Investing in Innovation

She’s already founded Qatar’s leading investment bank and helms a multibillion-dollar real estate development project. Now, Sheikha Hanadi Nasser Bin Khaled Al Thani has her sights set on putting the country on the global business map.

Considering it’s only been in operation for a decade, Amwal has achieved much in its first 10 years. Founded in 1998 as the Qatar Ladies Investment Company , the now re-branded Amwal was the first investment company to be granted a full onshore license by the Qatar Central Bank and has since become Qatar’s leading investment banking and asset management firm. It launched the country’s first investment portfolio (the Al-Mahfatha Portfolio) in 2003, and was the first to offer a Qatar-registered mutual fund for both Qataris and expatriates, the Qatar Gate Fund, which now has over Q$130 million in funds under management. In an economy that is fast-positioning itself as a hub for financial services in the region, Amwal is its star performer.

The driving force behind this stellar growth is the firm’s founder and Chairperson, Sheikha Hanadi Nasser Bin Khaled Al Thani. Combining this role with those of CEO of Al Wa’ab City and Vice President of Nasser bin Khaled Al Thani & Sons Holding Group, Sheikha Hanadi manages a broad range of businesses both in Qatar and across the region. Indeed, if confidence is measured in your ability to take on – and succeed in – multiple new challenges, then Hanadi has it in spades. For her, running a successful business is about marrying integrity with innovation.

“Amwal is well known for being a company of firsts,” she says with obvious pride. “For us, innovation encompasses much more than the mere introduction of new products and services; it is of the utmost importance to not only meet the growing investment needs of the domestic market, but also to exceed expectations by proactively assessing market trends both in the region and the world at large.”

And while being first-to-market is clearly important in terms of the raised profile it generates, the company’s commitment to innovation goes much deeper than just positive PR. “I nnovation involves the successful development and application of new forms of knowledge – such as new ideas, business practices, skills and technologies – in order to create greater value for clients,” explains Sheikha Hanadi. “It begins with invention and design, but proves its value to business in commercialisation, customer satisfaction and profit. Innovation is not an end in itself. In the first place, it must be paid for, and therefore sound investment policies must be in place. Innovation must also have an economic objective – it must add value to the business and to clients, and is only important if it leads to greater competitiveness, improved productivity, stronger growth and increased customer satisfaction.”

New opportunities
In line with this philosophy, the Amwal team is constantly on the lookout for innovative expansion opportunities. The firm recently launched the first environment fund in Qatar, as well as the first Shari’a compliant real estate mezzanine fund. Other investment projects planned for the near future include an IPO fund that will target IPO and pre-IPO investment opportunities in addition to taking strategic minority stakes in listed companies in the MENA region; and a regional real estate fund that aims to facilitate investors’ participation in the GCC real estate boom. Such landmark transactions highlight the pioneering spirit Sheikha Hanadi has worked hard to foster within the company.

“ Innovation is essential to sustaining business competitiveness and improving productivity,” she explains. “It is also significant when it comes to creating knowledge and in applying this knowledge to generate wealth, create jobs, nurture talent and promote economic growth. We treat innovation as an overall process applied on all fronts: HR, business operations, business ethics, market research, and so on.”

And it is this quality that she hopes will propel Amwal to new standards of excellence, and enable it to build on the business potential of the booming Qatari economy. “ Qatar is experiencing exponential growth on all fronts and Amwal, combining international expertise and deep-rooted market understanding, is poised to successfully capitalise on the significant opportunities that are arising in the market,” she says. “Setting and spreading standards of excellence while integrating a combination of best practices, first-rate human capital and next-generation technology is what we do best. This is why Amwal is set to become a role model in the business arena, changing perceptions and pioneering a new approach to investment advisory.”

Indeed, the Qatari economy is more vibrant than ever and represents a significant Middle Eastern success story. It is experiencing double-digit growth, mega projects are under way at Ras Laffan and New Doha International Airport, real estate projects are being built in Doha and Lusail, and new sectors such as finance, tourism and education are being developed. Nevertheless, such rapid growth is not without its challenges. Inflation is in double-digits, rents have rocketed, and shortages in building materials and human resources threaten to stifle growth. Even so, work cannot take place quickly enough. The much-heralded Asian Games, which took place in Doha in 2006, pushed the capital’s infrastructure to the limits and stressed just how much more development is required.

Sheikha Hanadi is philosophical about dealing with such issues. “ The main difficulty is the shift in the demand and supply curves. However, challenges are a natural consequence of any business development or rapid economic growth,” she says. “The important thing is that these challenges are managed with sound economic policies that bring about adequate and wise reforms across the whole socioeconomic system – and this is exactly what our leaders are focused on achieving.”

Constructing a vision
Qatar’s senior leadership certainly does not lack for ambition. Countless high-profile construction projects have received the green light in recent years, with many more in the pipeline. One such scheme is the US$2.5 billion Al Wa’ab City, one of the largest privately owned real estate projects under development in the region. This multi-use development is the first family-oriented, self-supporting community in Doha and boasts a prime location along the city’s main arterial road, in close proximity to major academic institutions and sporting facilities. Due for completion in 2010, the project is being spearheaded by Sheikha Hanadi herself.

“When we set out to create Al Wa’ab City, we did so with every intention of creating more than just a development. We wanted to build a community with a heart,” she explains. Occupying an area of approximately 1.25 million square metres, the new development will provide 2000 residential units, over 100,000 square metres of retail space, 200,000 square metres of commercial office space and a 200-room five-star luxury hotel, all centred around Barahat Al Waab, an urban piazza hosting impressive facilities, shade structures, water features and formal landscaping. “Al Wa’ab City will not only introduce a higher standard of living, but will also provide Doha with a family-oriented community that will harmoniously combine state-of-the-art technology with a celebration of Islamic culture through architecture and landscaping; it will be a striking cohesion of Arabic heritage and modern technology.”

Seamlessly integrating the old with the new is key to this project, and Sheikha Hanadi believes such an approach could provide a blueprint for Qatar’s development. Retaining a sense of place and heritage is essential for the country going forward, but so is the need to embrace change and bring through a new generation of enthusiastic, knowledgeable and talented individuals. “We all know that Qatar is set to have a bright future for many years to come across a number of diversified industries,” she says. “However, I do believe strongly in the important role of knowledge and nurturing talent within our younger generations. As Qatar makes its way towards a knowledge-based economy, we need to look further into ways to nurture and empower local talent in order to promote productive assets for the economy.”

As an experienced entrepreneur herself (and recipient of the World Economic Forum’s Young Global Leader award in 2005), Sheikha Hanadi is well placed to provide meaningful business counsel to the next generation of Middle Eastern businessmen and women. “ The most important advice that I would like to convey to future generations is that Qatar’s achievements to date have been the result of visionary planning, hard work and persistence,” she offers. “I would very much like to see future generations continuing to believe in those values and the importance of education and continuous self-improvement to build each individual for the collective good of the country.”

Community worker
It’s certainly a subject close to her heart. She is a fervent supporter of community activities, and as well as sitting on the advisory board of The Arab Business Angels Network is a founding member of the Qatar National Competitiveness Council and Chairperson of INJAZ Al Arab Qatar, an organisation aimed at addressing the skills gap amongst Qatari youth and preparing them for a career in the private sector . In addition, she was also recently named CEO of the Year for her significant contribution in developing Qatar’s economic and social presence in the Arab world. So does she see herself as a role model for other Arab businesswomen and entrepreneurs in the region?

“ The title of a role model brings with it a huge feeling of responsibility that I hold with pride, and it will always encourage me to achieve more,” she admits. “I am especially proud to be able to encourage young businesswomen to pursue their goals and enter new sectors. A healthy business environment is characterised by the active participation of both genders, led by the common goal to achieve what has been laid forth by our visionary leaders.”

And while she is quick to point out that much progress has been made in terms of nurturing a thriving economic environment, she highlights increased opportunities for education as a critical part of the building process. With an increasing number of young entrepreneurs setting up businesses and taking a leading role in major enterprises across the region, there is a definite need for emerging talent to be managed properly. “ It is an advantage to have fresh business leaders within our economy, but this should be accompanied by extensive knowledge of the domestic market,” she insists. “It is undeniable that talent and knowledge must be strongly nurtured throughout the various Arab countries. We need to create jobs for younger generations, but we also need to create the necessary and needed qualifications for these jobs as well.”

In this respect, Sheikha Hanadi is an ideal spokesperson – educated, articulate and unafraid to take on new challenges, she holds many of the qualities that future generations of Arabic businessmen and women should aspire to. Her experience across a wide range of businesses, including real estate, education and investment banking, have also given her an invaluable cross-industry perspective. She certainly believes that her experience of operating in different industries has been immensely helpful to her in terms of improving her own personal management skill set.

“I see management as a combination of multiple skills and areas that need to be covered – most importantly, interpersonal skills and business vision,” she explains. “My experience in multiple industries has helped me gain meaningful insight into the business and operational dynamics of each industry, in addition to helping me analyse what is expected from our companies in terms of future expansion and development. Investment banking plays a major role today in the growth and development of the real estate sector, while Amwal has an indelible mark in Al Wa’ab City.”

Future outlook
Qatar is currently undertaking significant economic and social reforms that are paving the way to sustainable economic development, and companies such as Amwal are at the forefront of this movement. Current market developments are forming an attractive investment climate, and this (coupled with the growing demand from clients for innovative investment products and services) will contribute to significant growth in the investment banking, asset management and wealth management sector in Qatar – all of which is great news for Amwal.

“ Our future outlook is focused on the region: to enhance our local knowledge with regional presence driven by international best practices,” confirms Sheikha Hanadi. “By participating in the development of the financial services sector, by gaining recognition within the community in which we live and operate, and by exceeding our clients’ financial aspirations, Amwal will continue to lead the way.”

A company of firsts
• First firm in Qatar to offer investment banking and asset management services under one roof
• First investment firm to be licensed by Qatar Central Bank
• First investment banking firm to underwrite a non-Qatari IPO (Ithmaar Bank)
• First to launch an investment portfolio in Qatar (Al-Mahfatha Portfolio)
• First to launch a mutual fund registered in Qatar, open for investment to Qataris and Expatriates (Qatar Gate Fund)
• First independent financial planning provider in Qatar
• First investment firm in Qatar supported by regional institutional private equity players

Life of achievement
• Named Young Global Leader by the World Economic Forum in 2005
• Voted Personality of the Year by Arraya, Qatar’s leading newspaper, for her contribution to the economy
• Named Woman CEO of the Year by the Middle East CEO Awards Institute in 2006
• Selected by Arabian Business magazine to be one of the 100 World’s Most Influential Arabs for the year 2007
• Named Economic Personality of the Year 2007 by the Qatar Chamber of Commerce and Business Council

City of dreams
The Al Waab Real Estate Development Project is amongst the largest private sector real estate development projects in the Middle East. The scheme is founded on the principle that at the heart of every vibrant community is a public gathering space – a community that is integrated into the existing fabric of the town. Al Waab City is developed on an area of more than 1.2 million square metres that integrates a variety of housing types, small and large-scale retail, offices, health facilities, cultural centres and a world-class hotel. At the heart of it all is Barahat Al Wa’ab, an urban piazza hosting an array of spectacular facilities. This will be Doha’s first urban square or piazza, filled with shade structures, water features, formal landscaping and a spectacular sunken garden. Barahat Al Wa’ab will be accessible to all residents by foot via picturesque green spaces eliminating vehicular crossings, and will be the centre of activity in Al Wa’ab City, a place for public events, concerts and exhibitions. The project was launched in November 2005 and will be completed by the end of 2010.