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Firoz Merchant

From Wikipedia - Reading time: 6 min
Firoz Merchant
Born1958
India
NationalityIndian[1]
Occupation(s)Founder and Chairman of Pure Gold Jewellers
Known forPure 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.

Early life

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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

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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

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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

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  • 2017, Community Service Medal/ Award by Sheikh Saif Bin Zayed Al Nahyan; Deputy Prime Minister and Ministry of Interior[12][23]
  • 2017, Business Excellence Award by the Indian Business and Professional Council (IBPC)
  • 2017, Philanthropic Icon Award by the Indian Business and Professional Council (IBPC)
  • 2016, Philanthropic of the year by Indian CEO Awards by ITP[24][25]

Personal life

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

References

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  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. ^ a b 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. ^ a b "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.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Firoz_Merchant
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