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Low profile, quiet and confident, Qais M al Yousef would rather let his corporate achievements do all the talking
Mohana Prabhakar

While some argue that getting into a family business is probably the easiest or least challenging way out for a young man stepping into the corporate world for the first time, the reality is often different. The pressure to prove oneself in the eyes of the family and also the other long-serving employees of the company is probably more pronounced and immediate than if one had joined as any other employee in an outside company. The need for young shoulders to be matched with the ability to make sensible decisions and judgements without the benefit of experience is nowhere as acute as it is in a family business. And 33 year old Qais M al Yousef has more than proven his mettle as CEO of the Al Yousef Group.

Joining the family business at the tender age of 24 was more circumstance-driven rather than a planned progression. Established by Qais' father, Dr Mohamed Musa al Yousef 25 years ago, Al Yousef is a diversified investment holding company with operations in a variety of sectors ranging from telecom, oil and gas, financial services and insurance to manufacturing, real estate development and trading and services. Says Qais, "I was never told nor was it discussed that this would be the business I would run. I only knew that eventually I would join the family business."

Being the eldest brings with it its own set of obligations. While he would have preferred to have continued for a couple of more years in the US and then come back, explains Qais, "Not having any member of the family working with my father at that time who was not focu-sing full time on the corporation, it was best for me to come back. My family wanted me there and I looked at it as an opportunity that I was excited about." And he hasn't had occasion to think otherwise since.

After graduating in June 1996, a three month internship at Washington DC-based American consulting firm, Petroleum Finance Company, and seven months' internship at J P Morgan's London office in their investment banking department was all Qais had time for, before he headed back. September 1997, and Qais was ready for initiation by fire into his first real job. " My father thought it best for me to be dropped into the deep end and that is exactly what happened," he recalls with a smile.

One of the biggest challenges that young inheritors across the world come up against is living up to the expectations of their fathers, family and most importantly, the business partners/employees who expect the same level of 'greatness' as they have been used to. In Qais' case, he believes that having a difficult act to live up to actually helped him develop his skills a lot faster than he would have otherwise.

"Having a father like mine makes things both easy and difficult. Easy because there is so much I have learnt from him: the amount of hard work that he put in, the way he worked, and the ideas he brought in gives you an additional advantage in the business world. He is my role model." On the other hand, it was quite difficult for Qais, because here was someone who knew much more than him and expected him to be always ready with answers for all questions. "When I met him in the office, it was not like meeting my father but the chairman of the group. I had to cover all the angles, know everything about the business and there was no such thing as tomorrow." Just the fact that he was never treated like he was new to the business and learning, says Qais, put a lot of pressure on him in a positive way.

Working in your own business means there are no fixed hours of work. "You are always on the phone or on email." On a usual day Qais is at work by nine, winding up by seven or half past seven in the evening. The lunch break is always at home with parents and brother, Faisal – who recently joined the group as COO after a stint with Ernst & Young Oman – and discussions are predominately business related. “Lunches are all about 'this happened during the first half of the day and this will happen in the second'. We get to spend time with our father because he is quite busy on his own and it can be difficult to find time to meet and discuss business matters."

The way it works is once a path is decided upon, Qais is free to manage his business and just keep his father informed on a regular basis. And when necessary, the wisdom and guidance that comes from years of experience is always available to draw upon. "We like to consult my father for major decisions like sale or purchase of a large investment, any major capital expenditure or, for example, a major issue with one of the companies in our portfolio."

The Al Yousef Group works on a private equity model. "It is focused on identifying opportunities, whether through new business models or bringing in strategic partners or acquiring stakes in companies; building them, nurturing them and if required, turning them around by putting in the right people and right strategies. With time, you can either get dividends, sell them off or float them."

The idea is to work with the companies through board representations. "We do work in close association with the finance department, but once the guidelines are set and manuals are in place, it is the general manager or the CEO who handles the day-to-day operations and management of the company."

This comes from the practical acceptance of the fact that Al Yousef's specialty lies in investment and management. Right now, Qais considers one of his biggest challenges to be to find a focus for the group.

"At the moment we are very diversified and though that is good, it has a limit. Our time has a unit cost per hour and we need to decide what we should spend time on and what areas we should grow in." Unlike the olden days, when diversification was the name of the game, today worldwide the goal is similar to Al Yousef's: "to streamline and focus on our core areas, strengthen them and grow them regio-nally through strategic alliances."

So far four key areas have been identified as focus areas. First is logistics. "I think there are a lot of opportunities and we already have a good base in logistics that we can build on."

Second is oil and gas, expectedly as this is an oil-dominated economy and with oil prices being where they are, it is undoubtedly a good area to develop. "The third would be financial services. We have already invested in Falcon Insurance and we also have a small share in Taageer Finance." And the fourth area, he says, is manufacturing.

The other big challenge is getting the right people and retaining them. The Al Yousef Group recruits people from different parts of the world like India, Pakistan, the Arab countries, South Africa, Europe, UK. Lately, with the boom in India especially, hiring and retaining talent has been a challenge across the board. This brings to fore another vital point, feels Qais. Today the changes are mainly at the senior levels, but soon this will trickle down. And the answer lies in Omanisation. "You will always need people from different parts to work with you to bring diversity, experience, professionalism and best practices but eventually you have to focus on Omanisation. No matter what, this country will only succeed with the development and training of local people."

As for himself, between work and some tennis and a love for Arabic poetry, Qais has one focus: consistent learning. "I believe in reading and more reading on the company I am involved in, regardless of my expertise. If you have taken it upon yourself to be in charge of a company, you have to make sure you know enough about it. Educate yourself, try to meet people and gain an independent understanding and make a wise decision. Time management, accessibility and ability to build strong teams are essential. And following up, which in today's terms means execution, is of crucial importance."