Nissrine Elqobai, 47, is co-founder and CEO of ENY Consulting, a Dubai-based provide chain consultancy.
The French-Moroccan entrepreneur moved to the UAE in 2006 and at present rents a home in Nakheel’s Veneto Residence in Jebel Ali, Dubai. She lives together with her husband and five-year-old son.
Initially from the French village of Fumay, close to the Belgian border, Ms Elqobai lived in Al Nahda, Sharjah for fifteen years earlier than transferring to Jebel Ali in January 2021.
She has a bachelor’s diploma and a grasp’s diploma in worldwide commerce and provide chain, in addition to a doctorate in provide chain and data methods.
Ms Elqobai says she comes from a “humble and modest household”, together with her father working in a manufacturing facility and her mom being a housewife.
What was your first job and wage?
I began in December 1999 for 3 years as a provide chain advisor for an organization in Paris. My first wage was €1,800 (Dh7,252) per 30 days.
I then labored for an additional consultancy agency within the automotive provide chain in Paris for 4 and a half years.
I really like what I do and from day one I’ve studied provide chain and immediately I work as whether it is my first day on the job.
There are eight of us in my household who work within the provide chain trade.
Nevertheless, I’m grateful for the positions I’ve held within the enterprise world as a result of I’ve realized a lot.
Why did you progress to the UAE?
I’ve by no means despatched my CV to any firm in UAE. I used to be approached by a recruitment company for a job as a provide chain advisor for a Dubai Airport Free Zone-based US firm. I labored with them for 2 years.
Later, I used to be employed by a French firm as a logistics supervisor for the GCC after which by one other American firm as a provide chain director for the Center East and North Africa.
I used to be later headhunted by Majid Al Futtaim Carrefour as worldwide provide chain director for the area, the place I managed 35 nations.
I used to be then headhunted by Chalhoub Group as magnificence provide chain director for the area.
Why did you resolve to begin a enterprise?
Once I accomplished my research in 1999, I labored as a advisor to realize expertise.
I used to be blessed to journey and work in additional than 35 nations. I used to be uncovered to totally different cultures and problematic challenges within the provide chain.
From day one, my objective was to construct my very own enterprise. I simply needed to acquire expertise and acquire the boldness that I may do it.
In 2020 it was a ‘now or by no means’ second and I took the plunge.
Have you ever confronted challenges in a male-dominated trade?
The one problem was at the start of my profession when individuals did not take me significantly as a result of I regarded very younger.
However aside from that, I take pleasure in my work a lot that I can chair a gathering room with fifty individuals.
Is the availability chain profitable and was it simple to barter wage will increase?
It’s a profitable trade as a result of it’s essential to the Center East. We’d like provide chain professionals.
Over the previous three years, I’ve gone to many universities asking to create grasp’s packages in provide chain administration as a result of we’ve no expertise.
I’m outgoing and fearless, however when it got here to wage negotiations, I lacked confidence. It is nonetheless one thing I am engaged on. I may most likely receives a commission extra.
What are your ideas for individuals seeking to enter this trade?
Provide chain wants area of interest abilities. It is about statistics, arithmetic and planning.
I’d advise aspirants to acquire at the least a bachelor’s or grasp’s diploma in provide chain.
You need to be good with the general technique, particulars and numbers.
What’s your wage now?
On common I earn between €65,000 and €75,000 per 30 days. However this varies.
Once I left the corporate, I earned a month-to-month wage of Dh50,000.
We have a look at the wage vary within the area and attempt to match this for our consultants.
As a result of our firm is within the development section, we need to obtain sustainable turnover and monetary stability earlier than hiring everlasting workers.
Do you save and make investments?
Since transferring to the UAE, I’ve been in a position to save and spend money on actual property. I purchased a one-bedroom condo in Al Mamzar, Dubai, in 2014 for Dh600,000.
Though it has seen some ups and downs, total it’s a good funding. I am going to most likely wait a couple of years and purchase one thing else.
Again in France it was inconceivable to avoid wasting. It’s nonetheless very troublesome to avoid wasting there, as a result of the extra money you earn, the extra tax you pay.
Have you ever bought a house elsewhere?
I even have properties in Morocco and Indonesia.
Typically I’m extraordinarily cautious with my cash and do not take any dangers. Different occasions I take a threat and soar in.
For instance, sooner or later I used to be in Indonesia, I appreciated an island referred to as Gili Air and acquired a bit of land. I constructed a home and it’s now a vacation residence.
Earlier than I acquired married and had my son, I backpacked lots. I’d simply get up, ebook a ticket and depart, with none lodge bookings.
I’ve two properties in Morocco. Considered one of them is an condo that I purchased in 2008 and the lease of which I give to my dad and mom.
I additionally purchased a plot there that I need to develop right into a farm.
Do you’ve gotten money owed?
Sure. Since we launched our firm, we’ve been going by the totally different phases of a start-up.
The 12 months 2022 was a bit robust, which meant we needed to take out a bank card mortgage to help ourselves.
All different belongings I personal are totally paid up.
Have you ever ever inherited a sum of cash?
Did you learn to handle your funds rising up?
Probably not, my father and mom are bon vivants. They spend for immediately. My grandfather was the identical, he by no means saved regardless that he was wealthy.
In a means, that is how I’m. My motto is to benefit from the second or carpe diem (Latin for seize the day). Nevertheless, I imagine within the potential of actual property.
How do you finances your wage every month?
Once I had a gentle company wage, I used to be in a position to save a big amount of cash, ship cash to my household, journey, and don’t have any debt.
At the moment, a few of our earnings goes towards bank card debt after which towards different bills like utilities, lease, and college. Relying on the state of affairs, we are going to allocate extra right here or there.
I am struggling to avoid wasting in the intervening time and we’re primarily specializing in getting again on observe and constructing our enterprise.
Have you ever began saving on your retirement?
I used to be born and raised in France. My father labored arduous and paid for his pension. However when he retired, the federal government took half of his pension and that is the way it works for everybody in France and the remainder of Europe. We by no means get what we save for.
That is why I do not imagine in retirement. I might somewhat be right here and know what I am paying for.
I want monetary freedom to retirement. I need to do provide chain till my final breath.
I have not began saving for retirement within the conventional sense of the phrase, however actual property is a part of the plan and so is our consulting enterprise as soon as we develop it.
Do you earn passive earnings?
Probably not, we’re engaged on it. Building has to happen and that takes time.
Do you’ve gotten an emergency fund?
Are you anxious about cash?
I strive to not, however sure, it occurs. If I have been alone, issues could be totally different.
However I’m a mom and each my husband and I are concerned in our enterprise. So it’s a huge threat.
As an entrepreneur, you might be hanging on a cliff till you stabilize your online business.
One factor I’d have appreciated to be taught is tips on how to earn a living and be financially free. That is what I need to train my son.
What are your monetary objectives?
To have the ability to generate enough earnings from what I really like, specifically provide chain. However what I’ve realized, particularly throughout Covid, is that we have to diversify our earnings.
Simply being an worker isn’t smart, it’s worthwhile to have extra earnings streams.
I additionally need to develop my enterprise, enhance my actual property investments and provides again as effectively.
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Up to date: January 16, 2024, 5:00 AM