DUBAI // Firoz Merchant, a self-made man who runs a gold empire, tells of how his father’s words 35 years ago as he left to start a new life in Dubai became his guiding light.
“Always respect and follow the law of the land wherever you live. Never make yourself and your family ashamed of anything,” his father said as he bade his son goodbye at the airport.
Mr Merchant, who runs the Pure Gold outlets that employ 5,000 people in the Gulf and in his native India, says: “I never forgot this and always make sure that both countries - home and adopted - feel proud of me and this is exactly what I tell my children as well.”
The 59-year-old's company is worth more than Dh3.67 billion and his success story runs in tandem with that of Dubai's. His philanthropic work has puthim in the spotlight. Last month he pledged to spend Dh3.8 million this year paying off the debt of prisoners in the UAE jails.
The businessman says he now feels a social responsibility to give back. “My hardships in my early days have always kept me grounded. Whatever I am today is because of the blessings of Allah. Hence, my position and my money is a responsibility given by Almighty,” Mr Merchant says.
The financial crisis of 2008 helped cement his desire to help people. “I used to read lots of stories about people who are going to jail because they cannot pay bills. Hundreds of workers didn’t get their salaries for months, so much so their sponsors didn’t renew their visas because the company had no money,” he says.
“I decided to help these destitute people who were in the jail just because they didn’t have the money and their sponsors had abandoned them. I approached the authorities and they were kind enough to give me an opportunity to help pay dues of mostly blue-collar workers.”
Mr Merchant’s journey in Dubai started while honeymooning there in 1980, when he paid a visit to the gold souq. “I was amazed to see that kilos of gold were hanging on the shop and no one was worried about security,” he says.
“I then decided that, one day I would come back and settle here.
“In 1989, I packed my bags finally and moved to Dubai for good. It took me nine years to convince my family, especially my parents, that settling in Dubai would be a good thing for the family.”
Mr Merchant came from a lower-middle class family in Mumbai, where he was the youngest among six brothers and three sisters. His father was a property broker and the breadwinner of his family.
Once in Dubai, it took Mr Merchant six months to establish his first shop, with the name Pure Gold, and he has not looked back.
“My training as a son of a real estate broker helped me establish my business. I started my business with literally no money. I used to supply gold bars and earn commission. I established my credibility both among gold suppliers and merchants,” Mr Merchant says.
“The only businesses that survive are those who are disciplined, have a long-term vision, ethics, principle and believe in the systems. My success is based on ethics, discipline, principle and systems. I keep telling my children. My asset is not only my business but my reputation, image and goodwill in the market.”
Having earned enough money to not have to worry about finances again, Mr Merchant says he is now more focused on others.
“For me, life, has gone full circle now. I came to Dubai with lots of dreams and with the blessing of the Almighty and with my hard work, I am in a place where I can help those who lost their dreams,” he says.
“This country has given me a lot. Now it is my turn to contribute my bit.”
akhaishgi@thenational.ae