Furqan Athar, managing director and partner at development advisory firm McArthur + Company, avoids investing in real estate or the stock market as he believes these asset classes are beyond his control.
Instead, he focuses on growing his wealth by investing in businesses, new ideas and concepts that he can influence.
Mr Athar, a 51-year-old Pakistani national, is also the founder and managing director of Spret Retail.
With a background in finance at companies such as KPMG, PwC, Majid Al Futtaim and Al Futtaim from 1994 to 2008, he has transitioned to entrepreneurship and pursues new ventures.
“I've been dabbling in entrepreneurial businesses, with professional consulting being a mainstay,” he says.
Mr Athar is also the founder of ZOI-ME, which is a preventative and longevity-based health care centre.
He studied at the University of London, the University of Cambridge and Karachi University.
He lives in The Greens, Dubai, and has two daughters, aged 20 and 18, with his ex-wife and a nine-month-old baby with his current wife.
Did wealth feature in your childhood? What did you learn from it?
When I was young, a lot of my peers said they wanted to go to the Moon, be a scientist, a cricketer or a singer. For some reason, I loved saying that I wanted to be a self-made man.
I was intrigued by the autobiographies of successful and self-made people such as Henry Ford and Richard Branson. I always knew that I wanted to stand on my own feet.
I wasn't focused on wealth in the pure sense of the term but more about becoming independent through the generation of new ideas and ventures, and I knew wealth would eventually follow.
How did you first earn? What did your first job pay?
Not even 2,000 Pakistani rupees, which would not even be Dh100 now. That is what an intern at an audit company gets.
This was Ferguson Pakistan, a leading chartered accounting firm, which pays employees a stipend when they start their career, maybe $100 or $200. From there, you work hard as an intern.
You invest in your career in the beginning and then reap the benefits later.
Any early financial jolts?
I always like living on the edge. I'm not talking about being a spendthrift. I don't carry a lot of assets with me and like investing in my businesses.
Whenever I have been able to put in a little bit of extra money, I invest in a business, an idea or a concept. That way, I know the wealth would increase because I'm putting it in a place where it can make more money.
For me, it was all about reinvesting in your ideas or concepts that would eventually become business models.
You take risks because eventually they'll pay off. I've done maybe 15 to 20 businesses in my life. I've closed them down when the time was right because you need to move on.
Whatever business model you have, it needs to evolve and adapt with time, and we better have a new idea ready.
How do you grow your wealth?
By reinvesting in ideas that have a chance of succeeding.
I've never really focused on real estate or stocks because those investments are not in my control.
I like controlling my investments and my decisions. When real estate goes up or down, it is due to everybody else except me. The same applies to stocks, too.
I like controlling my destiny. Therefore, I like investing in my business where wealth will increase because of my efforts.
Are you a spender or a saver?
I'm a spender but more from the point of view of an investment. I invest in my business.
Currently, I don't have a car. I'd rather invest in ZOI-ME, my current business.
I sold my previous business. I bought out about Dh15 million to Dh20 million and invested it all in my new venture.
Have I taken loans? No. I like to put all the money in and give my business a major thrust.
Have you been wise with money?
Talking in hindsight is very easy. I can easily calculate and understand all decisions that were taken at a point in time with the information I have right now.
But at the time I was taking those decisions, I did so based on the best of my ability at that time.
What has been your best investment?
Family, kids and the time spent with them. Also, the investment in my health. I'm 51 right now and I could do a lot of things that my friends and peers can’t.
I don’t think about the monetary value of wealth too much. We don't know the real meaning of wealth.
Wealth means time well spent, whether with family, loved ones, on health, spiritual journey. Everything else comes and goes.
I love doing charity, so one goal is to be able to feed those charities to the level that they require
Furqan Athar,
managing director and partner, McArthur + Company
Any cherished purchases?
I like purchasing things for other people, never for myself. The first car I bought my ex-wife about 10 to 15 years ago, a Land Cruiser, was a cherished purchase because that was a step up for the family.
Another cherished purchase may be a house I bought for my kids. Or a ring I bought for my current wife.
How do you feel about money?
Money is a story that people tell each other because it is the only common denominator between two sides.
People might not speak the same language, not be from the same culture, might have distrust, but money is a common belief.
Any key financial milestones?
Being independent. I started with a bit of debt, then had business partners, and then more and more, you gain control of your life.
People like divesting, but I like controlling. My milestones are when I've been increasingly in control of my businesses, my destiny and my life.
What luxuries are important to you?
Time, freedom of thought and freedom of expressing your opinions to the people around you.
What are your financial goals?
Be independent, put some money aside for my kids and family.
I'm going to work till I die, so it's not about the money I will make. But it's about putting it back into action.
I love doing charity, so one goal is to be able to feed those charities to the level that they require.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
SUE%20GRAY'S%20FINDINGS
%3Cp%3E%22Whatever%20the%20initial%20intent%2C%20what%20took%20place%20at%20many%20of%20these%20gatherings%20and%20the%3Cbr%3Eway%20in%20which%20they%20developed%20was%20not%20in%20line%20with%20Covid%20guidance%20at%20the%20time.%3C%2Fp%3E%0A%3Cp%3E%22Many%20of%20these%20events%20should%20not%20have%20been%20allowed%20to%20happen.%20It%20is%20also%20the%20case%20that%20some%20of%20the%3Cbr%3Emore%20junior%20civil%20servants%20believed%20that%20their%20involvement%20in%20some%20of%20these%20events%20was%20permitted%20given%20the%20attendance%20of%20senior%20leaders.%C2%A0%3C%2Fp%3E%0A%3Cp%3E%22The%20senior%20leadership%20at%20the%20centre%2C%20both%20political%20and%20official%2C%20must%20bear%20responsibility%20for%20this%20culture.%C2%A0%3C%2Fp%3E%0A%3Cp%3E%22I%20found%20that%20some%20staff%20had%20witnessed%20or%20been%20subjected%20to%20behaviours%20at%20work%20which%20they%20had%20felt%20concerned%20about%20but%20at%20times%20felt%20unable%20to%20raise%20properly.%3C%2Fp%3E%0A%3Cp%3E%22I%20was%20made%20aware%20of%20multiple%20examples%20of%20a%20lack%20of%20respect%20and%20poor%20treatment%20of%20security%20and%20cleaning%20staff.%20This%20was%20unacceptable.%22%C2%A0%3C%2Fp%3E%0A
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
More from Rashmee Roshan Lall
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
More from Neighbourhood Watch:
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
UAE currency: the story behind the money in your pockets
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
