Yasser Obeid, managing director of aka Media, says he is not a spender and invests a lot of his money back into the company. Photo: Pawan Singh / The National
Yasser Obeid, managing director of aka Media, says he is not a spender and invests a lot of his money back into the company. Photo: Pawan Singh / The National
Yasser Obeid, managing director of aka Media, says he is not a spender and invests a lot of his money back into the company. Photo: Pawan Singh / The National
Yasser Obeid, managing director of aka Media, says he is not a spender and invests a lot of his money back into the company. Photo: Pawan Singh / The National

Money & Me: ‘There's no point in setting financial milestones because they limit you’


  • English
  • Arabic

Yasser Obeid is managing director at aka Media, an integrated communications company he founded in 2011 that helped to make The Wedding Party 2: Destination Dubai, Nigeria's highest grossing movie.

A veteran of Dubai’s film and creative media sector, he aims to give clients a “refreshingly different”, disruptive way to deliver communications.

Mr Obied, who has Russian and Sudanese parents, studied in London and Moscow before becoming a producer, visual effects artist and art director.

Now 45, he lives with his wife and two children in Dubai’s Arabian Ranches.

Did your upbringing shape your money outlook?

I was born in 1975 in (Leonid) Brezhnev-era Moscow. My dad grew up in Sudan, got the opportunity to study in Russia and lived there for 12 years. He got a doctorate and later went into television. Mother was in micro-biology.

When I was four, we moved to Sudan, then Libya, the UK, Italy and my family ended up here in the early 1990s. When you move around as much, you start thinking in multiple currencies.

I think of my family as being solid middle class. We weren’t rich, we weren’t easy with money, it was tight at times. That had two effects on me; when I started making money, I had a bit of a splurge, spending everything I had, but then realised what I was doing and decided to be more conservative.

When did you learn to handle cash?

I went to university in Russia from 1993 to 1997, and was being sent something like $200 a month to cover my bills. It taught me how to manage money and adhere to a budget.

But money maturity came late, probably with the company. That’s when you really learn how to balance your books. True money management comes when you manage to live on something, set something aside and shuffle money around from one corner to another to make it diversified.

Do you recall your first salary?

My first TV job. I got sent by the university [to do] an internship and then stayed. I was studying computer networking, but had more fun on my job, which is why I went in a different direction when I graduated. I was an assistant producer, coming up with ideas for a kids’ TV show. The peanuts we were paid … it was more fun than money; $100 max a month. You could live on that, badly, but it gave me good experience.

When you come to Dubai, there are so many opportunities to spend; for most people it's difficult to save anything

Why start aka Media?

I took my gratuity from my old job and decided to build my own thing, where I could really add some value to the industry here. We started initially as a production company but you have to evolve every couple of years. We decided to cover the whole spectrum of marketing and production at the same time.

Besides producing for other people, we produce our own content, try and make it as interesting and watchable as possible. The mediums might have changed from VHS to TV to online, but it’s still the same thing, storytelling, at the end of the day.

Are you a spender or a saver?

I’m not a spender, for sure. I invest a lot of my money back into the company. I have investments in other things, but I keep a balance. I like to have a certain lifestyle and don’t spend above what I think I can afford.

When you come to Dubai, there are so many opportunities to spend; for most people it’s difficult to save anything.

How do you save?

At the moment, stocks and exchange-traded funds. A big portion of my saving goes there. I’ve got a decent spread, which has worked so far. And property … the villa I’m living in.

The business, for my well-being and for everyone else, counts as my best investment. So far, it has kept me busy and fed.

Mr Obeid invests a big portion of his saving in stocks, exchange-traded funds and property. Photo: Pawan Singh / The National
Mr Obeid invests a big portion of his saving in stocks, exchange-traded funds and property. Photo: Pawan Singh / The National

What is your money philosophy?

Money’s definitely not everything. It’s a stimulus in many ways to get you to do things. I like to afford a certain lifestyle – there isn’t a person who would think otherwise. And I like winning business. That brings more excitement than the actual cash. Obviously, it’s got financial repercussions, but it’s not about the money, it’s the victory that’s key.

Are you wise with money?

Now yes, less so 10 years ago. This comes with age and knowing what money’s worth and how to allocate it. Running a business helps. I’ve got kids and I’ve got “kids” … I feel utterly responsible for my team because I am their livelihood in many ways and don’t take it lightly.

Any key financial lessons?

I regret getting a credit card when I was young and stupid. I got into debt and paying it off was difficult and painful. I haven’t had a credit card since.

What are you happiest spending on?

Travel used to be a big thing for me, but that’s gone into the savings pot. In terms of luxuries, I spend too much time at work to do a lot more out of it. I bought myself a Porsche Boxster with cash as I knew I didn’t want to go into loans. This was more an impulse thing, just before the pandemic hit, so at one point I was thinking, “Maybe this wasn’t the best time to do this”.

Did the pandemic impact you?

I’m so happy I moved to a villa before the pandemic started, but for me the routine of going to the office is something sacred, so I started getting restless.

Our business in general is split in two directions; one very outdoor, which is filming, the other post-production. We were lucky to have shot on March 14 – on the 15th, everything closed down. We were doing some post-production and shot our next film four months after lockdown.

Now, it has pretty much gone back to where it was, but everyone’s very budget-sensitive.

Have you experienced other fluctuations?

Resilience is something you learn once you start a business. If you’ve lasted this long, it’s there, you know how to fix stuff and wriggle out of difficult situations. Otherwise, you’re not going to be there that long.

We had some tight times, especially in the beginning. We recovered. For us, this (pandemic) was actually easier than some earlier situations because the resilience was there; you know how to work around certain difficulties.

Have you set a financial milestone?

I’ve never put money as a total objective of the company because it needs to be something more than that. We’re trying different things here and there, whether that brings fruit or not, we’ll have to wait and see. There are tonnes of plans to grow even further that might require certain investments.

There’s no point in putting a financial milestone for yourself because that sets a limit, in a way.

Do you plan for retirement?

I’m afraid of retiring because I cannot imagine myself not doing anything. I’ll probably end up working until I kick the bucket … I have fun when I work.

There is the bread and butter stuff, but most of the time it is enjoyable. I do occasionally fantasise about having a cottage in the mountains overlooking the French or Italian Riviera. Probably in about 10 years, I’ll have a retirement plan.

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The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

UAE currency: the story behind the money in your pockets
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

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Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

RESULTS
%3Cp%3E%0D%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Marfa%20Deira%20%E2%80%93%20Conditions%20(PA)%20Dh80%2C000%20(Dirt)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Wadheha%2C%20Bernardo%20Pinheiro%20(jockey)%2C%20Majed%20Al%20Jahouri%20(trainer)%0D%3Cbr%3E%3Cstrong%3E6.35pm%3A%20%3C%2Fstrong%3EDubai%20Creek%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EBarq%20Al%20Emarat%2C%20Bernardo%20Pinheiro%2C%20Ismail%20Mohammed%0D%3Cbr%3E%3Cstrong%3E7.10pm%3A%20%3C%2Fstrong%3EMina%20Hamriya%20%E2%80%93%20Handicap%20(TB)%20Dh95%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Tahdeed%2C%20Dane%20O%E2%80%99Neill%2C%20Michael%20Costa%0D%3Cbr%3E%3Cstrong%3E7.45pm%3A%3C%2Fstrong%3E%20Mina%20Rashid%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C900m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ESeyaasi%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%0D%3Cbr%3E%3Cstrong%3E8.20pm%3A%20%3C%2Fstrong%3EAl%20Garhoud%20Sprint%20DP%20World%20%E2%80%93%20Listed%20(TB)%20Dh132%2C500%20(D)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Mouheeb%2C%20Ray%20Dawson%2C%20Michael%20Costa%0D%3Cbr%3E%3Cstrong%3E8.55pm%3A%3C%2Fstrong%3E%20Mirdiff%20Stakes%20Jebel%20Ali%20Port%20%E2%80%93%20Conditions%20(TB)%20Dh120%2C000%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Seyouff%2C%20Antonio%20Fresu%2C%20Michael%20Costa%0D%3Cbr%3E%3Cstrong%3E9.30pm%3A%3C%2Fstrong%3E%20Jebel%20Ali%20Free%20Zone%20%E2%80%93%20Handicap%20(TB)%20Dh95%2C000%20(D)%202%2C000m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAjuste%20Fiscal%2C%20Jose%20da%20Silva%2C%20Julio%20Olascoaga%3C%2Fp%3E%0A
MEYDAN%20RACECARD
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%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3E6pm%3A%20Go%20Soldier%20Go%3Cbr%3E6.35pm%3A%20Man%20Of%20Promise%3Cbr%3E7.10pm%3A%20Withering%3Cbr%3E7.45pm%3A%20Mawj%3Cbr%3E8.20pm%3A%20Falling%20Shadow%3Cbr%3E8.55pm%3A%20Law%20Of%20Peace%3Cbr%3E9.30pm%3A%20Naval%20Power%3Cbr%3E10.05pm%3A%20The%20Attorney%3C%2Fspan%3E%3C%2Fp%3E%0A

Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.

Landfill in numbers

• Landfill gas is composed of 50 per cent methane

• Methane is 28 times more harmful than Co2 in terms of global warming

• 11 million total tonnes of waste are being generated annually in Abu Dhabi

• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year

• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away

• 50 per cent of Abu Dhabi’s waste is from construction and demolition

Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape

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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Denis%20Villeneuve%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Timothee%20Chamalet%2C%20Zendaya%2C%20Austin%20Butler%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
%3Cp%3E%E2%80%A2%20The%20digitisation%20of%20financial%20services%20will%20continue%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Managing%20and%20using%20data%20effectively%20will%20become%20a%20competitive%20advantage%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Digitisation%20will%20require%20continued%20adjustment%20of%20operating%20models%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Banks%20will%20expand%20their%20role%20in%20the%20customer%20life%20through%20ecosystems%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20structure%20of%20the%20sector%20will%20change%3C%2Fp%3E%0A
RESULTS

Main card

Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision

Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision

Lightweight 60kg:  Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3

Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision

Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision

Light heavyweight 81.4kg:  Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

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 

UAE squad

Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Brief scores:

Everton 0

Leicester City 1

Vardy 58'

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

While you're here
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.
RESULTS

5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).

5.30pm: Maiden (PA) Dh80,000 1,400m​​​​​​​
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.

6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m​​​​​​​
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.

6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m​​​​​​​
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.

7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m​​​​​​​
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.

7.30pm: Maiden (TB) Dh80,000 1,600m​​​​​​​
Winner: Dubai Canal, Harry Bentley, Satish Seemar.

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

New schools in Dubai
The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Origin
Dan Brown
Doubleday

A cryptocurrency primer for beginners

Cryptocurrency Investing  for Dummies – by Kiana Danial 

There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine. 

Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.

Although cryptocurrencies are a fast evolving world, this  book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.

Begin your cryptocurrency journey here. 

Available at Magrudy’s , Dh104 

The specs

Engine: 2.0-litre 4-cyl

Power: 153hp at 6,000rpm

Torque: 200Nm at 4,000rpm

Transmission: 6-speed auto

Price: Dh99,000

On sale: now