Indian expat Hemant Mundhra, who runs a start-up in Dubai, says he steadily grew his income as an employee in the UAE by changing jobs and not on-the-job salary increments.
Mr Mundra, 58, has substantial savings owing to his long expat life in the Emirates and mostly invests in the Indian stock market, international index funds and property.
The entrepreneur, who has been in the UAE for 28 years, is from the north-west Indian state of Rajasthan, but was born and raised in the city of Kolkata in West Bengal. He currently lives with his wife and daughter, 25, in Al Karama, Dubai.
He is a chartered accountant and management accountant and also completed a certification in international taxation and a diploma in international financial reporting standards.
What was your first job and salary?
My first job in India was with Aditya Birla group in Kolkata in 1991 as a management services executive and my salary was 3,500 Indian rupees ($39).
I worked for six years after qualifying as a chartered accountant in India and moved to Dubai in 1997 to gain international exposure and save more money.
In the UAE, my first job was as a finance manager in a toy department store and my salary was Dh8,000 ($2,178). Since then, salary progression happened not through increments, but by changing jobs.
Later, I joined a British-German conglomerate for a salary of Dh10,000 as a finance controller and then switched to Al Tayer Group for a salary of Dh12,000 as finance manager. Then I moved to Saif Al Ghurair Group as group finance manager for a salary of Dh26,000 and worked there for five years.
I then moved to Abu Dhabi to work with the office of a ruling family member, where my salary doubled to Dh50,000. I worked there for five years.
Tell us about your current role. What is your salary now?
I decided to start my own practice, TotalCFO management consultancy, in 2016 but I treat myself as a salaried employee. I draw a salary of Dh40,000 as a managing partner and chief executive. It is an accounting and tax advisory firm that offers outsourced chief financial officer services to small and medium enterprises. Besides advisory services on VAT and corporate tax, we also provide help with international taxation, cross-border transactions and transfer pricing.
Do you have considerable savings?
Yes, I have considerable savings because of the number of years I have worked in the UAE, returns on my investments and yields from properties in India. I have also saved for my daughter's wedding. I don’t save the same certain percentage of my salary every month, it varies but has accumulated over time.
What asset classes do you invest in?
I invest in the stock market for the long term. I don't do short-term trading. I hold around 12 individual stocks in India in companies like Titan and HDFC Bank, mutual funds and also invest in index funds and exchange-traded funds in international markets.
I also invested in three properties in India from 2006 onwards. I sold two properties in Pune and Bengaluru because the market was getting saturated and there was no scope for future capital appreciation. I used the proceeds to invest into stocks and ETFs. The third property is in Bengaluru and has been rented out. I purchased it for 10 million Indian rupees.
Initially I was under the false belief that since I'm a chartered accountant, I know all about market dynamics, saving and financial planning, but I realised that I could do better with my savings. Engaging with a few financial experts has empowered me to deal with my finances better. They advised me to stay consistent with my investments and not change them frequently.
Do you have any debt?
Around 15 years ago, I almost fell into a debt trap, so I decided to consolidate all my debts and credit cards into a personal loan, which I paid off over nearly two years. After that, I made it a point to never accumulate any credit card debt or take out a personal loan. I only use credit cards to avail of benefits now.
Growing up, were you taught how to handle your finances?
I grew up seeing my mother manager the family finances. My father earned a modest salary of nearly 3,000 Indian rupees in the late 1970s. My mother would spread it across different envelopes assigned for house rent, groceries and other expenses. I was in charge of counting money. If an envelope was empty, no money would be spent on that category that month. From this method, I learnt to track my expenses, something I follow until now.
I have fixed a particular day of a month where I take a printout of my credit card statement and categorise my expenses into various categories on an Excel sheet. This helps me track my expenses.
What are your major monthly expenses?
The biggest monthly expense is always on house rent. Next is vehicle rental cost, because I haven't purchased a car and have been leasing one for the last 20 years. Then comes credit card payments, which is a summary of my monthly expenses. I’ve also given my wife a card, so all household expenses can be tracked and we pay with cash for very few transactions.
I also estimate my yearly expenses, for example, one family vacation and clothing requirements, divide it by 12 and allocate reserve funds accordingly.
How do you budget your income every month?
I make sure that our overall household expenses do not go beyond Dh25,000 month, and the remaining Dh15,000 is allocated to yearly expenses and maintaining an emergency fund.
I have a 12-month emergency fund, but do not touch the amount to sustain my family for six months. With the remaining money in the fund, I use it either when the rent cheque comes due or to meet an unforeseen expense. I then replenish the emergency fund within three to four months.
Have you started saving for retirement?
I thought of retirement only 15 years ago. It was quite late. I plan to work actively for two more years. After that, I will continue to work, although not at the same pace, because my job is based on knowledge, qualification and experience, not age. So, I will fund my retirement with returns from my existing investments, plus what I will keep earning in the coming years. Since I didn’t plan earlier, I could not create a proper retirement fund.
What do you spend your disposable income on?
I spend it on travel, clothes, visiting restaurants over the weekend, exploring new attractions in the UAE and on concerts and plays.
Do you worry about money?
I used to worry about money 15 years ago. But I realised that I should instead worry about my health, because if I keep my health intact and stay active, I will not depend on anyone.
What are your financial goals?
My goal is to invest the money I earn through my business into the Indian stock market and index funds and let the investments grow. Since I was a late beginner, I don’t have a big corpus of funds invested. While my salary takes care of all my yearly and monthly expenses, everything else goes into my investments.
What is your idea of financial freedom?
I used to think that having lots of money is financial freedom. Then I realised that if I can reach a stage where I can forego a source of income and do work for free instead, that is when I am financially independent.
Do you earn passive income?
I have three sources of passive income: capital appreciation on my index funds, dividends I receive from my Indian stocks and rent from my property.
Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE
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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.”
Mohammed bin Zayed Majlis
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Results
4pm: Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m; Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
4.35pm: Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m; Winner: Walton Street, William Buick, Charlie Appleby
5.10pm: Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m; Winner: Canvassed, Pat Dobbs, Doug Watson
5.45pm: Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m; Winner: Midnight Sands, Pat Dobbs, Doug Watson
6.20pm: Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m; Winner: Lord Glitters, Daniel Tudhope, David O’Meara
6.55pm: Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
7.30pm: Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m; Winner: Final Song, Frankie Dettori, Saeed bin Suroor
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The%20specs
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UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
MATCH INFO
Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)
Company%20Profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company%C2%A0profile
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Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Killing of Qassem Suleimani
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
More from Neighbourhood Watch:
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
