Prakash Adtani, owner of Tum Tum Asia restaurant, says he prefers the safety of fixed deposits to save money. Pawan Singh / The National
Prakash Adtani, owner of Tum Tum Asia restaurant, says he prefers the safety of fixed deposits to save money. Pawan Singh / The National
Prakash Adtani, owner of Tum Tum Asia restaurant, says he prefers the safety of fixed deposits to save money. Pawan Singh / The National
Prakash Adtani, owner of Tum Tum Asia restaurant, says he prefers the safety of fixed deposits to save money. Pawan Singh / The National

Money & Me: ‘An emergency fund helped me survive testing times last year’


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  • Arabic

Prakash Adtani is the owner of Dubai restaurant Tum Tum Asia, which opened in 2017. An Indian raised in Dubai, Mr Adtani says he became an entrepreneur because of a lack of options to satisfy his vegetarian food cravings.

Although his family runs an established textile business in the emirate, Mr Adtani wanted to step out of his comfort zone and pursue a career that challenged him creatively. Despite being hit by Covid-19 restrictions last year, he hopes to soon open a second branch of the pan-Asian vegetarian restaurant.

Mr Adtani lives in Dubai with his wife in a joint family.

How did your upbringing shape your attitude towards money?

I was born in India and raised in Dubai. My father came to the emirate in 1977 and he was the first person from my family to travel abroad. He worked really hard and within 10 years, he opened his textile business. It is a family owned business that includes my father and his brothers. I was amazed at the hardships they endured and their efforts to give us a good life and upbringing.

But we were not given everything on a platter. When I was young, having good grades was a precondition to receive something we wanted. We were also taught to value money and were given only Dh50 as pocket money every month. A lot of thought went into spending it wisely. So, I have always been practical when it comes to money.

What was your first job and how much were you paid?

Since I was eager to start earning, I started working at the age of 18. My first job was with Knowledge Network, a training and management consultancy, for a salary of Dh3,000. I was keen to pay for my college with the money I earned. But my father saved my earnings and gave them to me after I finished college.

I also did several part-time jobs. I worked as a customer service representative for telecom operator du for six months, helped out with events at the Dubai World Cup and Gitex exhibition, among others.

What was your professional journey after you finished college?

I completed my bachelor’s degree in media and communication in Dubai. The idea for my first venture was conceptualised when I was in college. We had a unit to manage events and my friend and I managed to sign on 21 sponsors for a college event. That inspired us to start our events company and we ran it successfully for two years. Then, my family wanted me to join the textile business, which I did for seven years and focused on expanding it into different areas.

Why did you become an entrepreneur?

I don’t believe in getting everything on a platter. I cannot simply sit on my father’s chair … because to reach that level, it will take a while and I am not his equal yet.

The best investment was when I offered my first salary to my parents. It was fantastic to see the happiness and smiles on their faces
Prakash Adtani,
restaurant owner in Dubai

I had also reached a certain limit creatively in terms of expanding the business. We cover the GCC, started exporting to India and had international clients. That is when I wanted to do something on my own.

What made you open a restaurant?

I am a foodie and being a vegetarian family, we were always faced with limited choices while dining out. On studying the market, I found there were few vegetarian restaurants that served good Asian food. That is when the idea of a pan-Asian fusion food restaurant struck me and I reached out to chef Akshay Nayyar to conceptualise Tum Tum Asia as a partner.

We opened our doors in October 2017 in Dubai’s Umm Hurair neighbourhood. It was a huge risk in a market such as Dubai and people were sceptical. But the response was overwhelming.

What financial lessons have you learnt from your family business?

The most important lesson is to manage your finances. If you do not have your finances sorted, you might end up paying out of your pocket.

It also instilled in me a sense of not to be ashamed of doing anything because it is my business in the end and that is how you learn and grow.

Mr Adtani started working at the age of 18 because he was eager to start earning. Pawan Singh / The National
Mr Adtani started working at the age of 18 because he was eager to start earning. Pawan Singh / The National

How did you cope during Covid-19?

I started the business with one of my school friends and chef Nayyar but during Covid-19 restrictions last year, my friend wanted to quit so I bought his share. We also had to let go of a few people and that was the most difficult part. But I had no choice. Even though the employees were not working during Covid-19, I continued to pay them basic salaries as they have families to support.

It was a huge hit because I was paying from my pocket for about six months. The reason we survived is because we had an emergency fund.

What strategies helped the business to recover?

Firstly, social media played an important role. We did a lot of cross marketing at the time. I have always believed in organic social media marketing and word of mouth. Secondly, we realised the importance of deliveries as, until then, we were more focused on dining in. Deliveries helped me pay salaries and electricity bills during that phase. So, now we have become more efficient in deliveries and improved branded packaging.

We have also started private catering for small groups. People are coming back to dine in due to the increased pace of vaccinations. We plan to open another outlet soon and will begin to start hiring again.

What has been your best investment?

The restaurant has been an investment that elevated me to where I am. But the best investment was when I offered my first salary to my parents. It was fantastic to see the happiness and smiles on their faces.

Are you a spender or a saver?

I am definitely a saver. I only spend when I think there is a need. It might be old school but I like the safety of fixed deposits where I can put in small amounts and forget about it for five years.

I also believe in allocating a salary for myself despite being a business owner. It helps to gauge earnings and losses better. It also helps to decide whether I would like to reinvest it into the business, keep it aside for a new outlet and so on.

What is your most treasured purchase?

When I was in college, I saved and bought a pair of Guess Collection watches for my parents’ anniversary.

What luxuries are important to you?

The most important luxury is peace of mind, being with people you love and a healthy lifestyle. Materially speaking, I want to own a house and a car.

What car do you drive?

We live as a joint family – my father, his three brothers and their families. We have five cars and I drive whichever is available when I need it.

Has living in the UAE influenced your attitude towards money?

A lot. It is amazing to see the drastic change Dubai has gone through. I remember a line by Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, in a TV interview. He was asked why do you want Dubai to be number one in everything. He replied: “Why not?” That answer stuck with me. It is motivational.

How much cash do you keep in your wallet?

I usually do not keep more than Dh200 at any point.

HWJN
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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.

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

Brief scores:

Southampton 2

Armstrong 13', Soares 20'

Manchester United 2

Lukaku 33', Herrera 39'

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant & Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
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THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.
Marathon results

Men:

 1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

States of Passion by Nihad Sirees,
Pushkin Press

About Takalam

Date started: early 2020

Founders: Khawla Hammad and Inas Abu Shashieh

Based: Abu Dhabi

Sector: HealthTech and wellness

Number of staff: 4

Funding to date: Bootstrapped

GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Updated: August 19, 2021, 6:00 AM