Some may call it brave to open a high-end, invitation-only members club in the midst of a pandemic, but after 14 years in the UAE, Count Oliver of Wurmbrand-Stuppach in the Principality of Liechtenstein thinks it is an opportune time. In a world now dominated by Zoom calls, the 39-year-old nobleman is launching The Ambassadors Club at the Conrad Hotel, Dubai, and says the UAE's business community is crying out for physical connection in a space that offers luxury, privacy and high-end networking to ensure precious business networks keep growing in spite of the financial crisis.
How did your upbringing shape your attitude towards money?
I grew up near Munich (Germany) and my parents were entrepreneurs in the energy and electricity industries. So I grew up very independently at an early age and learned to pursue my own goals.
How much did you get paid for your first job?
As a teenager, I had a weekly radio show – every weekend at 7am. I did not receive any salary and, to be honest, I also think that we hardly had any audience, but it was fun. When I was 20 years old, I got my first real job at a large advertising agency in Germany through a colleague at that radio station. The starting salary was around Dh4,000.
Are you a spender or a saver?
My friends would probably say I am a spender. I think what matters most is the right balance. There is little point in postponing all your goals and wishes to the future, because you never know what will come tomorrow. Sometimes I am able to manage this balance better, sometimes not.
What is your most cherished purchase?
My home by the sea in Ras Al Khaimah. I live in a beautiful beachfront community, walk my dogs by the sea every day and enjoy the peace and quiet.
Where do you save?
I keep my liquidity at the level of my short-term needs, and invest the majority of my funds in my companies, stocks, real estate and commodities, which I distribute geographically.
What is your biggest financial milestone?
This would be, without a doubt, when I started my first company, GWS Consulting, a management and marketing company. This required entrepreneurship, courage and a quite a bit of luck. I was able to build a great team that I can be proud of every day.
What has been your best investment?
I am a big fan of precious metals, especially gold. I bought my first gold coin, a South African Krugerrand, for $860 at a time when precious metals were not really regarded as an important investment. Since then, I have increased my precious metals inventory. The gold price only recently reached an all-time high and I am confident that precious metals will remain a very exciting investment.
Have you ever had a month where you feared you could not pay the bills?
Yes, when I got my first job in my early 20s. At the end of the month, instead of the hoped-for money from the ATM, I received a message that I had reached my limit. It was then that I realised that I had to sort my finances out and, above all, increase my income.
I'm not a big fan of completely relinquishing responsibility of my wealth
Do you use a financial adviser?
Since I manage a financial company, I have many financial service providers in my close circle of friends, and naturally we often exchange ideas on a private level. I’m not a big fan of completely relinquishing responsibility of my wealth. This may be convenient, but ultimately, you should look after your wealth yourself, like you would with your job.
Do you have any financial regrets?
Of course, not all of my investments have paid off. Opportunities always involve risks, and unfortunately, I also made promising investments in the past that had a value of zero the next day. It is important to diversify your investments as widely as possible so that you do not become too dependent on the success of one individual investment. In retrospect, you can always evaluate an investment differently than when you made the decision. Investing in Apple stock 30 years ago would have been very smart, but I don’t think anyone could have made it through 30 years.
Do you plan for the future?
In my private life, I don’t plan very long-term into the future, because you don’t know what the world will look like tomorrow and new opportunities and changes can always arise. As we have recently seen through the pandemic, any plans can change very quickly and very drastically.
What luxuries are important to you?
I enjoy staying in great hotels, eating in beautiful restaurants and the luxury of having time.
How much do you have in your wallet right now?
Currently Dh780 and a lot of bills for the accounting department.
What car do you drive?
A Jaguar; I love the mix of sporty and classic design. Only English cars have this type of combination.
Do you prefer using a credit card or cash?
I mostly pay by credit card to collect some Emirates Skywards. It’s a great thing when you spend money and then at least earn a few free flights. This way, you can also justify less reasonable expenses to yourself.
What financial advice would you offer your younger self?
Move to the UAE and save on taxes.
What would you raid your savings account for?
Currently for nothing. My savings are my personal insurance that I don’t want to spend lightly.
How has Covid-19 changed your view towards money?
The stock exchanges were able to recover very quickly, although the overall economic situation looks significantly worse than at the beginning of the year. I have therefore further diversified my assets and have increasingly invested in tangible assets such as real estate and raw materials.
What have been the biggest lessons of Covid-19?
That the world can change overnight. What was unimaginable yesterday is reality today. Many businesses and entrepreneurs – from small grocery stores to corporations with thousands of employees – have seen their efforts turned to rubble, losing their jobs and livelihoods. It is best to act very farsighted here and encourage personal responsibility, because if the café around the corner or our favourite restaurant has to close forever, the cities and malls will suffer long after Covid-19.
Some may say that you’re chartering brave territory, opening a new venture in the luxury hospitality sector in the midst of a pandemic. What gives you the confidence to do this?
We are breaking new ground with the Ambassadors Club, and I am absolutely convinced of this new idea – especially in this day and age. The Ambassadors Club is a combination of networking, entertainment, luxury lifestyle and top-class business contacts on a private, amicable level. A Zoom conference cannot permanently replace personal contact. In addition, we have all seen over the last few months that people are travelling less and are looking for entertainment and variety in their own country more than ever. This is exactly where we come in, by creating a private members’ club where you know each other, have a network of like-minded people, and can exchange ideas with friends and personalities from business, politics, culture and society in an exclusive, private setting.
Warlight,
Michael Ondaatje, Knopf
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Playing September 30
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Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
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.”
Ponti
Sharlene Teo, Pan Macmillan
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
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UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
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.
The%20specs
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The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
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
SHOW COURTS ORDER OF PLAY
Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)
Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)
Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)
Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)
Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)
Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)
