Mohammed Kazim likes to take risks. The 30-year-old Emirati from Dubai gave up a steady paycheque last year to follow his dreams.
“I want to give back to the community. When I feel I can’t benefit anymore from a job and I can’t give back, I leave the position and look for more challenging options.”
Three and a half years ago, while managing a health care delivery facility, Kazim set up Allinque Personal Assistance with other partners to cater for young professionals who need a virtual PA in their busy lives.
“I like challenges,” he says. “I like to find solutions to problems and then test the results.”
Kazim and another partner became local celebrities after appearing on the reality TV show The Entrepreneur on Dubai One, where they represented their venture. Allinque ended up as one of three finalists selected from a pool of 2,000 applicants.
“It is very difficult to set up something sustainable in the region as there is a lot of red tape and many hidden unnecessary costs,” he says.
He’s now launching a new venture with a message: Tamashee is a footwear brand with a social element.
“We had very distinct and traditional footwear that our grandparents used to wear but has faded with the new generation, with only a few maintaining their traditional sandals. So we decided to revive the traditional footwear but give it a new twist,” he says.
Tamashee supports three social causes which are important to him: “preserving identity”, “representing culture” and a charitable aspect, coined “Colouring Lives”.
“A portion of the proceeds from every purchase of a Tamashee product directly funds projects that aim to increase awareness of people with Down syndrome,” he explains.
“Whatever one sets up, they need to think of how this venture will give back to society.”
Favourite drink?
Bubble Thai iced tea with tapioca balls.
Favourite film or movie?
[Quentin Tarantino’s] Django Unchained is my most recent favourite. It keeps you in mystery of what’s to come yet stimulates your mind.
Favourite motto?
I couldn’t find a good translation in English, but along the lines of: “Better yourself and people will better themselves for you.”
Favourite music?
I like a little bit of everything. Depends on the mood. I like The XX, they have a very particular mood I connect with very well.
Favourite dish?
Kimchi. I love Korean food.
Favourite pastime?
Learning about new cultures and new things, whether through reading or searching online or meeting new people. I also love learning languages and can speak five.
Favourite poets?
Imam Al Shafii. His poems are inspiring and full of wisdom.
Favourite brands?
I like any brand that provides a quality offering a touch of class regardless of how famous it is.
Favourite car?
I have one in each category: truck, salon, sports and motorcycle.
Favourite cartoons?
I’ve recently become a fan of this Saudi cartoon artist Malik Najr who makes a series called Masameer that targets social issues in Saudi Arabia and the GCC.
Favourite sports?
I love to run; it helps me disconnect and stimulates my thinking.
Favourite book?
The Quran. It inspires me and guides me and I try to live by it as much as possible.
Favourite actor?
Johnny Depp, because he can play every role well. He is good in everything.
rghazal@thenational.ae
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TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
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
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
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