Qais Al Khonji, 35, is an Omani entrepreneur with a background in banking and family business. He has set up five businesses, learning from the mistakes of his first enterprise to successfully launch the next four, which include Genesis Projects and Investment, a core analysis lab for the oil and gas sector and Genesis International, a trading company. Here he gives his perspective on what it takes to succeed when starting a business in the region.
Which attributes does a successful entrepreneur require?
I have a bachelor’s degree from a university in Leicester in the UK, where I studied business information systems. I’m an ex-banker and belong to a family business, but decided to start my own business so I can learn and grow independently. I’m a risk-taker and I love taking challenges.
What is the entrepreneurial scene in Oman like? Does it differ from the rest of the Gulf and what are its strengths and weaknesses?
I call the Omani market, the market of the two Ss – small and slow. When I say small, I mean it’s difficult to stand on your feet unless you have a unique idea. What I mean by slow is, it takes a lot of time to process an order, which is a cost factor. To sustain sometimes the market has to be quick. This is considered to be a hurdle for start-ups to survive. Therefore I think our market is a bit different than neighbouring markets.
What has been your most successful business?
Genesis Projects and Investments, which provides a service to test oil core samples, the technical term is EOR – enhanced oil recovery. The purpose of this is to enhance the oil production of the producers in the field. I got a bank facility to establish it. The quality of the service we offer and the people behind it are the success factor. We are a group of shareholders who share knowledge and contact and experiences. I’ve always advised engineers to partner with a finance person and vice versa. In my humble opinion this is the best combination for an entrepreneurial project.
What advice would you give to other entrepreneurs in the region?
Firstly, start in the service sector rather then products because you can always improve the quality of your service. Secondly, as mentioned earlier, the best combination for an entrepreneurial project is to have an engineer and a finance person in partnership. Thirdly, be patient and believe in your idea. Finally, practise to learn rather than studying the subject. Entrepreneurship is all about practice.
What were your biggest mistakes and greatest decisions?
I have made a few mistakes in the past, but because of them I’m successful today. My first business wasn’t studied properly and wasn’t good enough, also my marketing strategy and reaching the targeted clients was a big hurdle that we couldn’t handle properly. The best decision I have made was to get a set of partners together with the know-how and capability to achieve our goals and to start the ventures that the market needs.
There seems to be a funding gap in the region for start-ups. What can be done to help fund entrepreneurs?
In Oman we have two main funds that serve the needs of entrepreneurs, the Sharakah and Al Rafd funds. They are both initiatives from the government as well as the private sector. In my case I haven’t faced any hurdles to fund my projects, the key is to have a proper finance person to handle your matters. Some criticism has been made that too many start-ups in the technology space look for local or regional angles when each business focused on the internet should think global.
How much do you agree or disagree with this?
If you have a tech idea you should try to develop it in the USA for many reasons. As we see how those ideas can go globally, for example WhatsApp or all the internet giants. So I totally agree that any tech idea which is unique should think globally rather then regionally. All of the tech success stories come from the West, so the focus should be for the same if that business wants to become a success.
What is next for you and your businesses?
My aim at the moment is to build more solid businesses in Oman and expand in the region. This will definitely lead me to the bigger dream, which is to invest in an opportunity in Europe within the next six years. That is my goal at the moment and I’m working hard towards it. It’s a way to build a path towards a global goal.
What are the hot sectors right now for entrepreneurs to focus on?
Services of any sort, oil and gas, real estate and energy. Any service is definitely better then investing in products, unless it’s a strong global brand.
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Zayed Sustainability Prize
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The%20specs
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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.
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THE LIGHT
Director: Tom Tykwer
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McIlroy's struggles in 2016/17
European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th
PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
UAE currency: the story behind the money in your pockets
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.”
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Saturday's results
Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City
