Hisham Bakir is the managing partner of Gulf Crossings, which provides fire barrier coatings to the oil, gas and construction industries. During his return to Dubai from a business trip in Saudi Arabia, the Lebanese-Canadian, and a UAE resident since 1992, almost missed out on a multimillion-dollar deal because he was caught without a charger when his phone battery died.
He then made it his mission to find a solution to his phone-charging dilemma. The result: ChargeUp kiosks that allow users to power up their phones securely in public places.
Here, he reveals more about the initiative.
Tell me about the phone drama. What happened?
I have a very large project in Saudi Arabia and my clients needed an immediate response on an issue before I left. I was at the airport in Riyadh and my chargers were in my suitcase. The airport was under construction; I was willing to buy a new phone and I couldn’t even do that. It was a very important call I had to make and when this happened it destroyed me.
Did you lose the deal?
Luckily, they were patient enough with me that I could make it back to Dubai to make the call but I decided to do something about it. At most of these public outlets they don't allow you to plug in your device [and leave it to charge]. I wanted something that would be secure so that you didn't have to stand next to it; you have other things to do; it's just not practical. Now with all the new phones, a battery life is less and less because of all the apps working in the background. Plus we've become so dependent on our mobile phones.
What did you do?
I started researching practical solutions. There is this company out of France that had a very beautiful unit, state of the art, with all the benefits like wireless and a platform for advertising. It’s the only product on the market where you can use the display pad to enter a four-digit code, charge your phone, lock it up and walk away. I flew to Lyon to see the factory. I wanted it for the region, which would require a large production once it hit the market. We anticipated it was going to be very well accepted. I wasn’t about to put my reputation on the line unless I saw their production capacity, their research and development, their structure. You can charge multiple devices in every locker as long as they are different brands. It charges iPads and tablets. There are five lockers in each unit and then it has a 19-inch LED screen at the top and this is where you can shoot your advertising through.
What happens if I forget my locker code?
There is an access code to retrieve and open the lockers. We have a number that you can call beside the touch screen; if ChargeUp personnel are not on site, we can do it remotely by asking a few security questions. One of the benefits of the kiosks is that we can do all things remotely; this includes service and maintenance, uploading ads on the LED screens, opening the lockers, putting a time limit on the charging and gathering [user] data.
Advertising — is that how you make your money?
The revenue comes in from the advertising. We are in the leasing market – we lease them or we rent them and we sell them. But the revenue is generated by advertising on the screen as well as the branding of the kiosk.
When did the first units arrive here?
The [phone] problem happened in June. I went to Lyon in September. My first machine arrived in October and my first shipment arrived in November. We wanted the perfect launch pad [which was] the 10th Dubai International Film Festival. You have a very high number of delegates who stay in several hotels around town that come to the film festival; you have reporters, you have volunteers, security people on their phones all the time. It was extremely well received. In seven days, with five units, we had over 3,000 [people charge their phone].
How much does a unit cost to rent?
It depends. We have a structured rate card depending on the duration [of the lease] and number of units.
What’s happened since the film festival?
It’s been tremendous. We are having a hard time keeping up with inquiries. We are in the Dubai Mall. We have an arrangement with them and we have three units there that are on a trial period for them to decide how may they actually require based on the response they get from the public.
lgutcher@thenational.ae
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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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.”
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Company%20Profile
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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
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
Chatham House Rule
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.
The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.
Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
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