Cooking is and always will be a hobby for me. Luckily my passion for food, cooking and anything culinary has manifested into a sustainable career with a decent income, allowing me to continue to combine my life and career into something I love - working with food.
At 50, I am pleased with the direction my career has taken, especially after my move to the UAE almost four years ago. My live cooking show, Ma Osama Atyab, which means It's more Delicious with Osama, airs daily to millions of viewers on Dubai TV and is going from strength to strength as it develops and grows. Although I have produced my own cookery shows via satellite TV in the US since 1991, my venture with Dubai TV gives me an opportunity to interact directly with my audience and to further my passion for great food.
I was born in 1956 in Cairo, Egypt, and although my mother had a huge influence on nurturing my passion for food, it was my father who taught me to understand the meaning of money. After his death, when I was 11, I realised that he never really cared that much for money and he always viewed it as more of a necessity rather than life's ultimate goal. This ethos has stayed with me throughout my life, and although my career has led to a financially comfortable life, I truly believe that money is just a facilitator and shouldn't be treated as a false god.
EL Sage Associates, my culinary consultancy firm operating out of the US, has been serving the international culinary industry since 1988 and now has operations through the world including catering and publishing. Having my own business has taught me how to manage my money in both a business sense and on a personal level.
For example, having an accountant to take care of my company taxes has been a huge eye-opener and guides me through my finances as well.
As a chef, I try and use my culinary knowledge to reduce my personal food bills. The UAE can be very expensive, and whether you prefer to eat in or dine out it helps to keep a strict eye on how much you spend. My best advice for shopping is to buy seasonal, local produce sold at competitive prices rather than premium products imported from the other side of the world. Always look for the sales isle in your local supermarket, as there are plenty of bulk items that come at bargain price.
As part of my the development of my TV show I need to keep abreast of all the latest culinary developments, and although I love dining out two or three times a week I always try to keep an eye on the price tag. If I am going out for a treat or a special occasion, the best way to keep your food bill from spiralling is to study the menu with care. Don't always rely on the most expensive dish to be the best choice, as you are likely to find that something half the price is just as appetising.
In the light of the economic situation I have come up with the "Credit Crunch Lunch", an easy way to ease the burden on the wallet. As long as you store your food properly you can use your leftovers to create a tasty lunch. Another fantastic way to stop overspending on unnecessary items is to always keep a small piece of paper attached to the fridge which allows you to keep an inventory of everything you need to replace when you go shopping.
The biggest pitfall in my finances has been the mismanagement of credit cards in my younger years. As a result I haven't had a credit card for over 20 years, as I prefer not to take the risk of getting into any more unnecessary debt. My philosophy is that if I can't afford to pay for something I don't really need it anyway.
My career and my children's education is my biggest investment. Adam, 23, and Omar, 21, are both studying at George Mason University in Virginia, and Sarah, who is still in high school, all require my financial support. My monthly savings are very much dependent on my day-to-day situation, as something requiring an unexpected financial injection seems to crop up on a daily basis.
I do, however, have a 401k retirement plan in the US, which is a company sponsored tax-deductible retirement fund, but with the crisis in the world's financial sector, I have seen my fund reduced to a mere third of what it was a few years ago. These days I tend to view the increasing cost of living as more of a personal challenge than an impediment. My main concern as a professional is that I maintain a high standard of quality with my cooking at all times, and I truly believe that if you concentrate on putting your pennies in the right direction and always think carefully before you spend, you can make the necessary savings.
* As told to Inga Stevens
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Real estate tokenisation project
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.
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
SPECS
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Race%20card
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COMPANY%20PROFILE
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The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The%20specs
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
PRIMERA LIGA FIXTURES
All times UAE ( 4 GMT)
Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)
Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)
Monday
Real Betis v Levante (11.pm)
Everybody%20Loves%20Touda
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nabil%20Ayouch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nisrin%20Erradi%2C%20Joud%20Chamihy%2C%20Jalila%20Talemsi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
