Morten Mauritzen is the lead country manager of the ExxonMobil companies in Abu Dhabi. Lee Hoagland / The National
Morten Mauritzen is the lead country manager of the ExxonMobil companies in Abu Dhabi. Lee Hoagland / The National

ExxonMobil develops Emirati women's skills



ExxonMobil has given US$1 million (Dh3.763m) to the Family Development Foundation, an Abu Dhabi non-profit organisation, to help develop the skills of Emirati women. The money will fund the training of 30 women to become social workers caring for the elderly, and the development of leadership and managerial skills of 20 other Emirati women. Morten Mauritzen, the lead country manager of the ExxonMobil companies in Abu Dhabi, explains why the energy giant got involved.

Tell us about ExxonMobil's involvement with the foundation.

We operate all over the world and in all places we are, we try to be a responsible corporate citizen. We want to support the community. [The foundation runs programmes] to empower women to support their families and communities. That fits so well with what ExxonMobil is trying to do in a country like this.

What support do you offer?

We support them with $1 million but if they want our support to help them with their programmes we [also] have some expertise.

Such as?

Well, for example, the ExxonMobil Foundation, the philanthropic arm of ExxonMobil, [has] for the past seven years contributed more than $50m to programmes round the world. One programme called Global Women in Management, we've done it in several countries but for the first time this year we did it here in the UAE. We had 19 Emirati females ... and they started here with some workshops, then we took them to Washington and they spent a week [there] meeting prominent US female policymakers including Nancy Pelosi. Through that they really got so engaged. After that week they came back to the UAE for a wrap up workshop. I met then before they went and I met them after they came back to us and I could just see the enthusiasm. These were females that had already made it into leadership positions but this helped them grow further.

The oil and gas industry is pretty male-dominated. What are you doing to advance women within ExxonMobil in the UAE?

About a year ago we employed an Emirati female reservoir engineer. She has been in Houston for over a year as part of being in the ExxonMobil training curriculum, being exposed to other ExxonMobil operations. That's what we can offer Emiratis: we are a global company and to the extent people are interested and willing to move, they can see other parts of our operations.

We have tried to spearhead a women's network within Zadco [a joint venture with the Abu Dhabi National Oil Company and the Japan Oil Development Company to develop the Upper Zakum oilfield]. Very often there are female leaders from ExxonMobil who visit Abu Dhabi. My boss in Houston is a woman. She is a vice president for the Middle East and Russia and she was here last week. She spent an hour with these Emirati ladies in Zadco just chatting. They are interested in how come [she] made it up to a VP in ExxonMobil, and she asked them about their lives.

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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.”

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Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

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UAE currency: the story behind the money in your pockets
MATCH INFO

Bangla Tigers 108-5 (10 ovs)

Ingram 37, Rossouw 26, Pretorius 2-10

Deccan Gladiators 109-4 (9.5 ovs)

Watson 41, Devcich 27, Wiese 2-15

Gladiators win by six wickets

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

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The specs

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Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

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

On sale: Now

MATCH INFO

Uefa Champioons League semi-final:

First leg: Liverpool 5 Roma 2

Second leg: Wednesday, May 2, Stadio Olimpico, Rome

TV: BeIN Sports, 10.45pm (UAE)