Keeping it in the family: This former electronic engineer started a business that now involves his 3 sons
Keeping it in the family: This former electronic engineer started a business that now involves his 3 sons
Dubai-based Farooq Syed, CEO, Springfield Properties reports to his company’s Chairman and owner every day at home and in office too. You might wonder “why though?” Because his parents are his bosses too.
This week’s feature is one of the rare stories where the CEO gives all the credit for his family business to his mother and owner of Springfield Properties, Shaista Naz.
Farooq’s parents, Masroor Syed, and his wife Shaista Naz landed in the UAE in 1991. Masroor Syed came to Dubai as an electronic engineer working for General Electric and ventured into business in 1995, thanks to his wife Shaista’s incredible push to set up something on their own.
The couple’s first business was a car rental company, which they managed and developed from humble beginnings to owning a fairly large fleet. At the same time, they opened a medical supply trading company and a couple of Pakistani restaurants.
Masroor Syed decided to enter the real estate business as an early investor in the year 2001 when Dubai opened up the freehold market for expats. After buying his first few properties in Dubai and profiting out of it, he decided to set up Springfield Properties in the beginning of 2008 just before the global financial crisis.
“Luckily we weathered the storm and grew from strength to strength ever since. 2024 marks the 29th year in business in Dubai for my father and 16th year for Springfield Properties,” said 34-year-old Farooq, who was raised in Dubai.
Farooq, along with his brothers Osman Syed, 29, managing partner, and Abdullah Syed, 27, managing partner of Springfield Properties, decided to stick to the family business as staying together remained a bigger driving force.
“I still think we are in the growth phase of our business and all of us believe that our strength is in our unity and hence we all decided to stick to the same business rather than venturing out on our own. No one backs you like your family in business. And if you can understand that and embrace each other’s differences and strengths, you will see the efforts paying up and eventually success follows,” said Farooq.
Mother knows best
The Syed brothers and their father attribute their business success to the lady in the family, Shaista.
“I believe my mother has been the biggest driving force behind my father and all the sons in all our business endeavours. She has supported my father from day one, pushing him to venture into business and helping him manage the car rental firm, which was our first successful venture. She has been the biggest dreamer in the family pushing the boundaries in whichever business she has stepped in. Even now she has played a pivotal role in keeping the business flourishing in the family and motivating us to be the best versions of ourselves. To this day, I remember my mother’s words from when I was still in school that I want my sons to be the best leaders in business and I think her words echo in my daily personal efforts in business,” recalls Farooq.
Mentor influence
Farooq’s journey in Dubai’s real estate industry has been greatly influenced by the UAE’s visionary leadership that fuelled Dubai’s population influx, growth in various sectors, including the economy and tourism, leading to a thriving real estate market.
“This boom in real estate has opened up numerous opportunities for Springfield Properties, earning us numerous accolades and recognition as one of the country’s top brokerage firms by multiple developers. With a team of over 150 dedicated professionals, we’re committed to providing exceptional service and building lasting relationships with our clients,” he said.
The supportive environment created by the UAE has been instrumental in the brand’s success, enabling the entrepreneurs to flourish in a competitive market and contribute to Dubai’s dynamic real estate sector.
“We always say we are lucky to be in this city, at this time and most of all, in this field. We believe Dubai’s exponential growth over the years has assisted our business thanks to the vision of the leadership,” he added.
Farooq looks upon Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, as his mentor and said: “I look up to the work ethics of Sheikh Mohammed and his belief that nothing is impossible. Having grown up in Dubai I have seen how this city has become what it is today and how Sheikh Mohammed has carried forward the vision of his father. To this day, his exemplary work ethic and commitment to excellence is something I strive for in my business. Being at the level that he is at, his motivation and vision for the city and his insatiable passion for success is something we can all learn from. Moreover, the way he has set up systems in every department of the government and every organisation that is government-backed is a case study in itself for those who wish to grow in their business,” concludes Farooq.
wknd@khaleejtimes.com
source: khaleejtimes
