In pursuit of excellence

Businesses established by Dr B R Shetty are aligned to the UAE's culture of giving.

Dr B R Shetty, Chairman of UAE Exchange and Executive Vice-Chairman and CEO of NMC, landed in the UAE back in 1972 and established NMC in 1975. Since then it has been an eventful journey for this entrepreneur. "I've always tried to make a difference to people around me. Hence, all businesses are service-oriented in essence, be it healthcare, money transfer, foreign currency, etc.," Shetty said in an interview with Khaleej Times.
All this would not have been possible without the support of the Rulers of the UAE, who provided him with opportunities to explore and grow. "In the process, I've achieved a certain degree of success. We offer employment to many, while supporting the vision of the UAE government to encourage national talent and make a positive difference to society around us. I've always stood up for various social and humanitarian causes. The various initiatives are taken up under corporate social responsibility and individually by me reflect the strong values my mother has instilled in me," he stresses.
Speaking about the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Shetty says, "I am extremely delighted that the leaders in both countries have been engaging actively with each other, further strengthening this historic relationship further. The Rulers of the UAE have visited India last year to the joy of all NRIs who have made UAE their home. This engagement has had many positive outcomes in bilateral trade and financial dimensions. For instance, the decision to invest $75 billion in India's infrastructure in the long-term by the UAE government will not only boost India's economy, but also encourage employment opportunities. Now this honourable invitation further multiplies that joy. I am sure it will strengthen the relationship, taking it to new heights."
Shetty speaks with pride about his establishment. "UAE Exchange is a 36-year-old UAE-born brand. We've been able to blend well with the nation's socio-cultural and financial fabric, aligning ourselves with the government's vision and contributing to this historic relationship."
The company has been dealing closely with Indian expatriates who regularly send money home. As per the World Bank, expatriate Indians have contributed to make India the largest receiver of remittances. "Remittance is a dependable source of income for the Indian economy. Even during the toughest of economic crises, remittances have remained steady, sometimes even overtaking FDIs. The UAE has been a major source of remittance with more than    50 per cent of the remittances to India originating here. UAE Exchange handles 10 per cent of the total global remittance flow to India," he informs.
UAE Exchange works closely with regulators in the UAE and India. It follows every regulation in letter and spirit, on both sides of the remittance channel. "To the enterprising Indian community, we offer a wide range of services including instant account credit, instant cash payout, currency exchange, payroll solutions, bill payments, prepaid cards, etc. We have correspondent relationship with over 30 banks in India. We have arrangements with many of them for real-time account credit facility, FLASHremit," he explains. 
This enables Indian expatriates to send money to their desired bank account in real time. An SMS notification goes to both parties once the account gets credited. UAE Exchange also offers instant cash payout facility called Xpress Money for those who do not have a bank account back in India. These services enable Indians, who form a major part of both blue-collared and white-collared communities in the UAE, to send money to their dear ones through various channels as per their convenience.
Culture of giving
Shetty says, "All the businesses that we have established are aligned to the UAE's culture of giving. With a strong customer-centric approach, our establishments serve to enhance customer experience. Healthcare without doubt tops the list. Hence I directed significant investments to India and various other geographies."
NMC Healthcare, one of the first initiatives in this direction, was established in 1975. It is the first-of-its-kind healthcare service provider, which offers quality healthcare through 30 facilities across three countries, catering to over 2.5 million patients a year. 
He has many firsts to his credit. NMC is the first Abu Dhabi company to be listed on the London Stock Exchange as NMC Health PLC. It is part of the FTSE 250 index and is listed on the premium segment of the London Stock Exchange (LSE). Further expansion plans include a 250-bed super-speciality hospital in Khalifa City, Abu Dhabi. The Group has also acquired major hospitals in Egypt, Nepal and India.
The UAE Government has taken a decision to invest significantly in India over a period of time. In line with that vision, the Group has invested across India in Kerala, Andhra Pradesh and Karnataka, to name a few. There are plans for a 1,500-bed multi-speciality hospital in Amaravati costing Rs12,000 crore, which should be ready by 2018.
Digital journey
Shetty reveals details on his ambitious digital journey. "Our passion for technology enables us to be trendsetters and drive customer-centricity intensively. UAE Exchange strives to be the first to enhance customer experience."
UAE Exchange is the largest globally networked remittance brand in the world. "Our acquisition of Travelex, one of the world's leading foreign exchange specialists with 1,500 branches across major international airports makes us the only group to have two category leaders under one umbrella. Acquisition of Remit2India, the online money transfer facility, takes our digital ambitions further."
B R Shetty's struggle to achieve excellence has been imbibed well by his team. The results are there for everyone to see - UAE Exchange emerged as the second largest money transferring company in the world. 
- suchitra@khaleejtimes.com
 
Prestigious awards 
Dubai Quality Gold
Dubai Service Excellence Scheme Award
Banker Middle East Product Award
TISSE certifications by TICSI, UK
Superbrand (eight times in a row)
Sheikh Khalifa Excellence Award
Asia's Most Promising Brand Award

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