Gaurav Kumar, who lives in Al Barsha, Dubai, tries to minimise costs wherever possible to increase his savings. Chris Whiteoak / The National
Gaurav Kumar, who lives in Al Barsha, Dubai, tries to minimise costs wherever possible to increase his savings. Chris Whiteoak / The National
Gaurav Kumar, who lives in Al Barsha, Dubai, tries to minimise costs wherever possible to increase his savings. Chris Whiteoak / The National
Gaurav Kumar, who lives in Al Barsha, Dubai, tries to minimise costs wherever possible to increase his savings. Chris Whiteoak / The National

My Dubai Salary: ‘I earn between Dh35,000 and Dh40,000 per month in the payments industry’


Deepthi Nair
  • English
  • Arabic

Gaurav Kumar moved to Dubai from India in 2021 to maximise his savings and benefit from tax-free income.

Although he earned well in India, he had less disposable income to save for his family and his future. After moving to Dubai and despite securing high-paying jobs, he has been living alone to maximise his savings.

Now that he has finished paying off his home loan, Mr Kumar, 42, plans to bring his his mother, wife and two children to live in the UAE.

He works as the head of issuing at a Dubai-based payments company and was formerly employed by another FinTech company in the UAE for more than three years, where the job involved the launch of global payment solutions. He found his current job through a referral.

Mr Kumar, who lives in Al Barsha, was born and raised in the eastern Indian state of Bihar, but had lived in Mumbai since 2006. He completed his master’s degree in management studies from Mumbai University.

What was your first job and salary?

It was with a leading Indian bank as a management trainee and I earned 15,000 Indian rupees ($173) a month.

Tell us about your current role. What is your salary now?

I am a digital payments specialist with expertise in launching payment solutions on a global scale. My focus is on driving cashless transactions through the issuance of various card types and value-added services such as Apple Pay, Google Pay and contactless technology.

On the acceptance side, I have experience with point-of-sale terminals and payment gateways, which are used by major e-commerce platforms like Amazon and Noon.

My current monthly salary is in the range of Dh35,000 to Dh40,000.

Do you have considerable savings?

Yes. I try to minimise costs wherever possible to increase my savings.

What asset classes do you invest in?

I had an Indian home loan that I paid off a couple of months ago. I will actively start investing and creating my portfolio now.

Earlier with my savings, I was focused on paying off my housing loan and investing the rest in stocks and mutual funds.

Have you purchased property in your home country? For how much?

Yes, I own a three-bedroom apartment in Thane, a suburb of Mumbai. It cost me 16.5 million rupees ($200,000).

Gaurav Kumar invests in mutual funds, stocks, exchange-traded funds and a pension scheme. Chris Whiteoak / The National
Gaurav Kumar invests in mutual funds, stocks, exchange-traded funds and a pension scheme. Chris Whiteoak / The National

Do you have any debt?

I have a few credit cards in the UAE and a few in India. I come from a middle-class family, which instilled in me the importance of having zero debt and never going over the budget.

Growing up, were you taught how to handle your finances?

Growing up, my parents always emphasised the importance of saving for rainy days. They used to tell me: “If someone is fishing but not saving any of their catch, it’s as if they aren't fishing at all.” They instilled in me the habit of dividing my income into four key areas:

1. Paying off any debts, if applicable

2. Covering monthly expenses

3. Setting aside an emergency fund for unexpected situations

4. Saving for future goals, such as buying a house, car, or even fulfilling dreams such as travelling to exotic destinations.

What are your major monthly expenses?

In the UAE, it is house rent and monthly utility bills. In India, it is household expenses (such as groceries, house maintenance and utility bills) and children’s education fees.

How do you budget your salary every month?

I create a budget by categorising my expenses into fixed and variable. Fixed expenses include things such as housing rent and utility bills.

Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India
Gaurav Kumar

For variable expenses, I set a specific budget to manage costs such as food and dining. I typically cook at home and only go out occasionally, so my expenses in this area are usually well within the budget I set.

Since I currently live alone, I adjust my monthly budget during family visits, especially during holidays, to ensure they have an enjoyable time in Dubai.

Have you started saving for retirement?

Yes, I have started investing in mutual funds, banking and consumer stocks, exchange-traded funds and a pension scheme. I will increase the monthly savings now that I am debt-free. I plan to retire at 55 and pursue a PhD to take up teaching.

Do you have an emergency fund?

Yes, I have already established a pool fund in India and plan to create one in the UAE as well. Now that I am debt-free, I intend to increase my contributions to both funds.

What do you spend your disposable income on?

Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India. However, any savings, along with my annual bonus and increments, were typically spent on travelling, which is a passion of mine.

I've been fortunate to visit nearly all of the UAE's neighbouring countries, and last year, I finally ticked off my dream destination – Europe.

Do you worry about money?

Not really, as I believe that with proper planning, it should not have a significant impact. I avoid overspending and am quick to adapt to my current circumstances.

What are your best money saving hacks to offset inflation?

Don't spend every penny you earn. Always set aside a portion as an emergency fund to cover unexpected expenses or lean periods. When costs rise or money runs low, adjust accordingly, or dip into the emergency fund as needed.

What are your financial goals?

My short-term goal is to begin building and growing my investment portfolio (while managing expenses for myself and family – including both fixed and for planning for travel), with the aim of achieving my long-term goal: generating passive income through investments in stocks, mutual funds and real estate.

What is your idea of financial freedom?

My goal is to be stress-free and financially self-sufficient, with emergency funds in place to cover day-to-day expenses and be prepared for unexpected situations, such as health issues or other emergencies.

Do you earn passive income?

No, I'm not allowed to have a second source of income due to my company's policy. However, on a voluntary basis, I conduct guest lectures and sessions at colleges and corporates on topics like digital payments (overview and career opportunities), personal branding and corporate expectations.

While I don’t accept payment for these sessions, I am usually offered books or mementos as a gesture of appreciation. I plan to pursue teaching full time once I retire from corporate life.

Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story

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

Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

The specs: 2017 Porsche 718 Cayman

Price, base / as tested Dh222,500 / Dh296,870

Engine 2.0L, flat four-cylinder

Transmission Seven-speed PDK

Power 300hp @ 6,500rpm

Torque 380hp @ 1,950rpm

Fuel economy, combined 6.9L / 100km

Cheeseburger%20ingredients
%3Cp%3EPrice%20for%20a%20single%20burger%20%C2%A30.44%3Cbr%3EPrice%20for%20a%20single%20bun%20%C2%A30.17%3Cbr%3EPrice%20for%20a%20single%20cheese%20slice%20%C2%A30.04%3Cbr%3EPrice%20for%2010g%20Gherkins%20is%20less%20than%20%C2%A30.01%3Cbr%3EPrice%20for%2010g%20ketchup%20is%20less%20than%20%C2%A30.01%20%3Cbr%3EPrice%20for%2010g%20mustard%20is%20less%20than%20%C2%A30.01%3Cbr%3EPrice%20for%2010g%20onions%20is%20less%20than%20%C2%A30.01%3C%2Fp%3E%0A%3Cp%3ETotal%2068p%3C%2Fp%3E%0A%3Cp%3ECredit%3A%20Meal%20Delivery%20Experts%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
GROUPS AND FIXTURES

Group A
UAE, Italy, Japan, Spain

Group B
Egypt, Iran, Mexico, Russia

Tuesday
4.15pm
: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

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

 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
RESULTS

6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)

6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill

7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby

7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer

8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill

8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass

9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby

UAE currency: the story behind the money in your pockets
Updated: January 22, 2025, 4:19 AM`