If there’s anything Mahmoud Awad has learnt over the course of a business career spanning more than 40 years in the UAE, it is the importance of knowing your numbers.
“Many companies close because the manager is not really involved in the accounts,” he says. “I advise any man who wants to run a company to have courses in accounts. Because if an accountant wants to play dirty, he can destroy you.”
Mr Awad, 68, is the managing director of Concorde Corodex – a group of companies making fire protection, water purification and specialist gas products that now has a turnover of about Dh400 million per year. He also has a string of other, seemingly unrelated investments, ranging from an industrial gas manufacturer, a metal fabrication firm, a manufacturer of emergency vehicles, a VAT refunds business and a chain of fish restaurants.
As a result, interviewing Mr Awad about his career as a serial entrepreneur leads off into many different tangents, but to him, it is simple.
“Life is full of opportunities. If you are in the right place at the right time, grab it,” he says. “Not everything I did succeeded. Some things failed and we lost money. But if you don’t grab opportunity, you go nowhere. This is life – you take the chance.”
Mr Awad, who is from Palestine, was exposed to business at a very young age. As soon as he was able to ride a bicycle he made deliveries from his grandfather’s shop. His arrival in the UAE came in 1968 after he completed a bachelor’s degree in business and accounting from Beirut University.
Here, he spent six years as manager of a gas plant owned by Qatar’s Almana group before spotting a gap in the market for firefighting equipment.
“People kept bringing their fire extinguishers to be refilled [with carbon dioxide]. Sometimes they were not suitable – they were either too old, rusty or damaged. So I started bringing in new extinguishers.”
But his decision to set up Concorde Corodex caused some distress for his former employer, who implored him to carry on running the gas plant in return for an investment in his new venture. Mr Awad agreed, and with a third shareholder, Englishman Leslie Nassey, they each put in Dh50,000 of start-up capital. Mr Nassey sold his stake in 1987 and passed away three years ago, but Almana remains a joint partner in several businesses.
Initially, the company imported fire extinguishers from the UK firm Chubb and later imported fire clothing, cabinets and doors from Bristol Equipment. It moved to its main site at Al Quoz in Dubai in 1986 and began manufacturing in 1991, when it had just 30 staff.
Its current staff numbers of about 1,000 are now split between its 220,000 square feet Al Quoz site in Dubai and a 350,000sq ft facility at Icad in Abu Dhabi, where it manufactures water and desalination equipment, water treatment products and vehicles for the emergency services.
He credits both the UAE’s regulatory regime and his employees as contributors towards his success, stating that a successful leader needs a competent army to succeed, and vice versa.
“You should be fair with your employees. I have some people working with me since 1979. If I’m not fair with them, they won’t stay so long. You have to take care of them – even their personal problems.”
His other businesses include Dubai Industrial Gases, steel fabricator Al Mana Metal Construction and Fexco Middle East – a company that reclaims the VAT levied on hotels and other business expenses incurred by Middle East firms in the UK and Europe. It carries out all of the paperwork and returns 75 per cent of the proceeds to clients, keeping the other 25 per cent as commission.
Surprisingly, the businesses that have given him the greatest pleasure have been his six fish restaurants – two in Dubai, three in Sharjah and one in Ajman. This isn’t because of any culinary passion, but their ability to generate cash.
At Concorde Corodex, he explains, there are 10 accountants and four credit control staff. The restaurants have about 120 staff, but none are required to chase payments.
“It’s all cash – there is no credit. And there’s no inventory. We buy daily – it’s all fresh food. We don’t keep stock.”
The fire safety business, in particular, still offers plenty of potential, though. According to Frost & Sullivan, the Gulf’s fire safety market is set to grow at 15 per cent a year in the run-up to 2020 to $3.15 billion, driven by demand from Saudi Arabia (which currently has a 46 per cent local market share) and the UAE (34 per cent). The UAE market is worth $476m per year.
Although much of Concorde Corodex’s day-to-day activities are now handled by Mr Awad’s two sons, there are certain activities he likes to keep a close eye.
“I don’t go out and sell any more, but when there is a big amount [owed] from some companies, I go to collect money,” he says. “Because after all, I feel my responsibility is to pay salaries, so I cannot let my money lie sleeping with other people.”
mfahy@thenational.ae
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Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Price: From Dh650,000
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
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- Upper Bowl standard - Dh295
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
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Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
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- The British School Al Khubairat (Abu Dhabi) - Dh54,170
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The five pillars of Islam
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) | US$95,000 | (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) ) | $175,000) | (Turf) 1,600m
7.40pm: Handicap (TB) ) | $135,000 ) | (D) 1,600m
8.15pm: Nad Al Sheba Trophy Group 3 (TB) ) | $300,000) | (T) 2,810m
8.50pm: Curlin Handicap Listed (TB)) | $160,000) | (D) 2,000m
9.25pm: Handicap (TB)) | $175,000) | (T) 1,400m
10pm: Handicap (TB) ) | $135,000 ) | (T) 2,000m
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
