Money&Me: Combining a passion with a worthy cause


Felicity Glover
  • English
  • Arabic

When Sherry Bohlen and Cindy Temple launched their Oh So Chic Handbags business seven months ago, their aim was not only to allow their entrepreneurial spirits to flourish, but also to support causes close to their hearts. To that end, the Americans, who are both from Arizona - but didn't meet until they moved to Dubai - have their handbags made by landmine victims in Cambodia, providing them with an opportunity to work and help them all to prosper.

What are the challenges of launching a business here?

Since we've chosen the UAE as our second home, we want to honour the local business customs and processes. Learning what those customs and processes are was our first big challenge - and one we're still dealing with. Beyond that, our biggest challenges have centered on connecting with supportive mentors, networks and business circles that will lend expertise, guidance and financial support so we can develop our brand and expand quickly.

How much have you invested in your business so far?

We've invested our hearts and souls into a business that we intend will benefit everyone touched by our efforts and that will support many in thriving along with us.

Who designs your handbags?

We design our own bags and are having great fun doing it. It's actually every woman's dream - to be able to create exactly what we've always wanted in a handbag; the perfect size, colour, design and functionality. Everywhere we go, we look for new inspirations and ideas. And we talk with women everywhere about what they want and what they're not finding in handbags already on the market. We're also always on the look out for new and innovative materials from which to produce our handbags, especially materials that are environmentally sustainable

What inspired you to launch the business?

First, we wanted to satisfy our desire to allow our entrepreneurial spirits to flourish while we honoured our dedication to human rights and to the empowerment of other people in the world who might need a helping hand. Second, we wanted to create a creative and functional answer to the challenge that every woman faces: a means of organising all of our valuables and personal items in our handbags. That's where Oh So Chic Switch n' Go Organizers were conceived. Third, we wanted to create fresh and innovative handbags and accessories with unique designs, applications and materials. That dream is about to be realised with the official launch of our full initial line this fall.

Who do you support through the business?

Our handbags and accessories are created in Cambodia by skilled artisans and craftspeople, many of whom are landmine victims and survivors of the atrocities committed by the Khmer Rouge. We are proud to provide these people with an opportunity to regain their dignity and to prosper.

What's your philosophy regarding money?

Money is simply a form of energy. And like other natural forces of energy, money flows easily when allowed to follow its natural tendencies. We only experience financial scarcity when we stop the flow, either from the giving or the receiving end of the process. Money is simply a means of energy exchange in the world. Because we believe in the flow of prosperity and abundance, we know that whatever opportunity and prosperity we offer and provide to others will be returned to us many times over.

Do you believe in planning for the future?

Of course. A certain amount of planning is necessary. We diligently update our projected profit and loss statements regularly. But our planning is always tempered with a basic underlying belief that there is "plenty" and that the universe will provide as long as we maintain a balance of the natural flow of abundance.

Is money important to you?

Money is important to us only insofar as it allows us to live authentically while we support the people and causes that we hold dear.

What is your idea of financial freedom?

Financial freedom is the ability to be who you really are and to do what you really want to do in life. It's that simple. It's not about how much money you have, but about how you express yourself and live your life within the financial framework you've provided for yourself.

For more information, go to www.OhSoChicHandbags.com.

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
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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.”

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

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