Restaurant supervisor Ralph Joseph Cruz is quick to admit that he wasn’t always as smart with money as he is now.
The Filipino father of one was meeting his remittance obligations to his family, sending cash to cover their living expenses while he worked in Dubai.
“But I didn’t know how to manage money properly,” says Mr Cruz, 37.
He devoted much of what was left of his salary to going out.
“I was thinking, as long as I send money to my wife, that’s OK.”
But his attitude changed when he started working for seafood restaurant chain Off The Hook in 2017. Mr Cruz realised he could do more, including saving for his 12-year-old son’s future.
With nine branches across the UAE, the company provides financial literacy mentoring to its 90 staff to help them better manage their earnings.
Mr Cruz, who is based at the restaurant's Port Saeed branch in Deira, first arrived in Abu Dhabi from his country in 2014.
“In the Philippines, you cannot earn as much, but I have to think about my son's future, so that is why I am here,” Mr Cruz says.
“Before, I was sending money to my wife and my son; just giving them enough for basic needs.
“Once I sent it, I would do whatever I wanted; [I thought] I had done my duty … now it's not like that.”
I didn’t know how to manage money properly. I was thinking, as long as I send money to my wife, that’s okay
Ralph Joseph Cruz,
restaurant supervisor, Off The Hook
Along with his colleagues, Mr Cruz has been encouraged to review his spending habits and financial options by his boss Rolly Brucales, the restaurant chain’s managing director.
Mr Brucales, who is also from the Philippines, wants his employees to feel like part of a family and to be empowered with better money management skills.
An accountant by profession, Mr Brucales, 46, has made it his mission to provide financial literacy skills to the restaurant chain's staff.
During the Covid-19 pandemic, the company has invited motivational speakers to inspire staff.
None of the restaurant's employees have been laid off despite the global health crisis. Instead, Off The Hook has added four branches.
The financial literacy process for the restaurant's employees usually begins with an Excel sheet to illustrate expenditure and potential improvements or cost savings, Mr Brucales says.
Lessons include insights into investing in the stock market and mutual funds, with advice from Mr Brucales, friends and associates through group presentations, over a coffee or Zoom chats.
Mr Brucales, a father of three who is based in Abu Dhabi, says there is a tendency for some of his countrymen to spend on “food and glam” while they are in the UAE.
In some cases, they return to the Philippines with little to show for their time abroad, he adds.
He wanted to “change their direction” and how they were using their earnings – and he realised he could do that through his organisation as it grew.
“It was my goal and that of the partners, so that once the employees go back, if they leave the company, they are educated on how to handle money,” he says.
“In our community, many are living like millionaires here, buying stuff they don’t need," says Mr Brucales.
But they go back to the Philippines without having acquired any property or investments and end up working again, he says.
“We need to remind them, what is the big ‘why’ you are here … for your family. They can then educate their family members [who are receiving remittances] as well.”
It is easy to earn money, but keeping hold of and growing it can be challenging for some
Rolly Brucales,
managing director, Off The Hook
Mr Brucales, who hosts monthly meetings at each branch, says it is “easy to earn the money”, but keeping hold of and growing it is challenging for some.
Among his tips is retaining 30 per cent for investing, with the rest of the salary earmarked for living expenses and remittances. It is also important to identify the investment purpose – such as funding retirement or education costs – alongside investment risks.
“The secret is to list expenses on a monthly basis; based on that, you know where your money goes,” Mr Brucales says.
“You have to study what you are going into with any investment. The analysis is very important and part of our learning … what is a mutual fund, the stock market.”
Initially, however, the task might be as simple as helping an employee open the right type of account in the Philippines, through which they can then feed their investment vehicles.
Mary Ann Capistrano, a recently promoted branch manager after almost four years with Off The Hook, admits she wasn’t a “good saver” before leaving the Philippines, where she worked as a cashier and server.
“My family didn’t obligate me to give them money,” says Ms Capistrano, who is single.
“But my aunty who asked me to come here has gone back to the Philippines for good, so I’m [now] the breadwinner.”
Financial mentoring taught her how to do more with her dirhams, and helped her to focus on achieving her goals, she says.
“I got to understand why I should save for myself and why I need to invest,” says Ms Capistrano, who previously sent her entire salary to the Philippines for her mother and grandmother, who requires medication.
Now, she budgets more effectively and is saving towards renovating the family home, as well as buying her own place for when she starts a family.
Ms Capistrano says Mr Brucales enabled her to have greater financial discipline and strategy, although she was already frugal with her personal spending to the extent she didn’t host a party for her recent 30th birthday.
She now feels more confident about her future.
“My focus before was my family, but since the literacy [lessons] I got to save for myself, while sending money for my family,” she says.
Ms Capistrano is also planning to invest in Off The Hook through the company's incentive programme that enables staff to become shareholders.
Employees are regularly designated an incentive amount when their branch meets targets – they have the opportunity to take that as cash or invest into the business, for which they receive dividends.
I got to understand why I should save for myself and why I need to invest
Mary Ann Capistrano,
branch manager, Off The Hook
“It’s like they own it,” says Mr Brucales, who sees the scheme as a great way to reward employees while galvanising loyalty with a tangible investment.
“We set a target at every branch. Most of the time, they hit the target and they get a percentage out of it,” he explains.
“We want to innovate the way we are managing and the people behind that success [with] the same vision.”
The brand, which is popular among Emiratis as well as Filipinos and other nationalities, has three branches in Dubai, five in Abu Dhabi and one in Al Ain. Franchised outlets are set to follow in Sharjah, Ras Al Khaimah and other GCC countries.
Mr Brucales, the son of merchant parents who operate a meat stall, moved to the UAE in 2004.
Initially trading supplies for an Abu Dhabi medical company, Mr Brucales began selling Philippine real estate to GCC-based Filipinos seeking long-term investments, and opened a tailoring shop to feed his entrepreneurial appetite.
He and six business partners, including his wife Angie, opened their first Off The Hook restaurant in 2016 in Abu Dhabi.
Mr Brucales cites his successful business journey from “humble beginnings” as inspiration for mentoring employees.
“I’ve taken a mission in life to empower not just my staff, but everyone about financial literacy so they can consciously achieve financial freedom,” he says.
“I walk the talk. I want everyone to go home with money and investments.”
That includes Mr Cruz, who has set funding his son's education as his financial target.
Having reduced personal spending, including nightlife outgoings, he is saving more for his family’s future beyond their everyday needs.
He has created an account to fund a college education and is also investing in Off The Hook.
“With financial literacy, I started thinking more long term … I have to have a target [and] I now have a goal,” Mr Cruz adds.
Providing financial literacy support to staff is becoming more common among companies, Carol Glynn, founder of Conscious Finance Coaching, says.
“Improved employee financial literary is beneficial to employers as studies show finance-related stress causes reduced productivity and increased absenteeism,” Ms Glynn says.
“According to USA Today, companies that invest in financial literacy or wellness programmes for their employees achieve on average a 300 per cent return on their investment through a happier, more present and productive workforce.
“And this applies to individuals of all salary levels … the lack of money management skills or education is a problem across all income levels and industries.”
However, it is important to ensure employees understand the risk and conditions of buying shares specifically in the company they work for, Ms Glynn says.
The pandemic was a wake-up call for all to save money and a child’s college graduation or an apartment can be the tangible result of an employee's UAE labour, Mr Brucales says.
“It’s a success story for the brand as well, seeing your organisation and staff financially stable,” Mr Brucales adds.
“We’ll make sure they take home more of their money, because the success of the brand is coming from them as well.
“Sometimes, other employers forget that.”
Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
Urawa Antonio 18’, 60’, Kashiwagi 26’
UAE currency: the story behind the money in your pockets
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
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 Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
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Canada
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BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
COMPANY%20PROFILE
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