Mohammed Mahfoodh Al Ardhi, the executive chairman of Manama-based Investcorp and the chairman of National Bank of Oman, profiles entrepreneurs from across the Arab world. We will share four of his profiles with readers this week.
The Arab world is at a watershed. With some 220 million people under the age of 30, it has the world’s second highest percentage of youth, trailing only sub- Saharan Africa.
The region also has one of the highest rates of joblessness; approximately 10 per cent of the population is unemployed. Young people shoulder a disproportionate share of that burden, and as more and more enter the job market, the need to absorb them grows more urgent.
According to the World Economic Forum, Mena countries will have to create some 75 million jobs by 2020, just to maintain employment at current levels.
How leaders address this challenge will determine whether those youth drive future growth and prosperity or hinder economic development, potentially inflaming the unrest that has gripped the region in the wake of the Arab Spring uprisings.
As the experience of Oman shows, one key to avoiding the latter is promoting education for all.
Whereas in 1970, there were only three schools in the entire country, Oman today has more than 1,200, guarantees free education through high school for boys and girls alike, and boasts a range of public and private universities.
It’s upon this educational foundation that Sultan Qaboos built the modern state we have today. As Oman transitions to a knowledge-based economy, education reform with an emphasis on critical thinking and life skills remains a national priority. Of course, education alone does not create jobs. If Oman and other Mena countries are to successfully address the challenge of youth unemployment, it’s imperative that we – business leaders, policymakers, educators – cultivate a climate of innovation, one in which business can flourish and entrepreneurs can thrive. Meanwhile, we have to foster in young people the conviction that they themselves can be the engines of change. That, as entrepreneurs, they can generate ideas, launch new ventures and create the jobs the region so urgently needs.
For the youth of the Arab world, entrepreneurship offers the promise of empowerment. But entrepreneurs will only emerge from an education system that nurtures their talents and provides them with the knowledge and skills they need to succeed.
As it is, entrepreneurs in the Arab world are severely underserved, with little access to formal education or qualified instructors.
According to a recent report by the World Economic Forum, fewer than 10 per cent of universities in the Mena region offer courses on entrepreneurship and just five universities offer a major in the subject.
But there are signs of change. Universities in Saudi Arabia are beginning to strengthen ties with the country’s business community through initiatives like the Innovative Industrial Collaboration Program at King Abdullah University of Science & Technology.
At Abu Dhabi University, the Centre of Innovation and Entrepreneurship is bridging the gap between academia and industry by helping students incubate their start-ups.
Also, in countries across the region, an organisation called Injaz Al Arab is sending thousands of private-sector volunteers into schools to teach kids financial literacy and the basics of starting a business.
Slowly but surely, this movement is gaining strength, and yet, amid the region’s upheaval, much of the good news is going unnoticed.
One reason for this is the news media’s tendency to portray Arab youths not as budding entrepreneurs but as criminals and terrorists, an image that belies their immense power to affect positive change.
Drowned out by unrelenting reports of bombings, kidnappings and executions, by the daily horrors of war, are quieter stories of success.
These stories challenge the prevailing stereotypes, and as a result, seldom make headlines. But they are no less relevant to the world around us, and no less worthy of our attention.
No, in fact, they demand it. For far too long, we have looked to our past for inspiration – for examples of greatness from the Golden Age of Islam, and to be sure, we have much to be proud of; the Arab world has nurtured a number of brilliant minds, men, and women, whose contributions – to mathematics and medicine, physics and biology, poetry and philosophy and much more – shaped the course of history and are deeply cherished around the world.
But I believe it is high time we shifted our gaze.
While we venerate our forebears, it’s imperative that we also identify and celebrate the present-day luminaries of the Arab world – those whose achievements beg for a fuller portrait of the figures behind them, whose tales of overcoming hardship, of forging ahead in the face of adversity, will undoubtedly serve to inspire young readers across the region.
Now more than ever, the Arab world needs a new narrative, something to counter the prevailing perception of its people as primitive and prone to violence.
The people whose stories I tell in my book Arabs Unseen surprised me.
It wasn’t the stories themselves but rather how much they all had in common. Regardless of where they’d grown up – Jordan or Saudi Arabia, Tunisia or Lebanon or Bahrain – these men and women had confronted many of the same challenges, harboured many of the same fears and struggled with the same doubts.
Not one of them knew, upon starting out, where the journey would take them, or that it would all work out in the end.
They all took risks and at one point or another, one way or another, they all stumbled. But they all had a vision and a burning passion for the work and they were all determined to stay the course no matter what obstacles life threw in their way, and no matter how distant the finish line seemed. I realised, too, how much their stories resembled my own. Having endured the deprivations of a premodern Oman, I know what it means to struggle.
Especially being a former fighter pilot, I know well the pressures of performing, the terror and thrill of being alone at the controls and the consequences of a miscalculation.
At 450 knots, there was never time for fear; a fighter pilot is forced to be decisive, to act quickly, to hit the target on time and in their own way, the Arab achievers I’ve profiled here have done just that – fearlessly, if figuratively, taking to the skies, executing plans and learning to lead.
They are also a testament to the value of education. Without it, and without working hard to excel, none of these individuals would be where they are today.
It’s true that education in its current state isn’t enough to guarantee employment and that’s a problem that people are working hard to address.
But if Arab youth are to have any shot of realising their potential, education is imperative.
From the book Arabs Unseen by Mohammed Mahfoodh Al Ardhi, copyright © 2015. Published by arrangement with Bloomsbury Publishing India.
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Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
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
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
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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A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
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.”
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
