Building relationships through peaks and troughs

Amit Jain, Group CEO of Emaar Properties, has led global expansion and success, showcasing his talent of forging enduring relationships.

In brief

• Amit Jain's journey from EY to CEO of Emaar Properties showcases his resilience and strategic vision in navigating complex global financial landscapes.
• His leadership principles emphasize continuous learning, effective people management, and a balanced approach to crises, driving Emaar’s success.
• Amit envisions future real estate trends focused on community-centric living and adaptive infrastructure to meet evolving economic and social needs. 

Amit Jain commenced his career in finance and accountancy with a member firm of EY Global in India. A Chartered Accountant from the Institute of Chartered Accountants of India, he also holds a CFA Charter from the CFA Institute in the US. The alumnus featured in the 2021 Forbes list of top CEOs in the Middle East.

Early years

A potent mix of academic prowess, ambition and clear vision has been the hallmark of Amit Jain’s success. Born into a close-knit family that valued education, Amit excelled at studies since early school days. His early schooling was at a convent in Faridabad, and later at the reputed “The Scindia School” in Gwalior after his father moved to Nigeria for work.

Being consistently among the top scorers in class, the conventional path beckoned - either engineering or medicine. This was in 1986 and Amit too wanted to be a doctor at one point. However, while dissecting a frog, he realized that the sight of blood was not for him. He surprised his teachers and others by choosing Commerce, but he was determined to become a Chartered Accountant. Amit’s decision was also influenced by a family member. He aspired to emulate the success of his maternal uncle, who served as the CEO of a prestigious Birla group company in Mumbai. Driven and focused, Amit made his academic strength, particularly an affinity for numbers, the foundation for a future in finance and accounting.

The EY Odyssey

Amit completed his graduation from Delhi University and commenced articleship in 1991 at a member firm of EY Global in India. Initially, Amit handled domestic as well as international clients. His early years were marked by diverse experiences and exposure to intricate financial processes. Working with most senior partners gave him the benefit of their invaluable insights into the workings of a rapidly evolving firm. “I am able to handle people and the pressure because of what was taught to us in EY.”

The early 1990s were a time of many changes. As the country’s economy became more liberalized and the company underwent changes, there were simultaneous efforts to align with EY global practices. As the firm’s market presence expanded, Amit gained through the experience of working with multinational clients, handling diverse cultures, managing unforeseen circumstances, and even overcoming prejudices. He adapted quickly to the steep learning curve as the business landscape shifted with the influx of multinational projects. “I was lucky to be part of it. The economy was changing; the capital markets were opening up, which meant a lot of work for accountants and consultants. It was a great experience working with EY.”

After a very short stint at IDBI Amit joined EY again, but in Muscat, where he further honed his skills in both auditing and consulting. Eventually, a pivotal move to Emirates Bank in Dubai followed (the bank later became Emirates NBD Bank), where he worked in Risk Assessment, and various other sections. His background in banking saw him move to Dubai Bank, which Emaar Properties had started, and become its CFO in 2003-04. Soon after, in 2006, he was invited to join Emaar Properties in Dubai and as the Group CFO a year later. “After that, it was a rollercoaster ride.”

Youthful vibe and early learnings

Talking about his early days at EY, Amit recalls that the office was small and business operations were less complex. With many young members in the team, most of who were doing their articleship or had recently qualified to be Chartered Accountants, the atmosphere was energetic and vibrant. His batch was one of the largest at the time and included a few women colleagues, a rarity back then. The bonds formed went beyond professional confines and even included visits to the homes of senior colleagues. “The relationships I built at that time continue till today.”

The open environment ensured that hierarchy was not a barrier to communication. Amit recalls that while senior partners had private offices, the others worked in an open office. “The accessibility to leadership, especially after Rajiv Memani’s return (from Singapore) and partnership, contributed to a more collaborative and enjoyable work atmosphere.”

According to Amit, a distinct quality that marks his tenure at EY is the shared ambition to be at the top. The vision to see EY emerge as an industry leader fueled the entire team’s collective effort and relentless hard work.

Another crucial aspect that differentiated EY was its emphasis on people management. Amit acknowledges that interacting with people, whether colleagues, subordinates, or superiors, was one of the toughest aspects of his work. But his training at EY, especially during the early years, has enabled him to manage people effectively. In addition to that, working in high-pressure situations, such as completing a critical audit within a tight timeframe, instilled in him resilience and the ability to face challenges head-on, a skill that continues to serve him well in his current role.

Towards new frontiers

Amit has navigated the real estate major through many ups and downs, such as the 2008 global financial crisis and the oil price crash in 2014–15. By 2016, Amit had assumed the role of CEO at Emaar Properties, steering the company through the complexities of global financial dynamics. His resilience and strategic decision-making guided the real estate development company through the 2020 COVID-19 pandemic as also the subsequent resurgence in 2021.

With Emaar Properties’ operations spanning several geographies and complex jurisdictions that come with economic, social, and financial intricacies, Amit’s responsibilities are a mix of strategic thinking, team leadership, and understanding the pulse of various markets. From India to the Middle East and the US, each market presents unique challenges. Hence, maintaining and growing the company’s market share demands constant attention.

The most challenging aspect is the constant growth and the daily influx of issues to solve. New challenges demand not only solutions but also an ability to unearth hidden opportunities. Amit envisions long-term goals for the organization and ways to effectively communicating those to the team with an aim to achieving collective success. As the CEO, he is devoted to understanding and leading teams. Amit also emphasizes the importance of being a good listener and understanding the concerns and aspirations of the team. Building relationships, forged through a career of meeting good people, has been a cornerstone of his journey.