With 27 years' experience as a chartered accountant, Naveen Sharma has successfully managed other people’s money for decades. But he admits he has made some mistakes with his own finances, and is still learning. The 49 year-old, who has lived in Dubai for more than 20 years, became chairman of the Dubai chapter of The Institute of Chartered Accountants of India last month. The Dubai chapter, which has more than 3,000 members, is the body’s largest overseas chapter outside India and has been operating in the UAE for 35 years.
How did your upbringing shape your attitude to money?
I grew up in India and culturally we think you should do what is required. If you have to pay Dh1, you pay Dh1, and if you have to pay Dh1million, you pay Dh1m; this means we pay the right price at the right time. But you should have self control when it comes to money. I did my chartered accountancy where I was taught how to use money effectively. So, since my childhood, I have followed that path.
When did you become a chartered accountant?
I started my Chartered Accountancy qualification in 1987, completing it in 1990. We understand the value of money by going through our articleship (a three-year practical training phase for accountants) whereby we learn how to earn money, how we should invest money, how we should use money and how that money should earn money; that is the principle of compounding interest. If you saved money 27 years ago, today that money has been subjected to the compounding effect. Your money is working for you. You are not working for your money.
Are you a spender or a saver?
I am a balanced person. If I am required to spend money, I don’t mind. If I'm not required, then I don’t spend. I don’t go beyond a certain point and kill my desire to save money. But at the same time, I have control over my spending.
How much did you earn in your first job?
If I convert the amount into dirhams you will laugh. I started earning Dh166 a month; my job was to ensure the financial compliance of an oil extraction project. That was my first salary in 1990. In today’s money it would three or four times that.
Do you use a financial adviser here?
I am a chartered accountant myself and my profession provides information to others, so usually I don’t take any advice from anyone.
Where do you invest?
I have 50 per cent of my total savings invested where I don’t need the money for the next five years, like real estate. So I have purchased a few properties in Dubai because I believe in the city. That 50 per cent I don’t need until my retirement. And then for the remaining 50 per cent, half of it I invest in the equity market where I feel there are chances of making more money – so I invest in the local market, and also the UK market, because I feel that the UK is a very transparent and mature market with opportunities. And some, 25 per cent, I prefer to keep liquid. You don’t know when your loved ones will need money.
What’s your most treasured possession?
My house in Downtown Dubai, because we live there. I also have a house in The Meadows that I rent out.
What financial advice would you offer your younger self?
I would say you only live once, so do not save at the cost of killing who you are. Saving will come but you have to focus more on earning the money. You have to improve your skills to make sure you can earn money. Go for the right skills; this is the only way to earn more money. When I came here I realised I had to pursue some international qualifications, so I did that 15 years back, studying for my Certified Public Accountant US in 2002, along with other qualifications, that really helped me think differently in the international market.
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What’s your biggest financial regret?
Losing some money in the equity market in India. I thought I didn’t need the financial advice of an expert. I thought I was right and I lost heavily in the mid-1990s. I invested around Dh27,000 in companies which were not very active, based on the fluctuations on the market, and I thought the companies had given a good return in the past three to six months. I ignored the fundamentals. I ignored their promoters and other liquidity and I lost 90 per cent of my investment.
What did you learn from that?
For the next year I couldn’t bring myself to invest. I started disliking the equity market. I felt it wasn’t for me. Then I realised the mistake was not in the market. I made the mistake. So then I started looking at the market differently and looking at the fundamentals. You have to be risk averse. Don’t pay attention of the gains. Pay attention to the risk. Is my capital at risk? I decided I should not lose what I have. The gains will come if the capital is there. in my early 30s it was difficult to digest that but somehow over the years I realised the risk management is much better than the gain management.
Do you have a financial plan for your future?
I know what I have to do but I do not have a 100 per cent accurate plan. I have a fairly good idea though with some sort of plan but as I am getting older I have to think about my retirement. I now want to focus on that and not play with capital. I won’t get this money back. My earning days are limited, so I am more risk averse now.
When would you say you became financially mature?
When I lost in the market, so five years ago when I was 45.
What happened then?
I realised that we have to have a different asset class to invest in and we have to think on the fundamanentals and don’t get carried away when everybody is investing in the market and volatility is very high. Ignore that. If the market is falling, let it fall. If you feel this is the right time to buy, buy whether the market is up or down. And then sell whenever you feel it is down. And believe in yourself.
Have you ever bought anything on impulse?
Many times. The worst one was a second home I purchased. Real estate moves in a cycle. I purchased and sold in a gap of 18 months and then realised I should have given it more time. It should have been at least four to five years. At the end of the day, the market will be there but the timing may not be right. That’s why I missed it. I purchased early and thought that the market would go up.
Would you say you are good with money now?
I could have been better. I have no regrets, but I feel I need 100 per cent more than I have. Because we need to plan. The market is always volatile and I sometimes feel like I have less money.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Killing of Qassem Suleimani
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
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