When Rema Menon arrived in the Emirates in 1998, little did she know that her life would take an entrepreneurial twist. In India, where she worked prior to moving to Dubai, Mrs Menon had primarily laboured in the non-governmental organisation sector, which is focused more on philanthropy and less on profit.
"I haven't let go of the human itarian streak since my working days in India, which is probably why I'm not a commercial success in the way the world perceives success," Mrs Menon says, who worked with children and arranged adoptions through the Indian Council of Child Welfare.
She moved to the UAE when her husband shifted jobs.
After scouring the job market for work similar to her previous experience, Mrs Menon accepted a position as a counsellor to girls between grades five and 12 in Dubai's Indian High School.
She says her four years with the school were pleasurable. Meeting an average of 25 to 30 students every week, Mrs Menon says the major concerns at the time were related to higher education, as there were limited university options in the UAE.
In 2002, on being presented an opportunity to join a test-preparation company, Mrs Menon was ready to move on. As a counsellor in an Indian school, she interacted only with individuals from her own country. She was eager to help other communities realise their educational aspirations.
Mrs Menon joined the start-up, excited by the prospects of working in a small company with large ambitions. She was also lured by the promise of a large advisory role in expanding pre-university counselling across the UAE.
"Unfortunately," she says, "as is often the case, there was a discrepancy in what I was offered and what I did. My real role ended up being part of the marketing team, and I left as soon as I completed a year."
Mrs Menon, who is in her early 40s, decided 2003 would be her year of introspection.
Armed with lessons in "how not to work" and following repeated self-assessments on what gave her the most professional satisfaction, she realised the only way to work in a company that suited her personal principles was to set it up herself.
Counselling Point was established after much deliberation over the finances involved. The fact that Mrs Menon's husband is a salaried employee in a UAE-based bank offered security.
"In that sense we knew we would always have a steady income through him, but my son was on the verge of entering university, so we were under pressure to not place a strain on our investments," she says.
Mrs Menon's husband and son, however, insisted she follow her instincts, and the final catalyst emerged in the form of an Emirati ex-student of hers who offered to be her local partner. Encouraged by the family support and gesture of her partner, she rented a 1-bedroom aparfordingtment in a commercial building in Bur Dubai - close to her residence. "I walk to work, saving time and effort," she says.
Starting off with an annual rent of Dh50,000, she has faced a steady increase every year. Additionally, she pays for the relevant economic department licenses on an annual basis. Her initial investments also required her to spend Dh16,000 on kitting out her office space with furniture and accessories. Mrs Menon does not have any staff and says she "relies on volunteers and goodwill" to assist her when required.
Counselling Point's main source of income is generated through Mrs Menon's work to prepare students for university admissions, although she has a smaller clientele seeking therapy on social matters such as marital problems.
"I'm not a clinical psychiatrist, but I listen and I advise," she says.
The company helps students identify appropriate universities and programmes of study, and streamlines the applications for admission, scholarships and visas - particularly to the US - a process which can be long-winding, complicated and even daunting.
For a fee of Dh6,000, prospective international students keen on a US university experience have access to unlimited sessions with Mrs Menon.
During the meetings, she assesses the academic and extra-curricular profile of the student, their personality type, his or her aspirations and fears, parental concerns and financial background.
Following the initial discussions, the family and Mrs Menon identify universities and desired areas of study, after which the application process begins. Students wishing to study in Canada or the UK can avail the same services for a fee of Dh2,000. The cost difference is due to the more complex nature of the American admission process.
"I spend more time in discussing," Ms Menon says. "Students must write their own essays and come to their own conclusions. I merely facilitate their thought process. "
Mrs Menon also prepares students for their university and much-dreaded visa interviews. Although Counselling Point's clientele is predominantly Indian, about 20 per cent of the students that seek its services are Arabs.
"Counselling Point has a 100 per cent success rate with respect to visas, and it's not because I'm a lucky charm," Ms Menon says with a laugh. "I just remain updated on all visa regulation changes and ensure that all the documentation is provided."
Counselling Point is largely a one-woman show. Mrs Menon, who has helped place students in Harvard University, the University of Toronto and Leeds University, among others, says her centre's philosophy remains dedicated to prioritising the student above all.
Ms Menon is most proud of the informal nature of Counselling Point's student mentorship initiative. Connecting past students with hopefuls in a "big brother or sister" way, she feels, is the best way for students to feel welcome in their new environment of study.
Citing the case of Mr Tejas Sapre, Ms Menon elaborates on the mentorship philosophy.
Mr Sapre was a second-year engineering student at BITS Dubai, the local campus of a well-known Indian technology institute. Mr Sapre and his parents approached Counselling Point with a view to transfer to a US university.
"Tejas was academically brilliant and had a 10/10 GPA," Ms Menon remembers.
In order to successfully transfer the credits from one institution to another, Ms Menon sent detailed descriptions of courses Mr Sapre had taken and the number of hours of classes he had logged, along with his transcripts and references.
Mr Sapre applied to highly-ranked universities such as Duke, Rice, Purdue and Cornell. He was accepted by all of them; since Cornell was his first choice, he enrolled there.
"The Sapres were absolutely delighted. I then connected his family with another family whose son was at Cornell through Counselling Point," Ms Menon says. "Tejas benefited through the tips he gained on settling in at Ithaca. When he visited me last Christmas, it was wonderful to see him share his experiences."
But despite affiliations with top academic institutions in the world, Ms Menon takes pains to remain objective and not affiliate her company with specific universities.
"There are numerous offers to act as an agent, in which case I could profit from 10 to 20 per cent of the student's first-year fees as a commission, " she says, adding that her company broke even in only its third year. " But it would compromise on everything I believe in.
Mrs Menon's clients are brought in by word of mouth. Additionally, she writes for various local publications, such as Gulf News' educational supplement, Notes. She is also a visiting counsellor at Sharjah's Delhi Private School and teaches counselling skills for B. Ed students at Sharjah Women's College.
"I'm yet to declare a year as profitable," she says. "But the recession makes me hopeful, as more people are interested in returning to school to upgrade their skills."
Looking forward, Ms Menon plans to hire a full-time staff member so the company can engage the community on a larger scale.
For example, she aims to target ethnic communities and conduct presentations for parents on various career choices and their corresponding higher education opportunities in different countries.
"I'm working in a company I believe in," she says.
"We're not busy 365 days a year. But, we're happy 24/7."
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Killing of Qassem Suleimani
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
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”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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.”
The%20specs
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
UAE currency: the story behind the money in your pockets
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
