Lawyer Riccardo Denaro, 34, is an associate with Italian firm BonelliErede in Dubai.
Mr Denaro initially intended to be in the Emirates for a few months to run a special project with a new client. However, he has stayed for three years, reinforcing his business attitude as well as legal skills.
Mr Denaro lives in Business Bay and is a keen athlete who devotes his downtime and funds to cycling and triathlons.
Last year, Mr Denaro and two friends invested in The Fleece Milano, an e-commerce venture offering quality Italian-made menswear and sartorial face masks.
Did you experience money and aspiration growing up?
I was born in Sicily and at 14 moved to Milan where my mother created her own company, training employees in health and safety. My father became a lawyer for some banks and insurance companies, but came from a very modest family. My grandfather used to be in a workshop and so my father is the definition of a self-made man, an inspiration for me. He managed to evolve from that kind of situation to a high/middle class level where I didn't have to worry about anything. He's always been ambitious with a great sense of duty. It's something I got from him.
What was your savings outlook?
When I was a child and used to get money from my father, my mother or grandmother, I used to save. I could have probably gone and spent it on toys and things that I liked, but I had that mindset at the beginning. When you don't have that much money, whatever you don't spend you just keep for rainy days.
Has that attitude evolved?
When you start to grow up and have room to manoeuvre and some additional resources coming in and, as I did, start seeing different economic environments, different countries and the approach they have towards money, it made me significantly change my attitude.
Now, I'm much more keen on investing my money. If there are good opportunities, if I hear of something I'm interested in, I am eager to look into it, whereas before I would have probably let it slip.
How did law take you to the UAE?
I was doing another project for our office in Barcelona. It's an opportunity that they gave to expand your network, to see also another kind of legal environment, which was nice also from a personal perspective. I was about to end that experience and head back to Milan but received a call from the managing partner of the recently opened Dubai office. I love to travel, know different places, different people and cultures.
How do you grow your wealth?
I have a personal financial adviser. We agree a strategy together and it's a balanced mix between bonds, less aggressive investments and more aggressive investments like shares, investment funds. And I've started with cryptocurrency. I’m always trying to find the right balance because it's not something that I can really look after. I'm a person who likes to know what he's doing, so I'm not just saying, “Here's my money, make something out of it”. I try to find time to understand, but when you go on the risky side you have to keep monitoring and controlling and with the job that I do, this is not possible. It's all about the right compromise.
Do you have a favourite investment?
The investment I care the most about is probably Fleece Milano, with two of my dearest friends. We're trying to make it grow together. It's an entrepreneurial adventure, it's also the passion that we have for quality garments made in Italy. I'm actively involved in strategic decisions.
We got the sartorial face masks (included) because we had a nice business plan, nice collection … and the pandemic came, then lockdown. We were tired of wearing ugly masks and came up with this, made out of suit fabric. We ended up selling thousands of them.
What is your most cherished purchase?
My bike. It’s an Argon 18, Model E119 Tri. This one is not crazy expensive, probably around €7,000 ($8,116). What worries me the most is my next purchase because it (cycling) is becoming more serious. I'm very affectionate towards my bike, but I'm wondering whether, if I have to upgrade, it's not going to be painless.
I was a probably a casual saver before, just because it was the easiest thing to do
Riccardo Denaro
Does money make you happy?
Not money itself. It's probably what it allows me to get; to travel, see new places. But money itself, just earning money, having it in the bank, is not my main concern.
I was probably a casual saver before, just because it was the easiest thing to do. Now I’m converting my mentality because it makes sense to make some profit out of what you've got, but it's not what makes me happy.
So earning isn't a motivation?
Not money. It's more the work, from a professional perspective, it's ambition, finding something that is challenging, both professional and personal-wise. Pushing my limits and having a good sense of duty. I am a perfectionist, very demanding with myself. Whatever I do, I try to do the best that I can. I don't give myself any particular discount. It's more than about money, it's about being focused and achieving important results.
Are you wise with money?
I would say yes. I tend to avoid superfluous things. I've never been spoiled with buying anything that I see or that I want. If it's something I need, I'll buy it. If I see something that I like every now and then, I'll make a present to myself, but I don't have a lot of time to go shopping. Between training and working, my days get used up pretty fast. I'm a very rational person. Whatever I do, I think at least twice, I do my homework.
Has the pandemic taught you anything financially?
I'm not a frivolous spender. I know what I can spend, I don't go over that. So when the pandemic came, I was not particularly worried. Also, I consulted with my financial adviser. The market is driven by so many factors, you have cycles, so if something unexpected like this is coming, you don't have to lose your mind, maybe re-work your strategy, re-work the term of your investment, diversify the risk. What I've learnt is that you don't have to panic, you have to think rationally. There was a great climb again in the market. You just have to stay informed and avoid instinctive behaviour when it comes to money and investments.
What are you happiest spending on?
I am always happy to spend on travelling, and travelling also for concerts and sports events. I've been in Sheffield three times for the World Snooker Championship. Mark Knopfler is probably my favourite living artist. I've seen him from Krakow to Minneapolis to Glasgow to London, everywhere.
Do you plan for retirement?
That's a question I've started posing to myself in the past year. In Italy, there is a retirement plan if you are working and producing in Italy. I was paying towards that. I prefer now to save and invest rather than think about a classic retirement plan. I'll see how it plays out for the next couple of years and then probably recalibrate my financial and investment situation accordingly.
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
More from Rashmee Roshan Lall
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
