Billionaire NRIs share their success stories
abu dhabi — An event by the Abu Dhabi Chapter of the Institute of Chartered Accountants of India saw billionaire NRIs open up on the stepping stones to their success.
Figure this: Firoz Merchant had pursued his Dubai dreams for nine years and pocketed just Dh5 as commission on his first deal. And it was a friendly talk by an Emirati staff at airport that made Paras Shahdadpuri shift his business base from London to Dubai. Such and more unheard anecdotes doted the panel discussions on the topic: ‘Journey to the top — learning from legends’.
Merchant, the founder and chairman of Pure Gold Group, had moved to Dubai in 1989. He recollected how his honeymoon trip sowed the seeds for an unbreakable relationship with the UAE.
“It was in 1980 and the Gold Souk attracted me. There wasn’t a single security guard there but still it was so safe to do business. Then we had 14-day transit visa. I left my wife alone on honeymoon and spend my 14 days at Gold Souk from morning to evening.”
On returning to India, he shared these ideas with his parents but got a cold response. He said how his father helped him learn the nuances of business and his mother managed a home of nine brothers and sisters. Merchant kept returning to Dubai every three to six months learning about the jewellery business.
“I took me almost nine years. In 1989, I convinced my parents to allow me to do business.”
So how did he do business without money?
“I didn’t have single money. I operated as a broker. I supplied gold
I have learned a lot from this [the UAE]. I started my career from a scratch. I want to give back to the country, which has helped me to do business and grow Firoz Merchant, Founder and chairman of Pure Gold Group
to stores from wholesale dealers. I didn’t have any money and would take a staff of the wholesaler along with me and once the gold was sold to a store, I would hand over the money to him.” How much profit did he make? “I got Dh5 commission from store and Dh10 from wholesaler. The commission rose and once I had Dh100, I opened a bank account
The reception at the airport made me feel very comfortable. Maybe it is the good words spoken to me by the Emirati... that we have today invested millions into this country Paras Shahdadpuri, Chairman of Nikai Group
and started dealing with cheques.” As the trust factor developed, Merchant flourished. And today he is the chairman of Pure Gold Group.
“I have learned a lot from this country. I started my career from a scratch. I want to give back to the country, which has helped me to do business and grow,” he added.
Meanwhile, Shahdadpuri is the chairman of Nikai Group with business interests in electronics, appliances, food products, staffing outsourcing and restaurants, with offices in the UAE, Oman, China, Saudi Arabia, Georgia, Russia and other countries.
The group is headquartered in Dubai. However, it was London where Shahdadpuri began his business and it was Emirati hospitality that made him shift operations to Dubai.
Shahdadpuri had quit his diplomatic career to enter the field of business in 1987.
“I stayed in New Delhi and Indian economy wasn’t open in 1980s. Even a phone connection would take years to get. So, I decided to set up business in England.” So how did Dubai happen? “I used to shuttle between New Delhi and London and once missed my connection flight from Dubai. I had never visited Dubai,” said Shahdadpuri, who had served in diplomatic missions in China, the US, Saudi Arabia and Libya.
So he decided to go sight-seeing and was bowled over by an Emirati. At the immigration counter, Shahdadpuri mumbled in broken Arabic on how he missed his flight and would like to see Dubai for a day. “It was then the Emirati replied: Bolo baba, kya mangta hai? (Tell me dear, what do you want?).” The experience of an Emirati speaking Hindi was a sweet surprise for Shahdadpuri.
He went shopping and was further taken back by finding vendors understanding the Sindhi language too. The infrastructure with phone connection, foreign exchange outlets, Indian schools and geographical proximity to India made Shahdadpuri pick Dubai. And rest, as they say, is history.
“This is an extraordinarily friendly country. The reception at the airport made me feel very comfortable. Maybe it is the good words spoken to me by the Emirati at the airport that we have today invested millions into this country.”
Binay Shetty, vice-chairman and CEO of BRS Ventures and BRS Capital, pointed out how his father BR Shetty is going strong, at times, surprising the son.
“My father continues to work for long hours. About 14 years ago, I joined the family business. I always kept thinking that next year my father would slowdown and I will take over. He made promises in front of many people as well but soon I realised this was false hope.”
It was an interesting mix of views from young and old titans of the UAE business world, which served as an eye-opener for many.
— ashwani@khaleejtimes.com