Challenge
My remit was to start up a new joint venture in the United Arab Emirates where there was no existing market for either outsourced cash services or integrated security. Thereafter, the objective was to self-fund expansion across the region.
Solution
First, we had to secure UAE Government approval from its Central Bank, Civil Defence and Police for our operations.
Using Securicor’s global references, we marketed the benefits of our services to all International and UAE Banks.
I also project-managed the creation of a state-of-the-art Secure Cash Centre, and recruited and trained the full management team and security staff drawn from 14 nationalities.
Having established the core UAE business, we went on to leverage our JV partner relationships to attract Real Estate clients and partners across the region.
By developing a management team succession plan, the company was able to appoint in-house talent to launch further start-ups.
Results
Winning a ground-breaking outsourcing project with the UAE Ministry of The Interior and Central Bank gave Securicor a first-to-market monopoly position providing Cash Services and Integrated Security.
We achieved 80% of the potential market in the UAE within 18 months of business startup.
In three years the UAE operation achieved free cash flow to expand its presence in other Middle East markets. I identified and set up three new Joint Ventures in Abu Dhabi, Saudi Arabia and Qatar, and transformed performance in Kuwait.
The Middle East business grew by 10% organically and we generated 100% profit improvements year-on-year by continuously developing sophisticated service products, doubling cash generation.
In five years, from a cold start we had achieved a £25 million turnover, employing 1,000 staff in six business units.