Gaurav Kumar moved to Dubai from India in 2021 to maximise his savings and benefit from tax-free income.
Although he earned well in India, he had less disposable income to save for his family and his future. After moving to Dubai and despite securing high-paying jobs, he has been living alone to maximise his savings.
Now that he has finished paying off his home loan, Mr Kumar, 42, plans to bring his his mother, wife and two children to live in the UAE.
He works as the head of issuing at a Dubai-based payments company and was formerly employed by another FinTech company in the UAE for more than three years, where the job involved the launch of global payment solutions. He found his current job through a referral.
Mr Kumar, who lives in Al Barsha, was born and raised in the eastern Indian state of Bihar, but had lived in Mumbai since 2006. He completed his master’s degree in management studies from Mumbai University.
What was your first job and salary?
It was with a leading Indian bank as a management trainee and I earned 15,000 Indian rupees ($173) a month.
Tell us about your current role. What is your salary now?
I am a digital payments specialist with expertise in launching payment solutions on a global scale. My focus is on driving cashless transactions through the issuance of various card types and value-added services such as Apple Pay, Google Pay and contactless technology.
On the acceptance side, I have experience with point-of-sale terminals and payment gateways, which are used by major e-commerce platforms like Amazon and Noon.
My current monthly salary is in the range of Dh35,000 to Dh40,000.
Do you have considerable savings?
Yes. I try to minimise costs wherever possible to increase my savings.
What asset classes do you invest in?
I had an Indian home loan that I paid off a couple of months ago. I will actively start investing and creating my portfolio now.
Earlier with my savings, I was focused on paying off my housing loan and investing the rest in stocks and mutual funds.
Have you purchased property in your home country? For how much?
Yes, I own a three-bedroom apartment in Thane, a suburb of Mumbai. It cost me 16.5 million rupees ($200,000).
Do you have any debt?
I have a few credit cards in the UAE and a few in India. I come from a middle-class family, which instilled in me the importance of having zero debt and never going over the budget.
Growing up, were you taught how to handle your finances?
Growing up, my parents always emphasised the importance of saving for rainy days. They used to tell me: “If someone is fishing but not saving any of their catch, it’s as if they aren't fishing at all.” They instilled in me the habit of dividing my income into four key areas:
1. Paying off any debts, if applicable
2. Covering monthly expenses
3. Setting aside an emergency fund for unexpected situations
4. Saving for future goals, such as buying a house, car, or even fulfilling dreams such as travelling to exotic destinations.
What are your major monthly expenses?
In the UAE, it is house rent and monthly utility bills. In India, it is household expenses (such as groceries, house maintenance and utility bills) and children’s education fees.
How do you budget your salary every month?
I create a budget by categorising my expenses into fixed and variable. Fixed expenses include things such as housing rent and utility bills.
Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India
Gaurav Kumar
For variable expenses, I set a specific budget to manage costs such as food and dining. I typically cook at home and only go out occasionally, so my expenses in this area are usually well within the budget I set.
Since I currently live alone, I adjust my monthly budget during family visits, especially during holidays, to ensure they have an enjoyable time in Dubai.
Have you started saving for retirement?
Yes, I have started investing in mutual funds, banking and consumer stocks, exchange-traded funds and a pension scheme. I will increase the monthly savings now that I am debt-free. I plan to retire at 55 and pursue a PhD to take up teaching.
Do you have an emergency fund?
Yes, I have already established a pool fund in India and plan to create one in the UAE as well. Now that I am debt-free, I intend to increase my contributions to both funds.
What do you spend your disposable income on?
Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India. However, any savings, along with my annual bonus and increments, were typically spent on travelling, which is a passion of mine.
I've been fortunate to visit nearly all of the UAE's neighbouring countries, and last year, I finally ticked off my dream destination – Europe.
Do you worry about money?
Not really, as I believe that with proper planning, it should not have a significant impact. I avoid overspending and am quick to adapt to my current circumstances.
What are your best money saving hacks to offset inflation?
Don't spend every penny you earn. Always set aside a portion as an emergency fund to cover unexpected expenses or lean periods. When costs rise or money runs low, adjust accordingly, or dip into the emergency fund as needed.
What are your financial goals?
My short-term goal is to begin building and growing my investment portfolio (while managing expenses for myself and family – including both fixed and for planning for travel), with the aim of achieving my long-term goal: generating passive income through investments in stocks, mutual funds and real estate.
What is your idea of financial freedom?
My goal is to be stress-free and financially self-sufficient, with emergency funds in place to cover day-to-day expenses and be prepared for unexpected situations, such as health issues or other emergencies.
Do you earn passive income?
No, I'm not allowed to have a second source of income due to my company's policy. However, on a voluntary basis, I conduct guest lectures and sessions at colleges and corporates on topics like digital payments (overview and career opportunities), personal branding and corporate expectations.
While I don’t accept payment for these sessions, I am usually offered books or mementos as a gesture of appreciation. I plan to pursue teaching full time once I retire from corporate life.
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
The five pillars of Islam
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
JOKE'S%20ON%20YOU
%3Cp%3EGoogle%20wasn't%20new%20to%20busting%20out%20April%20Fool's%20jokes%3A%20before%20the%20Gmail%20%22prank%22%2C%20it%20tricked%20users%20with%20%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fmentalplex%2F%22%20target%3D%22_blank%22%3Emind-reading%20MentalPlex%20responses%3C%2Fa%3E%20and%20said%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fpigeonrank%2F%22%20target%3D%22_blank%22%3E%20well-fed%20pigeons%20were%20running%20its%20search%20engine%20operations%3C%2Fa%3E%20.%3C%2Fp%3E%0A%3Cp%3EIn%20subsequent%20years%2C%20they%20announced%20home%20internet%20services%20through%20your%20toilet%20with%20its%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Ftisp%2Finstall.html%22%20target%3D%22_blank%22%3Epatented%20GFlush%20system%3C%2Fa%3E%22%2C%20made%20us%20believe%20the%20Moon's%20surface%20was%20made%20of%20cheese%20and%20unveiled%20a%20dating%20service%20in%20which%20they%20called%20founders%20Sergey%20Brin%20and%20Larry%20Page%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fromance%2Fpress.html%22%20target%3D%22_blank%22%3EStanford%20PhD%20wannabes%3C%2Fa%3E%20%22.%3C%2Fp%3E%0A%3Cp%3EBut%20Gmail%20was%20all%20too%20real%2C%20purportedly%20inspired%20by%20one%20%E2%80%93%20a%20single%20%E2%80%93%20Google%20user%20complaining%20about%20the%20%22poor%20quality%20of%20existing%20email%20services%22%20and%20born%20%22%3Ca%20href%3D%22https%3A%2F%2Fgooglepress.blogspot.com%2F2004%2F04%2Fgoogle-gets-message-launches-gmail.html%22%20target%3D%22_blank%22%3Emillions%20of%20M%26amp%3BMs%20later%3C%2Fa%3E%22.%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
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."
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
HWJN
%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.