Irrespective of how large an organization is or the cutting-edge technologies it has adopted, when it comes to driving an organization's growth, data does matter. Data analytics helps organizations have a competitive edge over their peers through better insight into the latest trends, market and customer behavior, innovation, and many more. After completing her MSc from the London School of Economics, Yasmeen Al Jalal returned to Kuwait and started working at her familyowned business, Nasco, a regional consumer trading company specializing in luxury goods. During the pandemic, she noticed the pressure on public finance as a result of various government initiatives to help ease the financial strain on the public, leading her to start the Shuwaikh Economic Office (SEO), a unique, Kuwait-based, research and analytics firm. Within a short span, SEO has grown tremendously in terms of research, client engagement, and expansion, offering its services both in Kuwait and the wider Middle East region.

In an exclusive interview with Women Entrepreneur, Yasmeen discusses the underlying idea behind founding SEO, the various challenges she faces in her role and how she mitigates them, and much more.

Take us through your early educational journey and the prior industry experience that you bring to the table.

I decided to pursue economic studies at university, which, I still believe, would help me understand the underlying foundation behind why things are the way they are while applying it to many different areas. I did my BSc in Economics & Management from King’s College London and later my MSc in Local Economic Development from the London School of Economics, a prestigious university for aspiring economists and social scientists. During that time, I worked on my thesis, where I closely scrutinized the literature on the 'Resource Curse'. Using quantitative analysis, I showed how it isn’t a curse but a matter of how resource rents are managed.

Upon returning to Kuwait, I began working at my family’s business, Nasco, a regional consumer trading company specializing in luxury goods. My role at Nasco involves systematizing operations and optimizing processes across departments. This role expanded significantly during the pandemic, with my day-today activities involving adapting to technological advancement and the migration to the cloud, ensuring financial stability, and maintaining customer care, which, I believe, was an immense learning experience born out of a time of global uncertainty. Ultimately, I chose to pursue a path where I am free to set my own goals and strategies; hence SEO was born. Today, I balance my work between Nasco and leading SEO.

What motivated you to establish Shuwaikh Economic Office? Tell us about the underlying idea behind the venture and some of its key areas of specialization.

There was never a plan to establish Shuwaikh Economic Office. It came about organically. In April 2020, the early onset of the pandemic, I noticed the pressures on public finances due to high government spending to ease the public’s fiscal strain from the hardships brought about by the pandemic. The whole ordeal prompted me to do some research and eventually write a report, which I decided to publish online. The positive engagement received from readers led me to continue researching and writing. Eventually, SEO was established.

A private firm operating out of Kuwait and covering the wider region, SEO is a unique research and analytics firm in that specific region. From covering the macroeconomy and development planning to consumer behavior and market analysis, we specialize in advanced research. Alongside our research, we also engage in data collection, cleaning, analysis, and visualization.

What are the different responsibilities you shoulder as the founder of the Shuwaikh Economic Office? What are your primary focus areas in terms of driving growth for the company?

As the Managing Director and Founder at SEO, I lead the firm’s strategic direction, which involves coordinating both publicly available research and data while catering to the needs of our private clients. My primary focus is to achieve and maintain a high output standard consistently. We take the quality of our work very seriously as we believe that it's our responsibility to be factual, thorough, and transparent. That’s what sets us apart.

Another important strategy is to invest in building out the company's data and analytics capabilities, which involves hiring new talent with specific expertise and investing in the latest tools and technologies. Ultimately, driving growth for a research and analytics company requires a commitment to innovation, creativity, and a willingness to take risks. By staying ahead of the curve and always pushing the boundaries of what is possible, the company can continue to grow and thrive in an increasingly competitive market.

What are some of the most critical challenges you encounter as a business leader in Kuwait and how do you mitigate them?

Being a business leader comes with many challenges. There are various instances where initial plans, which we are enthusiastic about implementing, suddenly change out of the need to adapt to local realities.

Through these times, I have realized that it's important to lean on your purpose and drive to carry you through these roadblocks. Another challenge that I face is in terms of delegating tasks. A crucial part of leading a team is to delegate tasks and more importantly, responsibilities, effectively. The key is to identify the right tasks to delegate, provide clear instructions and feedback, and support as needed.

Lastly, with many different responsibilities to undertake, it gets increasingly difficult to manage my time. Overcoming this challenge, in my opinion, is done by effective planning and leaning on a strong team that you can trust.

"When things don't go as planned, take the time to reflect on what happened & what you can do differently in the future"

Tell us about the top three milestones you have achieved throughout your professional journey.

We have introduced a comprehensive region-wide database covering key socio-economic indicators, which complements our research in ensuring that SEO is a reliable source of information. Today, because of the importance of quality data and research, it is part of our social responsibility to share our knowledge and expertise with students and the younger generations.

Learning is a guiding principle at SEO and is embedded in all our work and research. We decided to introduce programs and opportunities for students to learn more about our research methods and gain valuable skills. In turn, developing tailored learning programs and internship opportunities that have proven to be quite popular amongst students and professionals alike.

We also conducted an extensive research study to produce what is now the only available documentation and mapping of the entire development planning history of Kuwait. This milestone helped cement our belief in the purpose, impact, and reach of our work.

What advice would you give to other aspiring women leaders & entrepreneurs?

While it's easy to think of success as a definitive endpoint, it's important to remember that success is not just a destination but a journey. Along the way, you are likely to face challenges and setbacks that can make it difficult to stay motivated and focused on your goals.

One of the most important things you can do to keep moving forward is to learn from your mistakes. When things don't go as planned, take the time to reflect on what happened and what you can do differently in the future.

Finally, it is crucial to stay passionate and committed to your vision. As you encounter obstacles and setbacks, it can be easy to lose sight of why you started in the first place. However, by staying focused on your goals and maintaining your enthusiasm for your work, you can continue to move forward and achieve success.

Yasmeen Al Jalal, Managing Director & Founder, Shuwaikh Economic Office

Yasmeen Al Jalal started Shuwaikh Economic Office, a Kuwait-based research and analytics firm in 2020 and is currently working as the Managing Director & Founder at the firm. She is also working at her family’s business, Nasco, a regional consumer trading company specializing in luxury goods, in parallel. Yasmeen has done her MSc in Local Economic Development from the London School of Economics and her B.Sc in Economics & Management from King’s College London.