Money & Me: Dubai spa owner dreams of the island life

Staying positive is the secret to healthy personal finances, says serial entrepreneur Rana El-Eid.

Rana El Eid, 46, is the founder of RE Salons and Spas. Satish Kumar / The National

Rana El Eid, 46, is the founder of RE Salons and Spas, formerly known as Azur Spas. Originally from Lebanon, she has lived in the UAE since 1993, founding three companies during that time: RED Design, Café Céramique and RE Salons and Spas.

How did your upbringing shape your attitude towards money?

I learnt from my father, a senior engineering consultant, that positive effort pays off in the end, and I’ve tried to adopt this approach with my businesses. I try to find passion in what I do and really enjoy it; after that, monetary reward comes automatically.

How much did you get paid for your first job?

Dh6,000 per month plus accommodation with a government organisation in the UAE. Looking back the best thing was that the hours were short, working from 8 until 2, which meant I was able to start a family, and then move on to lay the groundwork for my first business in web design.

Are you spender or saver?

I try to invest in my businesses and build up their value, but I’m definitely a spender as well. I want to enjoy life, which means sharing experiences with my family and my friends. Going out, travelling, having people around me – I enjoy spending on things like this.

What is your most cherished purchase?

It was the time I went to Greece with my daughters three years ago. It wasn’t a particularly expensive trip, it was around Dh10,000 in total, but it’s one of the most cherished times I’ve ever had with my daughters, who are now 18 and 15. We keep on talking about it and we really want to do it again.

Have you ever had a month where feared you could not pay the bills?

When I first started out it was quite challenging. But I always believed that things would work out and that the universe takes care of you. If you have a positive outlook, whether in your business or your personal life, then things somehow fall into place.

Where do you save your money?

I’ve got some money in property, and a lot goes into increasing the value of the business. But most goes in the bank.

What has been your best investment?

On a purely financial level, it would probably be in property, especially in Canada. But on a personal level, the best investment was in education, for my kids and myself. I’ve valued what I was able to spend in self-development throughout my career.

What do you most regret spending money on?

I don’t buy into the whole regret thing. We make decisions based on the information we have at the time and our priorities at that stage of life. So I don’t tend to look back – it’s in the past, and it was the best decision I could make at the time.

What financial advice would you offer your younger self?

I know it’s a cliché, but it’s better to buy experiences than things. It’s better to spend money on moments and enjoying time with people, than going and buying something like a new purse.

Do you have a plan for the future?

Oh yes, I’ve got many plans on many levels. For my business I’m looking to expand to 10 outlets in the next few years. It’s hard to plan 10 to 15 years ahead because you never know what life will bring. I plan to carry on working for a while longer.

If you won Dh1 million, what would you do with it?

I’d definitely use part of it to go travelling with my daughters again. But I’m also looking to use my business as a platform to teach skills to underprivileged and abused women, so I’d use much of the money to set up a fund to support that.

What would you raid your savings account for?

For a dream purchase, it'd be a boutique hotel somewhere on a Greek island, which would offer yoga and meditation and would also have a nice bar and club, Mamma Mia style.

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