Laura Buckwell is a TV news anchor at City7TV and an event MC. The 36-year-old, from the UK, moved to Dubai to become a business reporter after working in broadcasting for more than a decade in London, Sydney and Tokyo. Ms Buckwell is married to a Dutch entrepreneur and has a two-year-old son.
How did your upbringing shape your attitude towards money?
I grew up as a Royal Dutch Shell oil company expatriate kid, living in Malaysia, Nigeria and Holland until I was sent to boarding school at 11. Growing up, we had a very comfortable lifestyle. Life was full of activities and social gatherings with other expat families, and money was never talked about or brought up as an issue. As a family we always discussed what we would do when we grew up, so the focus was on career and experiences rather than cash. This has definitely instilled a culture of discretion in me when it comes to money. Living as a university student after boarding school was most certainly an eye-opener though, as it was the first time I properly earned extra spending money on a weekly basis. It was only through first-hand work experiences that I managed to get a proper grip on the value of money.
How much did you get paid for your first job?
I got my first job when I was a student as a waitress at a high-end pizza restaurant and was paid £4.50 (Dh23) an hour.
Are you spender or saver?
I’m a little of both, but more of a spender. Dubai is full of enticing activities such as food and retail that it can be hard to hold back. I wouldn’t say that I was extravagant, but I tend to spend on lots of small things that add up.
Most cherished purchase?
My most cherished purchase has got to be The Luxury World Key, which gives exclusive access to 12 five-star hotels and their facilities in Dubai, including the kids’ clubs. We decided to splash out, as the card means we can enjoy many days out as a family, including sports and discounts on food and beverages. The Key also offers a 24-hour concierge service from booking holidays and party planning, to finding the nearest entertainment for kids. We paid Dh20,000 for a couple plus kids for a year.
Have you ever had a month where you feared you could you not pay the bills?
It was my first year as a new tenant in London, fresh out of university and the first time paying rent. I shared a house with two friends in Clapham and there were many times that I feared I couldn’t pay the bills but I somehow managed. It was a good learning curve. My job at the time was as a runner on big-budget TV entertainment shows at Endemol and the BBC, which came with a basic salary.
What has been your best investment
Our family car, which is a Hummer. It’s like being inside a tank and nothing beats the feeling of being safe on the roads here in Dubai, especially with kids.
What do you most regret spending money on?
I’m ashamed to say that I was a smoker for years. I gave up three years ago when I became pregnant with my son. So the biggest regret has to be all the money I’ve spent on cigarettes. I started smoking at the age of 18, and that’s 15 years of smoking half a packet (on average) a day. In the UK at the time they were the equivalent of about Dh35 a pack. You do the maths.
Do you have a plan for the future?
My husband is an entrepreneur and his line of work doesn’t come with any monthly guarantees. One month can be a huge income injection while the next three could be very basic, so as a family we need to plan quite carefully. My husband is very clever when it comes to investments though, and we have property in Holland to fall back on. My husband also has amazing ideas on what will make money in the long term, whereas I’m the one that thinks more about saving in the short term.
If you won Dh1m, what would you do with it?
My son’s education, stocks and shares, property and travel.
lgraves@thenational.ae
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Small Victories: The True Story of Faith No More by Adrian Harte
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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.”
