UAE: How Expat Went From Selling Perfumes On US Streets To Dubai Millionaire

(MENAFN- Khaleej Times) Published: Mon 15 Jul 2024, 1:10 PM

Last updated: Mon 15 Jul 2024, 1:12 PM

Kabir Joshi has gone from selling perfume on the streets of the US to having a near-death experience that left him paralysed for life on his right hand to becoming the CEO of a property investment and major Real estate developer in the UAE – advising on property transactions worth Dh1.5 billion.

“Dubai runs in my blood now. I can't dream of going back and living anywhere else – not even my home country,” said Kabir Joshi, founder and CEO at Vantage Capital and Vantage Properties.

Joshi is one of thousands of UAE residents who made a mark in their fields after relocating to the land of opportunities that is Dubai.

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“Dubai has provided me with opportunities that no other country could have. I truly believe that,” he told Khaleej Times in an interview.

Born in a middle-class family, Joshi grew up all across as his father was working in the military which geared him up for everything that life could throw on him.

“Every 13-14 months, we moved to a different new city, so you have to leave your friends and make new friends.”

Joshi migrated to the US at a young age, where he eventually joined University of Central Florida. When he was still studying at the university, Joshi went to India for the first time. However, during this vacation, he unfortunately met with a serious accident, which paralysed his right arm. He then underwent medical treatment for multiple surgeries and transplants for a long time. Because of this, he had to complete his degree remotely from Punjab, India.

When he returned to the US, he realised that there was hardly any value in a three-year Bachelor's degree.“With a strapped box around my neck, I started selling perfumes in a parking lot in Chicago as my friends and cousins were living there. Then I realised that I could get arrested because it was unsolicited selling perfumes on roads. So I moved to Washington DC, where I got into a call centre which paved the way for me to join the Federal Emergency Management Authority," he said.

Joshi's exposure to real estate came when he joined a firm in the US where he used to do underwriting for flood insurance for the real estate sector and joined a brokerage firm where he did a few deals.

“This gave me the excitement of real estate. I attended a Dubai property show in New York in 2003 where I met Shahab Lutfi, a senior member of the real estate fraternity. I didn't know anything about Dubai, but when I met people at the show, they made it sound like the most booming market of real estate in the world. So I decided that I'm going to take the plunge (in Dubai property market),” Joshi this newspaper in an interview.

Joshi went to India for his wedding in 2004 and decided to explore Dubai on his way back to the US. Upon landing in Dubai, he got a job with Dubai Holding's sales team which propelled him into Dubai's property market in 2004 and since then he has made the City of Gold his home.

He was involved in selling properties to clients from all over the world.

Joshi decided to launch his Vantage Capital Advisory in 2019 after Noor Bank was acquired by Dubai Islamic Bank.“That was my last corporate gig. I was the head of real estate at Noor Bank. After the acquisition, I decided to start my advisory firm focused on family offices and financial institutions, offering real estate advisory, mostly debt and equity structures and project development. My forte, over time, evolved to the feasibility and valuation and transaction advisory.”

In 2023, he launched Vantage Properties and is currently working on multiple developments.

“We've about Dh370 million worth of inventory under development and a few plots under acquisition which will take company valuation above Dh1 billion. We are growing quite quickly.”

Joshi had multiple turning points in his life – both personally and professionally.

While heading a real estate unit for the local bank, he saw real estate from the other side – how a bank views the real estate market.

“The banks don't view real estate necessarily as an opportunity. They sometimes viewed it as a liability and that completely changed my perception, because suddenly I could see one development with two different aspects.

So I felt equipped and confident enough with all the necessary knowledge I need to go out on my own and start a development company and also an advisory company. Developers are usually big risk takers but, like a bank, I became risk averse. We are very aggressive in our expansion, but also balance it with the risk-averse approach. Professionally, that was the turning point.”

Personally, Joshi sees the serious accident during his stay in India as a turning point for him.

“The biggest fear for people is how they're going to get things rolling. How is this going to pan out? When I started the journey, the biggest comfort was, that I had been through near near-death experience. God saved you. You're here to enjoy this journey. Don't worry or fear about it. This gave me a lot of confidence.”

He also pointed out that moving to Dubai was another right decision and a turning point in his life.

“I think moving to Dubai and getting the opportunity to work with Dubai Holding was one of the most tremendous things that could have happened to me. I've been here for 20 years, and there's not a single thing I can complain about."

Kabi Joshi, a passionate rider and golfer who loves to read books on specific topics, advised brokers and young entrepreneurs that the only way to grow is to have focus and perseverance in their careers and businesses.

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