GREAT Expectations
Giles Cunningham, the new CEO of The Zubair Corporation, has been in the banking and investment industry throughout his career. The mathematics graduate is an Associate of the Chartered Institute of Bankers and an active Harvard Business School alumnus. He began his career with the investment bank Kleinwort Benson before moving to Lloyds TSB Bank where he spent nearly 17 years. He held a number of senior positions at Lloyds that included the post of the Bank’s Middle East CEO for three years. “Giles’ contribution to Lloyds TSB Gulf region is incalculable. In three years, he has transformed our business and leaves an impressive legacy of success. As anyone who has worked with Giles will also tell you, he has always been a leader of great integrity, charm and warmth,” said Bert de Ruiter, Director at Lloyds TSB, on Giles departure from Dubai. Before moving to Zubair, Giles was the Director for Onshore Banking of Lloyds TSB International Banking in London. He was also responsible for strategy and change within the Division. Excerpts of Akshay Bhatnagar’s exclusive chat with him:

What made you shift from banking to the other side of the business?
I have spent my entire career in the banking sector. As a banker, you rarely get the chance to “practice what you preach” and the opportunity of being on the other side of the desk was very tempting. From a personal development viewpoint, it is healthy to get out of your comfort zone regularly – its when you learn the most about yourself. Fortunately, The Zubair Corporation offered me this wonderful opportunity to do just that and I didn’t hesitate in taking up the challenge.

What is your impression about Oman as a country and as a market?
The first thing that strikes you is the beauty of the country, and the friendliness of the people. It is interesting to see how they are moving ahead without losing touch with their culture and tradition. I’m looking forward to discover more about Omani society and really understanding the culture.

On the economic front, Oman has transformed significantly. If I compare today’s Oman with what I saw during my first trip in 2004, the country has undergone a major change. One can easily see the increase in the pace at which the nation is galloping forward. For the business community, the opportunities to grow are immense. Those who have the vision and the drive to expand at a faster rate by being entrepreneurial and taking calculated risks are thriving. The Zubair Corporation is at the forefront of taking up new business opportunities in alignment with the group’s vision and strategy.

As you are a banking specialist, what is your assessment of Oman’s banking sector?
The banks in Oman are doing well. The local banks are much stronger than ever before. There is however much to do before we could really compare with the most developed markets, for example in the areas of marketing, customer service and risk management. Even the international banks here in Oman still have work to do. But they are all making good progress.

It is too early to talk about consolidation, but regional and international financial institutions have shown active interest in Oman. BankMuscat’s deal with Dubai Holding, Alliance Housing Bank becoming Ahli Bank, the beginning of Qatar National Bank’s operations and the Commercial Bank of Qatar acquiring a significant stake in NBO earlier, are all indicators of the sector’s strong fundamentals and growth potential. The UAE has been a much more obvious market for banking consolidation, and that has only just recently started to happen with the National Bank of Dubai and Emirates Bank getting together. Omani banks have considerable upside in organic growth at this stage.

What made you join The Zubair Corporation?
There are very few companies that would have tempted me away from a successful banking career, but The Zubair Corporation is one of them. I look for a company that shares my values of high integrity and moral leadership, and the Zubair Group, led by H E Mohammed Al Zubair, has all of these strong values and more. Besides, I was also excited that the company was very open to change and wanted to move forward at a fast pace – this pushes all my buttons.

The history of the business was another key element that attracted me to the Zubair Group - 40 years of business excellence being celebrated this year. It has emerged as one of the premier diversified business groups, not just in Oman but in the region as well, and made a significant contribution to the socio-economic development of this country. With businesses spanning automotives, construction, electrical, energy, home and business solutions, furnishing, investments, property, technology, travel and tourism, the Zubair Group is well poised to develop new business opportunities within Oman and outside. The international opportunities are something I am very keen to help the company exploit.

In your assignment as the ME CEO of Lloyds TSB at Dubai, you must have interacted with many business groups. How different is Zubair Group compared to them?
There are many similarities. An inspirational founder at the heart of the business, and a strong family ethic, are often key characteristics. Zubair Group is as dynamic and progressive as any other fast-growing leading business group in Dubai. However, there is still much more we know we want to improve and change, so the future is very exciting.

With the group already doing so well, what will be your role and how easy or difficult is the job going to be for you?
We have an excellent track record of success over the last 40 years. My role is to ensure that we embark on a path that will make us proud after another 40 years! I’ve got to make sure that the group steps up its growth to the next level. I’m in the process of understanding each of our business lines and thereafter develop strategies to further enhance their business potential. Besides targeting business growth in Oman, I’ll be also looking at leveraging our relationship with international partners and associates to identify and develop business opportunities in the overseas markets
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Developing the most talented, skilled and motivated Omani workforce is my key challenge – this is the future of the company. We have always been proud of our Omanisation performance, but there is much more we want to do. We have many plans to make The Zubair Corporation the first choice for the best Omanis. Put simply, I want this to be the best place to work in Oman, and I will not rest until this has been achieved.

We are asking ourselves searching questions to ensure that we are future-ready to serve the interests of our business partners, customers and employees in the long-term. It is not just a catchy slogan. The Zubair Corporation will be here for the people not just today, but long into the future.

Do you think that instead of focusing on diverse activities, Zubair Corporation needs to identify its core activities and concentrate on them?
It is too early for me to answer the question at this stage as I’m in the process of understanding each of our businesses. As long as we are and continue to be in the leadership position in our line of business, I see nothing wrong in being broad-based. There are advantages of being diverse, but I am also aware that it can distract focus. At Zubair, we have a reputation to live up to. If we are not the leader in some markets, we must work towards getting there.

I’m in the process of understanding each of our business lines and thereafter develop strategies to further enhance their business potential. Besides targeting business growth in Oman, I’ll be also looking at leveraging our relationship with international partners and associates.

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