Amin Neghabat, 46, is the group chief executive of Bourn Hall International, a group of fertility clinics in the Middle East which claims to be responsible for bringing the IVF concept to the Middle East and North Africa region and India. The American father of two sons, aged 11 and nine, has lived in Dubai for four months.
How did your upbringing shape your attitude towards money?
My family immigrated to the United States from Iran in 1978 and left much of our wealth there. They relied on their education and upbringing, hard work ethic and immigrant mentality. My father always preached the philosophy that in America, whoever works the hardest will earn a good life. I realised a long time ago there is a healthy balance between living a miserly existence and spending foolishly. However, living for today is not always the worst decision, contrary to Warren Buffett’s philosophy.
How much did you get paid for your first job?
It was US$10 an hour to work at a fish market in Los Angeles during my college years. I worked all throughout my graduate school as well. I would work during the day and go to school at night. This taught me the importance of developing a strong work ethic.
Are you a spender or saver?
Being an eternal optimist, I’m definitely a spender and like to grow everything. To balance this, my wife is the accountant and the family CFO.
What is your most cherished purchase?
In 2007, my wife and I bought a beautiful summer cabin on the water in the San Juan Islands in the US. We take our kids there during our vacations and it’s our happy place. At that time I believe it was $1.2 million.
Where do you save?
We invest in properties, homes and land. We own a home on Bainbridge Island, Washington, a suburb of Seattle where my boys and wife live. We own rental properties in Washington State and own land in southern California. Recently, we started looking at investing in apartments in the UAE, specifically in Dubai, where I currently work and live.
Do you prefer paying by credit card or in cash?
I believe cash is king. Having cash in hand is always the highest position of strength.
What has been your best investment?
When my wife and I went through IVF treatment in the US, we knew it would be an additional financial strain. We found out about a programme called “Shared Risk” that offered us three fresh cycles of IVF for a discounted rate, and the best part was if we did not take home a baby by the third cycle, we would get all our money back. We luckily had our baby boy after the first try. I was so impressed we launched the programme in the Middle East at Bourn Hall Fertility Clinic in Dubai.
What do you most regret spending money?
I bought a convertible, silver Mercedes Benz 500SL a few years ago. What can I say? Midlife crisis.
Do you have a plan for the future?
Build successful companies, and spend quality time with the people you love. We plan to open additional fertility centres in Egypt, Saudi Arabia, and Abu Dhabi, expand our current footprint in Dubai and New Delhi and look for strategic partnerships in South-East Asia.
What would you raid your savings account for?
A seven-day round trip ticket to the Maldives for my wife and I for our upcoming 20-year wedding anniversary. She more than deserves it.
mkassem@thenational.ae
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