I joined the public sector when I graduated from the UK with my master’s degree and worked there for six years.
During that time, I started my writing career with The National, expanded the fashion line that I managed then, and also started my consultancy business.
I enjoyed both aspects of my work: the public and the private. Because my background is in media, my role in the public sector involved me managing communications projects, I enjoyed that very much and I learnt a lot. I equally enjoyed writing and the projects I executed for private sector clients through my consultancy.
My consultancy grew so fast; I was invited to speak at many events, run many project and travel a lot, that I had little time left. I could only work on my business after I left my job at 4pm, and by that time I was drained, because I'm a morning person, and there's no way I can be completely focused in the evening.
That meant that I couldn’t give 100 per cent to my clients, and also meant that I barely had any time for my social life. I was working when I was on vacation and into the late hours of the night. My skin reflected my stress levels and that stressed me even more.
I felt like I risked losing everything I had built if I continued at that rate. It took me a long time to decide, and it was probably one of the toughest decisions to make, but I knew I had to quit my day job, and I did.
I have not looked back since.
Quitting my job helped me elevate my career in so many ways. When people advised me not to and to try as much as I could to juggle both jobs, I always thought what’s the worst that could happen?
If I failed at my business, I could always go back to a day job. Here’s how quitting my job helped my career:
It freed up time
Quitting my job automatically meant that I had eight extra hours in my day, and that translated to more meetings, more “focused” time for strategic planning during the day when my engagement is at its highest, and more time to travel. Most importantly, it meant that I had more personal time, and a happy me meant that I was more productive and relaxed.
It helped push me forward
When you have a day job to lean back on, and a guaranteed salary at the end of the month, you may find yourself slacking a bit. You may not push yourself so hard to attract clients, and you may not fight so hard to receive a better fee. You may agree to X amount and not be bothered to negotiate more. But when your business is the only thing you’ve got in terms of an income, you’ll work extra hard in order to maintain a steady flow of cash and that’s exactly what I had to do.
I negotiated and asked for a better fee for my projects. I revised my pricing sheet, as well as thought of more creative ways to receive income. In fact, I never felt prouder about the money I earned than when I earned it through my business.
Helped expand my knowledge
Managing my own business meant that I had to learn all the time. I needed to be aware of all the trends and market news. I needed to always be on top of things. Being in a media career means that you can’t stop learning.
There's no "off" button. Quitting my job also pushed me to attend more workshops, seminars and networking events. I've joined online seminars, and learning institutions. I'm also proud to be part of Sharjah's Sheraa cohort programme where I've worked with mentors and attended workshops that helped elevate my business and accelerated its performance. What I've learned with Sheraa over the course of eight weeks or so is more than what I have acquired in a couple of years. I wouldn't have been able to do that had I been working at my previous job.
I'm not against full-time employment or working for the public sector. That's where I learnt important lessons that helped me with my business. However, the option of being an entrepreneur provides millennials like me the opportunity to learn, grow and do something that I'm head over heels in love with, and it's something I encourage people to try.
Manar Al Hinai is an award-winning Emirati writer who manages her branding and marketing consultancy in Abu Dhabi
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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.”
