.jpg)
Oweis Zahran is one of the region’s high-profile bright young things. The auto industry entrepreneur is well-dressed, articulate and confident, but as any successful businessman or woman will attest, behind the sparkle of success lies the grit of hard work, self-belief, focus, and not least a few hard-learned lessons along the way.
Having worked with his father, a successful businessman, during his formative years, Zahran has had a front-row seat to the reality of global business challenges, diversity and the importance of leadership.
He tells CEO Middle East about his latest ventures, which have been launched despite the challenges of Covid-19.
He is the chairman of OWS Automotive, which works with governments and businesses in the region, and has a series of joint venture companies that work across sectors including accident response, e-hailing, spare parts distribution and other automotive industry sectors.
OWS Capital is one of your newest ventures and takes a departure from the automotive industry. What are your aims and objectives in this new project and how does it complement your existing business offering?
We’ve been thinking of launching a fund, a business that is more agile and flexible within the financial institutions world. The name OWS derives from our automotive business which is well recognised in the region and so because of that we didn’t want to deviate too far from it because it carries trust, reliability and respect in the region.
OWS Capital will do the things that OWS Automotive doesn’t do by virtue of the name – OWS Capital will focus on angel investing, capital investments. OWS Capital is our platform of diversity. We would like to be able to provide exceptional value to the businesses we will embark upon. These would include venture capital, food & beverage, healthcare and entertainment areas.
Is it a risky time to be launching a new venture?
Risk is subjective! If you look at some of the Fortune 500 companies, they launched during times of crisis. Uber launched in 2008. There is a lot of opportunity; some businesses have been hesitant to make any investments because of the instability that Covid-19 has brought along, but at some point you have to jump forwards.
Watching the markets carefully, you want to make investments that are time-sensitive and for this world we live in today, and not the world we have left behind seven months ago. I think as long as you are careful then risks can be mitigated.
.jpg?IRgFOiaE)
The OWS corporate culture champions diversity, transparency and integrity, allowing it to be nimble during tough times
OWS Capital is not a commonly known investment fund, more a private investment vehicle; I think investment in the region is a little harder to come across at the moment, and where we might step in. We are a boutique entity.
Along with OWS Capital, you have also set up Buraq, a new car-hailing service in Sharjah
We are excited to be the third e-hailing platform in the UAE, which has been done with our partners in the Sharjah government. Buraq is more personalised than conventional e-hailing companies, and we look to the details from sanitisation and Covid-19 safety, to the luxurious experience.
We use a fleet of BMWs and a very personalised service that is more of a premium level. We are targeting people that are looking for that more personalised level of service. At saturation we will have around 700 vehicles, which are all our own vehicles and drivers, so we have a better control of quality.
The service will be able to pick up clients in Sharjah and take then anywhere throughout the UAE. Buraq has been a work in progress for the last 24 months.
Did you consider postponing the launch because of Covid-19?
From a regulatory perspective and a people perspective, we were ready to launch. We could have chosen to launch now or try to wait out the pandemic and we decided to launch.
One of the first projects we signed was the delivery of Sharjah government’s documents, we are now the central focal point for that, because it is done with more care and safety.
Success is a mix of preparation and good timing. As a leader you have to look at plans that may have been set out for a while, and adapt them very swiftly in times of crisis or challenge. How do you encourage that kind of nimble mind-set in yourself and your organisation?
If we think hard enough, there has always been a crisis of some sort. If not a pandemic, then an economic or political crisis. We don’t live in a perfect world and I was pretty excited to figure out how to navigate around this crisis and come out of it stronger, wiser and more successful.
My partners have been understanding of that message and philosophy. There is no ‘one size fits all’ solution.
What are leadership traits that are especially important during a time of crisis or challenge?
Transparency, integrity and diversity. Every business has had to assimilate those traits in one way or another. We have had to address consumer fear and employee fear and the fear of stakeholders, while making significant changes, and doing so while avoiding making decisions based on fear or lack of trust.
At OWS, during this time, we have sought to find a balance between working remotely for those employees whose function didn’t require a physical presence, adhering to the rules set out by the government and of course looking at the requirements of the business. Merging these across the board required a lot of our focus.
Being nimble and adaptable, fortunately for OWS and the group of companies, we have always understood that there is never a certain ‘mode’ that lasts forever. You always have to adapt to the next climate that comes along. This understanding allows us to never operate too long in one comfort zone!
-(Medium).jpg?GNzfUAgQ)
Zahran launched several new businesses in 2020; he is pictured here at the launch of e-hailing company Buraq
Remote working is one trend that was growing before Coronavirus and has now become prevalent. Along with this, are there other big changes in the business landscape that you have observed?
The biggest disruption to our day-to-day lives is the new reality we are forced into by the spread of the virus. Countries in the West were shifting towards remote working over the past decade for various reasons but predominantly to reach broader expertise and lower wages.
This was obviously expedited in 2020 to reach up to 90% of workers providing services virtually. Another major disruptive measure is business travel, I highly doubt it will come back and will struggle to reach pre-covid levels with the likes of zoom platforms making it so much more convenient to meet individuals across the globe from the comfort of home.
Are you more open to flexible working than you were before lockdown?
Absolutely, I for one was not a fan of remote working. I spend 12 hours at the office almost every day and now I doubt I will ever go back to spending more than a couple of hours during the day at the office, with the majority of my work being done from home.
Where have leaders gone wrong in 2020, and where have they gone right?
I think the biggest mistake businesses made in 2020 was the lack of making a decision with hopes of the economy bouncing back. Many a large company has met its end from not acting early on and overlooking the devastating reality of cost exceeding revenue. Personally, I don’t believe closing down economies is the right solution.
I don’t know if that will happen again as many economies simply cannot afford it. As someone who has seen many businesses fail during the pandemic, I believe businesses need to develop products and services for right now. Understanding the challenge at hand is where they need to start. There is no ‘crystal ball’ view with Covid-19. A virus nobody can see has paralysed the biggest economies in the world and there is no secret formula.
What’s the biggest lesson you’ve had to impart to your team?
The biggest reminder to us all in OWS was the fact that crises come in many forms; mostly they have derived from economics not a virus. But the reality of the matter is we have to be flexible and agile to adapt to the various surprises of the years to come.
Why is it important to remain entrepreneurial even while ‘circling the wagons’?
Opportunities are born from challenges. The saying ‘never let a good crisis go to waste’ couldn’t be fit for a better example. I believe entrepreneurs are committed to what’s coming next and the ability to brag about being “pandemic proof” isn’t taken lightly by companies in 2020.