Remigio Maradona says he does not buy luxury items. Pawan Singh / The National
Remigio Maradona says he does not buy luxury items. Pawan Singh / The National
Remigio Maradona says he does not buy luxury items. Pawan Singh / The National
Remigio Maradona says he does not buy luxury items. Pawan Singh / The National

Money & Me: 'I would rather help people than be rich'


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Remigio Maradona, a cousin of late football legend Diego Maradona, spent his early years in rural Argentina before relocating to New York.

Now based in Dubai, he is secretary general of the Intergovernmental Institution for the use of Micro-algae Spirulina Against Malnutrition (IIMSAM).

Although ancient in origin, spirulina is a “future food” that is key to eradicating malnutrition, Mr Maradona, 62, says.

He joined the UN’s headquarters in New York as a pioneering person of determination intern in 1985, having suffered childhood polio, and handled pivotal administrative positions while promoting creative programmes as a staunch disabled rights supporter.

Mr Maradona received a Mahatma Gandhi Seva (Service) Medal and Global Human Rights Protection Award for his work, becoming IIMSAM secretary general in 2010.

An accomplished poet, he lives in Arabian Ranches.

Did childhood impact your financial outlook?

I was one of few in Latin America to have polio in the upper extremities. They were extremely damaged, so I went through hell as a young person.

My aunt was in New York. I went there when I was 11 because the medical technology was there and had operations to give my arms functionality. There were programmes you could apply to, so most operations were free.

My aunt was a registered nurse and her husband a former marine, living in a middle-class, modest building.

That [life] made me the person I am today. I faced discrimination, had to fight for everything.

But your quality of life improved?

Yes. I went to elementary school, junior high school, to one of the best colleges in New York and did my bachelor of arts in political science, got a scholarship to do my master's degree in international diplomacy and administration. I never paid a cent.

I was a member of New York's protective services for adults for 20-plus years, earning about $32,000 a year. We are talking 1980s and 1990s.

Because I am a person of determination [and] the beauty of New York, I was able to find subsidised housing. I was working during the day, then would go to the UN.

What brought spirulina your way?

I “grew up” in the UN system from 1984, all the way to my arrival in Dubai.

I was an intern and liked the international scenery. I got into the humanitarian field and wanted to help people.

I have seen so much misery in South America and got an opportunity inside the UN system to be involved in a programme that distributes spirulina, a micro-algae popular in the 1960s and 1970s that can literally end malnutrition.

Aztecs, the Incas and the Roman Empire used it. One of the ambassadors said there was this dormant UN programme about spirulina and he helped make it into an intergovernmental organisation programme.

How did Dubai happen?

I was invited by a prominent person, an Emirati. I was sitting in the UN delegate lounge and got a phone call saying: “I want to help you.”

I came as a tourist in 2009, then in 2011, and in 2013 decided to stay. He wanted me to do the work from here and helped me get funding.

When I saw the Dubai skyline from an Emirates plane, I said: “This is a Manhattan”, except we are blessed with security. I was held up twice with a knife [in New York].

Have you ever been money motivated?

Money has never been my desire. I live in a conservative environment.

I could have made a lot of money during my lifetime, gone into private business, but I always cared, to help people … maybe because I had polio when I was two years old, which changed my life.

Remigio Maradona says money is important because it is the petrol that runs the show. Pawan Singh / The National
Remigio Maradona says money is important because it is the petrol that runs the show. Pawan Singh / The National

Getting funding [for IIMSAM] can be cumbersome. I created a goodwill ambassadors programme. They go out, buy the spirulina and distribute it. If we have to feed 5,000 kids, we make the calculation on how much money it is and the goodwill ambassador pays for that.

Has the Maradona surname helped?

Of course. Diego was a goodwill ambassador of Unicef for many years.

We had a football event with one of his friends in New York, events with Argentinian players.

I had several goodwill ambassadors from football. Not big names like Diego, but one from Brazil, Ronaldinho. They help get the word around.

What is your personal spending and saving viewpoint?

I am a saver and keep it simple. I do not buy luxury stuff. My car is a 2009 Mercedes. It is not that I am a miser; I live within my means because I am not getting rivers of money as is the case with some people.

With this Ukraine war, prices are getting pretty bad, so I do not buy certain things I used to … a lot of people I know are doing the same. I have to be disciplined.

We all should value what we have because it can be gone tomorrow.

Do you have a cherished purchase?

A gold necklace I bought with a crucifix on. My father also had one. It was one of the first gifts I gave myself for my “big” birthday.

Anything you like spending on?

Going out with friends and talking about the world in an affordable restaurant. And I am a gadget guy. I bought one that suspends the keyboard and makes it easier to type.

I do not obsess for money, I am not this kind of person. I am just happy when I am helping people
Remigio Maradona

How do you feel about money?

Money is important because it is the petrol that runs the show. If you do not have it, how are you going to do things?

So, you need money in the world but money should not make you a slave … for some people, money does.

You and me are people that, maybe, can adjust if we do not have money; even though it is difficult, we have the capacity to survive with or without it.

So, rich doesn’t necessarily mean happy?

There are thousands of millionaires around the world [for whom] money has not made them happy. You see the headlines.

Money is important, it is a catalyst to make things go, but there are people that cannot live with less than a million dollars a year.

I do not obsess for money, I am not this kind of person. I am just happy when I am helping people … but I do realise you cannot have a life in this world without money.

But you have also seen its positive power?

It can be a force for good, in the right hands and the right leadership. We are very innovative (at IIMSAM); we have to be out of the box when you do not have the millions that Unicef or the World Food Programme have.

In 12 years of humanitarian activities, I do not think we have ever passed $1.2 million, which is nothing in today’s money, and we have [helped] more than 100,000 people.

We have some big names [supporting us] and people automatically assume everybody’s donating a million dollars a year each, which is totally inaccurate. In most cases, it is just the name; if they want to give, the doors are always open.

What are your goals?

I want to experience driving a car, even for just for two blocks. My other dream is to look at the world and see we have very little malnutrition – 700 million people go to bed hungry every night … we should not have hunger.

I am proud of what we have done with an extremely limited budget.

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: June 19, 2023, 3:33 AM