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The wealth doctor
When Soha Nashaat, Managing Director, Head of Middle East, North Africa and Turkey, Barclays Wealth, grew up in Kuwait in the 1970's she was convinced that she would become a doctor, just like her father. "It was obvious to me, but when I enrolled as a pre-med student at Columbia University in New York I also took a few economic classes, and quickly realised that this would be my path," she recalls. "Today I am something like a wealth doctor, my father is certainly not disappointed," she adds with a smile.
Twenty-five years later she has never looked back, since her career in banking took her to the top of leading international financial institutions where she has held various management positions wordwide.
She now heads Barclays Wealth where she oversees the wealth management division of the Barclays Group, which has assets under management of US$169.8bn worldwide. In March she was awarded the "Woman Banker of the Year" at the Middle East Business Women and Leaders Achievement Awards. "This award was a special highlight for me, since it signalled that the role of women in the Middle East has changed dramatically. I always thought that it would be difficult for me to come back to this region, because women as leaders were not very accepted when I left in the 1980s. Now that I have returned as the head of a very successful international business, receiving this award was a crowning moment for me," she says. "It also shows how fast the world is evolving."
Nashaat, who is of half Egyptian, half Syrian descent and holds a UK passport, describes herself as "pan Arab". Her smart dress-sense and her sharp yet funny style of conversing reflect every bit the successful businesswomen who has travelled around the world.
Looking back, it seems that Nashaat has always been at the right place, at the right time. After finishing her MBA in 1991 she started to work for Merrill Lynch in New York, where she was in charge of product development and sales of mutual funds. "In the early 1990s the mutual funds industry really took off, so it was a very exciting time. I was visiting our offices around the globe, to make sure the products were being positioned correctly," she says. "I spent 80% of my time on airplanes."
She believes that this period of her career was certainly the most intense, but also the most rewarding. "It was definitely terrifying, New York is the nerve centre of the financial world, and it is so competitive. I had to learn very quickly, and act fast. But I would not be sitting here if I had not gone through this, I probably learned more in the six years I spent there than others learn in 20 years" she says.
In 1997 she felt that the frequent flying was getting too hectic, and she took on an offer as the Deputy Office Manager with Merrill Lynch in Buenos Aires, overseeing the bank's operations in Argentina, Chile and Uruguay. "Merrill Lynch Argentina is the bank's most flourishing overseas office. I joined as the only female banker working alongside 80 incredibly successful men," she states. A task that proved to be difficult, since Nashaat was relatively young, did not speak the local language and faced several cultural hurdles in the beginning. "I remember one incident very well, when I advised one of the bankers to present a certain product to his clients. He just looked at me with blank eyes and said, ‘I think you should go back to the kitchen where you belong.' I won't tell you what I replied, but this specific gentleman is now one of my closest friends," she says.
She agrees that it is typical for women to face challenges in the workplace, especially in traditionally male-dominated industries. "It was certainly harder for me being a woman in a leadership position, but once I earned my colleagues' respect they became almost protective over me," she says.
Nashaat chose a career in banking - and never considered it as an unconventional profession for a woman. "I never saw this industry under this aspect. I just found it very interesting, and I always enjoyed working as a banker," she says. Her advice for other women that want to succeed in this field? "Tenacity. Never take no for an answer. Keep pushing in a respectful way. If you feel it's right, do it, and don't let anyone hold you back," she says. On the way to the top it is important to "teach people to respect you, and add value to people. You should always be keen on knowledge, to keep up to date with global developments," she adds.
She recalls that she had a very special mentor in her Argentine office that helped her stay focused. "My manager in Latin America really supported me in my career and personal development. When I was offered the post of heading the Offshore Middle East department in London in 2000 I did not want to go, as I really enjoyed life in Buenos Aires. The Latin American lifestyle is very similar to the one in the Middle East - something I had missed while living in New York. Yet he convinced me that this move would be better for my career, so I accepted the offer and never looked back," she says.
She took on the position at Barclays because "she could not resist the attraction of the fast growth of the wealth management division of the bank," she says. "Barclays has been in the Middle East for 30 years, but we are now taking the business to the next level. We want to become the premium wealth management provider. In doing so we recruit aggressively, design better products and offer top notch client service," she says enthusiastically.
When designing products she works closely with her co-workers in London, Geneva and Singapore to develop funds that are suitable for Arab investors. "You obviously need to manufacture things that make sense for the specific marketplace, therefore we have a lot of interaction and influence on how products are designed and launched," she states. "Sharia-compliant products, for example, are more appropriate for this region, although they are starting to catch up in the West as well," she adds.
The financial market in Dubai is becoming more and more competitive - there is a lot of wealth creation that triggers more demand, and therefore more competition, according to Nashaat.
"It's incredible what Dubai has achieved in such as short time, more and more businesses are moving here from all over the world. I used to come here in 1991, the changes since then are unbelievable, I don't think that any other city has ever grown this fast," she says.
The city's rapid growth comes at a price however; the "war for talent" is a common problem for many businesses in Dubai. "We are confronted with a tight labour market. When I hire staff I look for entrepreneurial spirit, as well as the usual criteria of education and experience. I need to feel that the person is willing to multi-task and push the boundaries, which is critical for people to succeed, regardless of their gender," she says.
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