Abbes Seqqat, chief executive of healthcare technology company Rain Stella Technologies, believes in maintaining a diversified investment portfolio and making data-driven decisions to create wealth.
The US citizen, 44, was born and raised in Morocco and has been living in the UAE for 10 years.
“I lead the company’s strategy to build and scale its AI-powered healthcare solutions such as Orva, an operating room AI voice assistant. Our vision is to make high-quality care accessible to everyone,” he says.
Mr Seqqat went to the US at the age of 17 to pursue an engineering degree in computer and electrical engineering at the University of North Carolina. He started working for management consultancy Accenture and later pursued an MBA in strategic management from Pfeiffer University.
Prior to his current role, Mr Seqqat held leadership positions at SenseTime, where he led business and growth initiatives across the Middle East and Africa. He also served as an adviser on digital transformation during his tenure at Oracle, IBM Watson Health and Accenture.
He currently lives in the Meadows, Dubai, with his wife and three children.
Did wealth feature in your childhood? What did you learn from it?
I come from a mid-income family in Morocco. My father was the sole breadwinner and he worked for a US company for 34 years. I didn't grow up around a lot of wealth, but my parents taught me something more valuable: that discipline, grit and the ability to build from limited resources is very important. My parents made the most of what they had, and that mindset stayed with me. It shaped my leadership philosophy and taught me to focus on fundamentals and stay grounded.
With limited means, my parents were able to provide a good quality of life to my two brothers and me – from sending us for tennis lessons to travelling twice a year for vacations and attending private school – which I'm very grateful for.
How did you first earn? What did your first job pay?
My first job was at the age of 17. I had just moved to the US and was an assistant waiter at a restaurant. I worked about 36 hours over the weekend at a rate of $7 an hour. I earned about $250 per week, which helped make ends meet, and I also enjoyed my experience.
Any early financial jolts?
My first and probably biggest financial setback was in 2008. With a year of management consultancy savings, I bought a house in a nice neighbourhood in Charlotte, North Carolina, in 2005. I was proud to own a nice house at the age of 24.
Unfortunately, during the 2008 global financial crisis, I was asked to relocate to Bratislava in Slovakia to manage a business unit there as most of our US clients in the financial services industry went bust. I was forced to sell my house at a 30 per cent loss in 2009 in the middle of a financial crisis.
That was a huge setback early in my career and investment journey. It taught me a lot in terms of investment risk, resilience and, most importantly, financial planning.
How do you grow your wealth?
I focus on growing wealth the same way I build companies and ventures. My investment play is founded on three fundamentals: disciplined decision-making, long-term thinking and diversification. I keep it simple and invest only in businesses where I understand the fundamentals. I am a data-informed decision-maker and reinvest a large part of my earnings into value-creating assets.
I also try to stay consistent with my strategy because when you look at investments from a long-term perspective, things will go up and down. For me, wealth comes from building durable value rather than chasing short-term gains.
I have property investments in Dubai, Abu Dhabi and Ras Al Khaimah. While real estate represents about 60 per cent of my portfolio, the stock market also accounts for a big part of it. I also invest in companies in health technology, AI and automation. As I'm passionate about technology, I've also invested a small amount for fun in digital assets and cryptocurrencies.
Are you a spender or a saver?
I am a strategic saver. That comes from growing up in a mid-income Moroccan family, which taught me the value of discipline, resilience and making every decision based on data points.
As a chief executive, I apply the same mindset when running the organisation. I try to use capital with intention and am comfortable making bold investments when they create long-term value. But I never lose sight of stability or responsibility. The key here is to balance discipline with ambition to lead an organisation or a family.
What has been your best investment?
The most fulfilling investment from a financial perspective has been in real estate. Not just because of the returns, which have been positive so far, but also because the decision, especially our first house in Dubai, was made jointly with my wife. Our different perspectives, along with discipline and long-term strategic thinking, have helped us make strong investment choices.
We bought a few apartments in Dubai Marina a while ago, sold those and then reinvested in real estate again. So, our property in the Meadows is a result of such multiple investments.
Any cherished purchases?
Growing up in Morocco, I always wanted to have a motorcycle, but my parents were never willing to buy me one for security and financial reasons. As soon as I went to the US and started earning, the first thing I bought was a motorcycle. It was cherished because I bought it with my own money. I had a hard time selling it because of the emotional value.
I also cherish other purchases I made later in life, maybe because they have more financial value. But the motorcycle was a representation of the fact when you work hard to achieve your goals, the emotional fulfilment and pride you derive is higher.
Any financial advice for your younger self?
Start saving and investing earlier and focus on building a diversified portfolio, which was what I lacked initially. I faced a financial setback because I put all my money into one property. It’s also important to build a data-driven investment strategy that is free of emotions early on. Understand that compounding is important although it takes a lot of patience. Give your investments time to flourish.
What luxuries are important to you?
Quality time with family, especially the more I have to travel for work, is very important. Unlike other luxuries, that does not fade with time. My wife and I also cherish family travel experiences. We offer that to our children as a luxury because we want them to see the world.
Comfortable living is a luxury. We're lucky to be in Dubai where there is a level of safety and security that is unmatched globally. Nobody should take it for granted.
What are your financial goals?
I want to ensure long-term financial security for me, my family members and my extended ecosystem. I would love to grow my investments to the point where I can leave a legacy for my family. I also want to invest in things that outlast me, and in technology that will make better care available to all.
Also, through my company, if I'm able to offer better quality of healthcare to people in sub-Saharan Africa, South-East Asia and remote areas of the world, that would be fulfilling.
