A Mahzooz draw winner is ready to make his wedding dreams come true after scooping a Dh1 million ($272,000) jackpot.
Vipin, 30, said he had been struggling to raise the money to get married to his fiancee, who lives in their home country, India.
He said he was overjoyed at his good fortune, which he will also share with family.
“These ceremonial events are extremely expensive. I'm overjoyed to have won Dh1 million so I can finally tie the knot with the person I love,” he said.
“I could not believe it at first. I was doing my night shift, and once I reached home and connected to the Wi-Fi, I received an email notification that I had won.
“I was shocked and rushed to check my Mahzooz account on my mobile.
“I tried convincing my fiancee that I had won but she did not believe me until I showed her a screenshot.”
Vipin, who has lived in the UAE for two years, said he planned to buy his brother a new car and a house for himself in his hometown.
Entry to the draw is made by buying a bottle of water for Dh35, which is distributed to those in need.
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
