Devika Raveendran started her journey in the legal field at United Nations High Comission for Refugee, wanting to become a Human Rights Lawyer.
But as she says, “life happened and I shifted to UAE” Ms. Raveendran is now running her own boutique corporate advisory & wealth structuring firm in Dubai which provides bespoke solutions to Private Clients, (U)HNI Families, Family Offices, Corporates & Startups in South Asia & MENA.
Her retirement plan is to give back to the community and pick up human rights again. Devika spoke to Apoorva Mehta, our Chief Global Officer about her journey so far.

Question: Can you share the key milestones in your career that led you to become the Founder and CEO of DR Partners L.L.C?

Answer-
The professional journey commenced with a robust academic background, earning a Bachelor of Laws followed by a Master of Laws from the National Law School in Bengaluru. The career began working with the United Nations High Commissioner for Refugees (UNHCR) in Delhi. Upon relocating to Dubai with the family, a transition into the family office sector occurred in 2007, joining a multinational trust company. The role involved establishing the business, handling marketing, and driving business development.
Previously, at UNHCR, work with refugees honed my skills in protection and advocacy. The trust company role introduced me to cross-border structuring and advising affluent families in the Middle East on wealth management and succession planning. This was a significant career milestone, as challenges in asset protection, succession, and risk management were tackled. Inspired by senior colleagues, there was a continual effort to enhance expertise as a family office advisor. Experiences in Dubai and Delhi exposed one to diverse markets, offshore and onshore work, varied cultures, and the legal and private wealth landscapes. Returning to Dubai just before the pandemic, the aim was to create a platform that combined industry experience, an extensive network, and a solution to a prevalent issue noticed: service disruption when key employees depart, causing uncertainty for families. Over the last decade, multiple business verticals were established in UAE, including family offices, amassing valuable experience in both execution and operations. It was the opportune moment to synthesize these skills and create something impactful. Thus, DR Partners L.L.C. was launched, addressing the service continuity gap observed, and providing consistent, reliable support for families and business owners.

Question: What motivated you to establish DR Partners L.L.C, and what were some of the initial challenges you faced in setting up your boutique corporate advisory firm?

Answer-
As previously mentioned, I was driven by a strong desire to establish a platform founded by an Indian woman founder, especially in the private wealth sector, which remains predominantly Western. The family office model gained prominence in the West, and as private wealth migrated to this region, the ecosystem naturally adapted. Upon relocating from Delhi to Dubai in 2020, I noticed a significant influx of private wealth into the region, fuelled by innovation, technology, business-friendly policies, and relocation trends. The pandemic acted as a catalyst, highlighting the growing opportunities not only in the family office sector but also among corporations and startups, with founders seeking to establish a presence in the region. These entities required comprehensive guidance and robust advisory services. While we successfully assisted those who approached us, scaling the business to reach a broader audience presented challenges. We encountered difficulties such as a shortage of experienced professionals and limited resources due to being bootstrapped, which restricted our ability to hire senior resources. I found myself assuming multiple roles, from CEO to administrative duties. The initial enthusiasm began to wane after months of intensive effort. However, drawing inspiration from success stories, engaging with accomplished entrepreneurs, and consulting my mentor helped me anticipate and address potential issues proactively. Although I had heard from many successful predecessors that it is impossible to do everything alone, I had to experience it firsthand to truly appreciate the importance of not trying to be a superwoman.

Question: What unique services does DR Partners offer for families planning immigration and relocation, and how do you ensure these services meet the diverse needs of your clients?

Answer-
In today’s increasingly global environment, families prioritize mobility and flexibility, particularly considering complex international tax regulations. Wealth creators seek tax-optimized planning strategies to ensure efficient management of their assets while maintaining the freedom to travel without the bureaucratic hurdles of visa processing. At DR Partners, we specialize in understanding the intricate details of family-owned assets, diverse business models, and the evolving landscape of taxation. Our team is adept at crafting tailored solutions that address the unique needs of each generation within a family. Our comprehensive services include securing second passports, golden visas, establishing legacy structures for both offshore and onshore wealth, and creating bespoke family offices. We ensure that our services meet the diverse needs of our clients by conducting thorough assessments and offering personalized strategies. Each family we work with receives bespoke solutions that reflect their specific circumstances and objectives, assuring effective and efficient wealth management and enhanced global mobility.

Question: In your role at Global ARK, how do you integrate your legal expertise with the needs of the aerospace and defense sector?

Answer-
In my role at Global ARK, I am continually expanding knowledge of aerospace and defence sector, where I consider myself an emerging professional. At Global ARK, our primary objective is to strengthen the India-UAE corridor and facilitate connections with other global markets. The legal expertise plays a crucial role in this process, especially when advising Indian Original Equipment Manufacturers (OEMs) and UAE companies on market entry strategies. Given the sensitive nature of the aerospace and defence industry, a thorough understanding of the regulatory framework is essential. My background in law allows me to provide valuable insights and guidance to companies navigating these complex regulations. This includes advising on compliance with export controls, import regulations, and other legal requirements specific to the UAE and India. By leveraging the legal acumen, I help ensure that businesses can successfully enter new markets while adhering to the stringent regulatory standards that govern this industry.

Question: How has your advisory role at institutions like Amity University Dubai and Mirathi influenced your professional approach and contributed to your career growth?

Answer-
The advisory roles at both Amity University Dubai and Mirathi were significant learning experiences that greatly enriched the professional journey. At Amity University Dubai, an established educational institution, I had the opportunity to contribute to curriculum development. This experience allowed me to blend the passion for creation with an academic setting, reminiscing of my college days, which was both refreshing and enlightening. On the other hand, Mirathi, a startup founded by two young entrepreneurs, focused on the preservation of digital assets. Mirathi, meaning ‘inheritance,’ was designed to protect and seamlessly transfer digital assets from owners to their legal heirs, addressing the issue of millions of unclaimed digital assets due to lost passcodes. In my role as a family office advisor, I had previously encountered reluctance to incorporate digital assets into traditional legacy structures, primarily due to regulatory uncertainties and safeguarding concerns. Mirathi offered a viable solution for digital asset owners, bridging this gap. These advisory roles not only expanded the network but also deepened the understanding of specific product knowledge. This expertise continues to be invaluable, especially during discussions with business founders seeking regulatory approvals with the Virtual Assets Regulatory Authority (VARA).

Question: What are some of the current trends and challenges you see in the fields of estate planning and corporate law, particularly in the MENA and South Asia regions?

Answer-
In the MENA region, particularly the UAE, there has been a notable increase in the establishment of family offices as wealthy families aim to manage their wealth and business interests more effectively. This trend is fuelled by the demand for customized wealth management solutions, confidentiality, and succession planning. Digital transformation is becoming more prevalent in estate planning and corporate law. As families increasingly have assets and beneficiaries in multiple jurisdictions, the need for comprehensive cross-border estate planning has grown. This requires expertise in international tax laws, inheritance laws, and treaty benefits to optimize estate structures. Additionally, there is a rising emphasis on Environmental, Social, and Governance (ESG) criteria in corporate decision-making. Businesses and family offices are incorporating sustainable practices into their operations and investment strategies, driven by regulatory requirements and market demand. Navigating the complex legal and regulatory landscapes in MENA and South Asia presents significant challenges. Differences in legal systems, frequent regulatory updates, and varying levels of enforcement require meticulous compliance and proactive legal strategies. Succession planning remains a critical challenge for many family-owned businesses in these regions. Ensuring a smooth transition of leadership and ownership while maintaining family harmony and business continuity is a delicate process that requires careful planning and open communication. Economic instability and geopolitical tensions in the MENA region and South Asia pose risks to estate and corporate planning. Volatile market conditions and political uncertainties necessitate robust risk management and contingency planning.

Question: How do you build and maintain strategic relationships across different jurisdictions, and how have these relationships contributed to the success of your firm?

Answer-

We prioritize establishing partnerships with esteemed local law firms, financial advisors, and consultants who possess extensive expertise in their respective jurisdictions. This strategy ensures we remain well-informed about local regulations, market dynamics, and cultural intricacies. Additionally, our active membership in global networks and professional associations enables us to connect with industry leaders, exchange knowledge, and stay abreast of global best practices. For example, I am an active member of the Society of Trust and Estate Practitioners (STEP), which has been instrumental in facilitating valuable connections and insights. Our commitment to collaboration is evident in how we continuously share business opportunities, market intelligence, and client referrals with our partners. This collaborative spirit not only reinforces the value of our relationships but also fosters a mutually beneficial environment. As a result, we have been able to expand our service offerings, providing our clients with seamless solutions that traverse multiple jurisdictions. Our clients benefit from a holistic approach that comprehensively addresses their global needs. The ability to deliver globally integrated solutions has distinguished us from our competitors, positioning us as a trusted advisor capable of navigating complex international landscapes. The trust and credibility we have cultivated through our strategic relationships have significantly enhanced our firm’s reputation. This, in turn, has attracted high-net-worth clients and esteemed business partners, contributing substantially to our growth and success. Overall, these strategic relationships have been pivotal in expanding our reach, enhancing our service delivery, and reinforcing our position as a leader in the industry. By maintaining and nurturing these partnerships, we continue to provide exceptional value to our clients and achieve sustainable growth.

Question: Based on your recent experience chairing the 3rd Annual Future Bank Summit MENA, what are the key trends and innovations in neo banks and digital onboarding that you believe will shape the future of banking in the MENA region?

Answer-
Neo banks, also known as digital-only banks, are rapidly gaining traction in the MENA region due to their convenient, user-friendly banking experience that eliminates the need for physical branches. As a firsthand customer of a neo bank, the benefits and efficiency of this model are evident. Governments and regulatory bodies in the MENA region are increasingly supportive of digital banking initiatives. They are introducing frameworks that facilitate the establishment and operation of neo banks, thereby fostering an environment conducive to innovation and growth in the financial sector. Digital onboarding processes are becoming significantly more streamlined and user centric. Customers can now open accounts and access a wide range of banking services quickly and easily through mobile apps and online platforms. This shift is particularly notable given the high smartphone penetration in the MENA region, which has enabled neo banks to adopt a mobile-first approach. This approach caters to the on-the-go lifestyle of modern consumers by offering comprehensive banking services through intuitive mobile apps. Advanced technologies such as artificial intelligence (AI) and machine learning (ML) are being increasingly integrated into the onboarding process. These technologies enhance various aspects of the customer experience, including identity verification, creditworthiness assessment, and service personalization. AI and ML algorithms enable neo banks to efficiently verify customer identities, reducing the risk of fraud and ensuring compliance with regulatory requirements. Additionally, these technologies help in assessing creditworthiness more accurately, allowing for more personalized and tailored financial products and services. Overall, the combination of supportive regulatory frameworks, advanced technological integration, and a mobile-first approach is driving the rapid adoption and success of neo banks in the MENA region. These innovations are not only transforming the banking experience for consumers but also setting the stage for a more dynamic and inclusive financial ecosystem.

Question: What are your future goals for DR Partners, and how do you plan to expand the firm’s services and reach in the coming years?

Answer-
Our vision for DR Partners is to evolve into a premier Multi-Family Office offering specialized services including real estate, wealth management, legal and corporate advisory, succession planning, governance, immigration and concierge services tailored to the unique needs of the families we serve. This transformation is a strategic, long-term endeavour, but we are fully committed to this path. Currently, we manage and advise over 30 family offices in the region, providing comprehensive guidance on corporate, legal, tax, and compliance matters. Beyond these core services, we are increasingly becoming trusted advisors in real estate transactions, private equity, and alternative investments. Our extensive network of professionals allows us to offer bespoke solutions aligned with each family’s specific requirements, investment strategies, and risk tolerance. As we continue to achieve significant milestones on this journey, we invite you to follow our progress and updates through our page. Your continued support and engagement are invaluable as we strive to reach our ambitious goals.

Question: Looking ahead, what advice would you give to young professionals and aspiring leaders in the industry who want to drive innovation and transformation in their respective fields?

Answer-
In today’s dynamic and fast-paced industry, young professionals and aspiring leaders must prioritize lifelong learning and adaptability. Embracing challenges as opportunities for growth is essential, as is remaining open to feedback and new ideas. Building a strong network by connecting with mentors, industry experts, and peers can provide valuable insights, support, and collaboration opportunities that are indispensable for personal and professional development. It’s crucial to stay abreast of emerging technologies that can drive efficiencies and unlock new opportunities. A deep understanding of advancements in AI and other relevant fields will enable you to leverage these tools effectively. At DR Partners, we are committed to continually enhancing our existing CRM and in-house platforms, always seeking out automation to streamline processes and improve performance. Moreover, a thorough understanding of your customers’ needs, and pain points is vital. Innovations and transformations should always aim to enhance customer experience and deliver greater value. By focusing on the customer, you can ensure that your efforts in driving innovation and transformation will lead to meaningful and impactful outcomes.

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