June 2014 57 www.bahrainthismonth.com SIMI KAMBOJ Being counted among the world’s 100 ‘Most Powerful Arabs’ has little to do with personal fortune, believes Akram Miknas. Advertising magnate Akram Miknas is a name well known beyond Bahrain. The Lebanon-born founder of Promoseven Holdings Group is one of the two Bahrainis voted to the regional power list. “Humble beginnings are not a bad thing. On the contrary, they generate a lot of energy and the hunger to succeed. Many people on that list are self-made men,” says the 69-year-old. Akram had to work to put himself through university. He sold encyclopedias and insurance, ran exhibitions and promoted events among students, eventually graduating to advertising. The civil war in Lebanon forced Akram to move his business to Bahrain in 1976, at a time when Cathay Pacific was launching its first flight from the Kingdom. “I’d tried Egypt, Cyprus, Greece, Jordan but it was more suitable to relocate here. Even in those days, you could find qualified professionals in Bahrain,” says Akram. In the absence of television and outdoor hoardings, advertising in those days was more about publicity. His work involved running advertisements on videos and disseminating the tapes. Within five years, he had won clients such as Coca-Cola, BMW and Nivea. Middle East Communication Network (MCN), the mother company of Promoseven, is one of the largest media companies in the region, employing around 3,000 people. With the advent of Internet and technology in the new millennium, Akram was ready to hand over the business to a younger mind. He surprised many by choosing his successor from outside the family. He elevated one of his vice presidents and gave him full authority. His son works for the company president. “I don’t believe in the inheritance of a position. My VPs were talented and I had to nurture them, and it worked. The person I picked took the business to a next level,” he says. It helped that the time was right. Dubai was turning into the regional media hub and his business doubled after moving operations there. This year, the company’s turnover will exceed US$1 billion. Akram has subsequently diversified into hospitality and real estate businesses. He owns and rents many hotels in Bahrain and was a major partner in Abraaj Lulu. Thanks to timely investments in real estate, his net worth tripled between 2000 and 2010. Having received Bahraini citizenship in 1999, he has chosen to weigh anchor here despite having homes in London, Brisbane, Lebanon and Dubai. In recent times, Akram has forayed into the affordable housing segment, where he completed and sold 60 units in Muharraq. He plans to remain active in this segment over the coming years. His factories in Askar and Ras Zuwayed produce building materials and carpentry to support the construction business. At 69, it’s only the thought of being counted that inspires him. “I wouldn’t want to wake up one morning without any plans, purpose or schedule for the day. I want to actualise myself by working where I’m needed most,” he says. Power Player Rekindling a Connection, p58 The Heart of Arabia, p60 Dressing Up in Style, p62 Sharing Stories, p64 Backseat Chat, p68 this month INTERVIEWS Akram Miknas Creating Opportunities, p66
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