Patrick Doyle donates the majority of his earnings to children’s charities.
As chief executive of a goods and service company dedicated to serving embassies, consulates, NGOs and military bases, he believes he is very fortunate and tries to use his income to support the needy.
The 60-year-old Irish national, who has lived in the UAE for the past six years, also invests in property and other companies.
The Dubai resident lives with his wife, an entrepreneur, and their three children, Emily, eight, Eleanor, six, and Olivia, four.
“We've always lived in Arabian Ranches in Dubai but recently sold our house and bought another property in the community, which we are refurbishing. We are renting in Tilal Al Ghaf for a year, while we wait for our house to be ready,” he says.
Mr Doyle left school at 16 and did a diploma at the Chartered Institute of Export and International Trade in the UK.
What was your first job and salary?
My first job as a messenger earned me £40 ($54) a week. I would take documents from my company to other businesses in London or go to shipping lines to pick up packages. I did that for six months and then moved into the office as a junior staffer. That was at the age of 17, and by 21, I was shipping manager of one of the biggest companies in the world.
Tell us about your current role. What is your salary now?
My role is chief executive of a company called International Diplomatic Supplies. We supply duty-free goods, groceries and frozen foods to embassies in 85 countries. My average monthly income is Dh140,000 ($38,121).
I started the company in 1997 in the UK. I was then paying myself £27,000 a year, which is less than what I earn a month now. But my main earning now is the dividend from company profits. I’d prefer not to say how much that is.
Do you have considerable savings?
I wouldn't say I have considerable savings. I have available money and investments in a couple of companies. I've an investment in a UAE-based tea company called BRW Society and own a UK-based non-alcoholic gin company called Sea Arch. My wife also has access to the family money to use for her company, Drink Dry.
We've just invested in an off-plan property in Al Marjan Island, Ras Al Khaimah. So, rather than saving, I tend to put my money into things that might get a return.
What asset classes do you invest in?
I put a lot of money into children's charities. My wife and I always say: “God is watching.” We're very lucky, fortunate in the success we've had, and we try to help children. I'm vice chairman of The Sparkle Foundation, a UAE-based charity, and we, as a company, and my wife and I also support an organisation in Ethiopia called Shamida, which provides daily meals for children and staff at an orphanage and women’s refuge centre in Addis Ababa.
We put amounts of money into it that we've never spent on ourselves.
Have you purchased property here?
We bought a villa in Arabian Ranches for Dh15 million three years ago. With the property market going up, we were able to sell it for Dh25 million, pay off the mortgage and bought another five-bedroom villa for Dh12 million, free of mortgage. We're now putting in a swimming pool, new kitchen, new bathrooms and redesigning it to move there next March.
We also purchased a two-bedroom apartment (with study) in Ras Al Khaimah for Dh3.8 million. I know that Al Marjan Island is going to be an up-and-coming destination and a good investment. It has a very convenient payment plan.
Do you have any debt?
I haven't got any debt. We pay our credit cards in full every month, so we use it as a convenience rather than to run up debt.
Have you ever inherited a sum of money?
We didn't come from money. My father was a bus conductor. When he died, my mother gave me £1,000 that my father had left to give each of his children. She also gave me an emotional letter from him. I kept it in a drawer in an envelope with the letter. We had some decorators come into our UK house. We went away and when we got back, the envelope with the note and the money had been taken. Missing the note really hurt, not the money.
Growing up, were you taught how to handle your finances?
Not at all. There were no finances in my house for anybody to handle. My wife manages money decisions in the family. When I had money, I bought three racehorses. If my wife has money, we invest it wisely and buy properties.
What are your major monthly expenses?
I've got three racehorses in the UK that need to be trained, their medical bills, vet’s bills, that's a big expense. A significant amount of our money goes to the charities we support. Having three children, they always need something, and then the running of the house.
Have you started saving for retirement?
My company is successful, so I can either continue to work beyond 60 or 65 years and earn good dividends or no longer work and still earn dividends. Or I sell the business. Running the company has been the greatest career you could possibly imagine. I've enjoyed it. I've earned a huge amount of money. We also have a house in the UK, so we have assets.
I don't necessarily need to retire. I love my job. So, I could either work for another 10 years or retire tomorrow.
Do you have an emergency fund?
We probably keep about Dh500,000 for emergencies.
What do you spend your disposable income on?
Travel. My wife likes to go shopping and I like to buy her things. Plus, I've three racehorses and they are very expensive. I don't advise anyone to ever buy one.
Do you worry about money?
No, I don't. I worry about other people's lack of money and how I can help them.
What are your financial goals?
My goals are to secure my children’s future. I've a 23-year-old son from my previous marriage. My children would possibly end up being adults in the UK where the housing market is ever more difficult for people to get on to as prices get out of control and bear no relation to salaries.
What is your idea of financial freedom?
What I have now. I've cash, assets and a successful business. I'm very, very fortunate.
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