By: Maria Williams
A couple decades ago, betting on the UAE becoming an economic powerhouse, and not because of oil and gas, would sound unthinkable. However, as the Emirates are still a relatively new entrant to the international business world, they have their own distinct rules, regulations and culture. When starting a new business in the region, or expanding an existing one, is often not as easy as it may seem. This is where Mostafa Nasser Al-Rashed, Executive Director of MNA Ventures, the parent company of OTC Business Services, has stepped in—helping businesses not only survive but thrive in the UAE’s competitive landscape.
Al-Rashed’s journey began in international trade, where he connected businesses from Europe and Asia to the UAE. Early on, he saw how tough it was for companies to handle cross-border operations. “In those days, something as simple as communicating could be a real challenge,” he recalls. “I remember the amount of effort it took to work and travel to Southeast Asia. China, for example, was nothing like the tourist and business friendly country it is today. Language and cultural differences made conducting businesses there feel like ‘flying blind’ in many cases.”
As he gained experience, word of Al-Rashed’s expertise spread, and soon, his friends and colleagues were seeking his help for their own international ventures. “In the beginning, it was just casual advice for people I knew from my personal network,” he says. “But the more questions I was asked, the more I realized there was a real need for someone to step in and provide hands-on support.”
That’s when the idea for OTC Business Services began to take shape. Al-Rashed noticed that while many consultants could offer theoretical, hands-off advice, very few were willing to roll up their sleeves and help businesses with the practical side of things. His firsthand knowledge of the intricacies throughout Asia, Europe and elsewhere, and the potential cooperation capabilities in the UAE business environment, allowed him to build a company that did more than just talk the talk. “I saw so many companies getting bogged down by technical, non-core-business challenges, from as little as money transfers, and as big as major legal matters. That’s when I thought, ‘Why just advise, when we can actually make things happen?’”
During our meeting at MNA Ventures’ offices, one of Al-Rashed’s clients came by the office to “discuss life and business, and everything in between”. Al-Rashed told us that this is the perfect example of the relationship he has built with his client – unmediated and family oriented. “I rarely have lunch by myself”, he explained. “When clients talk to me about their challenges from their legal, financial, and operations standpoint, at a certain point we become much more than an advisor, we become partners”
That mindset became the foundation of the business group. Unlike traditional consultants, OTC Business Services, takes an active role in bridging the gap between advice and real-world implementation, helping clients establish and grow their operations in the UAE. “We don’t just give you advice and ‘wish you the best’,” he explains, half-jokingly. “We’re here for our clients every step of the way, from setting up an office, incorporating companies, supporting with immigration needs, opening local and international bank accounts, cooperating with financial experts and consultants, and anything else you can think about that might come up in the day-to-day challenges of running a business in a foreign company. My team and I are there to make sure your international business operates just like a domestic business. I see it as my mission to make our clients tell us we’ve made the UAE not just their second home, but the first.”
Al-Rashed has been able to turn the group into a well-known key player in the UAE’s business ecosystem. His unique understanding of the difficulties entrepreneurs face—especially in emerging industries—has allowed him to create tailor-made services that meet the practical needs of his clients. “I have the greatest empathy for each one of my clients, because I was in their shoes not so long ago,” he says. “That’s why I’m dedicated, day and night, to make sure we facilitate their needs and solve their problems, so they only focus on their own business.”
As per the future, Al-Rashed sees MNA Ventures, including its subsidiaries in business facilitation, legal services, financials, real estate and several other industries growing and providing world-class services for clients from every corner of the world. The group’s international reach and diversified approach is bringing it at-par with some of the biggest players in their respective industries, and at the current trajectory, it seems like there are no plans to slow down any time soon.
Published by: Khy Talara
