As a third-generation businessman, Gautam Aggarwal had to undergo a trial by fire on many occasions.
The managing director of Gautam General Trading, a rice trading business, Mr Aggarwal has learnt to never rest on his laurels and get complacent. Instead, he remains laser-focused at work.
Mr Aggarwal, 35, came to the UAE in 2006 from the city of Amritsar, in the north-western Indian state of Punjab.
He completed his bachelor of commerce in finance from the University of Wollongong in Dubai and a leadership certification from IMD Business School, Switzerland.
He joined Gautam General Trading in 2010 as territory sales head and worked as country manager in Nigeria.
From 2013 to 2016, Mr Aggarwal led the company’s African expansion and opened operations in six new countries.
As chief operating officer and head of business development, he spearheaded the Gulf market expansion and also set up new offices in Oman and Mumbai.
Since his appointment as managing director in 2020, his initiatives have included expanding into new markets. These include Saudi Arabia, the Philippines and South Africa, among others.
Mr Aggarwal, who’s passionate about cricket and skiing, lives in Bur Dubai with his parents, wife and six-year-old daughter.
Did wealth feature in your childhood? What did you learn from it?
Being a third-generation business, it's never a straight line up, there's always ups and downs.
When I was born, the family had a lot of wealth and properties, but there were some liabilities, too. There was wealth, but we weren't in the upward cycle then.
I learnt that it's very important to be humble, hardworking and be focused at work. When the company starts doing well, a lot of people – even when they're humble and hardworking – lose focus, and that's when the business performs poorly.
All these three aspects are important in life for everyone and to grow business and wealth.
How did you first earn? What did your first job pay?
My first job was a part-time internship at university. I did two internships. One was at Gitex and the second was online marketplace Tejari, which paid me about Dh3,500 ($953) a month for up to 30 hours. Gitex paid Dh5,000 for four days of work.
Any early financial jolts?
I joined the business in 2010, and in 2012 we had a lot of losses. The strategy was not correct and we lost focus. It was almost coming to a point where we might have had to close the company and maybe pivot to India. It was very stressful.
It taught me to never give up and how to handle stress at work. It also taught me to differentiate between loyal and disloyal friends and team members. It made me very strong, resilient and value success even more.
It enabled me to focus a lot on my business and life, even when I'm doing well, and not be complacent.
How do you grow your wealth?
We, as a family and me personally, are doing very well. We have a substantial investment account. We work with credible advisers to grow our wealth in the investment account.
We started withdrawing dividends from the business a few years ago only. A majority of money still lies in cash, but we have invested in fixed income, which means bonds, and alternatives like private equity and private credit.
We would like to invest more in equities. Since the stock market is high right now, we are happy to keep it in cash and receive 5 per cent to 5.5 per cent returns each year until the Fed drops interest rates.
The second way to grow wealth is by growing the business. Most wealth of family businesses would lie in their business itself. Probably 80 per cent of our wealth would come from our businesses, 10 per cent to 20 per cent would be sitting outside, maybe in investment accounts or properties.
The third way is by controlling your urges. Sometimes you want to buy a fancy car or explore places. Controlling those urges helps grow your wealth.
Are you a spender or a saver?
I'm a big saver, right from my childhood. I remember I had half a million Emirates Skywards miles before Covid. I would travel a lot, but I would not use these miles. So, I've always tried to save, not just money, but other things as well.
I'm happy to have achieved the milestone of an eight-figure investment account
Gautam Aggarwal,
managing director, Gautam General Trading
Have you been wise with money?
Yes, but I wish I would have spent a little bit more in my 20s. I did not spend as much as I could have.
What has been your best investment?
We bought a villa in 2018 in Emirates Hills, Dubai. We put a substantial amount of money in renovation. But after the villa was renovated in 2021, we felt that the family's requirements had changed.
The market was good and we were able to sell the villa for a very good profit. This was one of our best investments.
Any cherished purchases?
I've a couple of watches that I love and wear every day – two Rolexes and a Patek Philippe.
Apart from that, I love my Tesla car. Its autopilot feature is good for Dubai traffic and you can put the AC on in advance, especially during summer.
I love cars and watches. I had a Porsche 911, which I sold last year. I'm looking to buy a sports car soon.
Any key financial milestones?
I've had an objective since I joined the company to have some money as reserves, separate from business. We have it now with an eight-figure investment account. I hope that I can grow it to a nine-figure investment account in a couple of years.
What luxuries are important to you?
I like splurging on travel as it rejuvenates me. Being able to afford the best health care is very important. Whenever I or anyone in my family fall sick, I would like them to get the best health care, whether it's in the UAE or elsewhere.
Also, the freedom to pursue passions is a luxury I cherish.
What are your financial goals?
We are very happy with the state of our finances today, but we want to grow it further.
How do you feel about money?
Money is important, but it's one of the multiple facets of life. Health, relationships with family and friends are important. So is having fun at sports.
If you're not able to afford good education for your kids, food on your plate, shelter or clothing, then money is the only important thing in life.
Once you cross the middle-class life, I think money is not super important for happiness. It's important to be more balanced about life.
Beyond the middle-class or upper-middle class life, all that money does is provide you a sense of entitlement and ego satisfaction.
In my state today, I don't think money is very important. But when you're working hard, money always becomes one thing that you keep running after, but I tell myself not to do it.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
THE%20SPECS
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Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Read more about the coronavirus
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%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Why the Tourist Club?
Originally, The Club (which many people chose to call the “British Club”) was the only place where one could use the beach with changing rooms and a shower, and get refreshments.
In the early 1970s, the Government of Abu Dhabi wanted to give more people a place to get together on the beach, with some facilities for children. The place chosen was where the annual boat race was held, which Sheikh Zayed always attended and which brought crowds of locals and expatriates to the stretch of beach to the left of Le Méridien and the Marina.
It started with a round two-storey building, erected in about two weeks by Orient Contracting for Sheikh Zayed to use at one these races. Soon many facilities were planned and built, and members were invited to join.
Why it was called “Nadi Al Siyahi” is beyond me. But it is likely that one wanted to convey the idea that this was open to all comers. Because there was no danger of encountering alcohol on the premises, unlike at The Club, it was a place in particular for the many Arab expatriate civil servants to join. Initially the fees were very low and membership was offered free to many people, too.
Eventually there was a skating rink, bowling and many other amusements.
Frauke Heard-Bey is a historian and has lived in Abu Dhabi since 1968.
UAE currency: the story behind the money in your pockets
BLACK%20ADAM
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jaume%20Collet-Serra%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Dwayne%20Johnson%2C%20Sarah%20Shahi%2C%20Viola%20Davis%2C%20Pierce%20Brosnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
RESULTS
ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6
WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4
ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
