Mazen Omair is the founder and chief executive of Momair Trading, which he launched in 2009. Based in Dubai, it holds the franchise rights for nine Subway stores in the UAE, and is the master franchisee for the US chain Fuzziwig's Candy Factory for the Arabian Gulf region. The former IBM employee, from Saudi Arabia, has lived in the UAE for 13 years. Before establishing his own company, Mr Omair, 49, was the senior vice president for Saudi Arabia's mobile phone distributor. He is based in Dubai.
How did your upbringing shape your attitude towards money?
Growing up in a working class family meant that the value of money was intrinsic to our upbringing. We were taught to evaluate spending decisions and not to spend impulsively.
How much did you get paid for your first job?
I got paid around Dh1,100 a month for my first part-time job as a graduate teaching assistant when I was pursuing a master of science degree in zoology at George Washington University in the US. For my first full-time paid job I was paid Dh7,000 a month as a database programmer at Gestalt Systems.
Are you a spender or saver?
I’m a budgeted spender, meaning that most of my spending is pre-budgeted. So you could say I save to spend on what I consider essential.
What is your most cherished purchase?
It’s not in my nature to develop an emotional attachment to my possessions. I prefer to gift others – putting a smile on someone’s face is priceless. In terms of personal purchases, I most enjoy those which meet all my requirements – be it a car, laptop or clothing.
Have you ever had a month where you feared you could not pay the bills?
My transition from the corporate world to entrepreneurship was turbulent. There were several months when I was concerned about whether I would be able to pay my bills. Fortunately I managed to identify the issue far enough in advance to figure out a practical solution.
Where do you save your money?
With three children in college and a growing business, proper savings are not really feasible. With a proper cash flow forecasting system we were able to save enough money to meet our commitments and plans.
Do you prefer paying by credit card or in cash?
Mainly credit card, but for smaller purchases I prefer cash.
What has been your best investment?
Definitely education – for the family and mine. Although we may not be able to quantify the results in terms of return on investment percentages, you can certainly see its added value.
What do you most regret spending money on?
I have no regrets, only learning experiences. One of my earliest memories was spending US$250 for the “shipping and handling” of an inflatable rubber boat which I mysteriously “won”. What arrived was barely functional and worth less than $50. Lesson learnt – “if it sounds too good to be true, it probably is not true”.
What financial advice would you offer your younger self?
Do not be afraid to take calculated financial risks and implement a scheduled saving programme to fund them.
Do you have a plan for the future?
Yes, and retirement is not a part of it. I truly enjoy building. The plan is to continue to grow our business portfolio to the best of our abilities and of course enjoy ourselves on the way.
If you won Dh1 million, what would you do with it?
I would probably spend 10 per cent to celebrate the moment then set aside the balance for a diversified investment.
What would you raid your savings account for?
I could do it for educational opportunities, unforeseen emergencies and a friend in need.
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