PR OFILE
Abu Nahl says trust is the foundation of
the insurance industry, and so when Trust Re was born in 1989 it had just a handful of clients gathered through personal dealings and recommendations. The name is also meant to reflect the trust Abu Nahl has in the potential of the Arab markets, and trust in the fact that hard work and perseverance pays off. As with his first business, Abu Nahl made
a point of focusing on how the company could upskill and care for its staff. Today, the company employs 280 people and has paid-up capital of $250 million. But the international businessman’s
tendency to not stay in one place for more than one week and the fact Trust Re primarily catered to Arab and African clients made doing business from Perth difficult, due to its geographical remoteness and, at the time, poor communication systems and unreliable phone lines. This meant that in 1990, the family
somewhat reluctantly shifted back to the Middle East, this time to Bahrain. Soon after, Iraq invaded Kuwait sparking the start of the first Gulf War. “This was a big shock to me at the
time, and really, I started feeling that the geopolitics were really very dangerous,” Abu Nahl says. “So I selected Cyprus to be the
headquarters for the family [holding company, Nest].” The children were sent to London to
continue their studies, beginning their respective involvement with Nest around the time they reached 15. This was the age at which Abu Nahl judged they would “start to realise the common sense of business”. “They were a shadow board at first. They
did not make decisions, of course, but they would debate each other. The family, all of them, were aware of what I am, and what my wife was as well.” On the issue of succession, Abu Nahl has
used a combination of gut instinct, early involvement, and formal education. “Most of our business is rated with rating
agencies and so succession planning is part of our corporate governance and our policy. We follow all the regulations and all the best practice,” he says.
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CAMPDENFB.COM All five children, now aged from their late
twenties to mid-forties, sit on the board of Nest which is 100% family-owned. The group manages more than $5 billion in assets and has annual turnover of more than $620 million across insurance, banking, property, and education. The remaining board members are Abu Nahl, Hind, and close family friend Mehran Eftekhar. Kamel is also the chairman of Trust Re in
Bahrain, while his brother Fadi acts as chief executive. Reem is involved in underwriting at Trust Re, while Hamad is working in an investment bank gaining experience. The youngest of the family, Amal, has a family of her own, but still sits on the Nest board. While Abu Nahl remains as chairman, he stepped away from the Nest executive when he turned 60—“I became supportive, and the children became the executive,” he says. In December, Nest was given the Cyprus
International Business Association’s annual Excellence Award in recognition of its social responsibility and, according to the judges, “significant contribution to the promotion of Cyprus as an international business destination”.
Top: The Abu Nahls are now looking to build a 75-storey tower and complex which will transform the Perth skyline
PHOTOGRAPHY: NEST INVESTMENT
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