The past few weeks have provided contrasting illustrations of the well-worn idea that it can be lonely at the top of the pile.
Think, for example, of reports that the marathon “Grexit” negotiations left Alexis Tsipras, the Greek prime minster, unable to eat or sleep. A news story apparently delivered by no less of an authority than his own mother.
Whether or not you agree with the approach he took, it doesn’t require much of an imaginative leap to contemplate the intense leadership pressure that would contribute to sleepless nights and a profound loss of appetite. He might have been able to ask all Greeks for their opinions, but ultimately it was Mr Tsipras who had to face off against a roomful of powerful and stony-faced creditors.
You might also consider Hisao Tanaka – Toshiba’s former chief executive and president – and the image of him frozen in a 15-second bow of sorrowful apology after an investigation discovered that his company had been overstating its profits.
Although Mr Tanaka has stated that he bears no direct responsibility for the scandal, his statement to the press was tinged with very palpable shame that it had happened while he was in charge.
It is true that the weight of responsibility and expectation that leaders are under often best comes into focus when a crisis rears its head. The current status of both men is likely to leave an impression of defeat – either for a domestically controversial bailout deal or for a resignation amid a major financial scandal. Yet Mr Tsipras won an intensely surprising election and Mr Tanaka had a four-decade career with one of Japan’s largest companies. When they arrived at the top of their respective industries, they were winners.
As an organisational leader, you’ve already proved yourself time and again. You’ve made it through numerous recruitment processes, demonstrated your skills in diverse roles, and filled your résumé with numerous academic and professional credentials.
What this can mean is that you are at your most celebrated and rewarded, and yet also – at least in a professional sense – at your most isolated. As you move up through an organisational structure, you become accustomed to the support and structure of managers and colleagues. You will probably have been mentored, perhaps fast-tracked through training and coaching, and given support by senior managers when a difficult situation arises.
When you arrive in the top office, much of this will stop. This could partly be personal pride – you may feel that you have earned the right to act more unilaterally, and might consider it a sign of weakness to admit that you need help.
It can also be more prosaic. At the chief executive level, there simply aren’t that many people who are obvious sources of advice. The dynamics of a boardroom might limit your options within the senior leadership team, and the confidential, strategic nature of your daily concerns will naturally make it difficult to discuss issues farther down the chain.
This is the basic underlying case made for executive coaching, a concept that has gained increasing acceptance among global chief executives. The idea is that a leader gains the opportunity to discuss issues in a confidential and neutral forum, away from internal company pressures. They can work through problems with an expert adviser and they can develop different areas of their leadership skills.
The great challenge for many leaders, however, is to overcome the perception that working with such a consultant is an admission that their skills are lacking – running counter to many leaders’ perception that, in being a leader, they have already reached their pinnacle. This perception is short-sighted. Leaders, instead, need to view development as an ongoing process of adding to their skills and competencies – something that certainly doesn’t stop at the swish of the chief executive’s door.
Waiting for a real crisis to arise is too late in the day to sigh and curse the solitary aspect of leadership. It is far better to view your own approach with self-awareness and honesty, and to understand when it is definitely OK to seek support.
Ahmad Badr is the chief executive of Abu Dhabi University Knowledge Group.
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Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
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.”
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
Griselda
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Company%20Profile
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Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars