Witnessing happiness in adversity humbled me
▶ Lina Malas, co-founder of Aventura Parks, tells Melanie Swan that taking photos in slums taught her valuable lessons
From management consultancy to adventure parks, Lina Malas made the bold decision to embark on a change to her career path in Dubai. As co-founder and managing director of nature theme park Aventura Parks, the American-born mother of two is following a desire to help develop the region’s youth. An adjunct professor at the American University of Dubai and active on many regional youth charities and education boards, the 56-year-old intends to make a big difference with her latest move.
Q How did your upbringing shape your attitude towards money?
A My father is Palestinian and arrived in the US with $30 in his pocket. He worked as a teacher, a research fellow and in sales for oil and gas, moving up to company vice president. I’m No 3 of four children and he managed to put all of us through university. My mother was a homemaker. We were lucky to have parents who’d give anything they could to provide.
At times, things were tough, but they never made us feel it. They taught us the value of money. My father was prudent about saving, but it was a struggle to save. He truly believed in education and wanted to make sure he could provide for that. We all worked early in life because they wanted us to understand what it is to earn.
How much did you get paid for your first job?
At 16, I worked as a saleswoman for a clothing store, making $3.10 an hour. My parents encouraged independence – I had to earn any extra money I wanted – so I went out, got a job and really enjoyed it. It was long hours at times. I learnt a lot about working hard, what money could buy and how important it is to save. I would save half of what I earned and got good discounts on whatever clothing item I wanted. My first professional job after my undergraduate degree was as a systems consultant. I was 21, making $28,000 a year in Detroit.
Are you a spender or a saver?
A little bit of both. I enjoy spending on the people I love, especially through shared experiences and travel. At the same time, I am quite disciplined about spending only within my means and understand that we need to save to manage the uncertain times. Covid-19 has taught all of us that.
What made you leave the corporate world for Aventura?
After raising two children through high school and working on a variety of projects and initiatives over the years, it was important to me that my next venture connected to a purpose and aligned with my values. Aventura Parks is about nature, adventure, community and education, all of which give meaning to my work.
How do you teach your own children about money?
We encouraged our children to work as soon as they were of age. Both worked in high school, which not only taught them about the value of money but also gave them purpose and a lens into what makes them tick. At 23 and 25, our children are both independent (except for the indulgences we like to provide) and they are working in fields they enjoy.
Why is working with nonprofit organisations important to you?
It was a vehicle to fulfil the responsibility of making a positive difference in the communities I lived in, as well as helping me learn more about myself and others.
What is your most cherished purchase?
My camera, a Nikon D800. It helped me document the lives of my children, their journey and helps me live through all we’ve done here. I love to capture moments. When I lived in India, I went into slums and took photos of all kinds of human experiences. You’d see more smiles there than you see at many malls.
What is your biggest financial milestone?
Supporting our children through university. In our family, education, both formal and informal, is a foundation of success as it provides options and helps us navigate through difficult circumstances.
Have you ever had a month where you feared you could not pay the bills?
As an entrepreneur, there were many times at the beginning of Aventura’s journey where we had to scramble to find the funds to pay vendors and obligations. Managing cash flow is the most critical element of starting a new business and ensuring that it is sustainable. Aventura faced a difficult period recently with a forced closure during the first months of Covid-19. The team had to work together to survive.
What has been your best investment?
Our first house (in the US) in 1992 because it led to stability. We saved diligently for the down payment and started a path where we could move and navigate to different properties. In Dubai, it was our apartment in Business Bay four years ago. It was a good time to buy.
Do you use a financial adviser?
My husband is my financial adviser.
What about planning for the future?
It is important to me to plan for the future to provide a cushion during uncertain times. As we have recently seen with Covid-19, there are always surprises and the more prepared one is, the better the chances are of surviving difficult times.
What luxuries are important to you?
After starting a new business, time is very scarce. To me, time and meaningful experiences spent with friends and family is the ultimate luxury.
How much do you have in your wallet right now?
I have Dh675 and some loose dirhams in my wallet. With smartphones and credit cards, I’ve been told by my children that it is no longer necessary to carry cash. I still do in case I’m stranded or if I need a cart at the grocery store.
Do you prefer using a credit card or cash?
Credit card because of the reward programmes, but I have learnt to be very disciplined by paying it off in full every month.
What car do you drive?
I drive a Range Rover Sport (most of the time) and also own a Maserati Granturismo convertible. The convertible was a 20th anniversary present from my husband as he knows I love to put the top down during Dubai’s beautiful winter months.
What financial advice would you offer your younger self?
Pay more attention in accounting classes, pay all bills immediately and learn how to balance your chequebook. If you start a business, make sure there is enough capital for at least two years of operations as cash flow management can make or break a business.
What would you raid your savings account for?
I would raid it to help our children or a friend, depending on the situation. But the fact is, we do not really have a savings account as most of our money is invested.