Nasser Bin Abdullatif Alserkal Est

ABOUT THE FOUNDER

Nasser bin Abdullatif Alserkal was born in Sharjah in 1917 into one of the emirate’s leading families.^[6] At the time, much of the Gulf region, including Nasser Alserkal’s hometown, was a British protectorate. His grandfather, father, and older brother all served as “native agents” of the British government, acting as its official representatives in the Trucial States, and the Alserkal family was seen by the community as a center of local authority. Nasser’s father died only two years after his birth and his older brother, Eisa bin Abdullatif Alserkal, succeeded him, becoming a representative of the British government and head of the Alserkal family.

Beginning during his teenage years in the early 1930s, Nasser Alserkal was given an increasing amount of responsibility by his brother, who aimed to expose Nasser to both the political sphere and the world of business. Nasser would accompany his brother in delegations to Al-Ain, meeting prominent figures like Sheikh Zayed bin Sultan Al Nahyan, Sheikh Rashid Al Maktoum, and Sheikh Shakhbout Al Nahyan. ^[7]

In 1935, when Nasser was 18, Eisa Alserkal passed away. Nasser was determined to live up to the family name by building a successful career. Though Dubai was then in economic crisis due to the decline of the pearling industry, Nasser moved there from Sharjah in the late 1930s.^[8] He spent the following years working various jobs in construction, oil, trade, and mining in both Dubai and Sharjah.^[9]

FOUNDING STORY

In the early 1940s, simple road networks and transportation services between Dubai and Sharjah were starting to be developed. Seizing the opportunity, Nasser opened his first shop in the Date Market in Deira, where he traded spare Ford automobile parts.^[10] As his product offerings grew to meet demand, in 1947, he established Nasser Bin Abdullatif Alserkal Est. and only a year later became the sole regional distributor for Bridgestone tires.^[11]

GROWTH PHASE

By the late 1940s, Nasser Alserkal was looking for financial resources to expand his business. The British Bank of the Middle East, the only bank in Dubai at the time, determined that he did not have sufficient capital to qualify for loans. This prompted him to introduce a competitor, and he was successful in bringing a franchise of the Eastern Bank Limited to Sharjah. This introduction of banking competition laid the basis for an era of economic growth. ^[12]

Nasser Alserkal’s commitment to his community and the development of its infrastructure spurred him to invest in fundamental business fields: agriculture, transportation, communication, and construction.^[13] When he observed a lack of adequate irrigation, he imported two diesel-powered pumps. When people saw them in action, demand surged and Nasser set up an office in Muscat devoted to pump sales. ^[14]

Up until the mid-1950s, electricity in the Trucial States was restricted to a few power plants owned by the British military for administrative and commercial purposes. In 1955 Nasser Alserkal bought a small electricity generator and installed it in his home in Deira for his personal use. As the demand for similar generators mounted, he contacted Sheikh Rashid bin Saeed Al Maktoum and proposed the creation of a public company that would supply electricity on a broad scale across the emirate. Sheikh Rashid approved, leading to the establishment of both the Dubai and Sharjah Electricity and Water Authority (DEWA and SEWA). ^[15]

With the success of his first store, Nasser Alserkal opened a second showroom in Dubai’s Jamal Abdul Nasser Square (now known as Bani Yas Square) in 1957, connecting it via phone cable to his head office — thus introducing one of the first telephones to Dubai.^[16]

In 1958, Nasser Alserkal assumed the vice presidency of the newly established Dubai Municipality. Dissatisfied with the lack of a local telecom infrastructure in Dubai, he purchased telephone lines from Bahrain. He eventually established the Telephone Company Ltd. (later Etisalat) in 1960 – Dubai’s first telephone company. ^[17]

With the discovery of oil in Dubai came an economic boom and a growing number of private businesses. Nasser Alserkal recognized the need to administer and regulate the rapidly expanding local economy and became one of the founding members of the Dubai Chamber of Commerce in 1965 and the National Bank of Dubai in 1969. He also served as a member of the board of directors of the Al Maktoum Hospital. Following the unification of the seven emirates in 1972, Nasser Alserkal opened his company’s third and largest showroom, located on Airport Road, Port Saeed, Dubai. ^[18]

In 1975, the company began to diversify its portfolio, opening a manufacturing and design unit. A few years later, it established a real estate division to manage both residential and commercial properties, including several major Dubai hotels. Soon after, Nasser Bin Abdullatif Alserkal Est. branched out into travel and tourism and established multiple travel agencies across Dubai.^[19]

During the late 1970s and early 1980s, Nasser Alserkal’s office turned into a veritable majlis, where many young entrepreneurs would gather to learn from him. Nasser Alserkal continued to work until 1989, when he fell ill. He passed away in 1990.^[20]

Throughout his time running the company, Nasser Alserkal involved members of his family in his business, including his brother, brother-in-law, and Eisa Alserkal, his only son. When Eisa took leadership of the company, he was able to draw on his experience of working alongside his father for many years.

TODAY

Today, the members of the family’s second and third generations jointly manage the family business. Of Eisa bin Nasser Alserkal’s seven children, three sons and a daughter are involved in its management, taking responsibility for various divisions of the now widely diversified company. ^[21]