Hasib Khan is the founder and chief executive of Udrive, a pay-as-you-drive car rental platform.
Born in Kabul and raised in Germany, he moved to Dubai in 2011 from where he ran a large logistics business servicing troops and other international organisations in Afghanistan before launching a UAE car rental firm five years ago.
Mr Khan started his first business as a teenager, following his passion for cars by selling pre-used vehicles online. Now aged 30, he lives in Jumeirah Beach Residence, Dubai.
How did your upbringing shape your attitude towards money?
My family moved to Germany when I was around one. The war in Afghanistan made us flee, as refugees. My father started to build his own business. He had to start again from zero and was a big inspiration. I was always looking up to him, seeing how he managed, built his businesses and made money. Money was a struggle at the beginning. We had really tough times and always had to think twice when we were buying something. As a child, I received everything I needed, but always saw the pressure was there, someone needed to go and make the money. I was looking to one day start my own thing, to build something independently.
How did you earn your first income?
My father had supermarkets in Hamburg and needed branding, signs. I was designing them on the computer when I was 13. I taught myself the skills, was the technical guy for him, and got my pocket money, €20 to €30 (Dh89-Dh133) a week. That had a big effect on me; I got a task, I was always very motivated to deliver.
My first salaried job was my own. I always had this interest for cars. I sold them on the internet aged 15/16. My dad gave me €5,000 to get my first cars, I bought two and sold them for profit. Then I registered the business under my mum’s name as I was too young, bought cars, sold them … some made no profit or a loss. I realised very early that this world is not only about profit. At 18, I had a big, professional car dealership.
What prompted you to launch Udrive?
I had this huge business in Afghanistan and management office in Dubai. I was 23/24 and started a car rental company. It led me to a point where I had almost 100 cars, doing longer-term rentals. One day, one of my employees needed to do stuff, but we didn’t have cars available. I realised how inconvenient car rental was and needed to be digitalised. I thought about options available in Germany – car-sharing companies – and started a conversation with a technology provider. I equipped 35 cars and in March 2016, we registered 2,500 people on the first day.
Can Udrive save people money?
It saves people a lot, either daily or a couple of minutes, whatever you want to use it for. Dubai Marina to the airport … you save more than 50 per cent compared with all other options. When you reach a certain amount in the day, depending on each car, you don’t pay any more and the car is yours for the whole day.
Start-ups is something I like to work on. In business, I am risky
What is your outlook on spending and saving?
I’m a spender. If I have the choice between two jackets, I’d rather take the one with the quality, spend more and work more for it rather than saving by taking the other one. I look for value in everything I do.
How do you save?
I’m very focused on property; apartments in Dubai and in Germany, commercial buildings, apartments and houses. It’s stable, your fortune is safe and it gives some return. I have tried stocks and shares, not had a good experience. I don’t have the patience. Day trading is gambling – you can’t influence it, you just see the facts and numbers and hope for the best.
Are you risk-averse?
I look for security for part of my investments. The other part I like to work with, to try things out. Start-ups is something I like to work on. In business, I am risky. You can only lose if you try, if you don’t try, you have lost already. I wouldn’t say I’ve made bad investments; I paid a lot to learn. That’s not going to end any time in life.
Do you have a philosophy on money?
I don’t make money myself, I solve people’s problems and then I get paid for it. I don’t sell anything. Hard work and dedication, and not giving up is the key to success … and that brings you money.
What I would advise everyone with money is don’t set yourself standards you wouldn’t be able to maintain for too long when you get hit hard one day and can’t live the same way.
Are you wealthy?
Compare me with Jeff Bezos and I would say I’m very poor. But compare me with someone in Afghanistan who works with his trolley on the streets, ‘yeah, I’m wealthy’. Someone else always has more. I don’t really pay too much attention to it. It’s more important that I’m comfortable and can afford the standards I’ve set for myself.
I’m not motivated by money. I never look at how much I own or what my fortune is. I’m motivated by building big things, big teams and sharing the success with people around me. I love to see people earning money through businesses I have.
What do you enjoy spending money on?
I really love food. I’m not talking about expensive stuff, just going wherever you can get a great taste. I’m also into shoes … I have a shoe problem.
What I wish for that I haven’t done for 10 years is proper vacations, switching off the mobile.
How has the pandemic impacted Udrive?
We’ve had negative moments last year … when the pandemic hit, we’ve been hit very hard, had almost two months of not operating. I had to take an uncomfortable decision to let people go for the first time.
Now we’re trying out new fleets, new solutions, going to new markets in Saudi Arabia and Turkey.
Have you experienced a key financial moment?
I won the tender for a $190 million transportation contract for food stuff and equipment with the US Army between 2014 and 2015. It took me more than 800 pages to prepare. A couple of months later, (then US President) Barack Obama announced he was withdrawing troops and the entire contract went boom. I don’t take anything for granted. The moment you put something between your teeth, it doesn’t mean you’ve eaten it.
Do you plan for retirement?
I’d be very bored if I’m not working on something that I believe in. I don’t have a proper retirement plan where I wouldn’t be working anymore. I enjoy what I’m doing, I have fun, so do I want to retire from having fun?
The pandemic has shown the effect of circumstances you cannot control, how hard they can hit you, so diversification and a well-placed fund is something I look forward to building over the next 10 years.
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.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
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Sevilla 0
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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
COMPANY%20PROFILE
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QUALIFYING RESULTS
1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.
Eliminated after second session
11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.
Eliminated after first session
15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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
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The specs
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Transmission: 7-speed PDK auto or 6-speed manual
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Rating: 3/5
UAE currency: the story behind the money in your pockets
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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
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Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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Publisher: Namco Bandai
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- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
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Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
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Fuel consumption: 8.7L/100km
Price: Dh133,900
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Rating: 4 / 5
The bio:
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Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
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