Founding of the 1st Bullion Exchange House, National Bank of Dubai and Dubai Electricity

Gold trading now became Mr. Yousuf Habib Al Yousuf most important activity but with no banks in Sharjah, he had to take his recipts to a bank in Dubai which would be half a day trip on the back of a donkey, along the beach since no roads existed at that time. With Dubai emerging as the local financial centre and, at the invitation of the then ruler, His Highness Sheikh Rashid Bin Saeed Al Maktoum, he moved his headquarters to the fledging city and founded one of Dubai first bullion exchange houses. The young Al Yousuf joined the informal Majlis of key enterpreneurs hosted daily by Sheikh Rashid, led Mr. Yousuf Habib Al Yousuf and others in establishing Dubai Electricity in the 1950 and encouraged him to become a founding director of the National Bank of Dubai in 1961. The enterprising young man was also the prime mover in setting up Dubai telephone service cable & wireless, which initially provided a total of 500 lines to the city.