Pocketful of Dirhams

Pocketful of Dirhams

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Meet the Dh50 million Mahzooz winner Junaid Rana

Meet the Dh50 million Mahzooz winner Junaid Rana

November 30, 2021

Almost everybody has dreamt of one day winning a life-changing amount of money. For most, however, it remains nothing more than that: just a dream. But for Junaid Rana, a 36-year-old Pakistani driver who grew up in Dubai, that dream became reality when he won Dh50 million ($13.6 million) after entering a Mahzooz weekly draw last month.

He’s gone from earning Dh6,000 a month as a company driver to now having the financial freedom that many people spend a lifetime seeking. One month on from his life-changing win, Mr Rana says he’s still coming to terms with the fact that he’s a multimillionaire and no longer has to work for anybody.

Host Felicity Glover is joined by Mr Rana, who talks about his future plans and how this life-changing amount of money will make a difference to his and his family’s life.

Hosted by Felicity Glover
Produced by Arthur Eddyson and Ayesha Khan

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How to make money grow on trees

How to make money grow on trees

October 26, 2021
“Money doesn’t grow on trees” is an expression we have all heard at some point in our lives. It might be something our parents told us or we tell our own children when they demand things that are too expensive. The transformational coach and yoga teacher Esra Ogut, author of Money Does Grow on Trees: The Myths We Create and Live By, says the reverse is true.
 
Ms Ogut, a former shoe salesgirl from Turkey turned millionaire living in the US, believes that success is a matter of personal choice and the key to this is simply learning how to make that happen. This can be done by removing those self-imposed limitations that block us from success and hide the money that is sitting out there on trees waiting to be picked.
 
So, how we break those self-imposed limitations to ensure we can achieve prosperity? Host Alice Haine is joined by Ms Ogut, who outlines the steps to take for increasing your wealth.
 
Hosted by Alice Haine
Produced by Ayesha Khan and Arthur Eddyson
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Why this man is on a mission to help others save money

Why this man is on a mission to help others save money

September 28, 2021

If there’s one lesson that the Covid-19 pandemic has taught us, it’s that being financially secure during times of uncertainty is crucial. This includes having a financial safety net to protect against job loss or other unforeseen events, as well as saving and investing for the future. But money skills continue to lag, according to a 2019 financial literacy survey by Visa, which found that 43 per cent of respondents in the UAE felt they were not ready to manage their own money.Another 53 per cent said schools did not prepare them enough to take care of their finances.

And this is where Rolly Brocales is hoping to make a difference. The managing director of restaurant chain Off The Hook is on a mission to help his 90 employees save for their futures by teaching them financial literacy skills. Host Felicity Glover is joined by Mr Brocales, who discusses how he and his partners are helping their team invest and set financial goals.

Hosted by Felicity Glover
Produced by Ayesha Khan and Arthur Eddyson

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How gamers are earning cryptocurrency for a living

How gamers are earning cryptocurrency for a living

September 16, 2021
Video game players have discovered a lucrative side hustle – earning cryptocurrency by signing up for play-to-earn games.
 
One of the most popular play-to-earn games is Axie Infinity, which allows players to accumulate tradable cryptocurrency coins. In fact, it’s become a financial lifeline for many gamers who have lost their jobs in countries such as the Philippines, Brazil and Venezuela.
 
Built on the Ethereum blockchain, which was founded by Vitalik Buterin, Axie has grown from about 30,000 players in April to a massive 1 million in August alone. But there is an upfront fee for players who have to invest in a team of three Axies at a cost of about $600.
 
And this is even before you get to try the game out to decide if you like it – or not. Which makes you wonder: is it worth the investment and how easy is it to earn cryptocurrency through the platform?
 
Host Felicity Glover is joined by Devesh Mamtani, chief market strategist at Century Financial in Dubai, who discusses the pros and cons of play-to-earn video games.
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How to break the fear of investing

How to break the fear of investing

September 7, 2021
Building up an emergency fund to ensure you are protected against any financial surprises is one of the golden rules of personal finance.
But once that emergency fund has hit its target of about three to six months’ of your monthly expenses, what should you do with the rest?
 
While many choose to invest their money to grow their net worth over time, others prefer to sit on their savings – storing it in bank accounts, or worse, under their mattress.
 
So what causes some people to fear the world of investing? And how can they break that fear and start making their money work for them?
Host Alice Haine is joined by Sam Instone, director of financial advisory firm AES International, who outlines how to get started in the world of investing.
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What financial lessons have we learnt from the pandemic?

What financial lessons have we learnt from the pandemic?

August 31, 2021
Over the past 18 months, the world has changed more than anyone could have predicted. The Covid-19 pandemic brought the world to a standstill, shutting businesses, schools, offices and shopping malls, and confining millions to their homes for long periods of time. While many saw their incomes dwindle or lost their jobs altogether, others boosted their savings as movement restrictions prevented them from spending.
 
Now, as the world slowly emerges from the pandemic, we have all benefited in some way from the extra time the pandemic gave us. Our busy lives stopped almost overnight and we were given a unique opportunity to reflect on how we lived our lives – which extended to how we spend our money. So, what has the pandemic taught us all about our personal finances? And what can we do, going forward, to ensure we have a better relationship with money?
 
Co-hosts Alice Haine and Felicity Glover discuss the money lessons they have learnt during the pandemic and whether or not they will continue with their new financial habits.
 
Hosted by Alice Haine
Produced by Arthur Eddyson
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Is a four-day working week possible in the UAE?

Is a four-day working week possible in the UAE?

August 24, 2021
Numerous studies around the world are indicating that a four-day working week can be successful, leading to an increase in productivity and happier, healthier employees as the work-life balance improves. Governments and private companies in countries such as Spain, New Zealand and Iceland have been experimenting with a reduced working week without cutting employees’ salaries.
 
Here in the UAE, a digital marketing company in Dubai recently announced that it is switching to a four-day working week from September until the end of the year to provide employees with a better work-life balance. While there are many factors for companies to consider before making the switch, is it possible that a four-day working week will become the norm for employees around the world or is it more about flexibility to achieve a better work-life balance?
 
Host Felicity Glover is joined by David McKenzie, group managing director at Dubai-based recruitment agency McKenzie Jones, who outlines his reasons why a four-day working week is unlikely to succeed in the UAE.
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Will pent-up demand from Gulf buyers drive up UK house prices?

Will pent-up demand from Gulf buyers drive up UK house prices?

August 17, 2021
The UK’s property market experienced a mini-boom during the pandemic with house prices rising 8.5 per cent last year. This was in sharp contrast to Britain’s wider economy, which was hammered by the fallout from the Covid-19 crisis as the country endured a series of lockdowns.
 
While a stamp duty holiday helped to propel the market upwards, easier access to mortgage finance and a lockdown-induced desire for more space outside major cities also played their part. But one thing slightly dampening prices in recent months, particularly in London, have been the strict travel restrictions, which prevented wealthy buyers from jetting in to view homes. So, with travel curbs now easing, particularly in the UAE, what’s in store for the UK’s property market now?
 
Host Alice Haine is joined by Henry Faun, partner and head of Knight Frank's Middle East private office, who outlines how much pent-up demand from the region will affect British house prices.
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How to find a financial adviser you can trust

How to find a financial adviser you can trust

August 10, 2021
Trust is key in any relationship, but when it comes to your money you need to be sure the person offering you advice is 100 per cent reliable. The relationship between the UAE financial advisory sector and resident investors has been dented in recent years due to the mis-selling of expensive savings, investment and life insurance products.
 
A number of regulatory changes rolled out last year aim to reduce the risk of mis-selling. Commission is now capped on new policies and financial advisers must include a mandatory 30-day “free-look” period that allows customers to cancel it without charge within the first month. Advisers are also now required to provide a benefit illustration to customers before the policy commences and a policy statement every six months. But what more could be done to ensure residents fully trust financial advisers in the Emirates once again?
 
Host Alice Haine is joined by William Tohme, senior regional head for the Mena region at the CFA Institute, who shares his insights on how trust can be boosted in the region.
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Meet the teen trader who has made a Dh30,000 profit

Meet the teen trader who has made a Dh30,000 profit

August 3, 2021
Interest in trading has surged during the Covid-19 pandemic, with retail investors flocking to platforms such as Robinhood and Etoro to buy and sell stocks.
 
With time on their hands during movement restrictions and extra money to invest after a series of government stimulus packages, retail traders around the world have embraced the "gamification" of trading, which has been driven by US meme stocks such as AMC Entertainment and GameStop.
 
But there is one group of traders who have been flying under the radar: teenagers around the world have also jumped on the trend and are using their pocket money to trade in shares.
 
Host Felicity Glover, the personal finance editor at The National, is joined by Advait Arya, a 16-year-old trader from Abu Dhabi, who talks about his investing journey and how he made a Dh30,000 profit.
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