Indian businessman Satish Sanpal, who is the chairman of UAE-based investment firm ANAX Holding, embarked on an acquisition spree during the Covid-19 pandemic, buying land plots and properties in Dubai.
“I studied only till the eighth grade since I started working at the age of 15. I took 50,000 Indian rupees ($597) from my mother to start a grocery store. I sustained that business for two years, but it incurred losses,” he says.
“I then started a stock market business where I introduced customers to brokers for a commission. I came to Dubai in search of new opportunities, realised the city has scope for growth and got involved in multiple businesses.”
Mr Sanpal enjoys hobbies such as collecting art, yachts, rare books and manuscripts and luxury cars.
Did wealth feature in your childhood? What did you learn from it?
Money is very important to me. I have seen many highs and lows, both financially and personally. I have realised that if you have no money, you aren’t valued, so I have learnt to respect money.
How did you first earn?
I have never worked for someone else. I have always run businesses. I sustained a loss in my first business and had to shut down my grocery store. But that’s a good thing since it paved the way for me to be here now.
Any early financial jolts?
I have faced many ups and downs in life. Many people borrowed money from me, but never returned it, both in India and the UAE. But it never stopped me and I have always moved on.
Satish Sanpal does not keep much money handy or in the bank, but instead invests it in assets. Victor Besa / The National
How do you grow your wealth?
I am a risk taker. During the Covid-19 pandemic, I acquired land plots and properties in Dubai taking advantage of the massive reduction in prices. Most of those investments have appreciated 10 times in value today owing to the property boom in Dubai.
The UAE government’s pro-business policies and low taxation have helped me create wealth.
Are you a spender or a saver?
I am a mix of both. I believe in maintaining a fine balance between saving and spending. If I don’t spend money, then how will I be incentivised to earn more?
Have you been wise with money?
I make investments in asset classes I understand. I don’t keep a lot of money handy or in the bank. As soon as I get hold of money, I invest it in assets that bring me returns like properties, luxury watches and jewellery.
What has been your best investment?
My best investment is my under-construction mansion in Dubai Hills, which my wife persuaded me to buy. Its value has appreciated to approximately $100 million. I purchased this during the pandemic, too.
I always think about money and feel very positive about it. I believe that you can’t achieve much without money. It helps me keep my family happy and enables me to provide them with luxuries.
My Bugatti, Rolls Royce Phantom and yacht are cherished purchases
Satish Sanpal, chairman, ANAX Holding
Any financial advice for your younger self?
Maintain discipline in life, that’s crucial. If you are disciplined, you will have health, wealth and prosperity.
What luxuries are important to you?
Living life the way I want to is the most important luxury. This includes getting a nutritionist to live a healthy lifestyle, buying swanky cars, fine clothes or luxury watches, which make me confident and feel good.
What are your financial goals?
I want to be among the top 10 billionaires globally within a decade. I believe in the power of manifestation.
Any key financial milestones?
I have numerous property investments in Dubai and our development company is set to launch four new projects worth Dh3 billion ($0.82 billion) this year. Construction is progressing on the Vento Tower, our first luxury project in Business Bay, Dubai.
Another milestone is starting my real estate business in the UK.
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Countries offering golden visas
UK Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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.
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.
