Blake Runciman works as a commercial real estate broker with Dubai property agency Allsopp & Allsopp.
He deals in sales and rentals of offices, warehouses, buildings and land plots.
The 24-year-old Briton, who is originally from Birmingham in the UK, lives in Jumeirah Village Circle in Dubai.
He moved to the UAE alone last year and does not have any financial dependents.
Mr Runciman’s parents divorced when he was young and he has six siblings.
He did his BTech in business from Birmingham Metropolitan College.
When did you join the real estate company? How did you get the job?
I joined Allsopp & Allsopp in October 2022. I attended a recruitment event organised by the agency in Birmingham. They hold these events all around the UK.
After the event, the recruiters reached out to me and held one more interview discussing more about the job, what it includes and the training. They fully onboard successful candidates and arrange for accommodation, a car and other stuff, including the visa, in Dubai.
What are the qualifications or skill sets required to become a real estate agent?
You need to have a lot of drive and be hard working. You need to be the most hard-working person in the room. But you don’t need to be academically smart.
It’s good if you’re a people person, confident and want to do something with your life.
Once you reach Dubai, you have to be trained by the Real Estate Regulatory Agency, which my agency arranged for me.
I did a week of training with Rera and then took an exam.
What was your first job and salary?
I’ve always been in the sales industry. In my first job when I moved away from home to Norwich, I sold photocopiers to businesses.
I earned £18,000 ($22,750), which translates to about Dh83,500 a year.
Then I moved back to Birmingham to do the same sort of thing but with a higher basic salary and commission.
What is your salary now? Is this variable income or a steady income?
In this industry, we effectively work on a commission-only basis. I earned about Dh600,000 ($163,376) last year.
Steady is not the word to use, it’s variable income. You earn depending on how hard you work.
If you are a hard-working individual, go out and clinch deals, then you can earn 10 times that amount. But not everyone’s in the same boat.
When I first started, we were a group of about 30 people and there’s only a handful left now. It shows you what type of person and perseverance is needed to last in this industry.
How was it to work in a market where you had no previous experience?
In the UAE, there is a huge undersupply of commercial properties in comparison with residential. That helped me.
Also, it takes perseverance and to be very committed to the job to be able to achieve the kind of numbers that I did in the past year.
How did you cope financially when you first moved to Dubai?
During the recruitment event, the recruiters tell you that you need at least £10,000 to £15,000 (Dh45,000 to Dh70,000) before moving to the UAE, so you have a financial cushion.
Everyone’s got their own journey out here. You could come out here and do a deal in the first week of your job or clinch a deal after day 60.
So, they just make sure you’ve got enough to last for some time. This allows you to come here and concentrate on work without stressing too much over finances.
Do you manage to save?
I’ve probably saved 50 per cent of what I’ve earned this year.
I do try to budget but since my income is commission-only, it’s variable, so some months may be bigger than others.
And in this job, it’s not plain sailing. You might sometimes hit a bit of a dry patch.
But, with the real estate market being what it is currently in the UAE, there’s a lot going on.
I keep my savings as a reserve to keep me going, especially for a rainy day.
What asset classes do you invest in?
In terms of investments, I haven’t made any yet since I’ve only been here for a year.
I haven’t really had that much disposable income to put into investments, such as property, but that’s what I aim to do.
I plan to get into the industry over the next 12 to 24 months and build a real estate investment portfolio for myself.
Have you bought property here or in your home country?
Unfortunately, not yet. I used to live with my mom and dad in the UK.
Later down the line, if all goes well, I’d like to own properties in many different countries.
Do you have any debt?
I have a car loan, whose monthly instalments are deducted from my bank account. I drive a Volkswagen Tiguan R-line.
Have you ever inherited money?
Nothing as yet.
Growing up, were you taught how to handle your finances?
Not directly, but my father had a successful printers and photocopiers business and when we were growing up, he always told us not to spend more than our means and avoid getting into credit-card debt.
He’s always drilled into us the importance of budgeting, saving and investing.
How do you budget your salary every month?
I wouldn’t say I manage to budget, but I just aim not to spend more than 50 per cent to 60 per cent of my salary.
I currently spend up to 40 per cent of what I earn and that’s mainly on my house rent, car loan, phone bill, petrol and on disposable income, which includes going out and doing other things I like to do.
What do you spend your disposable income on?
Going out to nice restaurants and socialising. I'm an avid golfer as well and play the sport a lot.
Have you started saving for retirement?
If I could retire now, I probably would. In the UK, they take a certain amount every month towards your pension.
In the next 15 to 20 years, I hope to be able to save enough to retire or invest in properties that would give me passive income.
It really takes perseverance and to be very committed to the job to be able to achieve the kind of numbers that I did in the past year
Blake Runciman,
commercial real estate broker, Allsopp & Allsopp
Do you have an emergency fund?
My emergency fund is basically my savings.
Have you ever faced any financial hardship?
When I moved to Norwich with my first sales job, I was on a very low wage.
I had to pay for rent and a car and wasn’t earning much commission in the role. So, I was always really budgeting tight just to get by every month.
Similarly, when I came here, although I had enough to last me for some time, I did not have the best start.
The company gives you the tools to do what you need to do, but then it’s down to you as an individual.
I just had a lot of bad luck, to be fair, so I was sort of getting a bit on edge. Everyone has their own time to shine.
That was my only real financial hardship.
What are your financial goals?
I don’t really have any goals. I just want to earn as much as I possibly can.
I’m still young. I don’t have any family, wife or kids. So, I’m just trying to concentrate on building my own self worth before anything else.
I’m just trying to do the best I can.
Do you worry about money?
In the position I am in now, I don’t need to worry about money because I’ve worked hard this year and excelled at work.
I’m on course to hit my yearly target in my first year. Because of that and since I have only myself to look after, I don’t have any money worries now.
What is your idea of financial freedom?
My idea of financial freedom is to able to do what I want, when I want.
I just want to look after my family, I’d like to retire my mom, if possible. She works in accounts for a lights manufacturing company.
I’d also like to have more passive income.
Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story
UAE currency: the story behind the money in your pockets
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Company%20profile
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Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
Mohammed bin Zayed Majlis
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
UAE currency: the story behind the money in your pockets
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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
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.”
