24 May

“Investment in Our Youth is Different”: Closing Ceremony

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Al-Hamra Economic Consulting held the closing ceremony of its initiative “Investment in Our Youth is Different” at the Gulf Financial Center (GFC) on May 8th, 2018 for the third consecutive year. This initiative is organized with the support of Kuwait Foundation for the Advancement of Sciences (KFAS) and the Ministry of State for Youth Affairs.
“This is our third consecutive initiative that embraces many implications for the professional development of the youth and their integration in the fields of investments in Kuwait, either through real estate, Small and Medium Enterprises (SMEs), or financial markets,” said Mr. Abdulwahab Al-Haji, CEO of Al-Hamra Economic Consulting.
The initiative aims at creating a professional youth constellation in the fields of real estate, SMEs, and financial markets. In addition, it strives to encourage the youth to work in the private sector by finding suitable job opportunities for them that sharpen their skills and develop their creative abilities.
At the end of the ceremony, Mr. Al Haji and Dr. Fida Karam, GFC Director and Associate Professor of Economics at Gulf University for Science and Technology (GUST) handed the certificates of attendance to the participants.

انطلق حفل ختام مبادرة «الاستثمار بشبابنا غير» التي تنظمها شركة الحمراء للاستشارات الاقتصادية في تاريخ مايو ٨، ٢٠١٨ في مركز الخليج المالي للسنة الثالثة على التوالي. وكانت المبادرة بدعم من مؤسسة الكويت للتقدم العلمي وبرعاية استراتيجية من وزارة الدولة لشؤون الشباب.
وقد ذكر الرئيس التنفيذي لشركة الحمرا للاستشارات الاقتصادية عبد الوهاب الحجي خلال مؤتمر صحفي في مركز الخليج المالي ان «هذا المعسكر الاستثماري هو الثالث على التوالي حيث إنه له دلالات عديدة في تطور مسيرة الشباب والسعي لدمجهم في مجال الاستثمار في الكويت سواء المجال العقاري أو المشاريع الصغيرة أو أسواق المال.»
وكان الهدف من المبادرة يتركز على تخريج كوكبة شبابية محترفة في مجال العقار أو المشاريع الصغيرة واسواق المال وتشجيع الطاقات الشبابية للعمل في مجال القطاع الخاص عن طريق إيجاد الفرص الوظيفية المناسبة لهم لصقل مهاراتهم وتنمية قدراتهم الإبداعية.
وكان من ضمن الحضور الدكتورة فداء كرم، مديرة مركز الخليج المالي وأستاذ مشارك في الاقتصاد في جامعة الخليج للعلوم والتكنولوجيا. وفي نهاية الحفل الختامي تم توزيع شهادات تقدير على جميع المشاركين في المبادرة.

16 May

Mr. Abdulaziz B. Al Loughani, Co-Founder and Managing Partner at Faith Capital, is guest speaker at GUST’s Entrepreneurial Finance class

Mr. Abdulaziz B. Al Loughani, Co-Founder and Managing Partner at Faith Capital, was a guest speaker at Gulf University for Science and Technology (GUST) Entrepreneurial Finance class, lectured by Dr. Sulaiman Al-Abduljader, Assistant Professor of Finance at GUST and Chairman of the Advisory Board of the Gulf Financial Center (GFC).
Previously, Mr. Abdulaziz was the founding Vice Chairman (Executive) of the Kuwait National Fund for Small and Medium-sized Enterprises (SMEs) Development, a 7 billion U.S. Dollars (USD) independent public institution responsible for developing the entrepreneurial ecosystem in Kuwait (2013-2017).
Prior to this role, Mr. Abdulaziz was a co-founder and Managing Partner of Talabat.com until 2010, and has since then been investing in technology startups and involved in a number of local and regional entrepreneurial initiatives.
In the lecture, Mr. Abdulaziz expressed that many entrepreneurs find out after launching the company that success can be elusive. At the beginning of the lecture, Mr. Abdulaziz stated, “take risk when you can afford it,” specifically highlighting the importance of understanding the size of target markets and value proposition of the product or service before diving into a business. Moreover, Mr. Abdulaziz strongly believes that business plans fill in history books, and instead there are better modern tools like “business model canvas” which are more practical plans than traditional feasibility studies.
Furthermore, Mr. Abdulaziz continued the lecture by addressing the importance of conducting a forecast financing requirements. According to Mr. Abdulaziz, “Starting a business requires money. The forecast financial plan demonstrates how much money is required and when. If you don’t have the required amount of funding to start the business, you may have to begin on the smaller scale your funding allows.” As an entrepreneur himself, Mr. Abdulaziz talked about building businesses that solve problems will always attract smart money.
In addition, Mr. Abdulaziz addressed the significance of having the right capital to start or expand your business. He gave the students few tips on how to increase their capital or receive more funding, “There are many ways to earn funding, from traditional bank loans to family and friends to crowdfunding platforms. You can choose these routes, certainly, but smart money always provides more value than just funding.”
Finally, Mr. Abdulaziz highlighted the importance of having team members who can help the startup business to succeed within a short period of time. Mr. Abdulaziz said: “It is important to have diverse team members because each one has a different point of view that could be beneficial for your business.” His statement reflects the importance of having teams with complementary skills and backgrounds, with unique characteristics. He firmly believes that a blend of experiences/expertise vary from one business to the other, and for such you should differentiate between your investors and your team.
Ultimately, Mr. Abdulaziz believes that the “journey is the reward.”

03 May

GUST Accounting Club Organized Two Workshops at the GFC

The Accounting Club at Gulf University for Science and Technology (GUST) conducted two workshops on “Islamic Accounting and Auditing” on April 24th and 25th at the Gulf Financial Center (GFC).

The speakers at the workshops were Mr. Fawaz Alkuliab-Head of Sharia Department at Boubyan Bank and Mr. Amr Hamdy- Executive Manager-Internal Audit Boubyan Bank.

The workshops highlighted the effect of Islamic accounting on worldwide economies and taught GUST students how to apply proper auditing techniques in real-life examples. The workshops also helped students understand the financial accounting standards, auditing, work ethics and Islamic standards of Islamic Financial Institutions.