Prominent businessman Dr. Ram Buxani passes away

One of the UAE’s prominent and respected business leaders and Chairman of ITL Cosmos Group, Dr. Ram Buxani passed away this morning (July 8, 2024).

Over six decades ago, Buxani arrived in the UAE as a teenager by sea. This was an era when Dubai didn’t have an airport, although Sharjah had an airfield where British Airways planes used to land. Forget about air-conditioning, access to drinking water, electricity, telephone and even newspaper was difficult.

Soon after landing in Dubai, Buxani joined the ITL Cosmos Group as a clerk on a salary of INR125. Here’s what he had shared during an interview: “The currency may seem strange today. But in those days the Indian rupee, a little stronger than the Emirati dirham, was the applicable currency. The Reserve Bank of India used to issue notes in a different colour from its Indian currency. So, you can imagine how long ago it was!

Through the years, Buxani worked tirelessly that not only led him to rise through the ranks, but also took ITL Cosmos Group to newer heights of success. When Buxani joined the ITL Cosmos Group, its main focus was textile business. Buxani played a pivotal role in scaling the company into a diversified business trading in consumer electronics, IT, real estate and banking. Notably, ITL Cosmos Group is one of the longest surviving companies in the region. he had proudly mentioned: “The place where we operate from in Bur Dubai is called the ‘Cosmos Lane’, after our company.”

Asked about his thoughts on running a legacy business and the need for evolution, he had said: “What’s important is to realise that you’ll not be in the number one position, always. But you’ll be respected and make revenues too, maintaining reasonable growth, if you are able to continue running your company, brand name and products for a long enough time. We’re Dubai’s oldest surviving company – un-fractured – in the electronics segment and I derive immense satisfaction from this fact.”

Beyond business, Buxani was a philanthropist at heart. He supported the establishment of the Indian High School where he served as Chairman. Buxani’s contributions to the evolution of the UAE’s retail landscape, coupled with his humanitarian efforts will live on as his legacy.