Paul Trowbridge is the chief executive of United Arab Bank, a position he took on in 2009. The Australian, from Melbourne, is an economics graduate with a specialisation in microeconomics. He started his career in 1985 with PricewaterhouseCoopers as mergers & acquisitions specialist, and moved on to join Westpac Banking Corporation, Australia’s second largest bank – rated as one of the top banks in the world. He joined Bank of Oman in August 2006 first as general manager in risk management and later as deputy chief executive, before moving to the UAE for his current role. Mr Trowbridge has three children.
What are your favourite things to do on the weekend?
With my work week typically being so busy and demanding, it is important to try and find some time to unwind. I love to read, especially about current events – even when the subject is completely unrelated to what I’m working on. To relax completely, I really enjoy spending time on the beach – which is one of the great features of living in the UAE. I also take a lot of satisfaction out of volunteering and trying to help the community in any way that I can.
What do you consider to be your favourite hobby?
I think it is important to try to keep physically active and thankfully it’s something I’ve always enjoyed doing. I box regularly – though not very well. I also like the challenge of weightlifting.
What can’t you live without?
Given that my hobbies are pretty sporting, I don’t mind admitting that I’m partial to Krispy Kreme doughnuts.
What do you consider the secret to your success?
The crucial thing, as I have always considered it, is to surround yourself with smart people. My philosophy is that you should always hire people that are better than you. Of course different people have different skills: some are exceptional at analysing details; others excel in taking a step back and offering a profound view of the big picture. Ultimately you need people whose decision-making and judgment you can trust; people who do not shirk from standing up and making the case for what they believe in, even if that involves challenging the consensus view. And, importantly, people who are not afraid of taking responsibility.
What advice would you offer others starting out in your business?
The best bosses are tough but fair. If you are fortunate to have a mentor that gives you the responsibilities to be able to excel early on in your career, while also providing honest feedback, make sure you make the most of that opportunity. Do not take constructive criticism personally: see it as a challenge, and an essential part of the learning curve. See every setback as an opportunity to learn. Be respectful but not timid. If you believe something is the right thing to do, make your case passionately and seize opportunities to take the initiative.
How do you achieve a work-life balance?
I try not to take my work home with me, nor to have it weigh on my mental or physical state. Of course there are very busy times during which that is not always possible. But it is vital that work should not take up your life – that you do not neglect other things you are passionate about. What’s more, switching off from work completely can often be beneficial. It helps you to approach work with a clear mind the following day.
How do you relax after the working day?
I like to hit the gym: boxing and weightlifting are my two favourite activities.
If you weren’t chief executive of UAB, what else would you be doing?
I was born in Australia, a country famous – among many other things – for its cattle ranches. I imagine that if I hadn’t gone into the banking industry, given that I’m someone who has a great affinity for being outdoors and doing physical work, I might be breeding cattle on a ranch in Australia. My favourite place in the world is Zanzibar, the group of islands off the coast of Tanzania. It is home to some really magnificent beaches; I would spend a lot of my free time relaxing there.
abouyamourn@thenational.ae
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Getting%20there%20and%20where%20to%20stay
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65
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COMPANY%20PROFILE
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
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Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
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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The%20specs
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE%20
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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.”