September 11 is a day that will live forever in infamy. No one will ever forget the events of that terrible morning in the United States, but time has moved on and so must we. Unfortunately, many people don’t seem to know how. Paralyzed by fear and indecision they sit in front of their televisions, night after night, waiting. Waiting for what, no one knows anymore.
Those individuals who have been able to keep a grip on their lives tend to be people who have always been highly focused. While they were as shocked as others by the US attacks, they quickly gathered their resources and made strategic plans to cope with the tragic events and their aftermath.
Hamed A. Al-Zamil, a noted businessman and philanthropist, is one such individual. Awarded the King Abdul Aziz Medal in 2001 and also recognized by the government of Italy as a Commander of the Republic, he has worked diligently in these last traumatic weeks to ensure that decisions made now will mesh well with both his long-term corporate and personal goals.
“We are living in a country that thank God is stable even in these difficult times,” said Al-Zamil. “Yes, our economy has been affected by the downturn in oil prices and the slowdown in the US economy but overall we are still doing well. This should encourage people to bring their money to the Kingdom and invest in its economy.”
Al-Zamil stated that he has already seen businessmen bringing back funds that had been invested overseas. He did caution though that people should not rush or make hasty decisions concerning the withdrawal of funds from long-term foreign investment schemes. In his mind long-term means exactly that — focusing on the potential return of the investment over time, not in light of immediate events. For those looking for local areas in which to invest, Al-Zamil advised that people consider both real estate and Saudi market shares. Al-Zamil believes that many locally listed companies are currently undervalued.
“Business is business,” Al-Zamil explained. “People are still buying land and starting factories. The most important thing is to know your partners. Know everything about those you plan to do business with. Then you feel comfortable working with them in the best of times and in difficult days as well. I have a personal relationship with many of my partners and business colleagues. As I watched the events unfold on Sept. 11, my first concern was to discover if they were all safe.
My partners and I were blessed in that we only received good news. Then we could get back to business and focus on keeping everyone working, not just for the profitability of the companies, but for the sake of all the families.”
Al-Zamil emphasized that Saudis still consider both Americans and Europeans to be friends. He thinks that Western companies and individuals that were planning to invest in the Kingdom, especially those with sizable commitments, will move forward with their plans. Over the long-term, the Kingdom’s good name and sound policies will continue to make Saudi Arabia a desirable place for investment.
While many businesses are in a “wait and see” mode, Al-Zamil’s days are packed with board meetings and visits from businessmen and investors. He has curtailed his foreign travel somewhat, not because he is unwilling, but because some partners in Western economies have postponed plans.
“For businessmen in this region, the best advice I can give is to keep working and don’t stop,” said Al-Zamil. “Don’t wait for the USA to make its next move before you decide what to do. Sitting and doing nothing is the way to ensure that your business will collapse. Islam has nothing to do with the Sept. 11 attacks and I hope the United States will use wisdom in its quest for retribution.
In the USA, companies are panicking. They are rushing for layoffs and creating more and more shock waves that will move with destructive force through their economy. Panic creates disaster.
Panicking can turn a temporary downturn into a depression. Yes, it’s important to keep the bottom line in view but its also vital to remember long-term corporate goals. In the USA, businesses are laying off workers in which they have invested considerable sums. Does this make sense? It is interesting to note that many of the market leaders are quietly snapping up the highly skilled workers being let go by their competitors. This will make them stronger in the long run.”
Asked what is his secret for remaining calm throughout these tumultuous days, Al-Zamil laughed and replied, “Don’t watch CNN.” Al-Zamil wanted people to remember that media outlets thrive on bad news and they hype it to the extreme. He pointed out that frequently during the current strikes on Afghanistan when satellite news stations didn’t know the true events on the ground, their reporters would simply guess. Most news of the military action and the situation within Afghanistan has been second-hand at best. He doesn’t think that people should let commentators with their “ifs” and “maybes” form the foundation of business decisions.
“Rely on God and do the right things,” Al-Zamil counseled. “Base your financial choices on sound research. Listen to trusted advisors with proven track records. Educate yourself so you can sort through the available information. Then you will be able to decide calmly and with reasonable certainty about what investments or business opportunities best suit your needs and goals.”