Shifting to working from home and not being able to see team members has been challenging for many amid Covid-19 crisis. Getty
Shifting to working from home and not being able to see team members has been challenging for many amid Covid-19 crisis. Getty

Five leadership lessons that Covid-19 taught us



When the Covid-19 crisis hit the UAE earlier this year, I had just taken on a new project that involved working closely with a client on a daily basis.

Little did I know then how the crisis would affect the global economy and how we work. The project that my client and my team were supposed to work on shifted completely online. Since our project depended on us being together in the same physical space and we were unable to meet for months, the launch date was delayed for a year.

As an entrepreneur committed to developing my leadership skills, there is only so much that books and seminars can do to prepare you. I could not anticipate this situation or the way it affected my leadership, but it taught me important lessons that would help us navigate a crisis.

Adaptation is key to business survival: The Covid-19 crisis showed us that we really cannot predict what will happen tomorrow. Rules change all the time to adapt to the situation, and so will our business strategies. For an organised and a goal-oriented individual who meticulously plans every detail, being unsure of how the next month would turn out was challenging and humbling. This crisis showed me that it was OK to keep changing our plans. It does not mean that we failed to plan well, or that we're not good leaders, but we are adapting to the situation. Adaptation is an important survival skill during uncertainty. By adapting fast, we are serving our business and protecting it against failure.

Act fast: Similar to how fast the regulations and the information available about the virus changed, so should your decision process. Taking as much time as you need is a luxury that you cannot always afford, especially during uncertain times. Learning how to act fast and pivoting would not only save you from making serious mistakes, but will also help you save money and your business in the long run.

It is absolutely fine to not know everything and seek help: For a while, I felt lost and did not know how I should go about planning a long-term strategy for one of my clients. I needed advice and I realised that it was fine to be lost, because everyone else was. So, I decided to reach out to other entrepreneurs about it. I felt at ease knowing that I wasn't the only one feeling that way, but was also able to come up with a solution faster when I asked people with a fresh perspective about my situation.

Great leaders are compassionate and supportive: Shifting to working from home and not being able to see team members has been challenging for many, especially to those who haven't embraced digital tools. It is during these difficult times that your team needs you the most. Even if your team can't see you face-to-face, you can still inspire and motivate them from afar. Gestures such as offering to be there to listen to their concerns through an open-door policy or providing well-being support and more flexible work options could go a long way with your team. My grandmother always told me that people cherish your actions more during challenging times, and that kindness is an investment that yields long-term results.

Serve your community: Businesses aren't separated from communities, and this is why they should serve their community members during good and tough times. Great business leaders are those who put their community first, whether by accommodating their clients in a safe environment, or by dedicating a certain percentage of their profits towards community initiatives.

As humanity overcomes this crisis, the definition of leadership and what constitutes a great leader will change. The leaders of tomorrow are those who can guide their team through uncertainty, act fast, seek help when needed, while being there for the team as their team is there for them.

Manar Al Hinai is an award-winning Emirati journalist and entrepreneur, who manages her marketing and communications company in Abu Dhabi

The UN General Assembly President in quotes:

YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”

PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”

OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”

REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”

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 four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

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

MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars

UAE currency: the story behind the money in your pockets

The Cockroach

 (Vintage)

Ian McEwan 
 

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.”

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

England's Ashes squad

Joe Root (captain), Moeen Ali, Jimmy Anderson, Jofra Archer, Jonny Bairstow, Stuart Broad, Rory Burns, Jos Buttler, Sam Curran, Joe Denly, Jason Roy, Ben Stokes, Olly Stone, Chris Woakes. 

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

Business Insights
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.