An Indian resident in Umm Al Quwain is celebrating a life-changing Dh15m lottery win – after eight years of trying his luck.
Mohamed Ali Moideen is ready to share the wealth after securing the UAE's Big Ticket jackpot in Monday's monthly draw.
The delighted winner, who has lived in the Emirates for 32 years, purchased the ticket along with 20 family members and friends.
The accountant at a construction company is now ready to lay down firm foundations for the future and start up his own business with his share of the cash.
Mr Moideen spent several years driving from his home to Abu Dhabi and Al Ain airports to buy tickets in the hope of success.
He switched to buying tickets online three years ago, never giving up hope that his fortunes would change.
One memorable phone call later, he and his fellow players have won about Dh715,000 each.
“For so many years, I would drive to Abu Dhabi and Al Ain airports with my family to buy the tickets. I kept thinking if not now, I will get it later. Our time has come,” the 56-year-old said.
Mr Moideen bought tickets alone years ago and later formed a group of friends and family who contributed Dh100 every month for various lotteries in the UAE.
“It was just me at the start, then a group of four, then 10 and now 20 people," he said.
"I've very, very happy for everyone.
“I want to do business in this country. I want to do more for my family.”
The long-standing lottery draw has been transforming lives since its inception in 1992.
“Congratulations once again to our Big Ticket Dh15 million grand prize winner and to all the other winners,” the organisers said on Monday.
Live draws are held every month with the mega Dh15 million top prize and further cash prizes ranging from Dh20,000 to Dh100,000.
July's Big Ticket proved particularly fruitful for Indians, with seven of the eight winners hailing from the South Asian country.
UAE Big Ticket winners – in pictures
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
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4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
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Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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