Firoz Merchant

Last updated
Firoz Merchant
Born1958
India
NationalityIndian [1]
Occupation(s)Founder and Chairman of Pure Gold Jewellers
Known for Pure Gold Jewellers

Firoz Merchant (born 1958) is an Indian businessman, and philanthropist based in the United Arab Emirates. [2] [3] [4] He is the Founder and Chairman of Pure Gold Group, which consists of FGM Holding, Pure Gold Jewellers, Pure Gold Real Estate Development, La Moda, and Pure Gold Manufacturing.

Contents

Early life

Merchant grew up in a family of modest means in India. He was one of nine children in a family of six boys and three girls. His father Gulam Hussain, was a real estate broker and his mother Malekbai was a housewife. The family's real estate business often did not do well and they led a hand-to-mouth existence. When Firoz was 11 years old, he discontinued his education to support his father in the day-to-day running of the business. [5]

After his marriage, he decided to visit Dubai for honeymoon with his wife Rozina. In Dubai, he was mesmerized by the Dubai Gold Souk and he felt a connection to the country and the gold trade.[ clarification needed ] After he left Dubai, he expressed his desire to his father to move to Dubai and try his hand at the gold business, and in 1989, he moved to Dubai to set up his own gold and diamonds trading business, Pure Gold Jewellers. [6]

Philanthropy work

Firoz Merchant received the "Community Service Medal & Award" from Lt. General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior of the UAE at Interior Ministry.

Merchant has been involved in a number of philanthropic activities that have provided help and support for various communities. [7] [8] Merchant has contributed towards correctional institutions in order to release prisoners belonging to various nationalities jailed in the UAE. Merchant announced he will[ weasel words ][ clarification needed ] spend 1 million US dollars (3.8 million dirhams) to help free prisoners who are behind bars in UAE due to non-payment of debts. He has already paid 150,000 dirhams for the release of 132 prisoners from Ajman Central jail. [9] [10] [11]

In May 2017, Merchant signed a memorandum of understanding with the UAE's Faraj Fund. He also provided financial aid to Ajman Police to treat a policeman suffering from a neurological disorder. It was reported that an amount of Dh60,000 was allocated for his Chinese acupuncture treatment in Jordan. [12]

In April 2018, Merchant signed an agreement with the University of Fujairah to provide scholarships to five needy Emirati female undergraduate students scoring 85 percent and above in each semester. [13] [14]

Recognition

Merchant is a well-known business leader in the Middle East and widely quoted in the press. He is ranked No.26 on the Forbes Middle East List of Indian Owners 2014. [15] Arabian Business placed him at No.28 on its 2014 Richest Indians in the GCC list with an estimated net worth of US$435 million. [16] He is also a board member of Dubai Diamond Exchange (DDE) and a member of Dubai Gold & Jewellery Group. [17] [18] In 2018, Merchant was ranked 25 in the Forbes Middle East Top 100 Indian Business owners in the Arab world. [19] Merchant was also inducted into Abu Dhabi Police’s community wing 'We Are All Police' for helping with release of 560 inmates by paying off their debts. [20]

In June 2019, Merchant was honored with the UAE permanent residency, known as the Golden Card, along with his family, for his contribution to the economy. [21] [22]

Awards

Personal life

As of 2021, Merchant resides in Dubai with his family and spends his leisure time in horse riding. [4]

Related Research Articles

<span class="mw-page-title-main">Hinduism in the United Arab Emirates</span>

Hindus are the third largest Religious group in the United Arab Emirates and constitute around 6.6%-15% of the population in the nation. Hinduism is followed mainly by the significant Nepali and Indian population in the United Arab Emirates.

<span class="mw-page-title-main">Joy Alukkas</span> Indian businessman

Joy Alukkas is an Indian businessman from Kerala. He is the chairman and managing director of Joyalukkas Group. According to a 2023 Forbes report, he has a net worth of $4.4 billion.

<span class="mw-page-title-main">M. A. Yusuff Ali</span> Indian businessman (born 1955)

Yusuff Ali Musaliam Veettil Abdul Kader, popularly known as M. A. Yusuff Ali, is an Indian businessman and billionaire. He is the chairman and managing director of LuLu Group International, which owns the LuLu Hypermarket chain worldwide and LuLu International Shopping Mall. With an annual turnover of US$8.4 billion, LuLu Group International employs the largest number of Indian diaspora. According to Forbes Middle East, Yusuff Ali was ranked No. 1 in Top 100 Indian business owners in the Arab World 2018. As per Forbes billionaires list published in October 2023, he was ranked 27th richest Indian with net worth of US$6.9 billion.

<span class="mw-page-title-main">B. R. Shetty</span> Indian businessman

Bavaguthu Raghuram Shetty, commonly known as B.R. Shetty, is an Indian-born businessman and former-billionaire, the founder and acquirer of a number of companies based in the United Arab Emirates, including Abu Dhabi–based NMC Health, Neopharma, BRS Ventures, and Finablr.

<span class="mw-page-title-main">Azad Moopen</span> Indian physician

Azad Moopen is an Indian healthcare entrepreneur. He is the developer of many healthcare facilities in Asia-Pacific. He is also the chairman and managing director of Aster DM Healthcare, a healthcare conglomerate in the Middle East and India founded in 1987.

<span class="mw-page-title-main">Pure Gold Jewellers</span> Indian jewellery retailer based in the Middle East

Pure Gold Jewellers is a jewellery retailer with 120 stores across the Middle East, in the UAE, Oman, Kuwait, Qatar, Jordan, KSA, Bahrain, and Sri Lanka. The company also has 200 stores in India. The company's stores sell a variety of jewellery in diamonds, gold, platinum, Murano glass and precious stones. Founded by Indian expatriate Firoz Merchant in 1989, the first Pure Gold Jewellers store was established in Dubai. Merchant has focused on gradual expansion of the brand's retail network. The company entered the Indian market in 2010. It has plans to open 200 stores in the country in the next few years. Pure Gold are the sole concessionaire for retail of gold and diamond jewellery at Abu Dhabi Duty Free, Kuwait Duty Free and Muscat Duty Free. Pure Gold Jewellers employs more than 1000 retail staff across the globe and also owns two jewellery manufacturing factories in India and in China, employing over 1,500 workers.

<span class="mw-page-title-main">Kalyan Jewellers</span> Indian jewellery chain

Kalyan Jewellers is an Indian chain of jewellery showrooms. It was founded by T. S. Kalyanaraman in 1993. The company opened its initial public offering on March 16, 2021, and was publicly listed on March 26, 2021.

<span class="mw-page-title-main">Atlas Ramachandran</span> Indian jeweller, film producer and actor (1942–2022)

M. M. Ramachandran, better known as Atlas Ramachandran, was an Indian jeweller, film producer and actor. He was the chairman of Atlas Jewellery and is known for the tagline of his jewellery, "Janakodikalude Vishwastha Sthapanam". He had produced and distributed films under the banner "Chandrakanth Films". Vaisali (1988) and Sukrutham (1994) are the major films that he has produced. He has also acted in a few movies notably in Subhadram (2007) in a lead role.

<span class="mw-page-title-main">Sunny Kurian</span>

Sunny Kurian is a Sharjah-based Indian-born pediatrician and the founder president of the UAE wing of the Indian Academy of Pediatrics (IAP). He is the founder trustee of the Indian Business and Professional Council (IBPC) and the chairman of Dr. Sunny's Group which he established in Sharjah in 1990.

<span class="mw-page-title-main">Abdul Latif Galadari</span>

Abdul Latif Galadari was an Emirati businessman. He was the youngest son of Ibrahim Galadari. Abdul Latif, Along with his elder brother, Abdul Rahim, headed the Galadari Group, a business group.

<span class="mw-page-title-main">P. A. Ibrahim Haji</span> Indian entrepreneur and philanthropist (1943–2021)

Pallikere Abdulla Ibrahim Haji was an Indian entrepreneur and philanthropist based in the United Arab Emirates. He had investments in the education, automotive, and jewellery industries. He was the chairman of the PACE Education group, founder and vice-chairman of the Indus Motor Company, and the co-chairman of Malabar Gold.

<span class="mw-page-title-main">Ram Buxani</span> Indian businessman (1941–2024)

Ram Buxani was an Indian businessman and chairman of the business conglomerate ITL Cosmos Group. He became a well-known figure in the Indian community after his role in influencing the Indian government to abolish estate duty in 1985.

<span class="mw-page-title-main">Malabar Gold and Diamonds</span> Indian jewellery group

Malabar Gold & Diamonds is an Indian jewellery group headquartered in Kozhikode, Kerala. The company was founded by M. P. Ahammed in 1993. As of May 2023, it owns more than 330 showrooms across 11 countries, making it one of the largest chains of jewellery retailer in the world. The company also owns Malabar Watches, a network of luxury watch boutiques operating across India.

Faizal Edavalath Kottikollon is a United Arab Emirates-based Indian entrepreneur and philanthropist. He is the founder and chairman of KEF Holdings – a diversified company known for establishing technologically integrated enterprises across multiple industries. He is also Chairman of the Board of Meitra Hospital – an advanced tertiary care hospital in Kozhikode, Kerala.

<span class="mw-page-title-main">Adeeb Ahamed</span> Emirati-Indian billionaire businessman

Adeeb Ahamed is a UAE-based billionaire businessman of Indian origin from the state of Kerala. He is the managing director of LuLu Financial Holdings, Tablez, and Twenty14 Holdings. Adeeb is a member and sits on the advisory board of the World Economic Forum's South Asian Regional Strategy Group (RSG).He also holds advisory positions at various organizations, including the Al Maryah Community Bank in the UAE.

<span class="mw-page-title-main">Maghanmal Pancholia</span> Indian-Emirati businessman and trader (1924–2019)

Maghanmal Jethanand Pancholia, also known as Maghaba, was an Indian-Emirati businessman, trader, philanthropist and the founder of the Indian High School, Dubai, first Indian educational institution established in the UAE. He was one of the four businessmen to introduce electricity to Dubai, and the first Indian citizen to be appointed as board member of Dubai Chamber of Commerce and Industry by Rashid bin Saeed Al Maktoum.

Dhananjay Datar is an Indian businessman based in the United Arab Emirates. He moved from Mumbai to Dubai where he joined his father, who had set up a small grocery business where Datar interned before taking over the business and expanding it into the retail, spice production and export company Al Adil Group in 1984, becoming a prominent member of the UAE's Indian expatriate business community.

Bal Krishen Rathore is a UAE-based businessman, investor, and entrepreneur of Indian origin and the chairman and CEO of Century Financial. He was listed in the top 100 inspiring leaders in the UAE by Arabian Business. He has been granted the Golden Visa by the government of UAE in 2021.

<span class="mw-page-title-main">Siddharth Balachandran</span> Indian entrepreneur and philanthropist (born 1976)

Siddharth Balachandran is an Indian-born UAE-based entrepreneur, investor and philanthropist. He is the executive chairman and CEO of Buimerc Corporation, an investment holding company headquartered in Dubai International Financial Centre (DIFC). In 2023, he was awarded the Pravasi Bharatiya Samman Award (PBSA) for his contributions in the field of business and community welfare by the President of India Droupadi Murmu, the highest Indian award for Non-resident Indian and Overseas Citizen of India.

Arcadia School Dubai is an educational institution in Jumeirah Village Triangle, Dubai, UAE, providing premium British education in the UAE. The school hosts the grades or year groups FS1 to Year 11. The Arcadia school curriculum aligns with the National Curriculum for England, which is for students from the Foundation Stage through A-Levels. The school has a KHDA rating of very good (2022–2023).

References

  1. ↑ "Businessman Firoz Merchant gets UAE permanent residency". Khaleej Times. 9 June 2019.
  2. ↑ "Dubai-based philanthropist Firoz Merchant receives 10-year visa".
  3. ↑ "Dubai-based philanthropist Firoz Merchant pays prisoners debts".
  4. 1 2 Staff Reporter (2021-11-24). "Philanthropy Leads to Success". Tech Times. Retrieved 2021-12-08.
  5. ↑ "About". Firoz Merchant. 2018-04-08. Retrieved 2018-06-11.
  6. ↑ "Video: Firoz Merchant, from school dropout in Mumbai to billionaire Pure Gold owner in Dubai". gulfnews.com. Retrieved 2021-08-16.
  7. ↑ Bassma Al Jandaly, "Businessman’s help for family in need is pure gold", Gulf News, May 4, 2010. Retrieved July 24, 2011.
  8. ↑ "Fine show of generosity", Gulf News, February 25, 2010. Retrieved July 24, 2011.
  9. ↑ "Indian businessman comes to aid of prisoners in UAE". Connected To India. Retrieved September 19, 2017.
  10. ↑ Caline Malek, "Zakat Fund Abu Dhabi money frees 10 debt prisoners", The National, January 11, 2011. Retrieved July 24, 2011.
  11. ↑ Sharmila Dhal, "Indian businessman rescues prisoners in debt", Xpress, March 3, 2011. Retrieved July 24, 2011.
  12. 1 2 "Firoz Merchant, Indian businessman, receives UAE's community service medal". The Financial Express. 2017-08-08. Retrieved 2021-08-16.
  13. ↑ "Pure Gold Welfare Club Announces Scholarships for Needy Emirati Girl Students". Al Bawaba. 2018-04-22. Retrieved 2018-06-11.
  14. ↑ "Pure Gold Jewellers pledges AED 700,000 for student scholarship". Saudigazette. 2017-12-16. Retrieved 2021-08-16.
  15. ↑ "Forbes Middle East List of Indian Business Owners 2014", Forbes Middle East, May 13. 2014. Retrieved May 22, 2014.
  16. ↑ "50 Richest Indians in the GCC", Arabian Business, February 16, 2014. Retrieved May 22, 2015.
  17. ↑ "Indian Power List 2010: 39 Firoz G. Merchant", Arabian Business. Retrieved July 26, 2011.
  18. ↑ Rory Jones, "Firoz Merchant: philanthropist with a heart of gold", The National. Retrieved March 30, 2012.
  19. ↑ ranjujason. "Top 100 Indian Business Owners In The Arab World 2018 - Forbes Middle East". Forbes Middle East. Retrieved 2018-06-11.
  20. ↑ Staff Report (2018-05-13). "Indian businessman inducted into Abu Dhabi Police's community wing". GulfNews. Retrieved 2018-06-11.
  21. ↑ "Patents granted at the European Patent Office by 2009 & ICT-related patents granted at the European Patent Office by 2009 & Biotechnology patents granted at the European Patent Office by 2009 & Nanotechnology patents granted at the European Patent Office". doi:10.1787/836170884881 . Retrieved 2021-08-16.{{cite journal}}: Cite journal requires |journal= (help)
  22. ↑ Staff Reporter. "Businessman Firoz Merchant gets UAE permanent residency". Khaleej Times. Retrieved 2021-08-16.
  23. ↑ "Indian businessman who paid $4m prisoners' debts wins community award in UAE". Arab News. 2017-08-08. Retrieved 2021-08-16.
  24. ↑ Agencies. "Firoz Merchant honoured". Khaleej Times. Retrieved 2021-08-16.
  25. ↑ Service, Tribune News. "Indian philanthropist honoured by UAE govt". Tribuneindia News Service. Retrieved 2021-08-16.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.