Anuscha Iqbal is the chief executive of Spotii, a buy-now-pay-later platform that went live in April and offers deferred payment schemes on online and offline purchases for UAE shoppers. Ms Iqbal, from Pakistan, worked as an investment banking analyst in New York before arriving in the UAE in 2007 to work as an analyst with a private equity firm. Ms Iqbal, 37, lives in Victory Heights, Dubai, with her husband and two children.
How did your upbringing shape your attitude to finance?
Savings are very important to my husband and me. A large part of that was influenced by my upbringing. Growing up in Pakistan, my parents were business owners. I saw them go through good and rough times where finances were a problem. That stuck with me. If I can save for a rainy day, I do. We budget to make sure we have a certain amount of spend but we are always building on our savings. All of that is then put into some sort of liquid, low-yielding, fixed-income investment. At the start of my career, I also saw the 2008-09 financial crisis. There was so much uncertainty. Having witnessed that volatility twice in my life, I have now made savings a big component of how I manage my budget.
I am always looking for a good deal and trying not to overstretch myself
How much were you paid in your first job?
When I was in university in Philadelphia, I had two to three odd jobs. I rotated between being a teaching assistant, manning the library desk and attending the game room. The pay for the library job was around $7 (Dh25.7) to $8 an hour. It was more than enough for a good meal back in college.
What brought you to the UAE?
Living in the US was very far from Pakistan. I wanted to be closer to home. The UAE offers that cultural affinity. When I arrived here in 2007, there were phenomenal opportunities for career growth as well. As time evolved, we settled here and the UAE is our home now.
What has been your best investment so far?
In 2009, when local bonds were tracking down quite significantly, I bought distressed real estate debt. Given the property market’s relevance to the economy, I knew the state would step in at some point to support these businesses and the bonds would rally. I bought them for a very significant discount. They rallied later and I held on to them for four years. It involved reading the overall situation, understanding consumer sentiment and having a long-term view.
What is your most cherished purchase?
Our current home. We bought it in 2014 and have a lot of memories here. I cherish it more from a sentimental perspective. From an investment perspective, it has not been the best purchase given where real estate prices are today.
What luxuries are important to you?
The ability to travel is important to me. I like new experiences and taking my children to see different parts of the world so that they are exposed to different cultures.
Are you a saver or a spender?
I am definitely a saver. I am always looking for a good deal and trying not to overstretch myself.
How has the pandemic affected your personal financial strategy?
When you are launching a business, you know no income is going to come in for a long time. While we were previously a double-income household, we are a single-income family now. My husband is a director at JP Morgan. Even pre-Covid, the fact that we were about to launch a business meant that we had to manage our finances better. Then Covid-19 struck and that brought on a wave of uncertainty. We were closely monitoring our budgets to see where we could cut our spending, if needed.
What led you to launch Spotii?
It was a host of factors. I had a personal desire to build a business and do something different. There was also the belief in the business model that we would be adding value to the UAE’s e-commerce ecosystem. It was at an inflection point, sort of where the US was 20 years ago. There was a big shift happening. The prospect of challenging myself to build something and grow it was both exciting and scary. There was the big fear of 'what if you fail' and I had to push that thought away. I have a good partner, my brother Ziyaad Ahmed, who is also the co-founder of Spotii. I wouldn’t have gone ahead with Spotii if I didn’t have his support.
Does Spotii's buy-now-pay-later concept encourage consumers to purchase items they cannot afford?
No, Spotii is about responsible spending. We want people to look to Spotii as a way to budget their money.
How has Covid-19 affected your business?
It’s hard to find a silver lining in such a market. But the acceleration to online in the UAE market has been good for our business. From a consumer perspective, we had first-time users shopping online and who are likely to continue doing so after the pandemic. We have a lot of merchants who weren’t so focused on being online earlier who have now accelerated their digital strategy. From a business perspective, Covid-19 has helped grow our company faster than originally planned.
How are you saving for your retirement?
Our first priority is to create a fund with enough money for our children’s education. We want to create a buffer not just for their schooling in the UAE but also for college. We haven’t honestly been thinking about retirement per se. Both of us are still quite young and have several years ahead of us. I will turn 38 this year. Once we get the children sorted, then we will figure ourselves out.
Do you have any financial regrets?
I have had a few bad investments. Both my husband and I share the same values in terms of making sure that we save appropriately. That has given us peace of mind that if anything goes wrong, we have a fallback option.
What financial advice would you give your younger self?
So many things. There were probably a lot of opportunities that I did not capitalise on. I would tell my younger self to not be too scared to take a few risks with my investment strategies. It’s easier to say that in hindsight. Ten years on, I know the impact of the financial crisis on my personal finances. Sitting in 2008, if I were to tell myself to take more risks, I would have said: ‘hell no’.
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
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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AWARDS
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WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
UAE SQUAD
UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards
Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Coal Black Mornings
Brett Anderson
Little Brown Book Group
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
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Read more from Aya Iskandarani
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Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The years Ramadan fell in May
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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Company%20profile
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
The years Ramadan fell in May
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
More from Neighbourhood Watch
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Avatar%3A%20The%20Way%20of%20Water
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MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)
Man of the match Harry Kane
