# Siddharth Balachandran

Siddharth Balachandran (born June 1, 1976, Thiruvananthapuram, Kerala) 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.

## Early life

Siddharth was born on June 1, 1976, in Thiruvananthapuram, Kerala, India, to R. Balachandran, a management professional and entrepreneur, and Sabita Varma Balachandran, a former officer in the Reserve Bank of India. He attended schools in Chennai and Ernakulam before graduating in civil engineering from Bapuji Institute of Engineering and Technology, Mysore University. Later, he pursued a Master's Programme in International Business from PSG Institute of Management, Coimbatore, in collaboration with the Indian Institute of Foreign Trade, New Delhi and completed an Advanced Management Programme at the Indian School of Business, Hyderabad.

## Career

Siddharth Balachandran was a strategic accounts manager at Dun & Bradstreet Information Services Pvt Ltd in Chennai in 1999. Later, in 2002, he moved to the United Arab Emirates and joined Builders Merchants, a construction materials company in Dubai. While working at Builders Merchants, Siddharth was instrumental in obtaining ISO 9001 certification for the company and also in expanding its operations by opening branches in Dubai and Abu Dhabi. In 2004, he decided to venture into entrepreneurship and founded Bumga Fzco, a building material trading company based in Jebel Ali Free Zone. Bumga Fzco was later restructured into Buimerc Corporation FZE, and remains at the same location in Jebel Ali Free Zone.
He was also actively involved in the Indian community in Dubai. In 2006, he became the vice chairman of India Club, Dubai, and later served as its chairman. The club was established in 1964 and provides various facilities for its 6500 members, including sports, social amenities, entertainment, recreation, and business promotion.
In 2007, he founded Buimerc Corporation Ltd, an investment holding company which was initially based in the British Virgin Islands and later moved to Dubai International Financial Centre, where it currently operates from. He currently serves as the executive chairman and CEO of Buimerc Corporation. The company owns subsidiaries in India and the UAE and operates as an investment holding company with stakes in major companies in India.
Siddharth is the executive chairman of Buimerc Core Investments, India, the holding company for the Indian operations. He is also the director of SB Global Educational Resources Kerala.
In August 2024, Siddharth became a major shareholder in the National Stock Exchange of India, owning about 0.35% of the exchange. He is also the largest individual shareholder of the Bombay Stock Exchange, holding around 3.7% of the institution. The market capitalization of NSEIL is currently about Rs 3.21 trillion.

## Philanthropic and community involvement

During the 2010 financial crisis, he collaborated with the Indian Consulate to assist families affected by unemployment. Balachandran is a member of the board of governors of the People of Indian Origin Chamber of Commerce and Industry (PIOCCI) in the GCC region, facilitating business collaboration among Indian professionals in the UAE. He is the chairman of the governing board of the Indian Business and Professional Council (IBPC) in Dubai. He is the founding member of the UAE chapter of the UAE-India Business Council launched early this year.
Furthermore, Siddharth is involved with various social and philanthropic organizations in the UAE. He acts as a patron for Al Jalila Foundation, Smart Life Dubai, KMCC Dubai, Dubai Autism Centre, Science India Forum UAE, Abu Dhabi Centre for Special Needs, Al Noor Training Centre for Special Needs, Rashid Pediatric Centre for Special Needs, and Senses Residential and Day Care for Special Needs. Siddharth is also associated with the Indian Social & Cultural Centre in Abu Dhabi and serves as a Director at Chinmaya International Residential School in India.
In March 2024, Siddharth contributed AED10 million to the Mothers' Endowment Campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. The campaign aims to establish an AED1 billion endowment fund to support global education initiatives.

### Buimerc India Foundation

Buimerc India Foundation is the philanthropic division of Buimerc Corporation based in Kochi, Kerala. It was founded in 2007 and works in areas such as education, environmental sustainability, minority empowerment, and disaster relief in India. It also provides financial assistance for medical emergencies, supports rehabilitation for individuals with special needs, helps renovate community institutions, and funds projects to preserve the region’s cultural heritage.

## Awards

* Pravasi Bharatiya Samman Award in 2023
* Most influential non-resident Indian (NRI) businessmen in the Gulf Cooperation Council (GCC) by the Arabian Business in 2011
* Featured in the UAE's Indian power list 2011
* Siddharth was recognized for his contributions to the UAE economy during a Diwali event organized by Emirates Loves India and the UAE Government Media Office, attended by Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence.