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DUBAI: Ahmed Al Fahim, a 34-year-old serial UAE businessman, believes in taking calculated risks when it comes to handling money and investing. This is how he started his first event management company in 2016.
“Never invest more than you can afford to lose, because if you invest more, you risk losing significantly,” said Al Fahim, an Abu Dhabi-born serial entrepreneur who has since launched an electric scooter company. company and a coffee brand.
He revealed how he learned his original investing strategy by watching his father trade stocks over the phone. His father ran a construction company and a recruitment agency specializing in the oil and gas industry.
Never invest more than you can afford to lose, because if you invest more, you risk significant losses
—Ahmed Fahim
Budget spending, save for the future from an early age
“My father would take me and my sister Hamda to his office to see how he worked. I received Dh200 a week as pocket money early on and learned to save, plan and budget. This It’s exciting because I can be at an amusement park or a cinema. However, I manage to budget my spending allowance and save money for my future investments,” said Al Fahim.
“Then, upon graduation, I received a cash gift of Dh36,729 [$10,000] Graduated with a scholarship in the United States. I was considering options for investing in stocks and a friend suggested investing in tech giant Apple. Five years later, I was paid back tenfold. This was a critical decision as it ended up being a key source of funding for my first company in 2016. “
After launching his first business, Al Fahim went on to start five other businesses in different fields. Later, in 2018, he established a food truck booking company in Abu Dhabi, offering space or locations to popular Food and Beverage (F&B) businesses in the UAE.
After launching his first business, Al Fahim went on to start five other businesses in different fields. Then, in 2018, he started a food truck reservation company in Abu Dhabi.
Why was the last time you forayed into the restaurant market?
“As a community-based entrepreneur, I have always believed in disruptive solutions to social problems. Therefore, the food truck reservation company was born out of the need to serve the community in a cost-effective manner,” he added.
Al Fahim spent two years in the tourism industry in Abu Dhabi and ten years in government offices before becoming a serial entrepreneur, initially self-funded and then from investors.
“With a sizeable market of food patrons to showcase in the region, we attracted interest from friends and family to invest in the company, resulting in our first food truck park. This was followed by Abu Dhabi-based business Al’s A Series Funding Faxin Group.”
What is “Series A” funding for a startup?
“Series A” financing refers to investing in a private startup after it has made progress in building its business model and has demonstrated the potential to grow and generate revenue. It usually refers to the first round of venture funding a company raises after its first round of funding.
“In 2019, at our first food truck stop, we worked with different F&B start-ups, understood their pain points and partnered with them. Over the past three years, we have gradually expanded to Abu Dhabi and Al Ain seven locations,” he added.
“As we enter our post-pandemic recovery, we’re poised to expand even further, so in 2022 we launched a drive-thru app to modernize mobile dining.”
Al Fahim revealed that marketing accounts for a large portion of business spending. “Besides marketing and sales, our other expenses include start-up costs and restaurant business essentials such as labor, insurance, licenses and permits.”
Ahmed Al Fahim: “Besides marketing and sales, our other expenses include start-up costs and the basics of the F&B business such as labour, insurance, licenses and permits.”
Here are three money rules that Al Fahim follows:
Rule #1: “Always reinvest in the business.”
“The reinvestment ensures the financial stability of the company,” said Al Fahim, who reinvests 60 percent of his profits in his business, about 20 percent in real estate and the rest in stocks and cryptocurrencies. “Plus, most of the income I get from these streams goes back into the business.”
Rule #2: “Excessive luxury is not budget-conscious.”
In his early years, Al Fahim felt it was important to treat himself and bought an expensive car. He quickly discovered that maintaining the vehicle and running it was too expensive. This experience made him understand that excessive luxury is not necessarily what you get for every penny.
Rule #3: “Take risks while you’re young.”
In the early years, Al Fahim learned that you can try and actually realize a possible career that fulfills your passion and is lucrative as you grow older and your life commitments increase.
“As a child, I was a problem solver who loved finding innovative solutions. I have always had a passion for events and engaging with the community. I also realized the importance of food in creating these, which eventually led to the establishment offering an Ultimate Catering Experience.”
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