Reflecting on the profound significance of entrepreneurial risk and the essence of success, one can conclude that business is as much about art as it is about maths. Faycal Lalioui, the visionary behind SML Gold Trading LLC, delves into the journey of establishing a precious metals enterprise in Dubai.
Lara Palmer: Could you share an interesting fact about yourself and your company?
Faycal Lalioui: Both are shiny.
L.P.: What are the advantages of running a business in Dubai’s gold sector?
F.L.: Dubai offers a major strategic advantage due to its ideal geographical position between Africa, Asia, and Europe. Additionally, Dubai has become the world capital of gold in recent years. However, the competitive market and local regulations can pose challenges.
L.P.: What innovations are at the heart of your business model?
F.L.: The most significant innovation is the Gold International Fast Transfer — GIFT transfer — a digital system that serves your physical gold assets. All corporations adopting this system will be able to use their gold all over the world. The GIFT or Gold International Fast Transfer facilitates the international transportation of gold to the UAE and offers storage or vault facilities. We believe GIFT is a unique way of making the flow of payment and commodities smooth, secure, and fast.
L.P.: What makes an entrepreneur successful?
F.L.: The ability to question oneself and take a step back is essential, along with surrounding oneself with the right people.
L.P.: What advice would you give to someone starting a business in Dubai?
F.L.: Understanding the market and regulatory environment is crucial. Being adaptable and open to learning from every experience will pave the way for success.
L.P.: What is your favourite motto?
F.L.: There is nothing permanent except change — Buddha. Man is a book of which every day is a new page — Arabic Proverb.