Illustration by Chris Burke for The National
Illustration by Chris Burke for The National

K Rajaram: the real deal when it comes to Porsche sales



K Rajaram once bought every ticket for a showing of Schindler's List at the Odeon Kensington cinema in London for himself and his friends.
"I was one of the only guys in the movie theatre who watched what I thought was one of the greatest movies ever made," he says. "It was just fascinating."
Upon hearing this anecdote, two things are immediately clear about Mr Rajaram, the chief executive of Al Nabooda Automobiles.
The first is that he can be extremely extravagant - the meeting room on the way into his office is reminiscent of a nightclub, complete with dimmed glitzy lights.
And the second is that he has great taste in films.
"I bought every single ticket. It was a question of timing and one of my friends knew the guy who ran the Odeon and he put on an extra show for us."
The K in K Rajaram is the initial of his father's name, which he says is too long to disclose. But his West Highland terrier's passport also has the name K Rajaram on it and in this instance, the K stands for Kuddles.
In November, Mr Rajaram will open the world's biggest Audi showroom and his company is also building a shiny new outlet for Porsche. Al Nabooda sells Porsche, Audi and Volkwagen cars in Dubai and the Northern Emirates.
He is the best-selling Porsche dealer in the world and, in total, Al Nabooda is spending nearly Dh1 billion (US$272.2 million) on new showrooms and facilities around the country over the next two and a half years.
But does he really need the biggest Audi showroom in the world?
"Have you not seen this map?" he replies, with more than a hint of sarcasm, pointing to the map behind him in his office. It is the planned map of Dubai before the property downturn, complete with three different palms, a sprawling Dubai Land development and something called The Universe that winds around The World project.
It is more a warning than a map. A souvenir of the halcyon days of excess financing and property boom.
"You have the waterway, which then disappeared, it's got the islands and the third Palm," he says.
"We give it to a lot of our friends as a gift so they remember what Dubai should have looked like."
Mr Rajaram speaks with much animation, gesticulating and letting his voice rise and fall like an actor on stage pursuing a dramatic point. He is a big man but softens his appearance with a red handkerchief.
He says, from a business perspective, Al Nabooda needs a huge Audi showroom because, where the company used to sell four models, it now offers 17.
"Let me put it this way, we are the largest Audi dealer in the entire region," he says. "By far the largest. Now, Audi also needs us to put up a showroom for the region and world. We can't turn round to the customer and say, 'Come and have a look at [the car] in my stockyard.' Not when he is paying Dh300,000 for the car."
Mr Rajaram is a loyal buyer of his brands, owning at least one of each. Family members are not allowed to buy a rival brand. He snorts at the notion of owning anything other than Volkswagen, Audi or Porsche.
"Never, never. And nor is my family allowed to touch one. Never," he says, reminiscent of Winston Churchill giving one of his classic wartime speeches.
"In my three brands, I have everything that the world needs, whether it is an SUV car, a saloon car, or a sports car," he says. "Why do I need to go out?" But he does go out and about using other vehicles, only they sport two wheels - he is passionate about cruiser motorcycles.
"Until the year before last, I had nine. I'm now down to three. I've kept only the three, which are close to my heart or have a story to tell."
He shows the Honda Valkyrie Rune on his computer screen. It looks imposing. So much so, his wife, who bought him the bike for his 50th birthday, calls it Judge Dredd's bike, after the comic-book character of the same name.
"The other one I kept is a Harley-Davidson Fat Boy, mainly because that bike I built from the ground up. It does not look like the Fat Boy at all," he says. "And the last bike I kept was a BMW because I just love the way it runs."
But at 57, Mr Rajaram has been told by his doctor to curb his passion for riding bikes.
"The decisions you can make at 140km at 35 years old are a little different from the decisions you make when you are 55 years old," he says ruefully.
"It takes you that fraction of second longer and that is the fraction of a second you don't have on a bike. That's the difference between life and death."
Born in Mumbai, where his father was the managing director for American Pharmaceutical Company, at 18 Mr Rajaram went to train as a metallurgical engineer in Chennai before returning to Mumbai to study for an MBA.
After graduating, he began working for a company that was asked to run Budget Rent A Car in Muscat. The local Omani partner also sold Volkswagen and Audi cars and Mr Rajaram was soon asked to run the flagging dealerships. "I was there for 16 years until 1996," he says.
Mr Rajaram was about to head back to India to set up an Audi and Volkswagen dealership in Mumbai when he had a chance encounter with Khalid Khalifa Al Nabooda, the managing director of Khalifa Juma Al Nabooda Group, the parent company of Al Nabooda Automobiles.
"He said, 'Why don't you stay back for a couple of years?' and that's it, three years has now become 15. It's not a job any more, this is my family ."
Mr Rajaram is now largely hands-off in running the dealerships. But a few weeks ago, he closed the showrooms and took all 900 staff on a team-building day. But he leaves the daily stuff to his staff.
"You have a . general manager and pay him Dh100,000 a month for what?" he says. "He's got to get on and do his job. I would not like someone breathing down my neck."
Al Nabooda buys 700 to 800 cars a month at an average of Dh300,000 each, as the dealership tries to keep up with demand. If you order a Porsche Cayenne today, you will not get it until March, the car is so popular.
Mr Rajaram taps a huge lighter on the deskas he explains he used to smoke about 60 cigarettes a day but now only puffs the occasional cigar.
"One day I said enough was enough. I don't want to [smoke] any more," he says. "I distinctly remember we were on holiday in Langkawi [in Malaysia] and when I was checking out of the Four Seasons, I left the cigarettes on the table and just walked out."
It is another insight into the fierce drive of the man who rules the world - at least when it comes to selling Porsches and showing Audis.
rjones@thenational.ae
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COMPANY PROFILE

Founder: Hani Abu Ghazaleh
Based: Abu Dhabi, with an office in Montreal
Founded: 2018
Sector: Virtual Reality
Investment raised: $1.2 million, and nearing close of $5 million new funding round
Number of employees: 12

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

COMPANY PROFILE

Company name: Nomad Homes
Started: 2020
Founders: Helen Chen, Damien Drap, and Dan Piehler
Based: UAE and Europe
Industry: PropTech
Funds raised so far: $44m
Investors: Acrew Capital, 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood and several undisclosed hedge funds

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

One in four Americans don't plan to retire

Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.

Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.

According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.

According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.

For many, money has a lot to do with the decision to keep working.

"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."

When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared. 

"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.

She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.

 

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Bob Marley: One Love

Director: Reinaldo Marcus Green

Starring: Kingsley Ben-Adir, Lashana Lynch, James Norton

Rating: 2/5

Company profile

Company name: Hakbah
Started: 2018
Founder: Naif AbuSaida
Based: Saudi Arabia
Sector: FinTech
Current number of staff: 22
Initial investment: $200,000
Investment stage: pre-Series A
Investors: Global Ventures and Aditum Investment Management

SPECS

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Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

Common symptoms of MS
  • Fatigue
  • numbness and tingling
  • Loss of balance and dizziness
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  • Tremor
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  • Bowel trouble
  • Vision problems
  • Problems with memory and thinking
MATCH INFO

Uefa Champions League last-16, second leg:

Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')

Ajax win 5-3 on aggregate

Ferrari

Director: Michael Mann

Starring: Adam Driver, Penelope Cruz, Shailene Woodley, Patrick Dempsey

Rating: 3/5

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

How to vote in the UAE

1) Download your ballot https://www.fvap.gov/

2) Take it to the US Embassy

3) Deadline is October 15

4) The embassy will ensure all ballots reach the US in time for the November 3 poll

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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Final round

25 under -  Antoine Rozner (FRA)

23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)

21 - Grant Forrest (SCO)

20 - Ross Fisher (ENG)

19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)