Abu Bakar, a self-made entrepreneur, exemplifies the opportunities available in the United Arab Emirates. Starting with a cleaning job, he built a portfolio of eight companies across diverse sectors, including real estate and facilities management. His story highlights the UAE’s appeal as a business hub, particularly for those seeking stability and growth, and demonstrates the potential for success through hard work and resilience in the real estate market.
Bakar’s journey began with a desire for a more secure future than what was available at home, eventually leading him to establish Inspire Properties Management in 2020. Today, his businesses employ over 25 people and manage more than 2,000 properties, attracting clients such as Emaar and the RTA. He views his success as fundamentally rooted in the UAE’s supportive business environment.
From Humble Beginnings to Real Estate Mogul
Initially arriving in the UAE seeking opportunity, Bakar faced immediate challenges. His ambition to work as a truck driver was thwarted by the prohibitive cost of obtaining a local driving license. Determined to establish himself, he accepted a position as a building cleaner, viewing it as a necessary first step.
Within three months, a connection led to an office assistant role at a real estate firm on Sheikh Zayed Road. The position, encompassing basic administrative tasks like opening the office and serving refreshments, provided crucial exposure to a professional setting. This wasn’t primarily about the salary, he reflected, but gaining experience.
His proactive attitude was soon noticed. When the company needed assistance with property inventories in Sonapur and Al Muhaisnah, Bakar volunteered. This hands-on experience placed him directly within the property market, allowing him to acquire practical knowledge and build relationships.
This initiative resulted in a shift from assistant to real estate agent. The initial months presented difficulties, with inconsistent leads and communication barriers. Despite some colleagues suggesting a different career path, Bakar remained steadfast in his pursuit.
A turning point arrived with a client seeking multiple units in Muhaisnah. Bakar successfully arranged viewings on the same day and closed the deal the following day – the largest transaction the company had completed at that time. This accomplishment bolstered his confidence and cemented his belief in his ability to thrive in the real estate sector.
Navigating the COVID-19 Pandemic
Despite his growing success within established firms, Bakar ultimately opted for independence. He launched Inspire Properties Management in October 2020, right in the midst of the COVID-19 pandemic. This decision presented significant hurdles.
The pandemic caused substantial financial strain. Despite ongoing operational costs, property occupancy rates decreased sharply. Inspire Properties experienced a loss of Dh400,000 in 2021. However, Bakar approached the situation with transparency and a commitment to fulfilling his obligations.
Instead of seeking concessions, he proactively engaged with a key property owner. He explained the financial difficulties and requested an eight-month period to rectify the losses, promising full repayment. This honesty and persistence proved successful, with the losses cleared within the timeframe.
Expanding Operations and Prioritizing People
Following the resolution of the financial difficulties, Inspire Properties embarked on a period of growth, expanding its services across Dubai, Sharjah, and Ajman to manage more than 2,000 residential units. This expansion attracted notable clients, including Emaar, ENOC, RTA, and Amlak.
In 2021, Bakar launched Home Keys Real Estate, a fully-fledged brokerage operation. This expansion led to the creation of new roles, including sales, marketing, HR, and finance positions, bringing the total number of employees to over 25. He continued to diversify, entering sectors like technical services, facilities management, contracting, marketing, tax advisory, document clearing, and even sports event management.
Bakar attributes his success not solely to profits, but to the people he works with. He has made his first employee a business partner and granted equity stakes to several long-term team members, recognizing their contributions early on. He emphasizes the importance of hiring individuals with both local market knowledge and long-term dedication.
The UAE as an Enabling Environment
Bakar consistently emphasizes the crucial role the UAE played in his success. He highlights the nation’s stability, safety, and forward-thinking leadership as key factors that fostered an environment conducive to entrepreneurship. He believes the country provides opportunities alongside a robust structural framework for businesses to operate effectively.
Looking ahead, Bakar intends to continue a cautious yet consistent expansion strategy. He acknowledges that challenges remain inherent in any business venture and recognizes the dynamic nature of the investment landscape. The ongoing development of the UAE’s infrastructure and its increasing attractiveness to foreign investors suggest continued opportunities in the commercial property sector, although potential market fluctuations will require careful monitoring. Ongoing adjustments to Dubai land department regulations and broader economic trends will also be pivotal in shaping future strategies and highlighting further areas for growth.
