India-born Ramjee Iyer became bored with early retirement, so he launched Acube Real Estate Development, of which he is chairman and managing director, last year.
Based in Dubai for 22 years, he worked in various industries such as energy and shipping following his first commercial experience … running restaurants shortly after his father died.
Mr Iyer, 50, moved to the UAE with a company before going solo to pursue offshore oil and gas construction projects and founding a group that owned and operated ships supporting marine and construction requirements.
He has backed projects across Europe, India and the Middle East, including sports clubs, cinemas, low-cost housing in his hometown Chennai, residential buildings in Dubai’s Arjan district and infrastructure programmes in countries such as Oman, Sudan, Iraq, Nigeria and Tanzania.
Mr Iyer lives on The Palm Jumeirah with his wife and two of his four children.
Was there money in your childhood?
My father had a plastic material-making business in Chennai. We were one of the first to get a telephone and two cars which, for India then, was like Elon Musk today.
By 1976, my father lost most of his fortune and we moved to a temple town 100km away.
My father showed us a rich life, then a period where we were a middle-class family, then back to zero when he died.
What was your first taste of business?
He had three restaurants with more than 80 employees. The day after I cremated my father, I told them they had two options – take the furniture and run away, because I did not have money to give them, or help me reopen, earn and then I pay them.
We started working the next morning. I was 17 and that was the end of my education. There was nobody to feed my family.
We managed for a bit until we could pay debtors and staff salaries, and then we had to sell the restaurants.
Did this help colour your financial philosophy?
Yes. Falling and getting up a few times teaches you a thing or two.
If you concentrate on money alone, you are not going to succeed. You need to concentrate on building relationships, building value into a product, respect from customers and peers – that will pull money in. Build several dimensions to your business.
Money is the medium of life; you cannot do without it. But if you focus on only money, you will find it runs away from you.
What was your first wage?
By 18, I had a mother and sister to feed and did not have a penny or an education, so I moved to Mumbai and found a job as a blue-collar worker doing heavy construction fabrication work for cement and oil plants.
I started from the bottom on 900 Indian rupees (about $30 in 1993), 11 hours or so a day, 26 days a month.
But it showed me the satisfaction of earning money when you work. That is important, it drives you. And your bones remember hard work.
At the core, I am a construction man – of steel and cement, nuts and bolts.
What else have you learnt about money?
Money alone is not going to give you anything. I always had something or the other as my most valuable thing – a stage when I thought money was all important, or friends, or education.
You need to value money, knowledge, skill, connections and networking. Some of these will come together to form success.
But money alone is not successful. Even if you are given a huge amount as a gift tomorrow … it might give you a sense of jubilation for a few days but it does not give you happiness or satisfaction by itself.
Are you a saver or a spender?
Always a spender. Today, I have money, can buy what I want, but in those days when I did not have the money, I stretched my borders to get it.
My first car was a large Fiat sedan imported into India. The price was 200 per cent more because of taxes and I was earning a small salary. It hurt for many years, payments for the credit card and loan.
I got it because I liked it and money was not going to stop me. I was 24. I regretted it for some time.
Being wise or unwise with money is not based on the value of an item; it is based on what I can afford to buy.
Have you made dramatic life decisions?
In 2014, my company Oceanking was at the peak of operations. We had several projects all over the world, about 300 engineers.
A couple of years before, I started buying luxury things – a 66-foot luxury yacht in The Palm Jumeirah marina, within walking distance from my villa, as well as a Ferrari, a Porsche.
But I was still coming to the office everyday as I had for 20 years. I was thinking nothing had changed for me personally, so I sold my business and retired.
I stayed retired for about eight years, roamed the world … and then I got bored. I came back to do something again, to build things, so I became a developer.
Money does not let you retire. It keeps making you do things.
But I am not here simply to make money, I want to build my legacy.
What is your best investment?
Real estate. The first time I bought property, an apartment in Dubai Marina, was after the 2008 fall. It has appreciated a lot since but there was a stage when my investment went below what I purchased at.
Money staying in your bank is a depreciating asset. You have got to make it work for you.
Money staying in your bank is a depreciating asset. You have got to make it work for you
Ramjee Iyer,
chairman and managing director of Acube Real Estate Development
Any cherished purchases?
I am crazy about watches and have many millions of dirhams worth now. But there was a time when I made enough to buy my first watch, a Timex for $5 or $10.
It does not work any more but I keep it in my watch cupboard with the Cartiers. It is more valued than any of the others because I fell in love with it, waited for it and kept it like treasure.
Any spending regrets?
I started donating money. I used to write cheques to charities in India, Sri Lanka, Bangladesh.
Then I did some deep research and realised the money you give to many of these organisations does not go all the way to needy people. Some are doing very good work, of course.
Now if I want to do something – for example, in Mumbai there is a hospital which treats very old renal-failure patients – I know somebody who goes and checks if it is really serving the poor. I make extra effort to find what they need and then buy it.
What else do you enjoy spending on?
I get my fun and satisfaction by seeing others eat good food and having a good time. If people around me eat well and they are happy, I am happy.
And cars. I have a Ferrari, a Rolls-Royce, a Bentley, Porsche. But this alone is not going to give me fun. People and food is a nice combination.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
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
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
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
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Medicus AI
Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
Staff: 119
Funding: €7.7 million (Dh31m)
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
More on Quran memorisation:
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
UAE currency: the story behind the money in your pockets
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The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
