Money & Me: ‘I don’t believe in getting rich by denying myself small joys’

Siemens Energy executive Saina Babaee practises an abundance mindset and spends freely on education, health and experiences

Saina Babaee, vice president of control systems and digitalisation for Siemens Energy in the Middle East, says real estate was her first taste of building wealth outside her salary. Photo: Saina BabaeeShow less

Dubai resident Saina Babaee, 40, counts spending on health, knowledge and relationships as her best investments.

A vice president of control systems and digitalisation at Siemens Energy in the Middle East, Ms Babaee has been in Dubai since 2011. She lives in The Meadows with her husband and twins aged five.

The Iranian national is a mechanical engineer and holds an MBA.

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She says her parents, who had contrasting money philosophies, shaped her outlook towards growing wealth during her formative years.

Did wealth feature in your childhood? What did you learn from it?

When my father was a boy, his father moved to Baku, Azerbaijan, leaving him in Iran to be raised by his grandfather. Even though he was born into money, my father grew up with very little. But through determination and hard work, he became a self‑made man, building a successful dentistry practice from scratch and creating all his wealth on his own.

My mother was also a dentist, but her relationship with money was shaped by fear although she was born in an affluent family. After the Iranian revolution, her family was shaken to its core and, having lived through losing a lot, she channelled that fear into buying and storing gold – always preparing for the possibility it could happen again.

My father, by contrast, enjoyed the fruits of his labour – travelling the world, driving beautiful cars – yet he also instilled in me one of the most valuable lessons I’ve ever learned: always buy land and property. That mindset stayed with me.

Growing up, I saw two very different philosophies under one roof: one rooted in caution, the other in confidence – and both shaped the way I think about money today.

Did you start earning early?

We always had more than enough, but my father never handed out money casually. If I wanted something, I had to earn it – whether it was cleaning the pool in winter because I used it in summer, or going to his practice every day after school and working there so he’d buy me the Dr Martens boots I wanted. My father always taught me to learn skills to earn money.

Any early financial jolts?

Money was never an issue. But when I was in university and wanted to follow my own path, there were many times when I would not accept money from my dad. Instead, I would earn by teaching other kids. It helped build financial independence.

How do you grow your wealth?

When I moved to Dubai in 2011, I lived for six months in The Address Marina before buying my first property in Marina Promenade in 2012. From there, I began buying Emaar properties off-plan and flipping them between 2012 and 2014. We bought our house in The Meadows in 2020. Real estate was my first real taste of building wealth outside of my salary.

I used the money from selling property to buy stocks. Working for Siemens Energy gave me insights on trends in the energy market and the chip industry. I started buying Siemens Energy shares and technology shares.

Are you a spender or a saver?

I am more of spender than a saver. I'm an investor, a collector and spend where it adds to the experience.

What’s been your best investment?

Without a question – myself, on my knowledge and well-being. For more than 15 years, I’ve had personal trainers, invest in my skincare, quality clothes and what I eat. And it's the same for my kids as well. I have also taken at least one course every month to learn a new skill and curated travel experiences for my family. These investments compound in ways money alone can’t measure – in health, knowledge and relationships.

What is your most cherished purchase?

It is an illustration of my hero Fereydoun Farrokhzad (Iranian poet, actor, political activist and singer) by Turkish artist Esref Yildirim. Anytime I walk by it, I remember him, what he stood for and what he died for.

Saina Babaee says she has learnt about how money works by listening to podcasts, reading and seeking out mentors. Photo: Saina Babaee

How do you feel about money?

Money is important – but not as an end goal. For me, it’s a tool to create freedom, growth and impact. I believe in an abundance mindset: money should circulate, not sit idle. I spend freely on education, health and experiences because those are the things that truly grow in value. I love fashion, but I’m a collector – I choose art, clothing and jewellery that hold meaning and last a lifetime.

You have to live as though the life you want has already happened. That’s why I make decisions from trust, not fear. I don’t believe in getting rich by denying yourself small joys such as coffee with friends. I believe in building wealth by creating more value than you consume, and by living in a way that matches the future you’re building.

Any financial advice for your younger self?

Start building financial literacy as early as possible. It’s something we were never taught in school, and in my family, the focus was on working hard and saving – not on how to make money grow. No one teaches you how to be an entrepreneur, how compounding works, or how to invest in stocks and other assets.

It’s only in recent years, through listening to podcasts, reading and seeking out mentors, that I’ve truly understood how money works. Even small, consistent investments can transform into something significant over 20 or 30 years. Money sitting in a bank account won’t grow – it needs to be put to work. If I could go back, I’d tell myself to start learning about financial markets and investing earlier, take calculated risks sooner and focus on building assets that generate income.

Any key financial milestones?

Not worrying about money was the most important milestone. I have peace of mind that my family’s financial health is taken care of. That puts your fight flight mode at ease.

What luxuries are important to you?

The biggest luxuries in life are to have time available and a support system that helps me focus on my true purpose, my creativity, my career and spending quality time with my children. I don't worry about what’s in my kids’ lunchbox or who's going to do the washing or cleaning. The safety in Dubai is also a big luxury: I can work knowing that my kids are safe and in good hands at all times.

What are your financial goals?

My current goal is to build a legacy that feeds my creativity and lasts not only for my kids, but also for generations to come.