THE LEARNING CURVE EVEN AT THE TOP OF THE ORGANISATIONAL PYRAMID, THERE IS PLENTY OF ON-THE-JOB LEARNING TO BE DONE, SAYS QATAR FINANCIAL CENTRE’S CEO, YOUSUF AL JAIDA.
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t’s been only a year since he took over as CEO but what a year it has been for both Yousuf Al Jaida and the Qatar Financial Centre. “There were a few things we wanted to accomplish immediately, one of which was the Qatarisation of the executive management team. It was important for the next phase of development in QFC and Qatar. So within six months we hired or promoted several Qatari nationals with the right background and qualifications.” Notably legal, commercial and financial chiefs. Over the past few months, QFC has turned some of its international focus inwards, striving for greater integration with the local economy. “Previously a lot of our advertising and marketing was focused internationally. We have now brought some of that home, got on board new Qatari ambassadors to highlight our motto - Great success comes from great support,” says Al Jaida. This new campaign was necessary to get local companies to see QFC as a “two-way platform”. While it facilitates international companies who wanted to do business inside the country, it can also act as a springboard for Qatari companies looking to conduct business abroad, who could set up subsidiaries within the QFC under English Common Law; an appeal that many companies, especially government entities like QIA and QNB, are discovering, according to Al Jaida. Under the new CEO, QFC has also proposed a new and expanded law (that is currently under consideration by the Council of Ministers) that will increase the amount of permitted activities within the QFC. “As a financial centre, our core business has been banks, insurance and asset management companies, etc. Now we want to diversify to non-regulated companies and look at other sectors like sports, engineering and health consultancy that will benefit the economy.” This has proved to be a sound move, more so because of the current economic climate. We will undoubtedly look back at Al Jaida’s stint at the top job as the start of a new era for QFC. “Definitely there has been a change in our strategy. My first six-eight months were spent on restructuring the organisation and preparing for this new direction. QFC will soon announce a well-defined vision and mission that illustrates our core business objectives and five-year roadmap,” he says. One of these strategic goals is for QFC companies to make a mark on Qatar Stock Exchange’s market capitalisation. Now that QFC-affiliated Qatar First Bank has got the ball rolling, Al Jaida is optimistic about massively expanding the listing of QFC firms on both the QSE and the long-awaited ventures market. Al Jaida has grown within QFC to reach his current
position and he says that’s always an advantage. “Knowing the organisation and how it functions from the bottom up is essential. Also employees already know you and you them; these relationships are important when it comes to leadership where the emphasis is on managing people, emotions and human instincts,” he says, elaborating on the “most important lesson” he has learnt over the year. “Managing people is a very delicate business. Whenever problems arise and people get upset, they look to the CEO. But I now know that you can’t please everyone; all you can do is try as much as possible to make everyone feel equal and ease out tensions. People management is an important ingredient complementing your technical and operations skills that every CEO needs to master, mostly on the job. You’ll find that you need certain skill sets which you have never had to use before. And you’ll discover that you either have a sense for it or you don’t.” Apart from that is the stress and pressure that come with the legal, commercial and strategic responsibility of being the face of the organisation. And ironically, where more and more organizations now push for great work-life balance for their employees, the CEOs themselves can’t afford the luxury. “It’s a huge mandate, of course. All eyes are on you. You should be available around the clock and address issues continuously. Work haunts you at home, whether you like it or not.” Al Jaida confesses to not having thought too much about unwinding. “I don’t get to do it often,” he says. “But jogging does this for me beautifully. Or detaching myself for a bit with some TV or reading, not related to my work. And of course, family time. Even if you have to make time around their schedules...”
Chief Executive Officer of Qatar Financial Centre YOUSUF AL JAIDA accepts the award for Best CEO
45 > QATAR TODAY > JULY - AUGUST 2016