Shalu Sharma currently works as an associate vice president at financial services company Continental Group.
She is a financial adviser and helps people and corporate clients with financial planning.
Ms Sharma, from India, is a single parent in her mid-40s and lives in Discovery Gardens, Dubai. She’s been in the UAE since 2003.
Her son, 19, who she supports financially, is studying at the University of Bath in Britain.
Originally from Lucknow, Ms Sharma graduated in chemistry from Miranda House, Delhi, before completing her master’s in International Business from Delhi University.
She’s completed three levels of certification in insurance and advising from the Chartered Insurance Institute and has been a member of the Million Dollar Round Table for 11 years.
Ms Sharma says meticulous planning and upgrading her knowledge and skillset has helped her career growth.
When did you become a financial adviser?
I joined Continental 20 years ago. In 2002, I was working in bancassurance sales with ICICI Prudential in India on a monthly salary of 15,000 Indian rupees ($180) for a few months when my ex-husband got a job in Dubai.
When I joined my former husband in Dubai, it was natural to look for a job in the insurance industry. I got Continental’s number from the Yellow Pages, called them and was scheduled to meet the founder and managing director.
At the time, I wanted a salaried job and got into operations. However, after my separation and with the added responsibility of a child, I needed more flexibility and so, I moved to consultancy full-time in 2009.
That is the best decision I have ever taken. I have not looked back since then and love what I do. My role is very fulfilling and I feel good when I help my clients achieve their financial goals.
What was your first salary in Dubai?
At Continental, I started on $800 per month.
What is your salary now?
I earn a six-digit salary in dollars annually or between Dh250 and Dh300 an hour.
We set a target to achieve every year. Most advisers work on a mix of salary and commission. In my case, I work completely on commission, fees and bonuses.
If you have a high client retention rate, then you can plan your earnings in a better manner.
Do you save?
Of course. I do my own needs analysis and financial assessment regularly. It is very important to have your financial goals clearly written and have a road map to attain them. You will reach a goal only if it’s defined properly.
I saved consistently for my son’s education and he is now studying comfortably abroad. An emergency fund is also a top requirement.
I am now working on my “financially independent” fund and inheritance. I love my job and will never retire.
I mainly invest in long-term systematic investment plans in dollars and rupees. I have a short-term lump sum investment on a platform, which is a mix of mutual funds, stocks and properties in India, and gold.
Both my son and I also have guaranteed protection plans for life and critical illness.
I am a balanced risk taker and have a diversified investment portfolio.
Have you purchased a property?
I have properties in Goa and Bengaluru and land plots in India. I do not like investing too much in property from an investment point of view.
The assets are not liquid, difficult to sell in case of immediate needs and require a lot of effort to maintain.
Do you have any debt?
I do not have any debt. My credit cards are always paid before time for the full amount, so banks don’t make much out of me.
There’s nothing bad about taking debt if it is planned properly.
Have you ever inherited a sum of money?
I have not inherited money until now. I will be inheriting my father’s property eventually. However, I inherited a more important thing than money from my parents: the ability to handle my earnings effectively and save before I spend.
When I was at university, I was one of the few students who had money given by their parents for the full term rather than getting the money every month.
My parents had the confidence in me to allocate my expenses judiciously. I had my emergency fund, tuition fees, food and hostel fees, among other expenses, written down.
Today, I am proud to see my son doing the same.
Were you taught how to handle your finances as a child?
In our time, nobody attended a proper class that said: “Learn how to handle your finances.”
We learnt practically from our parents and other adults. They were our best teachers.
I was fortunate enough to be surrounded by highly educated, responsible elders from whom I learnt.
I have always been an organised person. Mishaps happen in life and they taught me to plan my finances more meticulously.
I listed down my financial objectives and mapped out how much I needed to earn and save. You can always back-calculate, but keep inflation in mind.
Today’s children do not follow blindly, they question your ways, which, I think, is a very good thing.
With such a mindset, it is important to have formal classes to learn about finances.
How do you budget your salary every month?
I have my budget on Excel with all my expenses and earnings. My financial objectives, such as education for my son, my “financially independent” fund, emergency fund and inheritance are clearly mentioned separately with expected achievement dates for each.
My assets are documented for my son’s reference and my will is in place. I keep updating my plans regularly.
It is very important to have your financial goals clearly written and have a road map to attain them
Shalu Sharma,
associate vice president, Continental Group
I save about 30 per cent to 40 per cent of my earnings after taking care of my expenses. Most of the time, this is invested.
What are your major monthly expenses?
My rent, my son’s education, maid’s salary, grocery bills, credit card bills and utility bills.
Have you started saving for retirement?
Well, I am never going to retire as I love my work, but I have been working on the fund to help me in the later stages of my life when I will be working because I love to work, not because I need to work.
You should start saving as soon as you start earning. I plan to be financially independent in the next five years.
Do you have an emergency fund?
Yes. It has about six months’ worth of expenses.
What do you spend your disposable income on?
First, it is allocated towards my financial objectives and then, whatever I wish to spend on.
Do you earn passive income?
Yes, from dividends, rents and coupons.
Do you worry about money?
No. I plan but do not worry. The more you worry, the more it will slip out.
When you plan, you automatically save as you know your limits and thresholds.
It’s good to have some positive pressure because that motivates me to work and find my way.
What are your financial goals?
My long-term goals are my son’s education, his wedding, funds for my later years and my inheritance.
A short-term goal is to buy a property in the UAE in two to three years.
What is your idea of financial freedom?
When you are not forced to work because you need to pay your bills and other expenses.
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
MATCH INFO
Bayern Munich 2 Borussia Monchengladbach 1
Bayern: Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)
Man of the Match: Breel Embolo (Borussia Monchengladbach)
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
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.”
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.
The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
