As a creative director and strategist for 16 years, Zamin Dharsi helped famous brands localise their marketing before recently launching his agency, Thursday Creative.
Born in Dubai to parents of Zanzibari-Omani and Indian descent, he has worked with the likes of Estee Lauder, Boeing, Samsung, MAC Cosmetics, McDonald's, Nespresso, Nutella and Zippo.
Mr Dharsi, 36, lives in Jumeirah Village Circle with his puppy, Coco.
Was your family wealthy or poor?
Both at one point or another growing up, it shaped who I am today.
My father was a banker. We had a fairly average middle-class life. At that time, I thought we were quite wealthy; I went to a good private school and had the first computer on the block.
Then, my parents divorced. I moved with my mum to the US when I was 10. She worked three jobs; as a cashier at Walmart and Bloomingdale’s and as an interpreter.
It was tough. There wasn’t pocket money, because it was spent putting a roof over our heads, a tiny apartment on the wrong side of the bridge.
Before moving, my mum was a hospital pathology assistant, but in the US her credentials no longer counted.
When did you first earn?
I was 14, serving ice cream and cakes, not because I wanted a job - if I wanted anything I had to get it myself.
I would leave school and go to work, paid $4.50 an hour “under the table”. I made less than minimum wage but was happy with it.
After that, I worked as a supermarket cashier, as a florist and, after graduating high school, in a call centre for $12 an hour.
Any lessons there?
The biggest was adaptability and resilience. Life is long and you don’t know what will come at you.
I feel blessed to have experienced early what life was like in great conditions and dire. Life is a constant cycle; things go down, things go up and it kind of works out.
Why return to Dubai?
I was working in a US marketing agency and hated it so, on a whim, I quit and travelled.
I ended up in Dubai, got offered freelance work and then a full-time job, so I stayed. That was 12 years ago.
Why enter your profession?
I was a creative child, always drawing, but I told my mum I was going to become a pharmacist or doctor.
She explained that success is being able to do something that naturally comes to you; if I wanted to be truly successful, I should follow my passion.
I took art classes and met a professor who told me to apply for the graphic design programme. I almost stumbled into my career with lots of great people guiding me along the way.
It’s wonderful to see things you dream up and bring to life on TV or Sheikh Zayed Road billboards.
How did Thursday Creative happen?
All my life, people told me to do it. A big reason I didn’t was financial security, not having a steady pay cheque.
But it got to where I was burnt out, felt a bit limited, got talking to a friend in a similar space and we decided to take a leap of faith.
It’s been hard to figure out things like maintaining a budget and salaries, but you learn quickly enough when you’re passionate about what you do.
A priority for my financial sanity was to build a pot to regulate salaries and make sure the first months were covered.
Have your spending habits evolved?
In my twenties I spent a lot and was quite frivolous. In my thirties, debt started catching up with me and that is when I gained a savings mentality.
The majority of my late twenties and early thirties were paying back student loans and credit cards.
Debt-free, I put my savings hat on and started thinking about things like retirement. A light bulb goes off and over the past six years, saving has been key.
That hasn’t changed with the business; I’m not able to do it (currently), but the attitude is still there.
I was saving to buy a home. That’s not happened, unfortunately, but I’m hoping it will.
How do you grow wealth?
A mix of crypto and savings. I’m not particularly great with financial information … the stock market requires a lot of energy that I don’t have.
I am quite old school in that I prefer to keep money mainly in the bank, with some crypto because it’s interesting.
What is your best investment?
My university education. I’m the first graduate in my family and the opportunities I’ve had, what I’ve been able to do for myself and my family because of that … I was $100,000 in debt, but it’s been a good debt to have.
Any financial milestones?
Closing my last credit card was a wonderful moment.
I moved to Dubai and made mistakes … I got cards in my early twenties. Then I had that moment: “Wait a second, what am I doing?”
The majority of my late 20s and early 30s was paying back student loans and credit cards
Zamin Dharsi,
founder, Thursday Creative
Another was buying a new car that’s completely electric, so not dependent on fuel prices changing.
In general, I’m trying to be more conscious of my financial decisions. I’ve reached this place in life … thinking about what I am doing in terms of building future wealth, about the future generation, and what I can do that will hopefully help my family.
So, you've splurged in the past?
Absolutely. I’m interested in design, so when I got to Dubai, I found an apartment and changed everything … the floor and doors.
One month, my entire salary would go into rent, and another month my credit card. Zero regrets, though. It was a tough period and I learnt from it and got it out of my system.
I’m a keen and avid shopper, I still enjoy interior design, clothing and bags, but I’m very savvy and good at spotting deals, especially with savings in mind.
I think about longevity before a purchase and whether I will I actually use it.
What else do you enjoy spending on?
My love language is buying things for others. That’s how I show care for my family, for example.
A lot of the things I cherish I’ve actually gifted. I can give back to my mum for all the hard work and sacrifices she made.
And I enjoy travelling with friends. It lets you absorb the heartbeat of a community, understand what people are like; have conversations with locals and understand their aspirations and beliefs.
We live in a world where we think purchases are what make you happy, but it’s the experiences that you have.
How do you feel about money?
There’s part of me, based on how I was raised, that immediately tenses up around the word.
On the other side, there’s an understanding that money means freedom and the ability to live happily.
Encircling all those words is the idea that money doesn’t mean anything because you can survive with it, and survive without it.
Money means comfort. Money can buy you happiness, but that happiness means nothing if it doesn't come with stability.
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Baby Driver
Director: Edgar Wright
Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James
Three and a half stars
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
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.”
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
KILLING OF QASSEM SULEIMANI
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
