By Awad Mustafa, Staff Reporter
The worst of economic times seem to be working best for Dubai-based venture capitalist Yasmin Khanam.
The 26-year-old CEO of two investment firms – DPI Ventures and Monarch Independent – said the global credit crunch has helped her business despite a global downturn in the economy.
"Investors in the UK want to take their money out and make it work for them abroad," Khanam said.
"Dubai offers the best opportunity for them and is highly reputed. Even after the credit crunch, high net-worth individuals feel confident that investing here will work for them."
Years after leaving home at 17 with only £18 (Dh96.49) in her pocket and becoming a single mother at 22, Khanam sits at the helm of a multi-million dollar business empire as chairwoman of both investment companies.
Looking back, Khanam confides she is a poster girl for a rags-to-riches story. At age four, Khanam, the eldest of four children, moved with her Indian father and her then 17-year-old Bangladeshi mother to Edinburgh, Scotland.
Living a sheltered life where she was rarely allowed to mix with others, or stay outdoors after dark, Khanam had no clue what the world had in store for her.
"At six o’clock the curtains would be drawn and we would be told to go to bed, I missed out on a lot, all my school proms, friendships and life, but I guess my mother was just protecting me in her own way," said Khanam.
Rebellious streak
While remaining dutiful to her parents’ family traditions, Khanam secretly harboured a rebellious streak that only came to light when she would sneak away to a local motorsport circuit at weekends. "On weekends when I was supposed to be at the mosque, I used to sneak off to the Knock Hill circuit in hot pants and hold the start-off flag and meet people there," she said.
During those races she met the father of her child who at that time was twice her age.
"I met my first boyfriend at Knock Hill. For me at that age I thought I was in love because he seemed a lot more mature than the people I met then," she said.
Khanam rejected an arranged marriage, stayed with her boyfriend for four years while working on odd jobs. She was estranged for eight years from her parents. She then decided to leave her boyfriend to start her own career.
She saved her earnings and invested her money in a property. She refurbished it, sold it at a handsome profit and then re-invested in five more properties. Four years later, she lives in her Palm Jumeirah villa while running two companies in Dubai.
Her clients, she said, rub shoulders with the likes of British entrepreneur Richard Branson and National Basketball Association superstar Jason Bell.
Dubai’s positive spirit
Her choice of moving to Dubai was not just because it’s a global business hub but also due to the positive attitude of its people.
"In Scotland, I have a Porsche and a nice flat. Being a young Asian single mother and having all that, people automatically think I am a drug dealer or a woman of ill repute," she said.
"I have had my car keyed and battery acid splashed on it, but in Dubai people are positive and enjoy each other’s company without trying to jump into each other’s wallet or judge you."
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