Serial entrepreneur. Published author. Radio presenter. Speaker. It’s safe to say that Omar Al Busaidy is not a jack of all trades, but a master of many. As we settle into a quiet nook at the Fintech Hive in DIFC, I can see why. His crackling energy, candor and complete focus (he did not pick up his phone even once during our interview) are key to his evolution as a popular Emirati personality with a global following.
As he gets set to launch his tech advisory firm–Global Possibilities–and prepares for a move to New York City next year, we delve into the money lessons that maketh the man.
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“My mom is a hustler and raised me to be one. She taught me to be self-made, to value money and to make money for the things I want,” says Omar Al Busaidy.
“I was never pampered with trendy clothes and gadgets when I was growing up. Owning the latest Nike sneakers wasn’t even on my radar,” shares Al Busaidy. That’s why to this day, I have complete designer apathy. The Chopard watch I’m wearing is a gift, I would never spend that kind of money on myself. We all go back to dust in the end,” he muses philosophically.
Born and raised in Dubai, he credits his mother for instilling a sense of discipline, a stamina for hard work and a spirit of resourcefulness. “My mother was very strict. There were many times when I wanted something but she’d say, you can get it, but you will have to work for it first. So I learned from an early age that money doesn’t grow on trees, you put in the effort to earn it.”
It was this steady parental emphasis that led to his very first summer job. “I was around 13 years old and this new summer camp had launched in Dubai. But you had to cough up a thousand dirhams per month which was a princely sum in the 1990s! My mom suggested I find a job assisting the camp staff so that I could attend it for free. Surprisingly, they took me on. I did face painting and taught football to the younger children. That was my very first salary.”
Unlike most of his peers, the technology aficionado (Al Busaidy hosts a tech show on local Sharjah station Pulse 95) worked part-time at a bank throughout his late teenage years and even during college, working during business hours and attending classes until 10pm in the evening. “I’m a 32 year old who has been working from the age of 16!” he laughs.
Although Al Busaidy always maintained steady employment–only recently leaving his job at the Department of Culture and Tourism in Abu Dhabi–he could never shake off the entrepreneurial bug. “I had three failed businesses back-to-back before I made any money as an entrepreneur,” he reveals. From selling CDs as a ten year old (with the “Omar Mix”) to an advertising agency that went bust (“I spent way too much rent money on fancy office space on Sheikh Zayed Road”) to a shop selling women’s wedding gowns (“Word of mouth does wonders for a business. But all it takes is one roach and then it’s a death spiral.”), Al Busaidy’s willingness to experiment and “Just Do It!” (incidentally, also the name of his first book) is the hallmark of any true entrepreneur.
According to Al Busaidy, exploring diverse opportunities is also necessary for anyone serious about developing multiple streams of income.
“A lot of people rely on their full-time job. That’s just one source of income. What happens when you lose it?”
He adds: “Even when I had a day job, I could still earn income from my business investments, book sales, speaking gigs, writing and advisory positions.”
What is his take on the growing problem of debt in the UAE, in particular among Emiratis? Al Busaidy considers the increasing emphasis on outward projections of wealth and the pursuit of an aspirational lifestyle as the main reasons for rising levels of debt among both citizens and residents alike. “Young people are especially more susceptible in an age where everything is Instagrammable, meant to be seen and shared. The social pressure is tremendous.”
He believes young Emirati men face a lot of pressure to maintain a certain standard of living. “As an Emirati man who was once married, I remember how much scrutiny I faced as the girl’s family want to essentially check your balance sheet. I would be asked if I have my own home, among a barrage of other questions. When you’re young and you’re just starting to build a life, you want to be with a woman who wants to build it with you brick by brick. Today, Emirati women are also in the workforce and the onus for income generation and financial security is not just with the man.”
So what is Al Busaidy’s essential money advice? He keeps it simple. “To this day, I’ve never taken a personal loan or been in debt. I like to make interest, not pay interest. I only buy what I can afford.”
When it comes to investing, Al Busaidy recommends investing in a mix of stocks, bonds and other investments classes. “I’ve invested in National Bonds over the years which I think is an attractive savings scheme. Also, look beyond the UAE and maintain an international spread in different economies.”
And finally, he emphasizes, start with yourself. “Real estate and the stock market are important too but you have no control over their valuations. You are only in control of yourself. You are your biggest asset and you should be investing in yourself. Find a way to monetize your passions and skills. Just do it!”
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