Hasan Al Fardan, an Emirati national and chief executive of money transfer company Al Fardan Exchange, believes it is his responsibility to sustainably manage his legacy family business wealth for future generations. His understanding of money has been shaped by older generations of his family, who endured hardships and challenges in creating wealth.
Born and raised in Abu Dhabi, Mr Al Fardan, 38, held important positions at the sovereign wealth fund Abu Dhabi Investment Authority (Adia), gaining experience in investment strategy and financial management during a six-and-half year stint.
“The amount of effort that Adia puts into training every UAE national is remarkable. I wouldn't be able to do what I'm doing today for my family if I’d not spent my time with Adia,” he says.
Mr Al Fardan also serves on the executive board of the Emirates Family Office Association and is a board member of the UAE's Foreign Exchange and Remittance Group, where he heads the FinTech subcommittee. In addition, he serves as a director of Ajyad Capital, a Bahraini investment firm, and is a supervisory board member at Evocabank, an Armenian bank.
He holds a master’s degree in real estate, finance and investment from the Henley Business School at the University of Reading in the UK. He lives with his family in Abu Dhabi.
Did wealth feature in your childhood?
Most of my experience or knowledge around wealth has come from my grandfather, my father and my extended family. I have listened to how my grandfather and the older generation experienced difficulties and hardships. It was not so long ago that people had to struggle to make ends meet prior to the advent of oil.
The driving engine of our economy was natural pearls. My grandfather and his family have been renowned for pearling for the last 200-plus years in the region. While we live in a degree of comfort, they've been through very difficult times and challenges to be able to have the wealth that they managed to build. As the younger generation, we have the responsibility to preserve that heritage and legacy.
Did you face any early financial jolts?
Prior to working for any kind of financial reward, we perhaps took certain things for granted. When I started working for Adia, I started to value the effort that goes into building wealth. Also, listening to my grandfather and the older generations talk of how things were not readily available helped frame my knowledge and appreciation for wealth.
My family has been quite focused on charitable work. When you see how difficult it is to generate money, you make a choice to spend a part of it on yourself and put the excess back into the community to help those in need.
I've learnt to view money as an enabler. Yes, you can buy things and have experiences by virtue of having access to wealth. But what's also rewarding is redistributing money within the economy by assisting people with financial and medical needs. It's far more rewarding than spending it on things that are perishable.
How do you grow your wealth?
There are two fundamental ways in which you can grow your wealth. You must take focused bets and specialise in one area or a few subsets of businesses and then grow those. You can either do that as a business operator yourself, or by investing in areas with significant growth potential.
Creating wealth is one challenge, and preserving it is another. There is some family involvement in our business. But it's important that when the business reaches a degree of maturity, you start to institutionalise it and treat it as if you don't own it. We apply the same mindset to money. It's technically your wealth, but if you start to treat it like you don't own it and set limits around it, you become disciplined. You'll be surprised by your ability to maintain wealth, develop and grow it.
Are you a spender or a saver?
I like to have a balanced approach to managing wealth. I think it's important to put money aside for a rainy day and to consistently reinvest this money. Keeping money idle is not necessarily the right thing to do for growth. You want to consistently take some element of risk, which depends on your individual risk appetite.
What has been your best investment?
My best investment is in my education and personal development. I can talk at length about what investments were right and wrong for us, but the one thing that has stood the test of time is the good lessons I've taken from being around individuals with significant amount of experience and exposing myself to various businesses and investments.
Also, the amount of time that I've invested in myself by attending courses, reading books and engaging with foundations and charities has had a positive impact on developing myself.
Any cherished purchases?
With my first salary, I bought a pair of nice shoes that I've kept for memorabilia. There’s something special about getting that first paycheque. I still have that pair of shoes. I'm not getting rid of those anytime soon.
What are your financial goals?
To continue to develop our family business and our capabilities in a sustainable way. Coming from a legacy family business, we want growth, but it must be sustainable for subsequent generations. I'm not just working for myself. I'm working for future generations of the family. What I do today has to position the family business and the family's wealth to be sustainable for my kids and their kids, and so on.
What luxuries are important to you?
Time with my family. I can't think of a luxury that outweighs it.
How do you feel about money?
Money needs to be respected, irrespective of the quantum. If you have good saving habits and invest prudently, but with a little bit of risk, generally, it will serve you well.
Sholto Byrnes on Myanmar politics
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Malin Cilic (CRO) v Benoit Paire (FRA) [8]
Not before 4pm:
Dan Evans (GBR) v Fabio Fogini (ITA) [4]
Not before 7pm:
Pablo Carreno Busta (SPA) v Stefanos Tsitsipas (GRE) [2]
Roberto Bautista Agut (SPA) [5] v Jan-Lennard Struff (GER)
Court One
Starting at 2pm
Prajnesh Gunneswaran (IND) v Dennis Novak (AUT)
Joao Sousa (POR) v Filip Krajinovic (SRB)
Not before 5pm:
Rajeev Ram (USA) and Joe Salisbury (GBR) [1] v Marin Cilic v Novak Djokovic (SRB)
Nikoloz Basilashvili v Ricardas Berankis (LTU)
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
How to help
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
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
