Gavin Basma-Kwas is the investment director at Beehive UAE, the country’s first peer-to-peer online lending platform. The Englishman, 35, grew up in Australia before moving back to the UK in his twenties. After seven years working in London for a multinational finance firm, he moved to Dubai with his family in 2014.
How did your upbringing shape your attitude towards money?
My paternal grandfather emigrated to the UK during the Second World War and arrived with nothing. He worked extremely hard to provide for his children – values that he passed down to my father. Both of my parents were a big influence on me. They taught me to save from a young age. I started working at the age of seven. I had three jobs and I was earning £13.25 (Dh61) fortnightly – to be precise. Since then I always had two jobs right the way through university and into my late twenties.
Are you a spender or saver?
I like to think I am a bit of both. If I have a specific goal in mind I can be very disciplined. When I was 17, I paid my brother back his car loan in nine months as opposed to the agreed 24, albeit with some sacrifices along the way. Suffice to say I was living off baked beans for a while.
What is your most cherished purchase?
When I was 25, I gave up my full- time job and travelled to 17 places around the world on my own. I will be encouraging my children to do the same when they are older. I think these are the experiences which shape us and give us a different outlook on life.
Have you ever had a month when you feared you could not pay the bills?
I have never really been like this, it is not in my DNA. I always make sure that I have a bit of reserve.
Where do you save?
Nowadays there are many different forms of savings, from bank accounts to pensions, property investment plus alternate investments. My strategy is to have a good mix. I tend to always have a plan I am working towards so gear my savings accordingly.
What has been your best investment?
I would have to say a combination of my trip around the world and some properties I purchased after the financial crash in London. Then of course my two lovely children with my wife. Finally, not strictly a financial investment but in our future was my move to Beehive. I needed a change in career and it came about at the right time. I see some fantastic SME companies in the UAE with excellent management and if I can be there to help them grow and develop then I am proud of that.
What do you most regret spending money on?
I am generally careful when I spend, so I can’t really say I regret anything I have purchased. You often get the odd small things, but nothing major.
What financial advice would you offer your younger self?
I believe that it is important to have a savings plan from a young age. My parents used to always make me save half of my pocket money. So for any extra special present they would pay half and the rest would come from my savings. It gave me a good grounding for understanding the value of money and that it doesn’t grow on trees. Finally on some investments it is better to win small than wait and not win at all. On both a property I owned and shares, I waited a little extra time to see if I could make even more but the opposite happened.
Do you have a plan for the future?
My plan is to develop my career further within Beehive both nationally and internationally. I am also keen to support and mentor UAE starts ups and SMEs from the experience I have gained. In the longer term, one day I would like to have my own business. I really enjoy the UAE lifestyle for the diverse range of cultures, the outdoor lifestyle and the safety aspect. It is a fantastic time to be growing a business here with the positive outlook of the country’s leadership and the focus on innovation.
mkassem@thenational.ae
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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BACK%20TO%20ALEXANDRIA
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Mohammed bin Zayed Majlis
The%C2%A0specs%20
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
COMPANY%20PROFILE%20
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TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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