Illustration by Chris Burke for The National
Illustration by Chris Burke for The National

Ghanem Nuseibeh is a problem solver whose expertise is sought



A Facebook addict partial to purple suede shoes and pink Polo shirts, Ghanem Nuseibeh looks like he has just come from a glitzy Manhattan cocktail party.

Yet he is the man investment bankers, business executives and even government officials turn to when they want to know what is happening in the Arab world. Not what appears to be happening on the surface, but what is really happening, and what it all means.

Biobox: Ghanem Nuseibeh Co-founder and director at Cornerstone Global Associates

Last Updated: May 27, 2011

Secret pleasure The bar at the back of the Emirates A380 on the London-Dubai flight "because you meet an amazing amount of people there. You are stuck there for seven and a half hours, and they're stuck with me chatting."

Worst fear Turbulence. "It's a problem because I travel at least once a month."

Favourite watch Omega Seamaster

Favourite sport (to watch) Cricket

Favourite sport (to play) "I run every day, but that's not really a sport. Swimming I'd say."

From his offices at Cornerstone Global Associates, the Jerusalem-born Londoner measures the impact of political and economic risk on companies and governments.

And never before has the 34-year-old's work been so in demand as now, as a wave of political protests grip parts of the Middle East and North Africa.

It has left few countries in the region unscathed and many investors are still on tenterhooks on what to do next.

That is why among the accessories to his colourful wardrobe are three mobile phones kept in a holster with another tucked away in his front pocket.

On this particular night, at his favourite haunt at Dubai's Icon lounge in the Radisson hotel, Mr Nuseibeh's phone rings with the caller's number withheld.

It is usually a sign that the caller is a powerful person who does not want his number known to others.

"You think, 'am I going to answer or not?'," Mr Nuseibeh says, although he eventually does, admitting he cannot ignore a call.

Among a select list of present and past clients published on the website of the political and economic risk consultancy he co-founded in 2008are the governments of South Africa and Singapore, the food and beverage conglomerate PepsiCo, the charity Oxfam and the UK's National Health Service.

Mr Nuseibeh is a self-confessed socialite and has built up an impressive list of contacts. He is also unconcerned about sharing his meetings with his friends on his Facebook page, although he names no names.

For all his openness, you would be forgiven for thinking Mr Nuseibeh is not all he is cracked up to be, but his colleagues at Cornerstone insist he is the real deal.

Dr Mark Somos, a Harvard-Cambridge academic and political scientist who is now interim managing director at Cornerstone, met Mr Nuseibeh at a London boarding school 18 years ago. He calls Mr Nuseibeh the "most trustworthy person I know".

"We kept in touch after school, and started working together four years ago. What I did not see at first, but gradually discovered, was the strength of his integrity.

"But I think it's his honour that makes him an excellent leader and a wonderful friend," Dr Somos says.

Another high-flying friend, Lucian Hudson, a former director of communications at the UK's foreign office and head of programming for the BBC's Worldwide channels, describes Mr Nuseibeh as a "young Kennedy - in the best sense of the word".

A team of about 45 people, which includes associates based around the world, work around the clock to resolve "crisis" situations at Cornerstone. Fees for the company's elistist clients can range from "the thousands, tens of thousands to the hundreds of thousands depending on the size of the project", says Mr Nuseibeh.

When he launched his company, however, nobody was anticipating an "Arab spring".

But the historic events of this year have seen the toppling of two governments and political upheaval in even normally placid Gulf nations such as Oman.

All stability has been pushed out of the equation and it has meant a drastic change in strategy for Mr Nuseibeh and his company.

"In the past year a lot of government and organisations had all sorts of medium to longer-term strategies that spanned three, five even 10 years," he says.

"That's completely on hold now, everywhere. The long term has sort of been frozen and now the medium term is the long term."

Mr Nuseibeh, trained precisely for these heightened times of political and economic risk, is in his element. "Things have been extremely unpredictable and people want very immediate answers that in some respect is not the core thing we'd like to do," he says.

"Everyone is now wondering, what is going to happen tomorrow? And they want to know now."

A New York investment bank last week voiced unease about the money it has locked up in Yemen, asking Mr Nuseibeh what the impact of political changes could be. Then he answered a call from a party of American students stuck in Cairo looking for an alternate location to continue their semester abroad.

Having become the go-to man for the governments and companies of the region, the wildly different time zones of the world mean there is little time for him to relax.

"Typically we've had calls, like 'what's happening in Qatar? Saudi? Kuwait?'," he says.

"It can be inconvenient and difficult because of things changing so rapidly."

Although the international media has covered developments in the region intensely, often from the frontline, Mr Nuseibeh says his political risk expertise goes beyond the average news story.

"You can't sit down and Google your way through political analysis," he says. "OK, there's a demonstration, but where we come in, is the 'so what'?"

Taking Saudi Arabia as an example, a worry for many companies as one of the largest economies in the Arab world, Mr Nuseibeh says he has had endless queries on whether the threat of any demonstrations would have an impact on business.

He says that in some respects he is doing a bit of journalism by trying to understand what everything means. But Mr Nuseibeh likens the research his organisation does to a barrister's chamber, rather than a hectic newsroom, with team members working diligently and intensely with clients on a one-to-one basis.

An intricate network of contacts including those "on the ground" ("not like spies or anything", he says, "but they know what's happening") in the relevant countries allow consultants to draw on many different resources. It means the standard of research limits employees to those with more experience.

"We don't employ graduates, not that there's anything wrong with them, but it's the way we structure our company," he says, pointing out that his staff are all seasoned professionals.

The secrecy of clients also has an important part to play in the organisation and Mr Nuseibeh's work, which is predominantly of a sensitive nature. It puts much emphasis on connections, and Mr Nuseibeh certainly has many of those. "I'm sure I've got answers for everything in that bunch of business cards," he says, laughing, of the thousands of people he has met over the years. His contacts include various politicians, business executives and economists, including those involved in Arab-Israeli politics, a matter of special interest for Mr Nuseibeh.

Confidantes from these circles include Prince Firas bin Raad of Jordan, who is a development adviser to the Middle East Quartet and Dr Karim Nashashibi, economic adviser to Salam Fayyad, the Palestinian prime minister.

It is not surprising he has accumulated so many contacts considering his resume.

He spent four years as a member of the Club of Rome, an influential think tank. He has also spent time working from the Gulf office of the Budapest-based think tank Political Capital Policy Research and Consulting Institute.

In what spare time he has, Mr Nuseibeh is also working on a doctorate concerning the urban environment via the University of Salford in England. It is a connection to the start of his career in engineering, when he worked for Atkins, a UK-based engineering consultancy.

He has been involved in the design of projects including the Azerbaijan-Turkey-Georgia gas and oil pipelines and the upgrade of the London Underground.

The pipelines propelled Mr Nuseibeh into the world of political risk.

"It was in that particular project that I got early exposure to balancing the needs, risks and opportunities of competing disciplines," he says.

"Basically the route of the pipeline that was chosen was the most difficult technically but the most favourable geopolitically."

Mr Nuseibeh has come a long way from his days in Jerusalem, where he grew up.

Flitting between there and London, he completed his schooling at Dulwich College, an independent boys' school in London, and then went on to study engineering at Imperial College London.

His father, Mohammed Nuseibeh, founded Al Quds University in Jerusalem and was its former chancellor, while his mother, Faida, runs a hotel business in the city. His three siblings are also doing well, one a banker at Deutsche Bank, another a civil engineer, and the third in the construction industry.

But Ghanem Nuseibeh is modest about his family's achievements: "We are a working, active family," he says.

Though he now divides his time mostly between Dubai and his riverside Chelsea pad in London, he has also clocked up impressive air miles in the past few months on his visits to clients.

A typical itinerary has seen him travel across four countries and two continents in the space of seven days.

This particular week, having just flown into Dubai from London, Mr Nuseibeh is planning a trip to Qatar and Jerusalem.

Having a tight group of contacts spanning various territories has more elusive benefits, considering the confidential nature of his work.

"What I've found extraordinary about the region is everyone is suspicious of everybody else," he says. "If you don't have the confidence and personal contact with that person you are dealing with, they will think you have been sent by someone to spy on them."

Mr Nuseibeh's image is an important part of his schmoozing success, particularly with clients as diverse as his.

"I try to be as open as I can with people so they know what I get up to - not that I get up to anything bad."

As he prepares for a flight to Qatar, Mr Nuseibeh is excited about meeting his latest client, although he is sworn to secrecy as to whom that might be.

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.
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What is type-1 diabetes

Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.

It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.

Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.

Being overweight or obese increases the chances of developing the more common type 2 diabetes.

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

NATIONAL%20SELECTIONS
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Racecard
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Game Changer

Director: Shankar 

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

Rating: 2/5

Fixtures

Wednesday

4.15pm: Japan v Spain (Group A)

5.30pm: UAE v Italy (Group A)

6.45pm: Russia v Mexico (Group B)

8pm: Iran v Egypt (Group B)

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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

MATCH INFO

Uefa Champions League last 16, first leg

Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A

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.”

BABYLON
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UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
World%20Food%20Day%20
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Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs

Engine: 3.8-litre twin-turbo V8

Power: 611bhp

Torque: 620Nm

Transmission: seven-speed automatic

Price: upon application

On sale: now

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

RESULTS

5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.

6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.

6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.

7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.

7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

The five pillars of Islam
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

COMPANY%20PROFILE%20
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'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

Company%20Profile
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Fatherland

Kele Okereke

(BMG)

Everybody%20Loves%20Touda
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U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh

UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith

COMPANY%20PROFILE
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