Sudhesh Giriyan, the chief operating officer of Xpress Money, says fintech's focus on technological innovation throws up ideas that the conventional industry can harness. Delores Johnson / The National
Sudhesh Giriyan, the chief operating officer of Xpress Money, says fintech's focus on technological innovation throws up ideas that the conventional industry can harness. Delores Johnson / The NationaShow more

Shrewd path to avoid pitfalls



Sudhesh Giriyan is the vice president of Xpress Money. His experience in channel management brought him to the money-transfer company a decade ago. Mr Giriyan oversees the company's network in 150 countries across 170,000 agent locations and says one of his dreams is to see XPress Money in every country by 2015. A native of the Indian city of Bangalore, he has lived in Dubai for 13 years.

How would you describe your financial journey so far?

It's been pretty steady so far. I plan things well and my extensive experience in the finance industry has made me smarter with my money than when I compare it with the early part of my career.

Are you a spender or a saver?

I would say it is a balance of both — I do spend on things, but also save a decent portion of my earnings. Indians as a community are much attuned to the idea of saving. So I too am very particular about balancing spending with saving. Moreover, as an expatriate, I believe in financial security and hence save for the future.

What is your philosophy regarding money?

It's all about striking a balance. One should know how to manage money well, be conscious about expenditure and do spend, by all means, yet also keep aside a good chunk to take care of future commitments and eventualities.

Did you make any financial mistakes along the way?

Fortunately I have hardly made any mistakes when it comes to money. Maybe my upbringing, education, calculated approach and relatively simple living had a lot to do with the fact that I avoided financial pitfalls that some expatriates struggle with.

Do you believe in planning for the future?

Yes I do. Saving for a rainy day is very important. When the active working days are over, one needs something to fall back upon and financial planning helps immensely in the long run. It is also required for taking care of the many responsibilities that one has — such as children's education, marriage and health care among other necessities.

What is your idea of financial freedom?

When one learns to strike a balance between one's savings with one's spending. When one can strike a balance between wants and needs is when one achieves financial freedom.

Is money important to you?

Yes, it is, from a financial security perspective.

What do you enjoy spending money on?

Mostly it would be eating out and clothes primarily. Typically, I spend a couple of thousand [dirhams] on myself every month.

* Sananda Sahoo

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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. 

if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

The White Lotus: Season three

Creator: Mike White

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Rating: 4.5/5

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.”

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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