It’s a family business for Zanubia Shams, the co-chair at Zulekha Hospitals, along with her mother, Dr Zulekha Daud, who set up the first hospital in Sharjah in 1992. Ms Shams works alongside her husband Taher, who is a managing director at the hospital – they met working there in 1996 and have been married 15 years. Ms Shams, 44, lives in Sharjah with her husband and two children, a son, 12, and daughter, five, and splits her work time between the Sharjah and Dubai hospitals. The group also includes four medical centres, three pharmacies and the new Alexis hospital in Nagpur in Maharashtra, India.
6am
I get up with the children. In term time they leave for school at 6.30am, but in the holidays they stay at home with their grandparents, who live with us too. I have breakfast with my husband – cereal, an egg on toast or oatmeal. We read the newspapers and chat – about a mix of personal and work. We’re a good working team and living team. I also try to chat to my brother in the morning – he’s an oncologist and university professor in San Francisco and I like to catch him before he goes to bed.
9am
It’s just a five-minute drive from our villa in the Al Fisht area, near the Corniche, to the Sharjah hospital on Al Zahra Street. We drive separately, as his schedule is different from mine. I have around 20 people reporting directly to me – such as the heads of marketing, IT, administration and finance. My husband and I share an office and boardroom in both locations and a lot of our meetings are together. I have an open-door policy. I don’t tend to have many formal meetings, just a few like the directors’ coordination meeting each week. It depends on my staff – some are very particular and some just rock by each day to give me a brief or discuss a problem. I try to accommodate every working style.
If I can, I spend a lot of time studying data – our own, ministry numbers, newspaper articles – to help develop systems and best practices. I’m a manager driven by numbers. Statistics give you patterns and tell you what patients and customers want. For instance, with the UAE moving from a six-day economy to 24/7, we decided to start Friday clinics so parents could bring children in for vaccines or do antenatal check-ups etc. Friday is now a day like any other.
11.30am
I always pop in to chat to my mother for a mother-daughter talk – some work, some personal. I took over operational duties from her 10 years ago. She has been in the UAE 50 years and wanted to provide family care at affordable costs. Ours is a community hospital and, even today, caters to the largest number of people in Sharjah and a substantial number in Dubai. On average we see 2,000 patients a day between both Sharjah and Dubai. Seventy per cent are insured – everyone on a visa in Dubai will have to be insured by their employer by the end of the year, as is already the case in Abu Dhabi. It will happen in the other emirates in the next five years.
12 noon
I have soup or a salad for lunch, normally in Sharjah, whether at home, at my desk or in the canteen. I try to limit my coffee to two cups a day and to limit snacking – I keep bad stuff away from the office. There’s no sense in having a salad then snacking on goodies. I normally meet my husband for lunch.
1pm
I drive to our Dubai office after lunch: I always plan it to beat the traffic, so it takes about 20 minutes to Al Qusais. Some of the staff are shared between the two hospitals but others are separate – for instance, there are different administration issues centric to the hospital and emirate itself.
3.15pm
I leave Dubai, again trying to time the traffic, and am home by 4 or 4.30pm. I like to spend time with the children and see my in-laws. We’ll hang out, maybe go to the supermarket or swim in our pool.
6pm
My husband gets home now, and we’ll eat by 7pm. We have a cook, who makes us chapattis and chicken or fish curry with okra or beans most nights – straightforward, simple fare.
8.30pm
After dinner, the children have about another 45 minutes then it's lights out. We all head upstairs to our bedrooms. I deal with the children and my husband normally does a little work and checks email. Once the children are asleep, I'll read – my last book was Wolf Hall – or watch something on the iPad like The Daily Show or Last Week Tonight. I find it hard to watch serials, although I might binge-watch a show on holiday, but generally don't really do TV. We start early so I'm in bed by 10.30pm.
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What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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.”
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra