is a minute fraction of his earlier $3.5 billion fortune, consequently leading Forbes to drop him from its annual list of billionaires in 2020.
