Mohammad Al Balooshi is training to become an independent financial adviser (IFA) at a private wealth management company. The 30-year-old who worked as a military officer before deciding to try the financial services industry, joined Holborn Assets in March under the mentorship of Vince Truong, a partner at the advisory firm. The company says the Emirati could be the first in his community to become an IFA for a private firm.
Mr Al Balooshi is studying to attain his Level 4 International Certificate in Advanced Wealth Management from the Chartered Institute for Securities and Investment (CISI), with hopes he will one day work as an independent adviser for the firm. In the meantime, he secures new business from the Emirati community.
“We see him as a paid intern being educated to be an adviser, but he’s not ready to give advice,’"said Mr Truong. “He and I work on clients that he introduces together and I mentor/train him. He won’t be ready to work independently for a few years. Our goal is to get him to the point of being a competent, professional advisor. That partially includes the academic knowledge but more importantly, the actual practitioner’s knowledge.”
Holborn Assets has about 80 advisers of which two, including Mr Truong, are on a fee-based structure charging 1 to 1.2 per cent per annum of assets under management.
The industry is currently going through an overhaul after the UAE Insurance Authority proposed a raft of new regulations following complaints from consumers about poor advice, specifically with regards to fixed-term investment plans. The new rules will offer investors better protection and change the way savings, investment and life insurance products are sold in the UAE. This will include limits on the upfront commission advisers can earn from some product providers. Here Mr Al Balooshi discusses his entry into the sector and offers his insight on how Emiratis like to invest:
Why did you decide to go into the financial services industry?
I was a military officer at Zabeel palace for 11 years. My job was to meet high level management or big investors that came to visit for business or regular meetings. I started noticing all these investors and thought 'what do they have that I don't?' This attracted me to the financial markets; something in my heart told me to go to the banking industry. It was a big adventure, a risk even because I had a government job and I was changing it to banking. But the more risk you take, the more you get.
How did you make the switch?
I joined Mashreq three years ago. During that time I represented the bank in front of Dubai Police and at the Careers Fair in 2016, talking about our Emiratisiation, our business and how we're helping the economy of Dubai. I also represented the bank at Dubai Court to develop the relationship and services between the bank and the courts.
What was your role at Mashreq?
I was a relationship manager for the wealth management team. There were 31 relationship managers. I was the only local in the department as most locals are generally branch managers. When I joined, I brought in big investors. When the management saw I was bringing in big investors, they moved me to the wealth management division. My job there was to bring in clients and because most of the relationship managers were not local but the investors were, I would join to support them in meetings.
Why the move to Holborn Assets?
I got to know Vince through LinkedIn. I was successful at Mashreq but I wanted to learn and do more; to be a 100 per cent professional manager. We offer services to my community such as free financial education. We have a meeting on this with Dubai Police this week and we also want to go into schools and universities.
Why is financial education necessary?
In our society, when the young generation finish school, 40 per cent of them just want to work rather than go to university. Once they have joined a company or the government, they need a car so they take a loan from the bank. They don’t have a culture of saving or how to handle their money and plan for their future. Vince and I are offering lectures to the young generation on financial literacy and managing your money. I also discuss these issues at the Majlis. Ramadan was my best chance to explain to my own society what we are doing. At Holborn we do asset management; if you give us Dh100,000 or Dh1 million, we can get you 10 to 12 per cent on a yearly basis.
How?
If you put Dh1m in your bank account, you might get 1 per cent. But if you put it into a fixed deposit you might get 2 per cent if you deposit it for five years. Here, we take your money and manage it on our platform; we put it into bonds, securities, real estate and the financial markets. So every six months you will get 6 per cent.
Isn't promising annual returns of 10 to 12 per cent risky?
If our clients did not get this percentage nobody would invest a single dirham. The number of our clients is increasing. They keep coming. Even if the market is down, there is a way to get your profit.
Why would this be attractive to Emiratis?
We manage more than US$40m and in the last two months I am getting locals to get into this. Unfortunately there are Ponzi schemes in the market. There are companies that are not professional and just take people's money promising to double their money. Many Emiratis have been affected by this but we focus on trust before sales.
Are you advising people directly?
I advise people on securities and I bring in local clients from different cities but mostly Dubai. Once they come in, they ask me questions about securities so I ask Vince to be with me. Then they sign an agreement with us – so I am like the middleman. I have not sold anything yet as I am still studying for my CISI exam, which is on August 1. This will enable me to carry out wealth management so then I can be accepted by any bank or financial institution. I also visit clients with Vince – sometimes the experience is better than studying.
What do Emiratis typically invest in?
Real estate. But then the crisis happened and now many would never consider putting their money anywhere other than the bank. Why? Because a lot of local people, and I am one of them, invested in real estate and then a lot of developers ran away. Back then, there were no escrow accounts and people lost millions. After this the government introduced the escrow account.
So is property still a popular option?
Yes but Emiratis will only buy ready built properties now, not off-plan. The older generation like fixed deposits - they don't want the headache. They will say 'my money is in the bank so leave it there'. But I am trying to change this idea. When you get a property your return will be a maximum 8 to 10 per cent return. You buy it at Dh400,000 and you will get Dh40,000 in rent. At Holborn, there are investment options where the capital is guaranteed – and there are options where it is not guaranteed – it's up to you.
So how are you approaching your community?
I’m trying to build trust with Emiratis – I’m not saying come and buy this product, I’m saying come and we will give you an education on how to save your money, then you can decide. I'm not just focusing on my friends and my cousins, I am trying to get an advantage by telling people that we are giving them a free education. I am going to the government directly - where I hold a seminar to tell them what we are doing and based on that I might get 100 to 200 clients.
Many UAE residents have invested via financial advisers and lost a lot of money. Why should they trust you?
We are getting more and more clients. Every week I have 14 meetings. But if people have been mis-sold products, this will affect us because the trust has gone. With the Insurance Authority’s (IA) regulations, everyone should be changing to a fee-based structure. People have a 100 per cent right to complain if they are losing their money. Anyone who gives money based on an adviser’s suggestion and loses, the adviser should be punished and should repay the money because the person who gave the money is the owner. He is coming to increase his money, so if he trusts us, we should increase his money.
Are you fee-based?
I would never be based on commission. I chose to be fee-based. There is the option to work on commission but the (IA) will end this. This is a good thing. Suppose I receive a commission and then I lost the money and meet the person outside and I am with my family; I would not like to be in that position.
What sort of products do Emiratis invest in via you?
If you are convincing them not to buy property then they need something guaranteed. So the preference is a lump sum investment for three or five years with a 6 per cent return, where the principle is guaranteed. I am also speaking to a government organisation, suggesting we deduct 1 to 2 per cent of each staff member's salary on a yearly basis and we will give them a plan to make more money. I want an agreement that makes sure they have a right to a penalty; so if we lose their money we have to give at least 50 to 70 per cent of the principle. But I prefer a guaranteed investment plan; it is better for us and better for the staff – this is the only way.
What do you invest in?
I invest in gold and I have my own companies in contracting, maintenance and cleaning services. For the gold, my partner is an Egyptian. We buy gold and store it in a warehouse and we share the profits 50/50. We buy low and sell when the price goes easy; you get the margin if you have a huge amount.
What does your family feel about your new career?
I have seven brothers and one sister. All my brothers work in the military, the police and immigration and I when I first left they said: ‘are you serious? People dream of this position and you are quitting'. But now they feel more comfortable and think I am on a good track.
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
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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BLACKBERRY
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The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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 specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
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
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)
(Second round knockout)
Flyweight (female)
Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
(RSC in third round)
Featherweight
Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
(Disqualification)
Lightweight
Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
(Unanimous points)
Featherweight
Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
(TKO first round)
Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
MATCH INFO
Manchester United 2 (Heaton (og) 42', Lindelof 64')
Aston Villa 2 (Grealish 11', Mings 66')
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.”
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
The Kingfisher Secret
Anonymous, Penguin Books
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
BELGIUM%20SQUAD
%3Cp%3EGoalkeepers%3A%20Thibaut%20Courtois%2C%20Simon%20Mignolet%2C%20Koen%20Casteels%0D%3Cbr%3E%0D%3Cbr%3EDefenders%3A%20Jan%20Vertonghen%2C%20Toby%20Alderweireld%2C%20Leander%20Dendoncker%2C%20Zeno%20Debast%2C%20Arthur%20Theate%2C%20Wout%20Faes%0D%3Cbr%3E%0D%3Cbr%3EMidfielders%3A%20Hans%20Vanaken%2C%20Axel%20Witsel%2C%20Youri%20Tielemans%2C%20Amadou%20Onana%2C%20Kevin%20De%20Bruyne%2C%20Yannick%20Carrasco%2C%20Thorgan%20Hazard%2C%20Timothy%20Castagne%2C%20Thomas%20Meunier%0D%3Cbr%3E%0D%3Cbr%3EForwards%3A%20Romelu%20Lukaku%2C%20Michy%20Batshuayi%2C%20Lo%C3%AFs%20Openda%2C%20Charles%20De%20Ketelaere%2C%20Eden%20Hazard%2C%20Jeremy%20Doku%2C%20Dries%20Mertens%2C%20Leandro%20Trossard%3C%2Fp%3E%0A
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Blue%20Beetle
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