Money & Me: ‘Buying my first home in Dubai at the age of 27 was a milestone’

Anand Kumar, a second-generation Indian businessman in the UAE, considers buying his first property at the age of 27 in Dubai’s Studio City as a financial milestone.

The managing director of family business Abra, Mr Kumar, 35, was born and raised in the Emirates. The company deals in luxury retail fit-outs, pop-ups and travel retail. It has been based in Dubai since 1992, expanded into Saudi Arabia in 2023 and caters mostly to the Gulf and Africa markets.

Mr Kumar’s journey with the family business began as an intern at the age of 21 and he worked his way up through roles such as sales and marketing, director of business development and projects, and executive director. Today, he leads a team of more than 400.

He holds a bachelor’s degree in commerce from the University of Wollongong in Dubai, executive leadership certification from the Indian Institute of Management, Ahmedabad, and an event management diploma from the UAE.

Mr Kumar and his wife currently rent a home in Dubai’s Damac Hills, but plan to move to their own property in Al Furjan soon. His parents and sister also live in Dubai.

Did wealth feature in your childhood? What did you learn from it?

Hard work and the importance of earning a living were significant parts of my upbringing. Both my parents worked full-time during my early years, and when I was around four years old, my father ventured into starting this business, while my mother stopped working to focus on managing the house full time.

I learnt that having money is important for survival and to improve your lifestyle and comforts.

How did you first earn?

My first income was from temporary event work in 2008 while I was still pursuing a degree and a diploma in event management, which opened up opportunities to work with various companies in Dubai. Depending on the nature and duration of work, I was paid Dh30 ($8.1) for an hour, which could go up to Dh50, and if it was longer duration work, say for a month, then it could be like Dh3,000 to Dh4,000.

Any early financial jolts?

No major setback, but when I joined the family business in 2008, it was a challenging period. There were tight cash flows, so ensuring staff salaries were paid on time while maintaining household expenses taught me the importance of creating financial reserves to make sure we were comfortable to weather any downturns.

How do you grow your wealth?

It is primarily through reinvesting in the business, along with a few real estate investments in the UAE and some structured financial products that offer long-term returns. I have an adviser who reviews my investment portfolio on a periodic basis.

Are you a spender or a saver?

I describe myself as a saver shaped by my middle-class upbringing which instilled the importance of saving. But I don't shy away from spending on luxuries like holidays, dining out and family.

Have you been wise with money?

You live and learn. I've been diligent about saving money. When it comes to making sure money is growing year on year, it’s about balancing growth and risk. I'm still working on mastering it.

What has been your best investment?

My best and largest investment in terms of time and money has been the family business, and then real estate. The house in Al Furjan, and a couple of other real estate investments, which I hope to resell or rent in the future, count among my best investments.

Any cherished purchases?

The property in Al Furjan would be a cherished purchase in the long term, while other purchases like cars, bikes and holidays provide momentary joy.

How do you feel about money?

It’s a necessity for survival and managing it well allows you to thrive. It gives you the ability to do things that you aspire to. So, it offers a desired standard of living and access to travel, learning and experiences. These are some of the things that I prioritise.

Any financial advice for your younger self?

Start investing small amounts in long-term assets as early as possible and build on it as your income grows. At the same time you enjoy life, also invest at every stage. Also, to make sure my income meets my needs, enables me to invest in my growth, and spend on my family.

Any financial milestones?

Buying my first car, owning my first home and financing my own travel experiences are milestones. My first home purchase was an investment property in Dubai Studio City when I was 27 and my first car was a Honda Civic.

What luxuries are important to you?

Good food, restful sleep, quality time with family and friends, learning and exploring new cities are luxuries I value.

What are your financial goals?

To secure long-term financial stability through a diversified portfolio, ensuring a high quality of life for my family and myself, while also contributing to society. Right now, the diversification comes from our family business, real estate and some structured investments. I’d like to increase the pool of diversification, so maybe have multiple businesses, other structured investments and property in other locations.