I look forward to Ramadan ever year. Not only is it a blessed time to end the fast with family and friends, for me, it also represents the perfect opportunity to reflect on both my personal and business growth in the past year.
For many of us, the last two Ramadans were observed in isolation, away from friends and family, as we followed precautionary measures introduced to curb the Covid-19 pandemic.
That meant I had some extra time to reflect on the changes that affected our lives. But the one thing I learnt from observing Ramadan in the past two years is that the holy month encourages us to focus on what matters, and that can be of great aid in business.
During Ramadan, we are expected to do good deeds and engage in charitable acts. We not only refrain from eating and drinking during the day, but also become more careful to avoid gossiping, lying and other such actions.
The holy month provides us with an opportunity to improve our behaviour and work on putting our best self forward — something we could carry on doing beyond Ramadan.
What if we applied these self-improvement behaviours during Ramadan to the way we operate our business and engaging in acts that will yield higher returns, the way good deeds count for more throughout the holy month?
Over the years, this got me thinking about what yielded good returns for my business and what weighed it down and wasted my time. It wasn’t an easy exercise. When you manage a business, and you are busy supervising multiple aspects, it is easy to overlook what could harm your interests in the long run.
Evaluating my yearly business performance starts with me reflecting on my business operations, and evaluating the way I managed my team, the way I interacted with my clients and the way we dealt with our customers. Just as fasting during Ramadan helps many of us lose weight as we follow a healthier diet plan, engaging in this exercise for my business helps to shed some excess baggage keeping me from reaching my business goals faster.
Ramadan is a month for us to connect with our community, to lend a helping hand to those in need and to be there for people. What if business owners applied this philosophy to their operations all year round? If more business owners gave back to potential entrepreneurs and start-ups in the form of mentoring and internship opportunities, and partnered with them, the entire economy could benefit.
Entrepreneurs will receive guidance and mentorship from those in the field and businesses would be supporting emerging entrepreneurs by working with them. The economy thus flourishes, resulting in more success stories.
After two years of lockdowns and other pandemic-related restrictions, this Ramadan many of us are slowly going back to our pre-Covid routines and gathering once more with family and friends to end our fast each day. As we do so, I encourage you all to look at the lessons and room for business improvements that Ramadan could offer beyond the holy month.
Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Killing of Qassem Suleimani
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
COMPANY%20PROFILE%20
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ACC%20T20%20Women%E2%80%99s%20Championship
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ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
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.”
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
WHAT%20START-UPS%20IS%20VISA%20SEEKING%3F
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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.