I was born in the beautiful city of Münster in 1973, one of the oldest towns in Germany.
After high school I travelled a lot, studying creative urban arts and working as a freelance graphic artist in different parts of the world. From Tunisia I went to the US, where I lived in New York from 1992 to 1993. From there I made it to Moscow in 1994. Visiting South Korea, Australia and back to Europe made my journey around the globe complete. Now I have two gorgeous kids - my son, who is 12, and my daughter, who is nine.
I live in Germany but operate my automobile business, Foilacar, from here in Dubai.
The cost for flight tickets to commute back and forth runs up to ?20,000 (Dh104,000) each year.
I see myself as a self-made man, as I have always made my own money, even from an early age. Although during my childhood my father worked at the West German Federal Bank, I don't feel that he taught me any specific life lessons about keeping money or making money. Starting at 16, I worked part-time after school in small fashion shops. In my first job I earned about Dh25 an hour and would save diligently to see the money pile up.
Operating a business and being in charge of my own finances and salary has taught me enormously about money. I started my own business in 1994 at the age of 21 when all my friends were still at school or university.
Back then, I was a graffiti artist earning about ?5,000 a month by designing and creating graffiti for companies and private customers. Then I slowly began re-investing the money I made into my own car advertisement and sign-making business by buying some automotive machinery and tools. In 1995, I hired my first employee - a professional sign maker - whom I paid ?1,600 per month.
While financial security is a motivating factor in my life, I moved to the UAE in 2005 for an entirely different reason. I was keen to explore the history, culture and lifestyle of the UAE and the Middle East, and to stand out from those who remained in my hometown for their entire lives. I arrived in the UAE not knowing a single person. But now, three years on, Sheikh Abdullah bin Nasir Al Ahmed Al Thani - a member of the royal family in Qatar - is my business partner in the region, and we are currently expanding our business on a worldwide level.
I own five companies in Germany, the UAE and worldwide - all related to automotive machinery and tools. I decided to branch out to Dubai because I feel the most demanding car enthusiasts in the world live and drive in the Emirates.
And this clientele demands nothing less than the best automotive technology in the world.
I describe Foilacar as a high-quality foil wrapping system for the protection, colour design and window tinting of exceptional automobiles.
For me, Foilacar stands out due to its uncompromising German quality; Foilacar films are all developed and produced in Germany, and represents value for money. Starting at Dh20,000 for glossy, regular colours, the Foilacar treatment increases to Dh25,000 for black or gold matte and Dh75,000 for a chrome colour. A unique Swarovski Crystal skin colour costs Dh300,000. In terms of my business, my biggest investment so far has been Foilacar Premium, our new Dubai workshop located in Al Quoz Industrial Area 1.
Importing our films from Germany is no problem at all with present-day logistics; the costs for shipping by air vary on a day-to-day basis depending on delivery deadline, weight and size. Our major overhead cost is the workshop rent, which is unbelievably high. This is a company secret, and all I can say is it's very expensive. Debt and financial risk go hand in hand with owning a business. I have made a few decisions, especially in the early stages of my career, that I have later regretted, but have always learnt valuable lessons from them.
In the initial phase of setting up my first company I had to borrow small amounts from my parents and friends, which in turn meant I never had to borrow from a bank. I was always able to pay back the full amounts, and looking back I never had major issues with being in debt. I don't remember the exact amounts I borrowed.
My career is driven by a passion for the profession and the idea to create a strong company so that in the future my kids will be financially secure. To me, money does not necessarily equal satisfaction and happiness. It is, however, necessary in order to operate a proper business and give you some security.
Managing my personal expenses is a balancing act. Living in Dubai can cost the same as living in Germany; some costs are higher, while some are lower over here. As I have two homes - a two-bedroom apartment in a historical building in Germany, and a modern, one-bedroom apartment in Dubai - I am now facing the problem of having double expenses. I usually spend 10 per cent on bills, 20 per cent on rent, 50 per cent on savings and 20 per cent on living.
The most important financial responsibility I have back home in Germany are my children, who live there with my wife.
Transferring money to Germany for their short-term needs and to build up their assets is not a problem from the UAE. As the euro is my home currency in Germany, which is luckily very stable, I try to keep most of my assets in that currency, as I always have good luck with the euro-dirham exchange rate. I normally do bank transfers from my UAE account to my German one.
In Dubai, my greatest extravagance is my dog, Carlos. He's a miniature bull terrier. This is not about spending money but about spending my very rare leisure time. I spend up to about Dh1,000 a month on the best dog food I can find.
As I am also a fashion addict, I spend quite a lot of money on clothes, and especially on shoes. I would spend up to Dh5,000 on a good pair.
The global economic downturn has not affected my business or personal life in a negative way. In the UAE, rents for apartments have finally come down to a reasonable level, making it easier for the company to provide our employees with good housing. I now pay around ?2,000 rent per month for my apartment. In terms of the business, we target really wealthy customers with a luxury product. As they can still afford first-class fashion and jewellery, they can afford first-class car coatings as well.
We should all strive to perfect our money management skills in order to live without the added pressure of financial burden.
Try to maintain higher amounts in your bank account at all times, since banks reward higher assets with lower fees, higher interest rates, and, ultimately, higher returns.
* As told to Inga Stevens
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
RESULTS
ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6
WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4
ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Killing of Qassem Suleimani
The five pillars of Islam
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Company%20profile
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Tips%20for%20holiday%20homeowners
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