Dharmangi Bhatia, 35, on holiday in New York City with her two-year-old daughter, Sway. The former hedge-fund manager quit in 2008 to spend more time with her family.
Dharmangi Bhatia, 35, on holiday in New York City with her two-year-old daughter, Sway. The former hedge-fund manager quit in 2008 to spend more time with her family.
Dharmangi Bhatia, 35, on holiday in New York City with her two-year-old daughter, Sway. The former hedge-fund manager quit in 2008 to spend more time with her family.
Dharmangi Bhatia, 35, on holiday in New York City with her two-year-old daughter, Sway. The former hedge-fund manager quit in 2008 to spend more time with her family.

Managing on one income


Alice Haine
  • English
  • Arabic

When Tara Parkinson returned to work after the birth of her second child, she quickly realised it was a step too far. Having children changed her attitude towards her career as a programme manager for British American Tobacco and she often struggled to meet the demands of work and home. The crunch came after a neighbour called her to say her daughter, then four, was wandering around in the street outside her house after the nanny had let her out.
"I turned to my husband and said, 'I just can't do this anymore'," recalls the 38-year-old Briton. "Our son was six months at the time and we couldn't trust our nanny. It got to the stage where no matter what I had to give up it wasn't more important than our children's welfare. "Working with one child was manageable, but two was too much. I wasn't able to give 100 per cent to the job and I was tearing around in my lunch hour picking up my daughter from nursery and dropping her home.
"Did I feel guilty? Yes, all the time. I missed all the parties, all the play dates and was always the mum at school who'd forgotten it was fancy-dress that day." So in a bid to redress the balance in her life, Mrs Parkinson - who moved to Dubai in 2000 with her husband Andy, 37, a sales manager for IBM - resigned in 2007. But turning her back on a Dh35,000 monthly salary that came with a company car, business-class flights for the entire family, health insurance, school fees, utilities, petrol and a housing allowance on top was not easy.
"At first I wasn't ready to switch off," she recalls. "So I worked part-time for a friend who'd set up a project management company for [a monthly salary of] Dh10,000. But it was harder work for a lot less money and I'd find myself trying to work in the afternoon, which wasn't the aim of it all. I left after three months." Mrs Parkinson's story is a classic example of the impossible dilemma every career woman faces after having children. Do they return to work or give it all up? And for those who decide to quit, saying goodbye to a career they've spent five, 10 or even 15 years building up can be a hard adjustment.
"The transition from a full-time seasoned female professional to a dedicated stay-at-home mum is never easy," says Amer Zureikat, vice president of the Dubai-based job portal Bayt.com. "The shift from meetings, strategic planning, career development and promotional activities to toys, bottles, nurseries and then schools requires time, effort and a certain selective amnesia vis-à- vis the notion of a 'career' - at least for a certain period of time."
But while Mrs Parkinson willingly quit her career, American mother of one Dharmangi Bhatia found the transition was a little harder because the decision was forced upon her. Mrs Bhatia had returned to work as a hedge-fund manager in New York after her daughter's birth in 2007 when her husband, Ranjeet, 34, an oil trader, was relocated to Dubai. She joined him soon afterwards, but finding a position that matched her Dh1m annual salary and high level proved impossible
"I didn't want to give up work at all," she says. "I loved it too much, but when I looked over here at the beginning of 2008 I didn't like the opportunities offered or the pay scale. "Then the credit crunch hit and the interviews dried up completely, so I decided to take some time off and focus on my daughter," says Mrs Bhatia, who is currently in New York on holiday with her daughter. "From a financial point of view, it wasn't a huge problem because my husband earns a similar salary to mine, though his fluctuates a lot more depending on when it's a good or bad year.
"But the thing I struggled with the most was at dinner parties when people ask 'what do you do?' and switch off when you say you're a full-time mum. It bothered me that a mother has no value in life. But I'm not the sort of woman who's happy not working anyway." For teacher Nina Millar, 33, giving up work and relying solely on her husband's income had more of a psychological impact than a financial one.
Mrs Millar, who headed the English department at the Dubai Secondary School before quitting to have her son last summer, struggled with the loss of independence that her own income gave her. "Even though my income was not something we depended on I still felt like I was contributing to the team, so not earning was hard. I remember buying some clothes and feeling no joy because I was spending Alexander's money and it felt wrong. I felt really depressed afterwards. I'd bought these clothes and thought somehow I hadn't earned that treat.
"But my husband has been brilliant about reassuring me that I'm doing a job he values and says my role is still a huge contribution." Mrs Millar, who moved to Dubai in 2007 with her husband Alexander, 33, who works in financial sales, earned Dh13,400 a month with health insurance, a flight home, two school places and a Dh80,000 housing allowance to put towards the rent on their three-bedroom Umm Suqueim villa.
"Initially I planned to return after a year, but I think I always questioned how easy it would be," she says. "But I was lucky I had a choice. Yes, we have to discuss finances a lot more, but the biggest change was working out how to manage our money such as whether or not I should get an allowance, something I decided against." For Mrs Parkinson, the decision to quit work was not so straightforward. With rents spiralling out of control, the couple had to sit down and calculate exactly how they were going to cope financially.
"At the time we were living in a three-bedroom villa in The Lakes where rents were controlled at Dh93,000, but when they were sold off the rents doubled overnight - something we could not afford on one salary. But then a lot of things happened at the same time to make it all possible financially," says Mrs Parkinson, who has since had a third child. First, a five-bedroom house the couple had bought off-plan in Arabian Ranches for Dh2.5 million was completed so they had an affordable home to move into. Then they sold one of their two properties in the UK to free up Dh250,000 in cash to landscape the garden of their new home, buy a second car to replace Mrs Parkinson's company car and cover new expenses such as service fees on the house and school fees.
"Since then, Andy's had a couple of promotions which has helped enormously," adds Mrs Parkinson. "We don't save nearly as much and every month there's a big financial surprise such as service fees or car insurance so it's pretty much down to the wire. But I think we've got by with a lot of luck." Mrs Bhatia has made up for her lack of job by launching Sway2theHeart - a healthy children's catering company - an idea inspired by the nutritious food she fed her young daughter.
Investing Dh1m of her own savings into the business, she plans to open a child-friendly restaurant and offer children's cooking classes. "I'd still like to go back to what I was doing before, but not until I've completed this," she adds. "I've invested so much time and money into the project and I want to finish it first." While Mrs Bhatia is confidant about her return to working life, for others stepping back into an office after investing all their energy into their offspring for several years can be quite nerve-wracking.
But Bayt.com's Mr Zureikat says there are plenty of ways women can stay up to date during their time at home. "To pave a smoother way back into the workforce after a long career break, women should read up on industry happenings and the latest trends in their respective fields, engage in professional online networks and volunteer in their field when they have a chance," he says. But it's not only working mothers who need to stay up to date; employers can also help by offering women a better work/life balance or well paid part-time work.
"I'd definitely consider part-time," says Mrs Millar, who had been teaching for five years after switching from a career in marketing. "But timetables don't always lend themselves to part-time and I'm not sure it would be that cost-effective." According to Bayt.com's recent Women in Middle East Workplace survey, 72 per cent of women in the UAE would extend their working life if employers provided better facilities and 25 per cent have approached their employers regarding the option of flexible hours.
"Flexible timings, job sharing and day-care facilities are still top of the list for women who wish to be a mother and a working professional in the Middle East," adds Mr Zureikat. But whatever the options on offer, Mrs Parkinson has no intention of returning to office life in the near future. "I spent 15 years building up my career and, while I'd like to go back for the mental stimulation, time-wise it's a no," she says. "This is a special time for me and I won't waste that time thinking about all the things I could be doing professionally. Right now with the children at the ages that they are, this is the right thing for me."
@Email:pf@thenational.ae

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
The Bio

Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.

Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.

Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.

Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

UAE currency: the story behind the money in your pockets

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.”

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

CHINESE GRAND PRIX STARTING GRID

1st row 
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row 
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)

3rd row 
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)

4th row 
Nico Hulkenberg (Renault)
Sergio Perez (Force India)

5th row 
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)

6th row 
Kevin Magnussen (Haas)
Esteban Ocon (Force India)

7th row 
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)

8th row 
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)

9th row 
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)

10th row 
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

European arms

Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons.  Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Bullet%20Train
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