B. R. Shetty

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Bavaguthu Raghuram Shetty
Dr BR Shetty Official Pic.jpg
Born (1942-08-01) 1 August 1942 (age 76)
ResidenceAbu Dhabi, United Arab Emirates
Known forFounder and chairman of NMC Health
Net worthUS$ 4.2 billion (August 2018). [1]

Bavaguthu Raghuram Shetty (born 1 August 1942) is an Indian-born billionaire businessman, and the founder of a number of companies based in the United Arab Emirates. He is founder and chairman of Abu Dhabi-based NMC Healthcare,[2] and chairman of UAE Exchange.[3] He is also the founder and chairman of Neopharma, Finablr and BRS Ventures.[4] In 2018, the brands became part of the financial services holding company, Finablr.[5]

Shetty initial interest in 1975 was in hospitals and hospitality, but since then has diversified into sectors including pharmaceuticals, financial services, retail, advertising and information technology.[3] Shetty was included on the Forbes list of India's 100 Richest People in both 2015 and 2016.[6]

Early life[edit]

Born in Kapu, Udupi, Karnataka, to Shambhu Shetty and Koosamma Shetty in the 1940s to an ethnic Tuluva family.[7] Shetty completed his pharmaceutical education in India and also served as the Vice-Chairman of the Municipal Council in Udupi where he worked toward providing proper sanitary facilities, building concrete roads, schools, underground drainage and septic tanks which would increase health and quality of life within the community. He moved to the UAE in 1973 with only a few dirhams to his name. He married Chandrakumari Shetty and has four children.[8]


Shetty immigrated to the UAE in 1973. After working as the country's first medical representative,[2] he founded New Medical Centre Health (NMC) in 1975 to fill the need for personalized, cost-effective healthcare accessible to all.[2][9] At that time, his wife was the only doctor in the clinic.[10] NMC is now the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia and Brazil. It is the first healthcare company from the GCC and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and is part of the coveted FTSE 100 Index.[11]

Shetty established the UAE Exchange in 1980 in an attempt to ease the process of sending money by the expats to their families in their respective home countries. By 2016, it had expanded into over 31 countries and had approximately 800 direct offices. In 2014, it did over 50 billion USD collectively in money remittance and exchange volumes.[10] He acquired Travelex, the world's leading foreign exchange company, in 2014.[2][12] It has a global footprint including 1500 stores and 1300 ATMs across 27 countries.

In 2003, Shetty founded NMC Neopharma, a UAE based pharmaceutical manufacturer.[10] Inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi, Neopharma is centered on using the concept of modular manufacturing following global benchmarks in manufacturing technology and putting in place efficient control mechanisms. Neopharma has a research and development wing and works to provide quality medicines at affordable prices. The company also contracts manufacturing for international pharmaceutical companies as well as generic brands for companies including, but not limited to, Merck, Pfizer, AstraZeneca, and Boots UK.[10]

In 2012, Shetty led NMC through an IPO on the London Stock Exchange, which raised $330 million. The funds went towards building a specialty hospital in Khalifa City, Abu Dhabi.[13]

Shetty announced in June 2016 that he was building the first medical university in Abu Dhabi in honor of Sheikh Zayed. He is exploring a scientific collaboration with some of the world's top universities, including Duke University and the University of California, San Diego, among others.[9] That same month, he was elected to be chairman of the Indian Business/Professional Group.[14] In August 2016, Shetty announced that he was building a 400-bed super-specialty hospital in Udupi in Karnataka through B R S Ventures.[15] Shetty also owned a hospital in Alexandria, two hospitals in Nepal and acquired a hospital in Cairo as part of his personal portfolio under the same company.[13]

Other activities[edit]

Shetty has invested in a medical institution in the north Indian state of Uttarakhand. He is the founder and patron of the Indian Pharmaceutical Association in the Emirates, and is a member of the Advisory Board (Financial Sector), Economic Department, Government of Dubai, UAE and the Pharmaceutical Committee, Dubai. He is also the chairman of Abu Dhabi Indian School and Bright Riders School.[16][17]

In August 2015, Shetty was elected as the Chairman to the board of directors of UAE Exchange.[12][18] He was named chairman of The Indian Business/Professional Group in June 2016.[19] H. H. Sheikh Mohammed bin Rashid al Maktoum nominated Shetty as a member of the UAE medical council in September 2016.[20]

In April 2017, Shetty invested Rs 1000 crore ($157.3 million) in V. A. Shrikumar Menon's upcoming two-part film starring Mohanlal based on the novel Randamoozham, a retelling of Mahabharata, becoming its producer. Filming will start in May 2018 with the two films being released in 2020, 90–100 days apart.[21]

Awards and recognition[edit]

In 2005, Shetty was awarded the highest civilian distinction in the Emirate, the Abu Dhabi Award. Given by H. H. Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, the first year the distinction was awarded.[22] Also in 2005, U.S. India Friendship Society presented Shetty the Distinguished Entrepreneur Award.[23]

Shetty was honoured by the Pravasi Bharatiya Samman in 2007.[24][25]

Ernst & Young Middle East honored Shetty with the Entrepreneur of the year finalist award in 2008.[26]

Shetty received the Padmashree awarded by the President of India in 2009 for his contribution in the field of trade and industry.[27]

In July 2011, he received the Asian Achievers Award from the Human Achievers Foundation.[28]

In September 2012, Pharma Leaders founded by Satya Brahma declared Shetty as Global Indian of the Year along with Kiran Mazumdar Shaw at 5th Annual Pharmaceutical Leadership Summit & Pharma Leaders Business Leadership Awards 2012 in Mumbai.[29]

In 2013, Shetty was recognized as one of Asia's most promising leaders at the Asian Brand & Leadership Summit.[30] In March 2013, he was awarded the International Achievers Summit's Lifetime Achievement Award.[31] That same year, Shetty received the Asian Business Leadership Forum India-UAE Business Icons Award.[32] He also received the 2013 Frost & Sullivan Lifetime Achievement Award.[33]

In 2014, Forbes Middle East recognized Shetty with the Top Indian Leaders in the UAE Award.[34] He also received the Lakshya Business Visionary Award in 2014.[35] That same year, Shetty was recognized with the International Achievement Award at the Indian Innovator Awards.[36]

In February 2015, the Indian Club - Bahrain recognized Shetty with a Centenary Award.[37] He received the Deal of the Year Award at the 2015 Indian CEO Awards.[38] In June 2015, Shetty received the Business Personality of the Year award from Crowe Horwath International.[39] That same month, Shetty received the Arabian Indian Czars award.[40]

Shetty received the Global Indian Achiever Award in 2015 from H. H. Sheikh Nahyan Bin Mubarak al Nahyan.[41] Also in 2015, H. H. Prince Faisal Bin Saud Bin Musaed Bin Abdulaziz presented Shetty with the National Cultural Award.[42] Shetty's company, NMC Healthcare, received the Frost & Sullivan Middle East Integrated Healthcare Company of the Year Award in 2015.[43] That same year, MILAAP honored Shetty with a Lifetime Achievement Award.[44]

At the 2015 Gulf Business Industry Awards, Shetty was recognized as the Healthcare Business Leader of the Year.[45] In November 2015, he was felicitated by More Ignatius Jacobite Syrian Orthodox Cathedral in Dubai.[46] Shetty's NMC Healthcare was recognized at the 6th Middle East Business Leaders Awards in 2015, where Shetty was given the Industry Excellence in Healthcare Award.[47]

In 2016, Shetty received the Golden Peacock Lifetime Achievement Award for Business Leadership.[48] Also in 2016, Shetty won the Business Excellence Award from the Indian Business & Professional Council.[49] Middlesex University in Dubai awarded Shetty an Honorary Doctorate in 2016.[50]

In January 2017, Shetty was honored at the Annual Health Awards with a special award for his contribution to the region's healthcare industry.[51] The following month, Shetty received the Nadaprabhu Kempegowda International Award at the Kempegowda International Festival.[52]


  1. ^ "B.R. Shetty – Forbes". Forbes. Retrieved 24 September 2017.
  2. ^ a b c d Frank Kane (1 July 2014). "BR Shetty, the astute businessman who turned $8 into $1bn". The National. Retrieved 2 May 2017.
  3. ^ a b "Indian Rich List in full - ArabianBusiness.com". ArabianBusiness. Retrieved 28 June 2016.
  4. ^ Paramita Chatterjee, Suman K Jha (23 March 2018). "'I Want To Be The No. 1 Healthcare Provider In India Over The Next 10 Years'". BusinessWorld. Retrieved 8 May 2018.
  5. ^ Mary Sophia (24 April 2018). "Billionaire B.R. Shetty Launches New Financial Firms Holding Company Finablr". Forbes Middle East. Retrieved 24 August 2018.
  6. ^ "#47 B.R. Shetty". Forbes. Retrieved 14 April 2017.
  7. ^ "Mangalorean Tuluva B R Shetty Buy's Travelex for 1 billion". 14 June 2015. Retrieved 12 October 2016.
  8. ^ "Journey – Dr. B. R. Shetty". Retrieved 28 June 2016.
  9. ^ a b "Dr B.R.Shetty to build Abu Dhabi's first medical university in honour of Sheikh Zayed". NamMa TV. 24 June 2016. Retrieved 2 May 2017.
  10. ^ a b c d VM Sathish (10 August 2016). "Dubai Dreams: From jobless medical rep to billions - BR Shetty". Emirates 24/7. Retrieved 2 May 2017.
  11. ^ Withers, Iain (2 September 2017). "Gulf private hospitals group NMC eyes UK launch after leap into FTSE 100". The Telegraph. Retrieved 24 September 2017.
  12. ^ a b "Dr B.R. Shetty takes over as chairman of UAE Exchange". Khaleej Times.
  13. ^ a b Fareed Rahman (18 October 2014). "Dr B.R. Shetty to expand his NMC group in UAE and GCC". Gulf News. Retrieved 2 May 2017.
  14. ^ "BR Shetty wants to promote India-UAE ties through IBPG". Bfirst. 7 June 2016. Retrieved 2 May 2017.
  15. ^ "Dr BR Shetty to Build 400-bed Super-specialty hospital in Udupi". Mangalorean. 25 August 2016. Retrieved 2 May 2017.
  16. ^ "Indian tycoons storm Arabian Business Expat Power List 2011 - ArabianBusiness.com". ArabianBusiness. Retrieved 28 June 2016.
  17. ^ "Chairman's Message | Bright Riders School, Abu Dhabi". brightriders.ae. Retrieved 2017-08-02.
  18. ^ "UAE Exchange appoints B R Shetty as Chairman, Promoth Manghat as CEO". Economic Times India.
  19. ^ "Dr B R Shetty to head The Indian Business/Professional Group". News Karnataka.
  20. ^ "Businessman BR Shetty nominated to medical council by PM of Dubai". Bfirst.
  21. ^ "Billionaire B. R. Shetty aims for $1 billion in revenue from Indian film epic".
  22. ^ "Abu Dhabi Awards: B R Shetty". The National.
  23. ^ "Dr. B.R. Shetty received The Distinguished Entrepreneur Award from the US India Friendship Society". Neopharma.
  24. ^ "The recipients of Pravasi Bharatiya Samman – Times of India". Times of India. Retrieved 28 June 2016.
  25. ^ "New Delhi B R Shetty Among Padma Shree Awardees". Daijiworld Media Pvt Ltd Mangalore. Retrieved 28 June 2016.
  26. ^ "Five UAE execs in running for Ernst & Young award". Emirates 24/7.
  27. ^ "IBPC Felicitates Padma Shri Award Winners – Khaleej Times". Khaleej Times. Retrieved 28 June 2016.
  28. ^ "Asian Achievers Awards for Dhahi Khalfan, others". Khaleej Times.
  29. ^ "Biocon Chief Dr. Kiran Majumdar Shaw & NMC Chief Dr B.R.Shetty Declared Global Indian Of The Year | Pharmaleaders TV". pharmaleaders.tv. Retrieved 2017-10-24.
  30. ^ "UAE Exchange named leader, most promising brand in Asia". Daiji World.
  31. ^ "Dr. B.R. Shetty receives Lifetime Achievement Award". NMC Trading.
  32. ^ "ABLF Awards 2013 Winners". ABLF.
  33. ^ "Dr. B R Shetty honoured with Frost & Sullivan - Lifetime Achievement Award for the Year 2013". Frost & Sullivan.
  34. ^ "Forbes Middle East Reveals " Top Indian Leaders in the Arab World "". Forbes Middle East.
  35. ^ "From salesman to biz tycoon: A serial entrepreneur's success mantras". Rediff.
  36. ^ "Indian Innovator Awards 2014". Entrepreneur Middle East.
  37. ^ "Bahrain : Dr Kalam presents Indian Club Centenary awards to Colaco, B R Shetty". Daiji World.
  38. ^ "Sunil Vaswani takes top honours at Indian CEO Awards". Arabian Business.
  39. ^ "Dr. B.R. Shetty has received the prestigious Business Personality of the Year award". NMV Health.
  40. ^ "Arabian Indian Czars Award: Times Now felicitates successful Indians in Middle East". The Economic Times.
  41. ^ "Dr. B R Shetty honoured with Global Indian Achiever Award". NMC Health.
  42. ^ "Indian tycoon Shetty is honored with National Cultural Award". The Saudi Gazette.
  43. ^ "NMC guides the way for the UAE's healthcare sector". World Finance.
  44. ^ "Dr. B.R. Shetty receives Lifetime Achievement Award". NMC Trading.
  45. ^ "Gulf Business Industry Awards 2015: Business Leaders of the Year". Gulf Business.
  46. ^ "Dr. B.R.Setty Felicitated By Mor Ignatius Jacobite Syrian Orthodox Cathedral, Dubai". Dr. B. R. Shetty.
  47. ^ "Mebla honours industry leaders". khaleej Times.
  48. ^ "Roll of Honour". Golden Peacock Awards.
  49. ^ "Dr. B.R. Shetty honoured with Business Excellence Award". NMC Health.
  50. ^ "Middlesex Dubai Honorary Graduates". Middlesex University Dubai.
  51. ^ "Dr. B. R. Shetty honoured at the Annual Health Awards 2017 (NMC Health plc)". World News.
  52. ^ "Kempegowda International Festival lays emphasis on uniting Okkaligas under roof". News Karnataka.

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