Nadira Benaissa worked as a French language teacher and real estate agent before launching a business in 2012. Fired by her passion for cuisine and entertaining guests, the Algerian-born entrepreneur founded Top Chef, a cooking studio in Jumeirah, Dubai, to teach adults and children how to cook and present food. Mother to two daughters aged 25 and 22, Ms Benaissa, 48, lives with husband Nasr, world sales director for Breitling, in Umm Suqeim. Here she shares her money story.
How did your upbringing shape your attitude towards money?
I was raised in Algeria until 17 and then went to France to study. Mum became a midwife and my father is a gynaecologist and surgeon, still working as a professor in medicine. They used to do a lot of work for the Red Cross in Nigeria, ex-Yugoslavia, Brazil. Every time there was a conflict, they used to go. I saw hard work, dedication. That’s what I got from my parents. I admired what they’d do for people without expecting anything in return. They always chose to work in the public sector. We had a nice house in a high-end area of Algiers. I have three sisters, I’m the eldest. We weren’t spoiled, but had everything we needed. In Algeria you don’t live the life you can have in other countries. It’s not a capitalist country so you have what you have, but it was a very happy childhood. We didn’t get pocket money because there was nothing really to do in Algeria, no cinema.
How much were you paid in your first job?
The first time I had to earn money was when I went to France as a law student in 1988, working as a sales person in the department store Galleries Lafayette. I was paid 20 Francs (Dh12) per hour. My parents sent me a certain amount, if I needed more I had to earn it. It taught me life, you need to pay your rent, electricity, for food.
What brought you to the UAE?
My husband used to work for TAG Heuer watches, which opened its office here in 1995. At the time we lived in Geneva. We moved the family in 1997. I was 26, never had a maid, so I took care of the kids. In 1999, Berlitz language centre opened and I was the first French teacher hired and I worked there for five years. I had a group of girls for six months who decided to open a real estate company, so I started with them in 2003, until 2012.
Why start a cooking studio?
I used to entertain a lot at home and people always asked me for the recipe of something that I’d cooked. I said ‘one day I’m going to open a cooking school’ and then it happened in 2012 (using) all my money. There was a big gap in the market and I wanted to do something myself, something I’m passionate about. At that time I was in real estate for 10 years, I specialised in Jumeirah and Umm Sequim villa rental. I got this villa in my hands and thought ‘why not take it for myself (for Top Chef)’. I was 40 at that time. I said ‘I don’t want to work for someone else’.
Are you a saver or spender?
I’m in between, I’m quite reasonable with money. I like to spend on nice things when it is really worth it. I’m quite a generous person. You give, not expecting something in return, but it comes back.
Where do you save?
We save together. My husband invested some, he was previously a consultant at McKinsey. We bought some products, but it is mainly our real estate. We have a beautiful property in France. My daughter studies in Paris and uses it. I have a couple of investments in Algeria, a house and land. We also invest in limited edition watches, Patek Philippe, IWC, Rolex.
I met people in real estate who disgusted me - greedy landlords.
What is your best investment?
The property in Paris, from the time we bought it to now it has really increased in value. We don’t rent it out because I spent a lot refurbishing. I don’t care about the money it would bring me. I don’t want the trouble of a tenant.
What is your philosophy towards money?
Money comes and goes. If it’s here, it’s here; if it’s not, it’s not. I’m very relaxed about it. I have lost a lot of money, but I’m still here enjoying life. I met people in real estate who disgusted me – greedy landlords. For me, you are rich when you’re generous. You’re rich when you have food, a roof, you’re happy. I don’t need a lot of money to live my life.
Is there anything you regret spending on?
I lost a lot of money on an apartment in 2008 with a friend. My big mistake. My husband was completely against it and it was the first time I didn’t listen to him. The developers called us to say they were cancelling the building and would not give back the money. Three years later they said finally ‘we decided it will happen, now you need to pay the second instalment’, but I was not friends with my friend any more and I was putting my money into Top Chef. I lost almost Dh700,000 (deposit).
What are your luxuries?
I’m crazy about art, paintings. I have some good artists from the region, maybe an investment, maybe not. I buy because I love art. What I’ve got has value, but I didn’t buy to make money.
Every year we have a very nice trip - with my husband and daughters. We started when they were seven and still do it. We travel a lot in Africa, camping, wildlife photography. We also did Alaska for photography. Travel is our biggest pleasure.
What has been your key financial milestone?
The business – I put in a lot of money. The fact that I created a venue and gave a job to people makes me happy. And I’ve taken control of my destiny.
Do you prefer paying in cash or by credit card?
A debit card, but when I have big expenses I prefer to pay with credit card for convenience and I get points towards air miles. I pay it off, I will never spend money that I don’t have.
Are you wise with money?
Very. I don’t spend my time in shopping malls, it is very rarely. I’m not attracted by brands, bags and jewellery. I have priorities. We own our house. We’ve been here 22 years and paying rent doesn’t make sense.
Do you plan for the future?
Yes, for my personal life and business. I wish I could expand (the existing branch) of Top Chef and I have a couple of ideas I hope to realise. Ideally (in the future) we would live six months here, six months in Europe.
What would you raid your savings for?
Maybe an emergency to help family – my girls. Maybe to buy another property. If I buy now, it will be in Africa. I’m in love with Africa.
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
UAE currency: the story behind the money in your pockets
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Belong%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Michael%20Askew%20and%20Matthew%20Gaziano%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%243.5%20million%20from%20crowd%20funding%20and%20angel%20investors%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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
