Lawyer Riccardo Denaro, 34, is an associate with Italian firm BonelliErede in Dubai.
Mr Denaro initially intended to be in the Emirates for a few months to run a special project with a new client. However, he has stayed for three years, reinforcing his business attitude as well as legal skills.
Mr Denaro lives in Business Bay and is a keen athlete who devotes his downtime and funds to cycling and triathlons.
Last year, Mr Denaro and two friends invested in The Fleece Milano, an e-commerce venture offering quality Italian-made menswear and sartorial face masks.
Did you experience money and aspiration growing up?
I was born in Sicily and at 14 moved to Milan where my mother created her own company, training employees in health and safety. My father became a lawyer for some banks and insurance companies, but came from a very modest family. My grandfather used to be in a workshop and so my father is the definition of a self-made man, an inspiration for me. He managed to evolve from that kind of situation to a high/middle class level where I didn't have to worry about anything. He's always been ambitious with a great sense of duty. It's something I got from him.
What was your savings outlook?
When I was a child and used to get money from my father, my mother or grandmother, I used to save. I could have probably gone and spent it on toys and things that I liked, but I had that mindset at the beginning. When you don't have that much money, whatever you don't spend you just keep for rainy days.
Has that attitude evolved?
When you start to grow up and have room to manoeuvre and some additional resources coming in and, as I did, start seeing different economic environments, different countries and the approach they have towards money, it made me significantly change my attitude.
Now, I'm much more keen on investing my money. If there are good opportunities, if I hear of something I'm interested in, I am eager to look into it, whereas before I would have probably let it slip.
How did law take you to the UAE?
I was doing another project for our office in Barcelona. It's an opportunity that they gave to expand your network, to see also another kind of legal environment, which was nice also from a personal perspective. I was about to end that experience and head back to Milan but received a call from the managing partner of the recently opened Dubai office. I love to travel, know different places, different people and cultures.
How do you grow your wealth?
I have a personal financial adviser. We agree a strategy together and it's a balanced mix between bonds, less aggressive investments and more aggressive investments like shares, investment funds. And I've started with cryptocurrency. I’m always trying to find the right balance because it's not something that I can really look after. I'm a person who likes to know what he's doing, so I'm not just saying, “Here's my money, make something out of it”. I try to find time to understand, but when you go on the risky side you have to keep monitoring and controlling and with the job that I do, this is not possible. It's all about the right compromise.
Do you have a favourite investment?
The investment I care the most about is probably Fleece Milano, with two of my dearest friends. We're trying to make it grow together. It's an entrepreneurial adventure, it's also the passion that we have for quality garments made in Italy. I'm actively involved in strategic decisions.
We got the sartorial face masks (included) because we had a nice business plan, nice collection … and the pandemic came, then lockdown. We were tired of wearing ugly masks and came up with this, made out of suit fabric. We ended up selling thousands of them.
What is your most cherished purchase?
My bike. It’s an Argon 18, Model E119 Tri. This one is not crazy expensive, probably around €7,000 ($8,116). What worries me the most is my next purchase because it (cycling) is becoming more serious. I'm very affectionate towards my bike, but I'm wondering whether, if I have to upgrade, it's not going to be painless.
I was a probably a casual saver before, just because it was the easiest thing to do
Riccardo Denaro
Does money make you happy?
Not money itself. It's probably what it allows me to get; to travel, see new places. But money itself, just earning money, having it in the bank, is not my main concern.
I was probably a casual saver before, just because it was the easiest thing to do. Now I’m converting my mentality because it makes sense to make some profit out of what you've got, but it's not what makes me happy.
So earning isn't a motivation?
Not money. It's more the work, from a professional perspective, it's ambition, finding something that is challenging, both professional and personal-wise. Pushing my limits and having a good sense of duty. I am a perfectionist, very demanding with myself. Whatever I do, I try to do the best that I can. I don't give myself any particular discount. It's more than about money, it's about being focused and achieving important results.
Are you wise with money?
I would say yes. I tend to avoid superfluous things. I've never been spoiled with buying anything that I see or that I want. If it's something I need, I'll buy it. If I see something that I like every now and then, I'll make a present to myself, but I don't have a lot of time to go shopping. Between training and working, my days get used up pretty fast. I'm a very rational person. Whatever I do, I think at least twice, I do my homework.
Has the pandemic taught you anything financially?
I'm not a frivolous spender. I know what I can spend, I don't go over that. So when the pandemic came, I was not particularly worried. Also, I consulted with my financial adviser. The market is driven by so many factors, you have cycles, so if something unexpected like this is coming, you don't have to lose your mind, maybe re-work your strategy, re-work the term of your investment, diversify the risk. What I've learnt is that you don't have to panic, you have to think rationally. There was a great climb again in the market. You just have to stay informed and avoid instinctive behaviour when it comes to money and investments.
What are you happiest spending on?
I am always happy to spend on travelling, and travelling also for concerts and sports events. I've been in Sheffield three times for the World Snooker Championship. Mark Knopfler is probably my favourite living artist. I've seen him from Krakow to Minneapolis to Glasgow to London, everywhere.
Do you plan for retirement?
That's a question I've started posing to myself in the past year. In Italy, there is a retirement plan if you are working and producing in Italy. I was paying towards that. I prefer now to save and invest rather than think about a classic retirement plan. I'll see how it plays out for the next couple of years and then probably recalibrate my financial and investment situation accordingly.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
From Conquest to Deportation
Jeronim Perovic, Hurst
PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
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
Company%20profile
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
UAE currency: the story behind the money in your pockets
