Nico Ariza Bagoud arrived in Dubai at the beginning of this year as GCC general manager of Kavak, a used car sales platform from Mexico.
Inspired by his entrepreneur father, the French-Colombian has spent 13 years working in e-commerce, including for Latin American online marketplace Linio.com.
Now aged 35 and living with his wife and their two young children in Dubai Marina, Mr Bagoud previously created a Spanish start-up that provided order fulfilment and was part of a do-it-yourself conglomerate.
He also teaches students about e-commerce and retail as part of a master’s course at a business school in Paris.
Did you have early exposure to money?
I grew up in Colombia. We had everything we needed in a country that is not necessarily rich. Colombia was not the safest place when I was a child, but my memories growing up with my brothers were amazing.
We travelled every summer to France to my mother’s family and, at 16, I moved there ahead of university.
My father, an entrepreneur, had a business in the book sector and my mother helped him. But around 2000, he got a cancer, lost a lot of income and his house. One of the main reasons we moved to France was because it was easier for my grandfather to help us.
How did this shape your outlook?
My father was the kind of person who worked to live, knew that he wanted to earn and make money, but he did not have that savings gene.
My grandfather was also an entrepreneur, but different. He was frugal, spent very little on non-essentials, but education, discipline and hard work were paramount.
It marked me significantly in how I have approached my entire career. And I saved a significant amount.
So it influenced your handling of money?
More than just dealing with it, but what I prioritise in my life. Once money disappears, you need to have caution, so I am risk-averse.
We try to save 30 per cent to 50 per cent of what we earn, but we live comfortably and have everything we need. I invest mostly in real estate, index funds and a savings account, so we have a six to 12-month runway in case anything happens.
I tried to build my own portfolio and play around with stocks, but for 10 years I have mostly put a fixed amount every month into exchange-traded funds.
How did you first earn?
My grandfather funded university in France, but during summers we were on our own. I speak four languages and wanted to do something with that to bring me money and allow me to travel.
I was a waiter in a five-star hotel above a Barcelona casino. Basic salary was less than €1,000 ($1,052), but I could make two or three times that in tips. Some customers would give chips; the biggest I got was €500 ($525).
I then started in investment banking but hated that life. I moved into building companies, not necessarily my own start-ups with my money at that point, but I had equity.
In the past 12 years, I have been lucky enough to have two exits, not massive amounts, but enough of a good return on investment on years spent in those companies for down payments on two houses in Spain.
Why relocate to Dubai?
I knew the guys that started Kavak. It became a unicorn. They wanted to expand outside of Latin America, especially in emerging markets, and knocked on my door.
We acquired companies here and in Turkey, very different markets but for used cars, similar problems. The first is transparency and trust in the quality of cars. On the other side, you have complications around buying or selling, the paperwork, access to finance, the right warranties and insurance.
The online experience gets you so far. Our Dubai Festival Plaza centre has changed the offline experience; it’s like a Disney store for buying a car, almost 500 in the lot, and an amazing point of conversion.
Is it for all budgets?
We have cars less than Dh50,000 in value, going up to Dh400,000. We do not have preferences for specific types or brands; we have had Jaguars and Maseratis, Suzuki Swifts and Kia Picantos.
We find people who want to sell their car, get it inspected and if the car matches our portfolio groups, we buy and recondition it.
Are you a saver or a spender?
A bit of a balance. Half of what we earned we managed to save, for the past 10 years. This allowed us to travel for around nine months.
With kids, we cannot save everything that we want, but we want them to go to a good nursery and have an apartment where we feel comfortable. We have everything we need and are not short at the end of the month.
I am always pushing to save, but I am not obsessed with just saving. If you want a nice experience in a hotel or restaurant, or to take the children somewhere pricey, we can afford it.
I spend a lot of hours at work. My wife also has a strong career, with Google, but living for work is not what we want to do.
What are your best investments?
The first place we bought, an apartment in Madrid, in 2018. The mortgage interest rate was low, the price amazing and today, we are renting for a good profit. That pushed us to make a second investment in Valencia.
More personally, when we went travelling and discovered plenty of countries we did not know.
How do you feel about money?
Money enables. It can get the best or worst out of people; if you are a snob, money will make you a worse snob. If you are a person who is curious, likes travelling, money will fulfil that. If you are a giver, it enables you to give to people around you.
So for me, it is not necessarily money is good or bad, it just enables you to be the person you want to be. It is not a purpose in itself.
Working because you need to live is not what I want to do
Nico Ariza Bagoud,
GCC general manager of Kavak
Are you sensible with it?
I have saved enough today, at 35, that I think I am above average for a person the same age. I don’t spend where I don’t need to. But sometimes my wife would disagree with the type of gadgets and tech I love to buy.
I will spend on the latest cell phone or laptop, but not on luxury clothing or jewellery. I have had a Casio watch for 15 years that I bought for $15.
What car do you drive?
An Audi Q5 2019 Quattro.
What spending brings you joy?
We love to travel without (financial) barriers and have been to 43 countries, in a comfortable way. We also love to go out and eat three or four times a week.
My biggest weakness is my daughter. I travel a lot for work and always try to buy something for her because the smile is there every time.
Any goals?
Short term … to build something memorable; Kavak is allowing me to build a multimillion-dollar business.
But working because you need to live is not what I want to do. If I can keep teaching or doing something on the side, have enough money to do whatever I want, including travelling, that is a go-to plan.
Killing of Qassem Suleimani
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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
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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Results
4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.
5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.
5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.
6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.
7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Company%20Profile
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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
