I've always been a bit of a saver. My piggy bank was usually full and my younger sister, Victoria, would steal from it. I was really careful about what I spent my money on; I was the annoying one.
When my sister was at university and I was at boarding school I now and then bailed her out by sending £20 (Dh112) in the post.
I grew up and went to school in Dubai, and my family has also lived in Kuwait and Abu Dhabi. My mum was an English teacher and my dad worked as a civil engineer.
I work for the Mission to Seafarers in Dubai, a charity that looks after the well-being of mariners all over the world; it has been operating in the UAE since 1962.
In 2006, the charity launched The Angel Appeal to build and equip a boat that could go to sea and deliver necessities to seafarers anchored off the coast. Many of the mariners have to stay on the vessels for months at a time, sometimes without pay. They cannot come ashore because the costs are too great for the ships' operators and because of time restrictions.
One of the biggest problems seafarers face is loneliness and isolation, so in order to alleviate these issues we take them phone cards, internet access, a welfare officer, clothing, and in the case of one ship even food and water, as the crew had not been paid for months.
My job is diverse - I organise events, give presentations, manage the website and write newsletters and thank you letters. I try to go out on the boat once a month.
I've been involved with charities since I was at school; I'm now 25. My parents drilled in to me that my CV would look like everyone else's if I didn't do these different things.
Growing up in Dubai, I was jealous of my friends in the UK. I thought they were really grown-up having part-time jobs like paper rounds and office work.
It's hard in Dubai for kids to work. At school, we were encouraged to volunteer as part of a UK schools scheme called Duke of Edinburgh, which encourages social responsibility.
I went to Dubai College until I was 15, and then to boarding school at Uppingham in the UK for two years, from 2000 to 2002. As soon as I was in the UK I got a summer job waitressing in Southampton. I was hired at an agency and worked at weddings and the Southampton Boat Show, among other places.
After I graduated from school in England, in 2002, I returned to Dubai. I took a year off and then worked a few jobs for four months, including data entry and working at exhibitions. I was earning much more than I would in the UK, about Dh50 an hour, as opposed to around Dh18 per hour in the UK.
I was living at home and saving nearly all of my salary. Then I volunteered for a charity in Thailand for four months and travelled for another four months after that. The money I'd saved saw me through.
I went to university in 2003, at the University of Edinburgh. I started off doing mechanical engineering, but after a few days I realised I'd chosen the wrong course, so I switched to economics.
I did that for two years, but realised that wasn't for me, either, because it was so boring. I'd been doing some extra subjects at the same time, and one of those was Farsi. I loved it, so I decided to enrol in the programme full time. In the UK, a university might advertise a course but not always fill it; I ended up being the only student in the class.
I got quite a lot of one-on-one instruction. As part of the course, I lived in Tehran for a year and did research, including a study on women coping with HIV in the country. My lodgings were in the British Council, which paid for my living expenses while I was there.
My family gave me an allowance during university because they didn't want me to have to take out a loan. A lot of my friends had loans and an allowance from their parents and still ended up in debt. My family has a spreadsheet somewhere listing all the money that I owe them, and they pull it out every now and then.
I always had a job in university, including working in horrible nightclubs with shifts lasting until 4am. For the last two years I worked in a restaurant, and loved doing that. I actually saved about £2,000 during that time.
I volunteered throughout university at a charity called Edinburgh Global Partnership, which is student-run and sends volunteers abroad to various projects. I went to South Africa and taught English for students with special needs, and worked in HIV education in Uganda.
When I finally graduated, in 2008, I carried on working in a restaurant for four months. That paid about £6 per hour, but tips were really good.
I returned to Dubai in October 2008. I didn't think I'd be able continue my charitable work, but then I heard from a friend that the Angel Appeal was recruiting.
The charity work I've done has changed how I think about money. I see how far money can go. When you're going home at night and start chatting to the taxi driver, you realise how simply he lives while away from his family. If you've just spent Dh700 on a night out, there's something a bit obscene about that.
I'm still a saver, but I have become better at spending money. I prefer to spend on things like seeing my family. My sister is in Australia and my parents are in Portugal at the moment, where they live on a boat. They spend the summers sailing and winters in Dubai, where they have a flat in the Green Community.
Being able to see them and buy my little nephew presents matters a lot to me. I've just come back from Australia and there were no holds on my spending there.
I share an apartment in The Greens with a friend. I don't keep a budget, but I send money back to my UK current account. I've probably sent around Dh10,000 so far.
I like shopping, although I spend more on food and entertaining. Mall of the Emirates is a bit of a vice, as it's on the way home from work.
It's drinking that jacks up the price of going out, so we'll sit on the balcony and have friends around instead. A particularly busy weekend might be going to the Meridien Terrace for the all-inclusive buffet, which costs Dh190, or a nice meal at a restaurant another night. An average spend might be Dh200 to Dh300. I think Dh500 is a bit much for a regular night out.
There is a huge disparity in Dubai, and the seafarers particularly are invisible here. They might earn around US$400 (Dh1,469) a month and still manage to send most of it home.
The problem is when they don't get paid at all. We've just been dealing with a ship whose crew haven't been paid in four months and are stuck in port. Last summer there was a ship in Fujairah in a similar situation and the crew had no air conditioning, food or water. In that case it's not about not having money - it's about having nothing at all.
Donations fund the running costs of the Flying Angel - about $750 a day, which includes fuel, crew costs and maintenance. At Christmas we distributed more than 4,000 presents; at Easter we took out cakes and Easter eggs to the seafarers.
During last Christmas we also gave everyone a free phone call home. The store on the Flying Angel stocks electronics, DVDs, snacks, toiletries, clothes, fishing equipment - things that we on land take for granted.
It can be very revealing in fund-raising when you ask for help, as you see where priorities lie. Ships bring in 99.3 per cent of everything we have in the UAE, and without the workers, we'd not be able to buy any of the things we take for granted. Some people are incredibly generous and realise how lucky they are to earn the money they do here.
It is easy to think Dubai is a very greedy place, but there are many many people here who looking for ways to give back.
* As told to Jola Chudy
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
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.”
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
Rebel%20Moon%20-%20Part%20One%3A%20A%20Child%20of%20Fire
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EZack%20Snyder%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESofia%20Boutella%2C%20Djimon%20Hounsou%2C%20Ed%20Skrein%2C%20Michiel%20Huisman%2C%20Charlie%20Hunnam%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
FIXTURES
December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm
December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm
December 30
3rd/4th place play-off, 5pm
Final, 7pm
Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
The%20Kitchen
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EDaniel%20Kaluuya%2C%20Kibwe%20Tavares%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EKane%20Robinson%2C%20Jedaiah%20Bannerman%2C%20Hope%20Ikpoku%20Jnr%2C%20Fiona%20Marr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%C2%A0%3C%2Fp%3E%0A
