Money & Me: ‘You should fear small incomes - not large expenses’

Dmitriy Starovoitov, founder of UAE-based Almal Real Estate Development, says money offers him the freedom to explore the world and pursue goals

Dmitriy Starovoitov, founder of Almal Real Estate Development, grows his wealth by entering new markets and expanding his property portfolio. Photo: Almal Real Estate Development

As a child, Dmitriy Starovoitov had a strong desire for financial success.

He worked hard and became an entrepreneur, and now has nearly two decades of experience in real estate development, information technology and investment.

The Ukrainian national, 41, has been living in the UAE for two years and is the founder of Almal Real Estate Development. It was established in 2023 and specialises in luxury projects in Dubai and Ras Al Khaimah.

Mr Starovoitov has been involved in property in the Middle East, Eastern Europe and Thailand, with notable investments in Bali, Indonesia.

“My vision includes a strong focus on global expansion, particularly in Thailand and Indonesia, while continuing to drive substantial investment and projects in the UAE and GCC countries,” he says.

He also set up a foundation, The Fund of Kind Hearts, in 2014, which supports talented children from low-income families and orphanages.

Mr Starovoitov lives with his family on the Palm Jumeirah in Dubai.

He has a degree in information technology from the National Academy of Communications in Odesa, Ukraine.

How did you venture into real estate?

I began my career in 2002, initially in the metallurgical industry during a period of high demand. As our business expanded, we recognised an opportunity in real estate.

Starting with modest projects, we gained valuable experience and insights into the market. This eventually paid off with a major contract to develop a shopping centre. This project was pivotal.

Did wealth feature in your childhood? What did you learn from it?

No, wealth wasn't a part of my childhood, which ignited a strong desire within me to strive for financial success. It taught me the value of hard work, perseverance and the importance of seizing opportunities when they arise.

It instilled in me a drive to create a better future, not only for myself but also for my family and community, through dedication and strategic decision-making.

How did you first earn and how much did it pay?

Our first significant project was the construction of a shopping centre in 2007. This project attracted investments totalling $100 million.

From this venture, I earned my first substantial profit, amounting to $20 million.

Any early financial jolts?

Yes, definitely. Like many businessmen, we faced significant challenges during the global financial crisis in 2008.

It impacted us deeply, testing our resilience and adaptability in the real estate market.

How do you grow your wealth?

I grow my wealth by entering new markets, expanding our property portfolio and investing in various projects at their early stages.

This strategy allows me to capitalise on emerging opportunities and maximise returns on investments.

Are you a spender or a saver?

Definitely a spender. I believe one should not fear large expenses but rather small incomes.

I strongly believe that investing in quality and significant opportunities often yields better returns and growth in the long run.

Have you been wise with money?

Not always. At the age of 23, I received a significant amount of money but lacked the experience to manage it effectively.

However, with the arrival of my children, I became more responsible and began investing a larger portion of my funds rather than spending them.

This shift in strategy has been instrumental in growing my wealth.

What has been your best investment?

My best investment has undoubtedly been my family. I have been happily married since 2004 and am a devoted father of three children.

Alongside my entrepreneurial ventures, I've found fulfilment in exploring human psychology, which deepens my understanding of individuals and business dynamics.

I also nurture my passion for travel and tennis, both of which provide me with inspiration and balance amid my demanding professional career.

Any cherished purchases?

I prioritise investments that enhance my life and help me grow personally and professionally.

I prefer acquiring practical assets that align with my values, rather than luxury items like yachts or aeroplanes. This ensures that each purchase I make adds significant value to my life and goals.

How do you feel about money?

To me, money signifies more than just financial wealth – it means freedom, enabling me to explore the world and pursue my goals.

It provides the resources necessary to not only enjoy life's experiences but also to make meaningful contributions and achieve substantial outcomes.

Any key financial milestone in your life?

Each time I entered a new market – whether it was in Eastern Europe, Kazakhstan, Bali, Indonesia or the UAE – marked a significant financial milestone for me.

What luxuries are important to you?

Like many others, cars and watches are luxuries that I find important, but in recent years, my health and my family's health have become much more important to me.

The time spent with family is the most luxurious thing.

Any financial advice for your younger self?

I would advise my younger self to diversify investments across various sectors and countries.

By spreading out investments, you can reduce risks and capitalise on growth opportunities in different markets.

This strategy not only helps in building a resilient portfolio but also ensures that potential gains are maximised over time.

It's about taking a proactive approach to financial planning and being open to exploring different avenues for wealth.

What are your financial goals?

In the next five years, my goal is to take the company public and achieve $7 billion to $10 billion in capital within the next two to three years.