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.
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.
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: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
No Shame
Lily Allen
(Parlophone)
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.”
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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Rating: 4/5
Sting & Shaggy
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The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
