Hashem Montasser is the co-founder of The Lighthouse, a restaurant/concept store in Dubai Design District. Originally from Egypt, the former investment banker is also the managing partner of Frontlane Capital, an investment firm that focuses on angel investing. He lives in Dubai with his wife, an assistant professor at NYU Abu Dhabi, their son, 9, and daughter, 4.
How did your upbringing shape your attitude towards money?
I'm Egyptian and grew up in Cairo. Both of my parents were professors at university and being in a German school, which was rather strict, I think I had a disciplined relationship with money. My parents didn't have a very high tolerance for frivolous or excessive spending. And I think I took that from them, as well as a zero-waste policy.
What was your first job and how much were you paid?
I graduated from Harvard University with a degree in economics and my first job was on Wall Street in New York with Merrill Lynch & Co, where I was accepted into their analyst programme. I believe my first salary was $50,000, which seemed like a huge amount of money per year. Living in New York for the first time, I had two other roommates and was able to cover my expenses.
How did you afford Harvard?
Harvard has something called need-blind admissions. In other words, if you're admitted, they commit to cover 100 per cent of your financial needs. But they admit you first before looking at your financials. So basically, they paid a good portion of my annual tuition, gave me a loan for a smaller part and then the rest was after-hours work. All of my roommates were on financial aid as well. That was my first experience of running my own budget and I made it a point to not ask my parents for anything from that day on. And I never did after that. So I really had to learn to be self-sufficient very quickly.
Why did you move to the UAE?
I moved to Dubai in 2005 to set up EFG Hermes’ asset management operations. The business grew very quickly to become the region’s largest asset manager with more than $8 billion under management. I was there for six years and really enjoyed it. They were very hectic, but extremely interesting times.
What inspired you to switch to F&B?
I wish it was going to be a eureka moment. I don't know if there was one. At the time, I thought I'm an art collector and I was starting to invest in early stage companies. And at EFG, I had built a business from scratch. I knew that I liked the idea of business building … [but] honestly didn't think of F&B. I thought more of wanting to build something again from scratch ... to build a brand. So we spent about a year really thinking very hard about the values that will drive The Lighthouse and govern that business. It's been a great three-and-a-half, almost four years now. But it was a very steep learning curve for us.
I really enjoy backing entrepreneurs because I feel I'm one. I know the journey, I know how hard it is and it's very satisfying to express your interest in entrepreneurship by doing it yourself, but also backing others that you believe in
What gave you the idea for the concept behind The Lighthouse?
The name comes from Virginia Woolf's [1927 novel] To the Lighthouse. My mother was an academic and she had done her PhD on Virginia Woolf. She was always telling me about a group called the Bloomsbury Group, which was a group of intellectuals and creatives, including Virginia Woolf, her sister Vanessa Bell and [economist John Maynard] Keynes and a bunch of others. They used to get together for meals and drinks and sort of brainstorming. I thought that was a great idea. The Lighthouse had that idea from the beginning, kind of being a beacon in a way. I felt why don't we create something that's unique? If you want to make it a hub and want [customers] to spend as much time as possible, they'll come, they enjoy a meal or a drink or a coffee, but then they can also browse the store. And that combination gave us that opportunity.
What is riskier: investment banking or F&B?
Definitely F&B. There is no doubt that banking pays better and there's less risk. I think F&B on the best of days is really risky and a very difficult business to operate. The margins are typically not that high. It takes a long time for people to be rewarded financially if you're in it. If you just want to make money, I don't know if that's the business for you. When we go every day and see people there eating, drinking, buying something and leaving with a smile, that for us has a lot of meaning. I'm filled with gratitude and it gives me a lot of meaning every day, waking up and knowing that I'm doing this.
What do you invest in as an angel investor?
Mostly in early stage tech-related companies, both in the region and abroad. Because of The Lighthouse, we come in contact with a lot of entrepreneurs every day and that has been an active channel for me in terms of investments. I don't only invest in companies in the region. Some of them are in the US or Europe, but I'm mostly focusing on tech. I really enjoy backing entrepreneurs because I feel I'm one. I know the journey, I know how hard it is and it's very satisfying to express your interest in entrepreneurship by doing it yourself, but also backing others that you believe in.
How did Covid-19 impact The Lighthouse?
This has obviously been a very tough time. We have reopened, but like many others, we closed for a long period of time, five months, which was very tough on us and on the team. We were very lucky that we never defined The Lighthouse purely as a [restaurant]. So a lot of our other channels like retail … in fact accelerated. We have a very active online channel through our website and through our podcast. So that conversation really kept us in touch with a lot of our customers.
So you relied on technology to overcome the challenges?
We had done a lot of things pre-Covid that helped our business, but we accelerated it like many others. We embraced technology as a means to streamline our business – everything from our order management system, inventory management, HR, menus. Obviously, we do online delivery as well. A lot of that was accelerated during that closed period. So when we reopened, we were able to do it in a very kind of efficient and resilient way.
Are you a spender or a saver?
I would say I am more of a saver. I'm not an extravagant spender, but I'm impulsive. When I see something I really like, it’s very hard for me to resist. I'm an active and enthusiastic collector of contemporary Middle Eastern art, but what I learned to do is when I'm having that impulse, I call my wife first, which helps. I think the phone call either tempers me or reassures me one way or the other. I give myself a minute to breathe so I don't make a decision right there and then, which is usually not the best way to invest in anything.
What financial advice would you offer your younger self?
I think everyone should learn something about the fundamentals of finance and investing. Even if that's not your business. It's important to understand the differences between things like stocks and bonds and different savings mechanisms. But I would say the most important and easiest one is don't put all your eggs in one basket. Diversification is important.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Crime%20Wave
%3Cp%3EHeavyweight%20boxer%20Fury%20revealed%20on%20Sunday%20his%20cousin%20had%20been%20%E2%80%9Cstabbed%20in%20the%20neck%E2%80%9D%20and%20called%20on%20the%20courts%20to%20address%20the%20wave%20of%20more%20sentencing%20of%20offenders.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ERico%20Burton%2C%2031%2C%20was%20found%20with%20stab%20wounds%20at%20around%203am%20on%20Sunday%20in%20Goose%20Green%2C%20Altrincham%20and%20subsequently%20died%20of%20his%20injuries.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%E2%80%9CMy%20cousin%20was%20murdered%20last%20night%2C%20stabbed%20in%20the%20neck%20this%20is%20becoming%20ridiculous%20%E2%80%A6%20idiots%20carry%20knives.%20This%20needs%20to%20stop%2C%E2%80%9D%0D%20Fury%20said.%20%E2%80%9CAsap%2C%20UK%20government%20needs%20to%20bring%20higher%20sentencing%20for%20knife%20crime%2C%20it%E2%80%99s%20a%20pandemic%20%26amp%3B%20you%20don%E2%80%99t%20know%20how%20bad%20it%20is%20until%20%5Bit%E2%80%99s%5D%201%20of%20your%20own!%3C%2Fp%3E%0A
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
Killing of Qassem Suleimani
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
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Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills