Khaled Al Shehhi joined Adnoc's Emiratisation scheme and is now a second engineer. Fatima AL Marzooqi / The National
Khaled Al Shehhi joined Adnoc's Emiratisation scheme and is now a second engineer. Fatima AL Marzooqi / The National

Emiratis tell of success in private sector jobs



DUBAI // Mey Alleem didn't want to take the popular route of working in a comfortable government or bank job when it came to choosing her career.

Instead she set off on her own path. She studied mechanical engineering and then engineering management at the Higher Colleges of Technology Sharjah before she graduated and took a job at a power station.

"I'm the first Emirati engineer in my field," said Ms Alleem, 25, who was the top student in her class. "I am working as an operations engineer at the Wasit power station, which comes under the Sharjah Electricity and Water Authority.

"I pursued this career because it's a challenging thing, especially for a woman. I like challenges. Everybody was saying a woman was perfect in the kitchen, and I wanted to prove we were better than that and could lead.

"Now I am acting as head of section and have 25 people beneath me and all of them are men. I don't have any problems leading men, I can do it and I have proved that."

She said a number of people who had graduated at the same time as her with the same qualifications took jobs handling paperwork in banks and similar businesses.

"I did not want to do that," she added. "I chose to study engineering because I had a point of view and I wanted to prove it, and if I'd gone to a bank I would have proved that everybody was right and I was wrong. Some people like routine jobs, but some people like challenging things."

Another Emirati who charted his own course when it came to selecting a career is Khaled Al Shehhi, 28, from Abu Dhabi - and the choice he made could not contrast more strongly with the stereotype of a safe office job.

He joined Adnoc's Emiratisation programme, which gave him a scholarship to study marine engineering in the UK.

He now works for Adnoc gas shipping division NGSCO, spending 10 weeks at a time at sea aboard ships that carry fuel from Abu Dhabi to Japan. He has just been promoted to second engineer.

"I didn't want to work in a government office," he said. "My job is in the engine room, maintaining all the machinery and the engine.

"This shipping company used to be managed by a foreign company, BP, but five years ago Abu Dhabi and Adnoc decided they wanted to Emiratise this job and manage their own ships.

"They have a very good programme for Emiratis. I graduated in September 2005 and look at me now: I'm already a second engineer."

He said he found it difficult to leave his family and friends behind to spend more than two months at sea.

"It's very tough," he said. "Sometimes we wake up at night and have to answer alarms and deal with problems.

"In my last ship we lost engine power and the weather was very bad and the ship was drifting towards rocks. We worked on the engine for 24 hours to fix it so we could sail away safely."

Results

1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep

The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

If you go:

 

Getting there:

Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.

 

Getting around:

Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)

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.”

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million