The art of shiny business in Dubai
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. In this exclusive interview, Faycal Lalioui, the visionary behind SML Gold Trading LLC, delves into the intricate journey of establishing and nurturing a precious metals enterprise in Dubai. Navigating regulatory landscapes and global markets, the company has marked impressive milestones, solidifying its position in the competitive Dubai market.
Lara Palmer: Could you share an interesting fact about yourself and your company?
Faycal Lalioui: Both are shiny.
L. P.: How did you go about launching your business in Dubai?
F. L.: I started by managing logistics operations for my own account. After a few months of activity, I was extremely satisfied with the results and naturally wanted to extend these benefits to my entrepreneur friends.
L. P.: What are the advantages and disadvantages of running a business in Dubai?
F. L.: Dubai offers a major strategic advantage in the gold sector due to its ideal geographical location 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.: Where does your business stand now? What achievements can you highlight?
F. L.: We have already installed 1,000 safe deposit boxes in our Swiss branch. We are awaiting FINMA approval for regulation, and the opening is scheduled for mid-September.
L. P.: What has been personally significant for you?
F. L.: Taking risks in investment and development.
L. P.: What challenges have you encountered along the way? How did you overcome them? Looking back, is there anything you would have done differently?
F. L.: The journey is in constant evolution. By 2025, we will have a presence on every continent. The challenges are daily, but thanks to a loyal and dedicated team, we overcome them. In hindsight, I regret nothing; every challenge has been a learning opportunity.
L. P.: In your opinion, what makes an entrepreneur successful?
F. L.: The ability to question oneself and take a step back is essential for an entrepreneur’s success, along with surrounding oneself with the right people.
L. P.: What advice would you give to someone just 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.: Could you tell us more about your background and how it shaped your entrepreneurial journey?
F. L.: Born in Paris in the late 1980s, I was immersed in business from a young age. My father, an Algerian trader, involved me in his meat export business early on. Despite the hard work and lack of holidays before I was 19, I view it as the best education. Later, I pursued a solid academic background, earning a master’s degree in finance from the prestigious Sorbonne before moving to London to improve my English and expand my international activities.
L. P.: How did your career develop in London?
F. L.: In London, I quickly made my mark in The City, building a robust network. In 2015, I partnered with Senegalese engineer and architect Pierre Goudiaby Atepa, which led me into real estate. In 2019, I founded Capital Yatirim, an investment company specialised in real estate. We brought on board former Citibank Vice President Yoro Mohamed Diallo and other influential bankers, extending our activities to Qatar, Paris, London, Istanbul, and Brussels.
L. P.: What innovations are at the heart of your business model?
F. L.: The most significant innovation in my business model is the invention of the Gold International Fast Transfer or “GIFT transfer,” a digital system that serves your physical gold assets.
L. P.: What role does technology play in your business?
F. L.: Technology and AI are key to success in today’s business world. Technology allows us to simplify, speed up, and secure our transactions in a few seconds. The world is changing every single second, and as a businessman in 2024 and in the future, we need to know how to always perform.
L. P.: Could you share an example of a major project you are currently developing?
F. L.: The development of the GIFT transfer, representing a technological breakthrough, makes it possible to convert monetary funds into precious metals such as gold. This conversion offers a stable and secure alternative to currency fluctuations, particularly in unstable economic and governmental environments. All corporations adopting this system will be able to use their gold all over the world.
L. P.: How does SML Gold ensure the security of transported precious metals?
F. L.: Security is paramount at SML Gold. We use secure containers with tamper-proof seals and advanced monitoring systems such as real-time tracking and automation, which ensure transparency and efficiency in the door-to-door transportation of gold. By integrating artificial intelligence to optimise routes and blockchain for better traceability, SML is able to offer greater visibility and reliability in the transport of the client’s precious goods.
L. P.: What protocols are in place to maintain high security standards?
F. L.: In addition, our protocols include regular audits, security training for our staff, and working closely with local authorities to ensure maximum protection throughout the journey.
L. P.: How does SML Gold manage to operate smoothly across different regions?
F. L.: We have teams of local experts who understand regional specificities and work in synergy with our international network to ensure smooth and compliant operations.
L. P.: Can you elaborate on the services SML Gold offers beyond bullion trading?
F. L.: We not only have an on-site production facility with designers and craftsmen who create gold and diamond jewellery of varying karat weights, but we also leverage manufacturing facilities in India and the Middle East. Our network of suppliers across Asia ensures that our discerning clients in Europe, the UK, and North America who want world-class bespoke jewellery for their bullion have all the options they need. We also create bullion for those who view gold purely as an investment. For those looking for a secure place to store their gold, we have created SML vaults in the UAE with over 400 vaults, offering a secure storage option called ‘individual custody’ to our clients.
L. P.: How does SML Gold facilitate international transactions for its clients?
F. L.: For those wanting to remit gold bullion to a country where we have a physical presence, SML offers a unique service. You can buy gold from us, and we will deliver it for you. Once there, it is up to you whether you wish to hold onto it for future needs or sell it to meet your current liquidity needs. We also allow our clients to bring their gold to the UAE through a process called GIFT or Gold International Fast Transfer. Through this process, we facilitate the international transportation of gold to the UAE and offer storage or vault facilities if the client wishes to hold onto their precious investment. We believe GIFT is a unique way of making the flow of payment and commodities smooth, secure, and fast.
L. P.: What projects would you like to work on in the future? What development prospects do you see for your company today?
F. L.: The development of DIFT and SIFT; the Diamond & Silvers International Fast Transfer.
L. P.: What is your favourite saying or motto?
F. L.: “There is nothing permanent except change.” — Buddha. “Man is a book of which every day is a new page.” — Arabic Proverb.
