Page 3 - KZN Business Sense - KZN Chamber

Siddiq Adam, CEO KZN Growth Fund
DRIVEN BY PASSION
Siddiq Adam lives by the
maxim, “For as long as the
intention is good and the heart to think on my feet and I have
is clean then success is guaranteed,
given that they are accompanied by
hard work and perseverance.” This
maxim is very apt as his career has
been driven by a passion for the
upliftment of people. Knowing that
he can make a difference to people’s
lives causes him much enjoyment,
both in his professional career and
in his personal capacity. In his
words, “You have to be passionate
about what you do, otherwise don’t
do it”.
The Mauritius-born South
African did his primary and
secondary education in Mauritius
and thereafter moved to South
Africa in 1992 where he completed
his tertiary studies, including
a Master’s Degree in Applied
Economics (cum laude), at the
University of Natal, now the
University of KwaZulu-Natal
between 1992 and 1998.
Prior to being appointed as
CEO of the Growth Fund in
March 2012, Adam occupied
various senior positions within
the KZN provincial government,
namely KZN Department of
Economic Development & Tourism
(Deputy-Director General),
KZN Department of Agriculture
and Environmental Affairs
(Acting Director-General), KZN
Department of Human Settlements
(Deputy-Director General) and
KZN Treasury (Chief Director).
Driven by a passion for fixing
dysfunction, Adam’s strength is
finding and applying practical
solutions to problems. As such he
said, “I enjoy finding solutions.
I am not dogmatic but I am able
developed the flexibility to cope
with situations as they arise and
can change my mind if good
alternatives to problem situations
are offered.” Adam said that this
skill has given him the edge when
dealing with complex problems.
He added, “It is important to be
agile and adapt to the environment
one finds yourself in, however, you
must have a vision.”
Talking to Business Sense, Adam
delves into his flexible approach
and reveals his leadership style: “I by all to change.” A crucial part of offerings by establishing an Equity
use a consultative approach. Even if his role in the various government
I have a solution in mind, everyone
can take collective responsibility
for finding and implementing
solutions. You can never know
everything.” Adam added, “You
are only as good as your team and
having an efficient and capable
crew is essential. But a good leader of a number of institutions he
will always be accountable for
decisions that his team makes as a
fish rots from the head down.”
He values the ability to think
out of the box and apply common
sense and logic to situations. These time and effort in order to achieve
skills are often not related to the
qualifications achieved, but are
characteristics that he looks for
when making staff appointments.
Much of his career has been
driven by the desire to dispel
the myth that the private sector
is inherently more efficient
and competent than the public
sector and that it is possible to
have better performing state
institutions. Adam, the CEO
is obsessed with providing an
The KZN Growth Fund (being the only funder in this project) provided R42.5m in debt funding towards the
setting up of the second condom manufacturing facility in the country.
exceptional level of service to all
his clients at all times. He added
that investors are always looking
for a responsive and efficient
financier with a quick turn-
around time.
A major career challenge that
he has faced is the lack of trust
between population groups in
South Africa. He said, “While
the system of apartheid cannot
be blamed for South Africa’s
problems indefinitely, the heritage
of the past has created much
mistrust, which will take years
and decades of concerted efforts
departments he has worked has
been building relationships and
developing rapport in order to
increase productivity.
While Adam has been
instrumental in the turnaround
also says that he has moved on
with some sadness. “I cannot
do miracles and I have been
disillusioned when changes have
not continued, especially as I have
had to sacrifice a huge amount of
results,” he said.
Adam’s years of experience in
turning around organisations
has been put to good use at the
Growth Fund, which is now a
self-sustainable provincial public
entity with a 100% clean audit
report in each of the last four
financial years. The interventions
that have been put in place include
transforming the governance
structure from a complex and
convoluted structure to one
that is more efficient and agile.
The Growth Fund has also been
rebranded and has reclaimed its
market space with much success.
It is now well poised to further
deliver on its mandate.
Adam maintains that the
Growth Fund has been a pioneer
in the space of project finance at
a provincial government level.
It started with a public private
partnership with Standard Bank
and the Development Bank of
Southern Africa to create a closed
debt fund. The Growth Fund
has since bolstered its product
Fund – once again a first by a
provincial development finance
institution. This new equity fund
will have greater socio-economic
impact by leveraging off the
market. It also has the intention
to develop a guarantee fund in
the foreseeable future. Adam
highlighted the fact his institution especially in interventions
will continuously re-invent
itself in order to be ahead of the
competition.
The Growth Fund has seen a
commendable increase in the
number of successful projects it
has funded over the last two years.
Further to the solid performance,
the lenders in the previous
funding model have also been
repaid. Adam says his institution
will increase its efforts to build
up and grow its capital base. A
prominent institutional investor
that has approved a R300 million
investment into the new Equity
Fund will be announced by the
MEC for Economic Development,
Tourism and Environmental
Affairs, Mr Sihle Zikalala in due
course, once both entities has
finalised the legal agreements. The
Growth Fund currently manages
total assets valued at R1,1 billion
and is projected to surpass the
R1,4 billion mark with the new
institutional investor on board.
An important aspect of
financing projects is to ensure
that a significant number of
black industrialists are created
in addition to implementing the
Broad-Based Black Economic
Empowerment strategy of
government. Adam said, “We
should not transform just for
compliance sake. We must
transform because it is the moral
and right thing to do. We cannot
perpetuate inequality in society.”
In a bid to promote
transformation, Adam would
like to see much more investment
in the country’s human capital,
relating to education and skills
development. He said, “People are
our most precious assets.” Adam
would like to see measures put in
place to counter the high dropout
rate in schools and universities
as well as ensure that a higher
standard of education is obtained.
Adam’s spare time is currently
occupied by his new born son. He
enjoys travel, which provides him
the much needed opportunity
to switch off from work. While
having visited 28 countries, he
still believes that “no country in
the world can match what South
Africa offers.” He is an avid soccer
and cricket fan and will indulge
in a bit of tennis from time to
time. n
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