Dubai’s dynamic property market has long had the world’s attention, and Vakson Group has been part of its journey for more than half a century.
The homegrown company has witnessed the sector’s phenomenal growth and continues to show its credentials as one of the country’s key players.
Newcomers to the UAE may not be hugely familiar with the name amid recent market noise. But the family-run company has made its mark around the city with notable addresses in residential and office hotspots including Dubai Marina and Jumeirah Lakes Towers, Palm Jumeirah, and other communities.
Its projects have created an enviable development legacy as one of the first real estate companies to operate in the emirate of Dubai, but Vakson has also made its presence felt across other aspects of the real estate ecosystem.
The firm has evolved alongside the demands of the market into a multi-vertical group with a strong eye on the future.
At its heart is the Vakil family. Originally from India, Vakil Mohammed Ali and Vakil Gulam Abbas founded the organisation in 1970, during an era when renting rather than property ownership was more commonplace.
“It was - and still is - a family business,” says chief executive director Vakil Ghulam Abbas, citing a “modest start” during the 1970s renting apartments and shops, mainly to expatriates.
“As per the need of the day, we further expanded our activities in brokerage, selling land, and building for nationals,” he continues. And also, as of today, they are very well known for buying/selling land and building in Dubai. This department is solely managed by Vakil Mohammed Ali.
“Slowly, but certainly, we had in-house related activities like repairs and maintenance, construction, furnishing etcetera.”
As the freehold landscape expanded, allowing more residents and investors to become homebuyers, Vakson’s model grew further to embrace changing demands.
The young directors - Hasnain Vakil and Kazim Vakil – highlight trust in the vision of the UAE leadership, which gives Vakson the confidence to move forward, even during tougher economic times.
“From day one, we are a business house of old school thoughts…we believe that slow and steady wins the race,” they say.
Vakil Mohammed Ali, the chairman, explains that “we are always overcautious in our commitment to mitigate any unforeseen circumstances. Therefore, Alhamdulillah, we sail through during unfavourable market conditions”.
Vakson remains a conglomerate with a diversified portfolio of real estate industry activities and services. These range from real estate development and facility management to construction and maintenance, and includes a brokerage arm, valuation, financial investments, trading, and consultancy.
This holistic structure allows Vakson to serve every aspect of the property value chain - up to purchase and post-handover - for the long term. This, it says, gives clients greater peace of mind by removing the need for third-party brokers or unfamiliar maintenance contractors, for example.
“A natural process, together with market requirements, is the reason for our expansion into different fields of real estate,” Vakil Mohammed Ali explains.
He further adds that from those humble beginnings through a proud heritage stretching over five decades, Vakson’s core values of simplicity, honesty, and integrity have endured to inform every aspect of the business. With that comes reputation, reliability and wisdom that have fuelled enduring associations and loyal customers stretching back 50 years.
Meanwhile, many addresses in Dubai testify to Vakson’s legacy, Hasnain Vakil adds.
Key projects range from Dubai Marina towers, namely Marina Crown, Emirates Crown and Emerald Residence, Icon Towers and O2 Residence in Jumeirah Lakes Towers, to the England Cluster in International City. Plus, four opulent villas on what is now known as Billionaire’s Row on The Palm Jumeirah, and an office building in Sheikh Zayed Road are credited to Vakson.
They typify the unprecedented property boom Dubai is experiencing right now, with record transaction figures emerging monthly. And Vakson looks set to remain very much part of the success story.
Its latest landmark, Riva Residence, sees the company shaping the emerging skyline of Dubai Maritime City, beside a revitalized Mina Rashid district that is fast becoming one of the most desirable new residential zones.
The symbolism is not lost on the company’s owners whose appreciation of traditional values alongside Dubai’s new era of real estate expectations keeps Vakson relevant and agile as international investors continue to focus on this global city.
“We consider RIVA as a continuation of our legacy,” says Vakil Ghulam Abbas. “However, there’s much input by the young family members, Hasnain Vakil (director for sales) and Kazim Vakil (director for sales and project management) in shaping the Freehold Development Department.”
Vakson has certainly witnessed the fluctuations that come with a maturing market during its 54 years, including valuation dips in the real estate market, notably during the financial crash of 2008 and during the Covid pandemic which emerged in 2020.
But a calculated risk approach and a diverse portfolio of properties and services have helped see Vakson endure and continue to prosper.
“We have been through thick and thin,” confirms co-founder Vakil Gulam Abbas, adding: “I don’t know what others think of us, but our slogan was we lead, others follow. It was actually happening during the ’70s and the ‘80s and we intend to build on this promise going forward.”
“Our belief: we do not have competition, because 50-plus years of successful experience in real estate is our strength.”
