Omar Al Busaidi is the co-founder of W Gents hair salon in Jumeirah Lake Towers, which he says is "like going to a nightclub". Charles Crowell for The National
Omar Al Busaidi is the co-founder of W Gents hair salon in Jumeirah Lake Towers, which he says is "like going to a nightclub". Charles Crowell for The National

Turning failure to success



There are many different ways to start a business. Omar Al Busaidi has chosen the scattergun approach.
He has spent the past decade establishing a number of enterprises including an advertising agency and a business introductions firm. He has also dabbled in property. By his own admission, most of these projects have failed spectacularly.
His family jokes about the array of business cards he has acquired and the range of his self-appointed titles: chairman, chief executive, vice president, board member, business development executive.
"Even sheikhs don't have what you have," they tell him.
As an employee, Mr Al Busaidi has, until now, faired rather better than as an entrepreneur.
He got his first job immediately after leaving school at what is now Emirates NBD, and at the same time started a university course in marketing. "Working and studying changed everything for me," he recalls. "I identified opportunities where I worked."
As a bank clerk, one of his initiatives was to draw up a list of corporate service "do's and don'ts", which won him a letter of thanks from the then chairman and a promotion at the age of 18 to business development executive.
Disliking the bureaucracy involved in banking, Mr Al Busaidi then worked for the British Embassy and later the Dubai Chamber of Commerce. Realising he had a flair for making introductions and facilitating business deals, he set up Connections Middle East.
Unfortunately this coincided with the global economic downturn and while the business made enough money to cover costs, it wasn't profitable.
His various setbacks have not disheartened him. This marks him out from others who feel stigmatised by failure or who don't take risks. "Entrepreneurship here is not put into schools properly and not put into families. We always want something that is safe."
Many Emiratis belonging to his parents' generation had a rough upbringing, he explains. "They went from rags to a better situation. They don't want you to take risks. They want you to have this decent, calm life."
And despite her frustration with her son when he burnt through his savings yet again starting up a new business, Mr Al Busaidi's mother has been a staunch supporter of his endeavours.
She has been an "absolute driving force in everything in my career", he says. "She's like, 'Just because you are Emirati, don't think that things are always going to be good for you. It's very competitive out there. Lots of nationalities are going to flock to this region.
"There are not going to be that many opportunities. How many positions are there going to be in government?' She wanted me to have a complete profile."
After almost a decade of trying, at the age of 27, Mr Al Busaidi has now struck success. He and his business partner, Wael Al Haj, opened W Gents, a hair salon in Jumeirah Lake Towers that is doing a roaring trade. It hasn't been plain sailing; they had to fire a number of barbers after they first opened, but now they have a good team and the business is making a profit.
"We have what's different," he says. "When you come [to our salon] it's like going to a nightclub. People love the vibe - it's young and hip. Our clients know us, we build a rapport with them. It's Dh50 for a haircut - not that expensive, not that cheap. But people are coming in every other week."
The two partners plan to open in other locations. Mr Al Busaidi also has plans for a food business.
The young businessman has turned his string of failures into an asset and he is regularly invited to speak at UAE universities on the subject of entrepreneurship, leadership and doing business in the Middle East.
"I define success as coming back from failure," he says.
 
lgutcher@thenational.ae

The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus  Press

Key facilities
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ABU DHABI TRIATHLON

For more information, and to enter the race, please visit www.abudhabi.triathlon.org.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

RESULTS

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Winner: Harrab, Ryan Curatolo, Jean de Roualle
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Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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