Nicholas Lunt (Head of Gulf operations, M Communications) stands against the Emirates Towers, held at The Gate.
Nicholas Lunt (Head of Gulf operations, M Communications) stands against the Emirates Towers, held at The Gate.

M: Communications opens in Dubai



M: Communications, the international financial communications firm based in London, has opened its first Middle East office in Dubai, which will be followed by a second office in Abu Dhabi. M:, in partnership with fellow British communications company Bladonmore, was chosen in February to provide corporate communications for Aldar, Abu Dhabi's largest property developer. "Aldar gave us the confidence to believe that we had something to offer here," says Nicholas Lunt, M:'s managing director for the Gulf region. Mr Lunt, whose wide-ranging background in corporate and political communications includes a senior appointment at Ogilvy and a term as the spokesman for NATO in Kabul, was this month appointed to head the Dubai office. The Dubai International Financial Centre (DIFC) offices, which the company will be moving into in a few weeks when building is complete, will also serve as the regional marketing base for M:'s sister companies. M:, founded in 2002, is part of Sage Holdings, along with Taylor-Rafferty, the investor relations company; Capital Precision, the capital markets intelligence specialist; DF King, the stockmarket proxy solicitation firm; and Hallvarson & Hallvarson, the digital communications firm. Mr Lunt sees DIFC as an essential location for a financial communications company looking to grow globally. "In financial communications in particular, no one would pretend that Dubai is yet as sophisticated or demanding as London or New York, but it has aspirations to be that, and it is going go be a financial centre clearly," he said. "And if you've got aspirations to be the world's leading financial communications business, you've got to be here." M: also transferred Robin Haddrill, a consultant from its London office who has been on the team advising Aldar since the winter, to the regional office. The Dubai office will have capacity for 8 to 10 staff members, with others flying in from the London office. An Abu Dhabi office will follow. In the beginning, Mr Lunt acknowledges that communications professionals in this region will have to wear more hats than they might be used to in more developed markets. "You can't come here and just expect to be a pure play hardcore communications and investor relations agency," he said. "There's got to be an acceptance that the demands here are slightly broader. You've got to adapt a bit more." Adaptation, particularly in the region, is something that Mr Lunt has become a specialist in during his 15 years experience in the business. He first came to the Middle East during his 10 years preceding that in the British Army, which assigned him to spend two years working in Oman, an experience he describes as "undoubtedly the two happiest years of my life." "I remember when I went to do the Arabic language course in the UK, the joining instructions had an opening sentence that said, 'If you think you are going out to Oman to relive Lawrence of Arabia dreams, think again'", he said. "Of course Seven Pillars had been under my pillow for years and years. And I was a huge fan of Wilfred Thesiger. I had always been drawn to the region." He went on to a career in corporate communications with Ogilvy and Weber Shandwick. But during the early years of the Iraq war, his Middle East experience was called upon, as he was asked to be part of a team that the British government was putting together to set up a communications office for Ayad Allawi, the country's first interim prime minister. He arrived in 2004, and was charged with recruiting 60 Iraqis within six weeks. "It was a tough environment for an Iraqi living out in wider Baghdad, coming into the Green Zone, knowing that they were seen as working for the Americans ? because there was no distinction [between the Americans and other members of the coalition]," he said. "They would drive through car bombs to get to work. I had people sleeping in my office, sometimes for weeks at a time, because they couldn't go home. So I'd bring food in for them. We forged some fairly special relationships." As a result of his work in Iraq, he was asked by the UK government to go to Afghanistan in 2007 and serve as the NATO spokesman in Kabul. "I talked a lot about the political and social ramifications of those sorts of military activities where things go wrong, and civilians ended up being the victim of NATO actions," he said. 'What I was trying to do was make it clear that at no point did a NATO commander get up in the morning and say, 'I'm going to go whack a village.'" He also did communications work for the Palestinian Authority in Ramallah, but in the end decided to return to the corporate world. "While political communications was fascinating, I missed business," he said. "The problem with political work is that it's incredibly difficult to get results, whereas at least in the corporate world, you can come up with a strategy, a plan, and implement that for your client and then all of you can see the results. In politics, its much harder to feel that you are achieving anything." But that doesn't mean he has not used his conflict zone experience in the corporate world. His last assignment before coming to the UAE included helping to arrange the press launch for the Tata Nano, the world's cheapest car, a product received with the same frenzy normally reserved for rock stars. "I was on the stage fighting off journalists that night," he recalled. "They just went mad. Literally I was having to manhandle journalists off the stage. I was on telly, in fact, doing it. People were teasing me the next day." khagey@thenational.ae

In numbers: PKK’s money network in Europe

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Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

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TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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.”

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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.