Themos Papalas is the owner of The Holidays Shop - a short-term rental agency offering luxury serviced apartments and villas in Dubai. The Greek, who relocated to the Emirates in 1997 to work in shipping, moved into tourism after witnessing the industry's boom in the mid-2000s.
Describe your financial journey so far.
My father was a captain in the merchant navy and from the age of 12, I joined him on his ships during the holidays, giving me the chance to visit a lot of countries. I studied business administration at university in Greece before completing a master's in the US. I then worked in Greece and Saudi Arabia in the shipping sector before moving to the UAE in 1997. Working for a shipping agency, I was the representative of the vessel's crew when they arrived in port, sorting out everything from cash transfers to crew changes and booking accommodation. So there are some similarities between my former career and the business I am in now.
Why did you decide to set up your own business?
With Dubai's growth and the boom in the tourism industry, I saw a chance to establish my own company. At the time, there were limited hotel rooms and people were looking for an alternative solution. So my wife, Sofia, and I thought we would offer serviced apartments with five-star facilities. This is very common in Europe, where people like to have more space, more privacy and pay less than they would in a hotel. The property's owner takes 75 per cent of the gross income and we keep 25 per cent to cover our services.
How do you maintain quality?
My wife is an interior decorator and inspects the apartments and villas herself. If a property does not fulfil her standards, we propose an upgrade, which we can do on their behalf, such as painting, adding more decoration or facilities such as a safe box, a shoeshine kit or a microwave. Our main concern is that the quality of the apartment is always the same because it's like a hotel and has to come fully equipped with all the amenities, from cutlery and crockery in the kitchen to bath slippers and bathrobes.
Have you experienced any financial difficulties?
My business was going perfectly until 2008, when the market changed dramatically due to the crisis. Because we are the managers and not the owners of the properties, many owners decided to sell or self-occupy. We went from managing 40 properties to 14, so we had a 70 per cent drop in business. At the same time, I was exposed to higher expenses because I'd invested in some apartments and needed to meet the repayment obligations. I didn't want to lose any money, so I minimised all unnecessary expenses and reorganised my company. I also negotiated a better repayment schedule with the developers.
What has been your most valuable financial lesson?
Tourism has recovered from the crisis here partly because of the uprisings in places like Egypt and Syria, which has driven tourists here. I manage 40 properties once again and my occupancy rates are higher than ever. The only problem is that the prices are still lower than in 2007. The same apartment that cost Dh10,000 a week now goes for Dh6,000 a week. What this has taught me is that all companies, big or small, are exposed to the same risks. Some of the world's major corporations were bankrupted, yet the smaller companies survived because they were more flexible. You need proper management no matter the size of the company.
What do you like to invest in?
Mainly in property. I have invested in Dubai and Greece, but I don't want to expand our investments in Greece because there is high taxation and the returns are generally not good. It's very sad to see my family and my country suffer because of the crisis. Our reputation has been affected and people no longer trust Greece, which is not good for me. I do want to return, mainly when I retire, but I'd like to spend half the year there and the other half here. For me, the UAE is a second country; I've lived here for 15 years. I feel comfortable, the people respect expatriates, criminality is very low compared to Greece and it's a good place to live provided you have a good income because Dubai has become very expensive.
How have you gained from the financial crisis?
I bought my first property in Dubai, a three-bedroom villa in the Springs development, in 2003 for Dh760,000. I sold it for Dh2 million in 2009 and bought a new villa that was triple the size in Green Community West for Dh2.5m that would have gone for Dh6m before the crisis. So I've had the chance to live in a very nice villa. I have bought others that are still at a loss - one in Dubai Marina, which is Dh200,000 down, though I should recover that when it is delivered this month, and a one bedroom in Jumeirah Village, which is renting well and giving me a 10 per cent return.
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
How Beautiful this world is!
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ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
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Sunday's games
Liverpool v West Ham United, 4.30pm (UAE)
Southampton v Burnley, 4.30pm
Arsenal v Manchester City, 7pm
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Our House, Louise Candlish,
Simon & Schuster
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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States of Passion by Nihad Sirees,
Pushkin Press
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