Sara Chemmaa is chief executive and founder of Citron, a “back-to-school” brand offering lunchboxes, water bottles and other products for children.
Born in Morocco, she moved to Dubai 13 years ago to work in investment banking prior to a consulting role and then a senior strategy/investment position with a TV broadcaster.
Ms Chemmaa launched Citron in 2017 when fussy eating experiences with her son Ali, aged four, inspired her to design compartmented lunchboxes. Citron’s now 55-plus product range sells in more than 100 UAE and GCC stores and will soon be launched in the US and UK. It is also adding affordable lunchboxes for adults.
Ms Chemmaa, 35, lives in Umm Suqeim with her entrepreneur husband and their family.
How did your upbringing shape your attitude towards money?
I was born in Casablanca. My mum worked for a big multinational and left the job to help run my dad’s businesses, including a chain of farm produce shops, all started from zero. I have an elder sister and we grew up very comfortably, went to good schools and travelled quite a lot. I never felt that my parents did not fulfill any of my needs.
My money journey really started when I went to study in Lyon, France, at 18. The Moroccan government doesn’t allow us to send more than €1,000 (Dh4,372) a month to a student. I had to pay my rent, school, everything with it, but had no idea how to manage money. That’s where I started understanding what a budget was. It was a shock, but good learning.
Did you have to boost your bank balance?
I studied a lot, so just had a few hours at the weekend. I used to tutor kids and was paid €15 to €20 per hour. We also did internships that were paid.
The minute I graduated, I got a job in Dubai at Societe Generale. I started with a salary of Dh12,000 a month in September 2008, just before the whole (financial crisis) collapse.
How was that experience?
I was part of the investment team for super wealthy people. We had to break news that products they had bought were gone. I had screens and could see people losing hundreds of millions of dollars. If I lost Dh100, I would not feel good about it. Every day, someone would lose his job because of what was happening. What I took from this experience was how to manage extreme stress, client expectations and manage things when they are literally collapsing.
I traded in equities and very complex financial instruments, but don't put my money in them because I know how volatile they are
What prompted you to leave the corporate life behind?
I had a friend managing Citron on the side with me, but last year she decided to move. I was not giving it the full energy and focus it deserved, so I left my full-time job at the beginning of this year when I delivered my twins.
This is something I’m doing out of passion. As a business, we’re not making money today, but once we’re able to grab a bigger market share … then the money comes naturally.
Are you a saver or a spender?
I’m a saver. I make it a point to make sure we save and a percentage of the salary goes directly to savings. I’m not a wise spender when it comes to the kids because I will buy whatever they need. In general, I have monthly budgets and know what to spend on. I try my best not to go over budget. I love numbers, finance, Excel sheets – I make them for everything. My kids have one for their daily routine. Much of my spending is on the business.
Where do you save?
In savings accounts, and I also have a savings account for my kids. I traded in equities and very complex financial instruments, but don’t put my money in them because I know how volatile they are.
What has been your best investment?
We used to buy physical gold and buy it monthly to average the cost. In 2010, I bought gold at $1,200 (recently trading at $2,000/Dh7,346 an ounce) in case things went really wrong.
We also did a very good foreign exchange investment in 2013; the euro went down from (costing) Dh5 until it reached Dh3.80. We sent it (the total) to France and bought a house four years ago.
Does money make you happy?
I worked for a long time in a strategy investment role, had a very comfortable salary but had to let it go in order to give Citron a chance. For me, money is not really what makes me happy. It comes, it can go. It’s important to pay bills and have food. And you need money as a business to invest and pay salaries, but when I started Citron, I never thought about money; it’s not the aim of what I do.
I don’t have a credit card, zero loans. If you have, you spend, if you don’t … you don’t spend. I drive a normal car. I don’t own crazy jewellery. When I’m in the warehouse, you will not see any bling coming out.
Is there anything you regret spending on?
For my son Ali, I bought so many things that we used only one time or never at all. Clothes, toys and accessories that I thought were a life saver, but we didn’t need them. I fell into marketing traps. I bought a stroller for Dh6,000, that was only used three times. For my twins, I bought only one-third of what I bought for my son. I’m happiest when I buy the kids something useful that they enjoy and like.
Did the stay-home directives during the pandemic impact your life?
I was here with my kids which gave me ideas for new products, which will be launched in Q4. When my twins started eating, I saw a gap and thus designed products that are being patented now. Covid-19 was a time to think how we could do things that were not just "back to school" specific because I need to make sure my team has work throughout the year. I talked more to customers, did surveys online to see what people wanted. We’re launching an affordable range inspired during the Covid time.
Also, we weren’t going out, so spent less on outings and shopping. The biggest savings came from Ali, whose football, rugby and all activities stopped. I discovered grocery (shopping) online, which had better deals.
Any financial advice for your younger self?
We fell for the Dubai lifestyle when we came. We were not able to save anything. When the first crisis hit and we felt it here in 2012, it was a wake-up call for us. Now, the minute we receive the pay cheque it goes (into savings) – it is important you don’t see it, then you don’t spend it. We make sensible decisions, spend wisely, as we know things can go wrong quickly and people can get stuck.
So, do you plan for the future?
Quite a lot. We wish to retire younger, spend time with the kids and have the ability to travel with them. This is why we save and bought our France house; if we retire, we don’t pay rent and have enough money for them to be able to study.
MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
More from Neighbourhood Watch:
F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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