The father Mark Kenaghan is building up an emergency fund to draw from in case another family crisis hits.
The father Mark Kenaghan is building up an emergency fund to draw from in case another family crisis hits.

Preparing for the worst-case scenario



A Dubai resident since 1992, Mark Kenaghan has been gainfully employed and diligent about investing during his lengthy tenure in the Gulf. A few years back, he felt flush enough to buy an investment property in Scotland. No one was more suprised than him when, not long after that, he found himself barely able to pay his family's bills.

"You are sitting there thinking, 'We have a lot of investments. How come we don't have any money?'" Mr Kenaghan says he saw the property downturn coming in Dubai, but calculated that he could easily withstand it. His mistake, he says, was only considering the potential impact of the local economic disruption, not the chain reaction around the world which left him unable to sell either of his properties or borrow from any of the banks that were so eager to lend to him just months before.

"At one point we were maxed out on two credit cards, waiting for the bonus to arrive. I just battened down the hatches," says the 50-year-old distribution manager for a Sharjah company, who is married with two children. Mr Kenaghan is now energetically building up his emergency fund so he never finds himself in a similar situation again. "The big lesson for me was to look at the worst-case scenario and say, 'What if? Do I have cash to draw on?" he says.

And after sifting through a handful of dodgy financial advisers, he is now working with Vince Truong of Holborn Assets to "keep on top of those investments. It's amazing how things change." breagan@thenational.ae

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Number of tracks: 10

Rating: 3/5

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Occupation: co-founder of Cafe di Rosati

Age: 42

Marital status: single

Favourite drink: drip coffee V60

Favourite destination: Bali, Indonesia 

Favourite book: 100 Years of Solitude 

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Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Director: M. Night Shyamalan

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Founder: Areej Selmi
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Sectors: Internet, e-commerce
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6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

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7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

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10pm: Beyond Reason

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.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.


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