Entrepreneur Pali Banwait is the cofounder of business-to-business online wholesale marketplace WeMena, a Dubai tech start-up supplying personal protective equipment (PPE), sanitiser and cleaning products among 50,000-plus lines to companies and retailers. The Briton moved to the UAE in early 2018, briefly working with property crowdfunding firm SmartCrowd before helping establish WeMena last August, taking it live in January. Mr Banwait, 39, who also manages a property portfolio in the UK, lives in The Springs, Dubai, with his wife and three-year-old son.
How did your upbringing shape your attitude towards money?
I grew up in a fairly tough London neighbourhood. My attitude is very much linked to my childhood because at the time my father wasn’t around and my mother was, and still is, a carer for the elderly. I went to work as soon as I left school at 16, to be financially independent; I didn’t want to be a burden on the household. I wouldn’t change it for the world. It was the making of me.
Another one of my best investments was to buy Facebook shares in 2012 when they were at around $18-$20.
What was that first job?
I worked full-time with DHL – admin, booking flights, photo-copying – and was paid £230 (Dh1,048) a month. That setting fast-tracked my learning about professional work environments. The internet was emerging and I got into that space. I ended up being webmaster for several intranets by the time I left. It established my skill set, being a web designer/web project manager at a young age. One thing about tech companies/start-ups is this mindset that you have to be a Stanford or Harvard graduate … that’s so far from the truth.
How did you become an entrepreneur?
I’ve been fortunate to have the right mentors. Everyone tells me I had the ability to think outside the box and a lot of line managers encouraged me to explore opportunities. I wanted freedom of expression, to make my own decisions. Eventually, I had enough experience through working for different companies. I started, with my co-founder – still with me today – building e-commerce solutions for small businesses.
What led you to the UAE?
We sold one of our companies in spring 2017, an online ticketing marketplace, around the time my son was born. I wanted a break from entrepreneurial life, time with family. I’d been visiting the UAE since 2000 to see friends and my younger sister in Abu Dhabi. We thought we’d try something new and had no expectations. The first year we just enjoyed the lifestyle. I had things in England I could manage remotely while learning more about this region, looking at opportunities. Essentially there hasn’t been any digitisation of B2B trading in this region. We felt this was something well needed.
What has been your best investment?
One of the best things me and my wife did together was invest in property, apartments in the UK, just after the 2008 financial crisis. That ended up becoming very fruitful. We’ve always thought: ’build our assets up first, then enjoy our lifestyle’. I’m lucky we’re on the same page most of the time. That’s allowed us to take more risk, like coming to Dubai, getting into more opportunities. Another one of my best investments was to buy Facebook shares in 2012 when they were at around $18-$20 (Dh66 – Dh73). I bought because Facebook had nearly one billion users then and even if they monetised just a tiny proportion of that user base Facebook was going to do well. They peaked at over $220 and today it's about $190, but I sold them a long time ago.
Has the Covid-19 pandemic affected your business?
I’ve learnt you should be cost-conscious in good times as well as in bad. We don’t pay office rent; our investors give us free space in Media City. From a business cultural standpoint, nothing’s really changed because we were lean before. With that core value there’s no shock to the system.
But has it altered trade?
There's no activity in one part of the business at the moment – electronics, fast-moving consumer goods and office supplies as most offices are closed, so consumption is not like it was.
But we're selling goods in lots of different categories. That's allowed us to pivot into product lines in demand right now and maintain stability in the business. But we had to build new supply relationships super quick.
On the PPE side, we’re really conscious of making sure our pricing is fair; we’re not concerned about adding a margin at this stage. One of the businesses we sold PPE to is doing a hospital fit out. Also we’re supplying to food plants. We’re doing something quite important for the sector, helping some businesses stay open.
We’re not really that profit conscious at this point in our journey. Our goal is to build a long-term, enduring company.
Are you affected personally?
With the properties, I’m just waiting for a month when no rent comes in because people living there lose their jobs. We’ve always kept a good buffer, but we’re analysing our risks.
With WeMena being a young company, we don’t pay huge salaries in the first place. And eating out less, not going out – you’re saving money straight away. We don’t have a lavish lifestyle. My son goes to school and we’re negotiating the fees.
What is your usual spending and saving outlook?
I’m 50/50. As I’ve got older I've started spending more freely. When I was younger I'd think, ‘I need to get to this milestone’. Ticking off the milestones, I’ve started feeling more relaxed. I’ll probably find a way of using my savings towards a business because I’m quite fidgety, always thinking of a project. It becomes more interesting than seeing money in an account. We do save though and I’m keeping money aside in case I need it for the business.
Have you been wise with your money?
It’s important to build an asset profile from a young age, like committing to that studio apartment to rent out in the future. Income fluctuates, so you need a backup plan. That can be saving a heap of cash or assets to fall back on.
You need a portfolio, but also to think about how much are you investing in yourself. If you’re in business, you turn that into an asset. I’ve also lost money in the past, through personal investments and business ventures. Some worked out, some didn’t. You learn about mistakes and how you’re not going to make them again.
What has been your most cherished purchase?
Buying our family home in Ealing Broadway, by the Central Line in West London. It felt like a coming together of everything I’d been working for. Starting out, it was something I had in mind, so getting to that point was really important.
Does money make you happy?
Of course. Money is an enabler and gives you options. It leads to a level of happiness creation. I spent more money on our honeymoon in the Maldives than the wedding. We’ve done driving holidays through Canada and America. Last year I went trekking in Nepal.
But money’s not the end goal for me professionally, it’s about building things. I like that feeling, confirmation that people like what we’re building. That’s the driver.
Are you planning for the future?
Things change when you have kids. We’re thinking about the life we want our son to have, to make sure we put him through decent education.
I don’t see myself ever completely switching off and retiring. I always want to be involved in things; advising businesses, or some coaching. And I’ve always had a dream of having a nice place on a vineyard one day.
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UAE currency: the story behind the money in your pockets
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The five pillars of Islam
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
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UAE currency: the story behind the money in your pockets
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)
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
The five pillars of Islam
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19
July 29: OTA Gymnasium in Tokyo, Japan
Sep 22-23: LA Convention Centre in Los Angeles, US
Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil
Feb 7-9: Mubadala Arena in Abu Dhabi, UAE
Mar 9-10: Copper Box Arena in London, UK
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
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Racecard
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
