Ismahane Elouafi is director general of the International Center for Biosaline Agriculture (ICBA), an international non-profit agricultural research centre which seeks to find solutions to the problems of food and water security in the wider region. From ICBA’s headquarters in Dubai’s Academic City, Ms Elouafi, 44, who is Moroccan-Canadian, manages agricultural research projects currently being undertaken in Bahrain, Morocco and Qatar, as well as the UAE.
How do you spend your weekend?
Mostly with my girls, who are aged seven and one. I’m also catching up on emails on my BlackBerry – but mostly when they’re asleep. I’m trying to discipline myself to spend time with my girls at weekends. My seven year-old loves gymnastics, swimming and play areas, and she tends to dictate the agenda. Whatever time is left is for the small one.
How did you become a director general?
I was a scientist for a very long time, and loved it. But when I emigrated to Canada in 2004 (as a visiting scientist at McGill University), I realised there were so many other young PhD graduates in molecular biology. The competition was very high. I got a chance to move into management within the federal system as senior science adviser to the assistant deputy minister of research at the AAFC (Agriculture and Agri-Food Canada). I did it at first to understand how things are seen from the office of the big bosses. But then I ended up enjoying it. I really liked looking at things from the top, because it gives you bigger picture than when you’re looking at the world with your microscope in your lap. As a scientist, we tend to become very specialised, but when you zoom out, you see things completely differently. A headhunter contacted me about this position at ICBA, and I moved to Dubai to start my job in 2012. I manage the scientists better than a lawyer or businessman, who has no idea what science means. But I still let the scientists pick my brain and make me think about the things I’ve studied.
What was the lowest point in your career? People don't want to hear the word harassment but I think there is always a bit, especially if you are successful and don't want to play the role written in the script for you. That's where professional ethics in a working environment are extremely important, so no one can undermine any woman. I am a strong person so I have been able to defend myself, but there have been a few moments in my life where I've thought 'if this happened to one of my daughters, that would make me really, really mad'. I feel that women are fragile by nature and in the system that we have, they are more fragile. Every organisation has to have a very strong code of ethics and check that it's being implemented.
What advice would you offer others starting out in your business?
My advice to young ladies would be to believe in yourself, forget about the inhibitors that you have faced over the years, step back once in a while and look at the big picture to see whether what you’re doing is right for you. Are you doing it well? Always critique yourself and retain an ability to see yourself from outside yourself. And remember you are not worth less than a man at all, by any measure.
What’s your go-to gadget?
I mostly use my BlackBerry for work. I spend a lot of time answering emails on it – on a plane, in the middle of the night, in a car, wherever – it takes up a big proportion of my day. Sometimes, my daughter will look me and say “mama you’re not listening to me”.
What’s your most indulgent habit?
I love to paint, it’s a great relief to be able to mix colours and make up a story in a painting. I do mostly landscape pictures. I don’t sell them – my house is full of them now and my husband hates it. But my daughter loves it, because l also like to paint portraits of her.
What do you have on your desk at work?
A picture of my girls, and lots of papers and pens because I do a lot of signing. I also have a lot of stuff to read. If I take a break, I’ll read an article about statistics, women’s empowerment or genetics.
What can’t you live without?
My family. It doesn’t matter where I am, I need them.
How do you achieve a work-life balance?
I am struggling with it. Especially with my youngest. I spend a lot of time on overnight flights so I can have the meeting the next day and come home, instead of having the luxury of flying by day then resting. There are all these struggles and logistics around it. I work when they are asleep in the evenings, then start working again before they wake the next morning.
If you could swap jobs with anyone, who would it be and why?
An artist. I’d paint all the time. That’s absolutely my retirement plan.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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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.”
UAE currency: the story behind the money in your pockets
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Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
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Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
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The%20specs
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THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
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MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now