I recently spent a week interviewing business leaders throughout Egypt, where I had an epiphany: being unique can be an inhibitor to success.
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You may be wondering where did this insight come from given my view on how important it is to be different from the pack.
But it seemed that in every interview the leaders tried to distinguish their companies or situations from whatever reference point was being used.
References to the Middle East were met with phrases such as, "Oh, but we are unique; we are Egypt."
Reference to a specific industry insight, again, was met with the insistence that the company was unique compared to everyone else.
Even when meeting with Kraft, one of our partners who worked at Procter & Gamble (P&G) for 14 years commented to the Kraft leader that something felt similar to P&G. But, again, the leader of Kraft insisted the company was very different.
I doubt whether you could find two companies that - on the surface, at least - are more alike.
Both have strong US cultures, focus on the food manufacturing and consumer goods sector and are more than a century old.
They also boast about the same global workforce of approximately 127,000.
Yet, the leaders cling to subtle and often insignificant differences.
This made me realise that kind of thinking is not limited to leaders in Egypt. It seems true for nearly every leader I have interviewed, regardless of nationality, geography or industry.
It made me wonder, then, why the fascination with being unique? Perhaps leaders want to feel special, to somehow be significant or have the view that this makes them memorable.
On the one hand I argue that championsare unique and should not try to be like the others.
But a problem arises when the fixation with being unique leads to inaction rather than becoming a part of your success story.
In the interviews it came across as if the leaders were using their uniqueness factor as an excuse and, as a result, this became a limiting factor. It almost seems to imply that no one understands their situation and there is little that can be done to improve.
This robs them of an opportunity to gain an advantage.
By recognising similarities, leaders can move faster by copying each others' success - rather than sit in paralysis while hoping for a magical solution, or even moving at a snail's pace trying to create a solution that matches your nuanced uniqueness.
So what should leaders do?
Stop arguing about why they are so unique and look to others to learn.
P&G leaders have mastered this: rather than fixating on generating a solution from scratch, they invest their time in perfecting others ideas.
It is rumoured that the company even has a "Best Steal Award" where they reward their employees for taking market ideas from others and making them even better.
What was most troubling to me during the interviews was listening to leaders argue why something would not work, rather than taking action to find out what would.
Champions who are rightfully unique find ways to continually improve and take constant action.
Tommy Weir is an authority on fast-growth and emerging-market leadership, author of The CEO Shift and the managing director of the Emerging Market Leadership Center
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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%3Cp%3EInstances%20of%20violence%20against%20Syrian%20refugees%20are%20not%20uncommon.%3C%2Fp%3E%0A%3Cp%3EJust%20last%20month%2C%20security%20camera%20footage%20of%20men%20violently%20attacking%20and%20stabbing%20an%20employee%20at%20a%20mini-market%20went%20viral.%20The%20store%E2%80%99s%20employees%20had%20engaged%20in%20a%20verbal%20altercation%20with%20the%20men%20who%20had%20come%20to%20enforce%20an%20order%20to%20shutter%20shops%2C%20following%20the%20announcement%20of%20a%20municipal%20curfew%20for%20Syrian%20refugees.%3Cbr%3E%E2%80%9CThey%20thought%20they%20were%20Syrian%2C%E2%80%9D%20said%20the%20mayor%20of%20the%20Nahr%20el%20Bared%20municipality%2C%20Charbel%20Bou%20Raad%2C%20of%20the%20attackers.%3Cbr%3EIt%20later%20emerged%20the%20beaten%20employees%20were%20Lebanese.%20But%20the%20video%20was%20an%20exemplary%20instance%20of%20violence%20at%20a%20time%20when%20anti-Syrian%20rhetoric%20is%20particularly%20heated%20as%20Lebanese%20politicians%20call%20for%20the%20return%20of%20Syrian%20refugees%20to%20Syria.%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
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Al Wasl means connection in Arabic
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