Donna Sultan, chief executive of KEO at her office in Abu Dhabi.
Donna Sultan, chief executive of KEO at her office in Abu Dhabi.

Donna's plan for how you'll live



Drivers coming into Abu Dhabi from the west to reach the city's main island cannot miss the cranes and half-constructed buildings alongside the road. Lorry-sized billboards tout the latest in lifestyle communities on tap. What those drivers probably do not know is that Donna Sultan, the chief executive of KEO International Consultants, is shaping exactly how future residents will live in many of these new enclaves. "There are not so many cities in the world where you can start from scratch and be part of it," Ms Sultan says. "In Abu Dhabi, you can try to make it good from the start, create the tight green spaces, the right sidewalk designs. It is just amazing to think that what you create as a plan could be there for hundreds of years. It is very exciting." KEO was founded 45 years ago in Kuwait and still has its head office there, but as its list of projects here has grown, it has made Abu Dhabi its main base of operations. When it first opened an office here nearly 25 years ago, KEO helped design the emirate's infrastructure in the western region, near the Saudi border. That relationship with the Abu Dhabi Government grew tighter over the years to the point where the firm is helping shape the island's cityscape. "We had such a long depth of experience of working with the Government, that it was a natural fit to be part of the game," Ms Sultan says. Since joining KEO as a management consultant in 1984, both Ms Sultan and the firm have risen in prominence. The company then had fewer than 400 employees and revenues of about US$8 million (Dh29.3m). Today, KEO's practice has grown internationally, with 10 offices in the Middle East and a staff of 1,900. Its estimated annual revenue last year was more than $190m. Ms Sultan was born in the Pas de Calais in northern France, but raised in Boston after her family decided to move to the US in 1959. In 1976, she moved to ­Kuwait. Her background includes strategic planning and management consulting. Until she joined KEO, she held management positions including planning director for a large regional company. She was also an independent management consultant for a while. "KEO used me as a management consultant first. In the 1980s I had more operational roles and responsibilities," she says. She took the helm 16 years ago when the firm had shrunk to 26 employees as business investment in the region dried up in the wake of the First Gulf War. "It was a rough time," she remembers. "We had to rebuild the firm nearly from scratch. I drew on the loyalty and devotion of ex-KEO staff that was put together right after the war. I continued to repatriate as many of our staff and as quickly as we could. "In the beginning, until everyone could be paid their full pre-war salary, everything we were able to earn we divided equally among all staff. It didn't matter who was senior and who was junior." Ms Sultan says the firm took on any project it could and staff worked long hours. "It took about two years before we could normalise the business and then we just didn't look back." Her management style is rather hands on. "She is definitely the one in charge," said Uwe Nienstedt, the managing directorof KEO. "She listens and lets her top management run the day-to-day business, but she reserves the right to go anywhere at any time. She has more energy than any person I have met in my life. What characterises her also is a high level of empathy. She has an understanding that behind everybody there are human beings." Although she is one of the few women leading a Gulf company, Ms Sultan insists her gender has not been a handicap. "One has to be colourblind and one has to be gender blind," she says. "I never saw being a woman as an issue. Clients and staff will perceive whether you have something to offer or you don't, whether you are in a position to lead or you are not. "You really have to focus on the work that you do. You must pay attention to the people and to the clients." Ms Sultan acknowledges, though, that there is more curiosity about women leaders in the Middle East. "My industry, no question, is largely a male-run industry. It is a question I get asked a lot. But if you are serious and are able to deliver and exceed expectations, you have absolutely no problem being accepted. It requires a great deal of personal sacrifices. But in all honesty, I cannot ever remember a meeting or a situation where being a woman was ever an issue." Today, KEO is involved in a number of billion-dollar development projects that will reshape Abu Dhabi's cityscape: the South Shamkha area, the Mohammed bin Zayed City project, Emerald Gateway's 88 towers between the city and the airport, and expanding and redeveloping Khalifa City A. Next comes the Capital District, planned to house all the governmental entities and embassies. "We did the masterplanning for all of the Emirati housing units and the infrastructure master plan for the entire area," Ms Sultan says. "The Government is, for instance, implementing South Shamkha as we planned it. That is amazing! This is where it really becomes exciting. To do a master­plan is one thing. Being there in the front to implement it is another huge creative challenge." KEO has had to make adjustments as the economic boom in much of the world went south. Previously, the firm, like others in the region, competed fiercely for talent. In recent months KEO has reduced its staff by 4 per cent and consolidated its smaller Dubai operation into the Abu Dhabi office. "Dubai was very badly hit. Many projects that we had there have been put on hold," Ms Sultan says. "Because of our diversity, especially with governmental clients, we have been able to maintain our population. But we don't take anything for granted. The summer and Ramadan are coming up." Despite talk of signs of economic recovery, she thinks this year will remain challenging. "I am hopeful that in 2010 we might reach a certain plateau of understanding of what the para­meters and dynamics are. But it is still unclear. It is all based on banks' financing." Ms Sultan uses lessons learnt in the aftermath of the First Gulf War to navigate today's rocky economic terrain. The firm has made up for the lost work by signing on to more recession-proof projects, such as infrastructure planning and programme management. "I learned the importance of not being reliant on any one market or type of service," she says. "Today we are not just architects, planners, engineers, or project managers." ngillet@thenational.ae

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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.”

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Royal wedding inspired menu

Ginger, citrus and orange blossom iced tea

Avocado ranch dip with crudites

Cucumber, smoked salmon and cream cheese mini club sandwiches

Elderflower and lemon syllabub meringue

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now