PAVING THE WAY
Andrei Grachev
is on a mission to cement DWF Labs as a prime crypto enabler in the UAE and beyond. P.22
→ ANDREI GRACHEV is the Managing Partner of DWF Labs, a UAEheadquartered market maker and investment firm in the cryptocurrency and Web3 markets.
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STARTUP SPOTLIGHT BUSINESS UNUSUAL
P.15 Lasting Embellishments
AMREEN IQBAL shares the success story of luxury brand Piece of You.
‘TREPONOMICS
P.35 Turning Experience Into Enterprise
How to make the mid-career transition from dreamer to doer.
P.39 The Power of Executive Retreats
SARAH SADDOUK highlights the importance of stepping away to recalibrate and reset the mindset.
P.44 Future Forge
Highlights from the DEMO DAY of the Mohammed Bin Rashid Innovation Fund Accelerator Program’s eighth cohort.
P. 46 MBRIF
A roundup of the up-and-coming startups in the MBRIF accelerator program that you should be keeping an eye on.
IN THE LOOP
P. 56 SuperQi
The lifestyle super app SyperQi launches in Iraq.
P. 58 Apple in Al Ain
Apple will open its fifth retail store location in the UAE next year.
CEO Wissam Younane wissam@bncpublishing.net
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ART DIRECTOR Simona El Khoury
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Sarah Saddouk sarah@bncpublishing.net
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HEAD OF PARTNERSHIPS
Samir Glor Samir@bncpublishing.net
COMMERCIAL LEAD
Anna Chipala anna@bncpublishing.net
COLUMNIST Tamara Clarke
CONTRIBUTING WRITERS
Fida Chaaban, Nathalie Khouri, and Sarah Saddouk.
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↑ AMREEN IQBAL is the founder of Piece of You, a UAE-based luxury jewelry brand.
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LIFE IS A JOURNEY.
CEO’s Message /
GOING THE EXTRA MILE
Celebrating
the hard work and perseverance
People always say that crypto is volatile, but beyond the volatility, we see the technology that is changing the world,” says Andrei Grachev, Managing Partner of DWF Labs, a UAE-headquartered market maker and investment firm in the cryptocurrency and Web3 markets, in our cover story on pages 18-25. Grachev’s line reminds us all that the magic often lies beneath the surface. More often than not, that magic is in the innovative thinking and hard work of founders and their teams who are willing to go the extra mile.
In that manner, Grachev has built DWF Labs that has been trusted by over 700 blockchain companies, platforms, and institutions. It provides liquidity for over a quarter of the 100 largest crypto projects, and its reach spans the entire crypto ecosystem.
It is also how Amreen Iqbal built UAE-based luxury jewelry brand Piece of You. “While I am fortunate to have a dedicated team that works diligently under my
guidance and training (and of whom I am immensely proud), I remain deeply engaged in every aspect of the business,” she says in the interview on Page 15.
In this issue, we feature a great number of those who embrace solving challenges with positivity and resolve because they are the worthy recipients of our Enterprise Agility Awards 2024 (see the full list of winners on pages 26 - 33). Plus, we present you the winners of the Demo Day of the Mohammed Bin Rashid Innovation Fund Accelerator Program’s eighth cohort- Best Pitch: Circa Biotech, Best UAE Homegrown Business: Equevu, and Most Impactful Business: Reme-D (P.44).
As you navigate through these pages, we turn your focus to Sarah Saddouk, Director of Innovation at BNC Publishing - Entrepreneur Middle East, explaining why taking your team on a retreat is a good idea (P.39), and Nathalie Khouri, founder and Creative Director of Ralee, presenting the risks and rewards that come with starting a business later in life (P. 35).
You can also read about Qi partnering with Ant International to launch its lifestyle super app SuperQi (P.56), and Apple opening its store in Al Ain, its fifth retail store location in the UAE, next year (P.58). “The UAE is home to an incredible community of creators, innovators, developers, and entrepreneurs, and we’re excited to keep growing our teams, supporting local businesses, and strengthening our ties with our customers here,” said Tim Cook, Apple’s CEO, during his recent visit to the country.
Next issue of Entrepreneur Middle East (January 2025) will be the beginning of a new and exciting chapter in our story. It is with great enthusiasm and optimism that I welcome the new Editor in Chief of Entrepreneur Middle East, hoping that his wealth of experience and creative vision will propel our brand to new heights.
To that end, I thank you for reading my notes over the past couple of months.
WIssam Younane CEO, BNC Publishing
THE ART OF ELEVATION
Lasting Embellishments
How Amreen Iqbal’s passion to create personalized jewelry items led to the success story of luxury brand Piece of You by AALIA MEHREEN AHMED
→ AMREEN IQBAL is the founder of Piece of You, a UAE-based luxury jewelry brand.
B/Big Idea
Here’s the thing about jewelry items: while they’re meant to adorn whoever wears it and leave an impression on those that perceive it, they can also often go beyond the superficial and hold immense meaning and core memories. When Amreen Iqbal decided to name her UAE-based bespoke luxury brand “Piece of You,” it was precisely this sentiment that led her to do so. “The creation of Piece of You was driven by the desire to craft jewelry that becomes a part of the wearer—and their future generations,” Iqbal says. “When something holds emotional value, it transcends its raw materials. It forms a unique connection to your heart, bringing joy and peace to your soul in a way that makes you never want to take it off. Many of my customers have shared that they never remove their Piece of You personalized items, and they continue to add to their collections and stacks, making each piece even more meaningful over time.”
Now, Iqbal was no stranger to the world of jewelry making when she launched Piece of You in 2017. Indeed, for over 10 years now she’s been the Director of Corporate Communications at the UAE-born jewelry company Pure Gold Jewellerswhich was founded by Iqbal’s father Firoz Merchant over 30 years ago. But it wasn’t until much later that Iqbal truly discovered her niche passion within this space. “Inspired by my husband, Amran Iqbal, I started my business after our third child, Omar, was born,” she recalls. “At the time, I was a stay-at-home mom with three young children, unsure of what to do. I’d often create personalized jewelry for loved ones, and when Amran saw a necklace I made with our three kids’ birthstones, he encouraged me to launch my brand. Business runs in my blood, thanks to my entrepreneurial father, Firoz Merchant. Since childhood, I’ve always been drawn to entrepreneurship.”
jewelry is crafted from premium materials, including 18 karat gold, diamonds, gemstones, and pearls,” Iqbal adds. “We take pride in ethically sourcing our raw materials and maintaining fairness across all our stakeholder relationships. When it comes to personalized and customized jewelry, our collections know no bounds. From timeless essentials like name necklaces—an iconic staple in every woman’s jewelry box—to customer favorites such as the 2-initial diamond ring (perfect for celebrating loved ones), the Roman numeral collection featuring special dates, and our map necklaces that keep your hometown close to your heart, we offer something unique for everyone.”
In the little over seven years since its
WHEN SOMETHING HOLDS EMOTIONAL VALUE, IT TRANSCENDS ITS RAW MATERIALS. IT FORMS A UNIQUE CONNECTION TO YOUR HEART, BRINGING JOY AND PEACE TO YOUR SOUL IN A WAY THAT MAKES YOU NEVER WANT TO TAKE IT OFF.”
Today, with carefully curated collections as well as bespoke designs, Piece of You offers jewelry items ranging from anklets, bracelets, and rings to necklaces and watch charms. “All our
launch, Piece of You has not only received positive word of mouth and feedback, but also gained a loyal international customer base. “From starting out under the guidance of Pure Gold Jewellers, where I eventually became the Director of Corporate Communications, to launching my own brand, and now leading a team that makes so many customers happy worldwide- there have been countless milestones,” Iqbal notes. “But it’s difficult to pinpoint just one milestone, as each opportunity and blessing along the way has shaped this journey.”
And according to the founder, it has been her distinct leadership style that has enabled her vision to grow and prosper- and eventually trickled down into her team’s culture as well. “I believe my hands-on involvement in every step of the process is what truly sets Piece of You apart,” she says. “While I am fortunate to have a
dedicated team that works diligently under my guidance and training (and of whom I am immensely proud), I remain deeply engaged in every aspect of the business. From personally responding to customer inquiries and conversions to sketching designs, creating on Computer-Aided Design (CAD), overseeing packaging, and even delivery—I ensure every detail reflects our standards. I still handwrite many of our thank-you notes, and though growing volumes have made this more challenging, I strive to maintain that personal touch.” Here, Iqbal also acknowledges that her past experience at Pure Gold Jewellers has better attuned her skills to be the leader that she is today. “My 12 years at Pure Gold taught me invaluable lessons— about daily business operations, long-term strategy, and achieving ambitious growth,” Iqbal says. “These experiences have been instrumental in shaping Piece of You into what it is today. What further distinguishes us is the unique advantage of owning our manufacturing unit. As the sister company of Pure Gold Jewellers, we benefit from low costs, high volumes, and unmatched craftsmanship. With over 35 years of industry expertise passed down from my father, who laid the foundation for our success, I like to say that “bling” runs in my blood. This legacy gives our customers the confidence and peace of mind to know exactly who they’re purchasing from
AT THE TIME, I WAS A STAY-AT-HOME MOM WITH THREE YOUNG CHILDREN, UNSURE OF WHAT TO DO. I’D OFTEN CREATE PERSONALIZED JEWELRY FOR LOVED ONES, AND WHEN AMRAN SAW A NECKLACE I MADE WITH OUR THREE KIDS’ BIRTHSTONES, HE ENCOURAGED ME TO LAUNCH MY BRAND.”
and the story behind every piece.”
Undoubtedly, with Piece of You, Iqbal has been able to instill her unique personal touch to the skill sets she gained through past experiences. “My creative process is a continuous flow, constantly fueled by the world around me—nature, festivities, architectural wonders, and more,” she says. “Many of our customers select pieces from our online collection, which feature my original designs, personalized to mark their special moments. For those seeking something truly one-of-a-kind, we offer fully customized creations. The process begins with their idea, and I draw on my years of experience to provide creative input, suggesting designs that are both meaningful and visually stunning. While the final decision always lies with the customer, as it’s their story we’re helping to tell, the majority—9 out of 10—typically embrace the recommendations from my design team.”
It is perhaps important here to return to the fact that Iqbal has built Piece of You from the ground up while also being a mother of four children, aged between 2 and 12. In fact, the founder dubs her business as “my passion, my fifth child, and my greatest
pride.” But while the idea of “doing it all” is described as being all too elusive or far too romanticized, Iqbal has quite a practical reply to this discourse. “For me, effective time management is the cornerstone of balancing these roles, which is why my day begins at 5:30 am,” she says. “These early hours are my secret weapon, allowing me to focus on both family and business with intention and clarity. In my business, I tackle each day by prioritizing what needs my attention most. Whether it’s a specific department, a project, or a challenge, I dedicate my early working hours to addressing it head-on, before delegating tasks for the rest of the day. On weekends, I personally review my team’s customer interactions to identify areas for improvement and brainstorm ways to make Piece of You even more welcoming for new and loyal customers alike.”
Now, while jewelry designing is certainly the passion that has come to fruition for Iqbal through Piece of You, the entrepreneur has also managed to incorporate one other personal cause into the brand: philanthropy. Indeed, for every order processed at Piece of You, a donation is made to Feed a Meal, a ____________. “Eradicating hunger is the
cause closest to my heart,” Iqbal shares. “I find it deeply unsettling that, while some enjoy extravagance, others struggle for a single meal or even a slice of bread. My father, a true philanthropist, has been a major influence on this belief, and I aspire to follow his example in my way. The One Order, One Meal initiative wasn’t born out of necessity or as part of a strategic plan. It stemmed from my genuine desire to give back to society. I hope that it inspires others to incorporate small acts of kindness into their daily lives—acts that, collectively, can make a meaningful difference.”
And it is precisely with this mindset that Iqbal is ready to step into the new year, all guns blazing. “2025 is shaping up to be an exciting year for Piece of You!” Iqbal declares. “We have so many incredible opportunities ahead, from making our collections more accessible to expanding our offerings, introducing virtual design and try-on features, building a bigger team, and so much more. My vision for Piece of You is to become your go-to destination for personalized jewelry worldwide—the first name you think of when you want a piece made just for you. The journey ahead is filled with promise, and I can’t wait to share it with all of you.”
THE WAY PAVING
→ ANDREI GRACHEV is the Managing Partner of DWF Labs, a UAEheadquartered market maker and investment firm in the cryptocurrency and Web3 markets.
Andrei Grachev
is on a mission to cement DWF Labs as a prime crypto enabler in the UAE and beyond. by AALIA
MEHREEN AHMED
← DWF LABS has been trusted by over 700 blockchain companies, platforms, and institutions. It provides liquidity for over a quarter of the 100 largest crypto projects, and its reach spans the entire crypto ecosystem.
In the world as we know it today, there are perhaps two broad categories of people when it comes to the cryptocurrency space: those who see its potential and value; and those who still harbor qualms about its longevity and promises. When Andrei Grachev founded DWF Labs, a UAE-headquartered crypto market maker and Web3 investment firm, in 2022, he inadvertently decided to create something of a bridge between both groups of people. “People always say that crypto is volatile, but beyond the volatility, we see the technology that is changing the world,” he says.
“For example, Bitcoin (BTC) is becoming the digital gold, a new form of assets that are very liquid, borderless, transferable and not under anyone’s control. And there are a lot of such artefacts on the market- decentralized finance (DeFi), memecoins, stablecoins, real-world assets (RWAs) and many others financial instruments that are wrapped in a new technology. This technology will change traditional finance, similar to how digital forms of trading changed the world when price feeds had been delivered by couriers that spent days going from one city to another. More and more people are starting to understand this, especially after acceptance of BTC from the leading countries and funds.
That is why we are thinking about the future.”
Operating globally, DWF Labs also has offices in Switzerland, Hong Kong, Japan and Singapore. On December 2, 2024, GrachevDWF Labs’ Managing Partnerannounced via social media platform X that the company was officially shifting its headquarters to the UAE’s capital city of Abu Dhabi “in order to build a strong presence in the Middle East and run more RWA and financial services there.” At the heart of the brand has been a very simple sentiment: to be both a launchpad and safety net for crypto businesses and startups. “Crypto is a growing market that allows talented people to build innovative products with a very high potential upside,” Grachev says. “It is very liquid and has a very quick market response. Instead of spending years to prove your idea, you need to first build it and we see the market reacting almost immediately. We like that, and we are more than happy to support such innovations and entrepreneurs to help them build, scale and succeed through investments and our end-to-end ecosystem support.”
How DWF Labs has set out to achieve this mission is via a four-pronged approach: market making, over-the-counter (OTC) trading (known as DWF Liquid Markets), ventures investments (known as DWF Ventures), as well as investments on secondary markets. For the uninitiated, a market maker is typically an entity or individual that provides liquidity to a given financial market by actively buying and selling assets. At
“PEOPLE ALWAYS SAY THAT CRYPTO IS VOLATILE, BUT BEYOND THE VOLATILITY, WE SEE THE TECHNOLOGY THAT IS CHANGING THE WORLD.”
DWF Labs, for starters, this is done by offering customized liquidity provisioning and financial support strategy that combines a data-driven approach with a given client’s needs. “DWF Labs has undertaken several major initiatives, particularly in the UAE and the broader Middle East, to support liquidity and anchor the market,” Grachev notes. “These include operating validator nodes, contributing to total value locked (TVL), and enhancing liquidity for tokens. In particular, we don’t see any bottlenecks in the region and we operate in communication with the regulators in order to realise regional crypto potential through active work, strategic partnerships and advocacy.”
DWF Labs also ensures liquidity to its partners by integrating with over 60 decentralized and centralized venues. But Grachev notes that
CRYPTO IS A GROWING MARKET THAT ALLOWS TALENTED PEOPLE TO BUILD INNOVATIVE PRODUCTS WITH A VERY HIGH POTENTIAL UPSIDE. IT IS VERY LIQUID AND HAS A VERY QUICK MARKET RESPONSE. INSTEAD OF SPENDING YEARS TO PROVE YOUR IDEA, YOU NEED TO FIRST BUILD IT AND WE SEE THE MARKET REACTING ALMOST IMMEDIATELY.”
being a market maker in the conventional sense alone was never going to be enough to fulfil the brand’s vision. “The market making business is only about liquidity provision and maintaining the quality of assets’ market on crypto exchanges, but project founders need more than that,” he says. “This is why we have launched new initiatives that nobody else has done before, such as liquid investments, project and business development support in exchange for tokens. In 2022 other companies didn’t understand it, but in 2023 they started realizing that we are real competition, and now in 2024, we are practically blazing the trails and leading the way in this business. I am really proud of that.”
Intertwined with DWF Labs’ liquidity offering endeavors is its role as a crypto OTC trading as well as options trading platform. Indeed, with DWF Liquidity Markets, clients can trade OTC on demand at any given time anywhere in the world, thereby opening up opportunities to tap into diverse liquidity sources. On the other hand, by trading spot and derivatives markets on over 60 top global exchanges, it has become one of the world’s largest high-frequency cryptocurrency trading entities. “When we joined the market, we saw that there was a strong market demand for these services, that’s why we chose these
verticals,” Grachev adds. “By diversifying operations, we can support crypto projects across various stages of maturity, strengthening our position to be a full-service player in the crypto industry. We also allocate some percentage of our revenue to research and development (R&D), and constantly explore new opportunities.”
DWF Labs fourth vertical is, of course, the aforementioned DWF Ventures - a venture capital (VC) arm that aims to “invest in revolu-
→ Dubai-based free zone authority DMCC CRYPTO CENTRE, a crypto hub within the DMCC Free Zone in Dubai, partnered with DWF LABS in 2023 to attract blockchain and Web3 companies to the UAE and MENA region. It was also one of the partners for a joint hackathon with DMCC and Bybit.
tionary innovations and back Web3’s trailblazing founders.” Now, from the other already discussed verticals, Grachev’s vision to empower crypto entrepreneurs is evident. But through the creation of DWF Ventures, the founder has been able to tap into a wide array of
business ideas and pools of talent. “In 2023, we had our first meeting with DMCC, with intentions to expand in the MENA region,” Grachev recalls.
“Since then, we’ve established a partnership to offer a US$5 million growth platform for Web3 and blockchain businesses
at the DMCC Crypto Centre. The commitment included the establishment of the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally,
regionally and globally. Since then, we’ve also renewed this agreement. On top of strategic partnerships like these, we continue to invest heavily, investing a few hundred million US dollars in over 400+ projects within 16 months of its establishment. We have also grown }}
OUR PLAN FOR THE FOLLOWING ONE TO TWO YEARS IS TO ACQUIRE SEVERAL BANKS IN DIFFERENT REGIONS AND BUILD PRODUCTS THAT WILL ALLOW EVERYONE TO LEVERAGE ALL THE BEST OF BOTH THE CRYPTO AND TRADITIONAL FINANCE WORLDS.” “
work that will eventually help our industry grow as a whole in the long-term. For example, we support certain protocols by running validator nodes or contributing liquidity on-chain. We’ve also ventured into the institutional space by cooperating with leading universities and governments in order to help them to raise awareness about the crypto market and together, work together to make the decisions that will help the industry to grow.”
Gthe portfolio to over 900 Web3 projects by focusing on those that have great leaders and think about the long term results and work hard to achieve that.”
Here, Grachev acknowledges that while DWF Labs’ strategies have certainly been successful on their own, has also been a collective effort that has aided the entity in leaving an indelible mark on the market.
“When it comes to our ecosystem support, we have a large network of portfolio projects, companies, friends and partners that present avenues for collaborations, growth and opportunities for our new clients,” he adds. “From influencers and go-to-market experts to hackathons and retail products that can boost acceptance and usage of certain crypto projects, we have it all. We also cover the foundational
rachev and his team have, in fact, already taken certain steps to ensure this next phase of growth is set in motion. “A big thing that we are working on is Falcon Finance, a multi-collaterized yield-bearing stablecoin that will allow institution investors, companies and normal users to get additional cash for investments and trading without selling their assets, and also get additional yield which is coming from our carefully engineered financial strategies,” Grachev reveals. “To support regulatory alignment [in the UAE], we are actively engaging with standards bodies such as Securities and Commodities Authority (SCA), Abu Dhabi Global Market (ADGM), the Virtual Assets Regulatory Authority (VARA), and Dubai Multi Commodities Centre (DMCC), which will help us develop compliant frameworks and advance Web3 adoption. Finally, our efforts in tokenization extend beyond individual assets to entire banking structures, combining regulatory licensing and advanced technology to support a fully tokenized financial ecosystem. We believe these steps will position DWF Labs as a key cornerstone in Web3, fostering stability and sustainable growth within the digital asset and, of course, traditional finance as well.”
Indeed, Grachev and DWF Labs are not restricting themselves to just the crypto market. “Regarding traditional finance, we are
Andrei Grachev on the trends that will ensure a well-paced growth of the crypto industry
}INSTITUTIONAL CRYPTO “It is ETFs, tokenized RWA and tokenization platforms, yield bearing stablecoins and products, money markets, treasury bills, tradefi + web3 solutions. This is a growing sector. As the convergence of traditional finance and crypto strengthens,, the larger this vertical will become.”
}PROJECTS AND TOKENS WITH UTILITY
“You can call it like R&D of the crypto space. They are constantly emerging and disappearing with ideas, which constantly launch the starts of the markets.”
}MEMES “A cultural phenomenon of the crypto industry which brings a lot of fun. It belongs to the category of high risk, high return sort of products. Fairly speaking - this vertical is the best marketing and retail users onboarding solution for certain chains and for the industry in general.”
definitely looking forward to expanding our operations into it, because the markets are huge and much larger than crypto,” he notes. “Our plan for the following one to two years is to acquire several banks in different regions and build products that will allow everyone to leverage all the best of both the crypto and traditional finance worlds.”
Adopting such a mindset has meant that the DWF Labs team has increasingly been lauded by peers and industry leaders. “Last year, we were recognized as the Lead Crypto Investor by Binance Research [the market analysis and insights arm of popular cryptocurrency exchange Binance],” Grachev shares.
“Soon after, we were also awarded the Best Liquidity Provider Award by Bybit [a UAE-based cryptocurrency derivatives exchange]. We are so
thankful for the industry recognition and we look forward to achieving greater things in the future. We remain focused to deliver as much value as possible to our clients and this can be evidenced by our achievements in this industry.”
According to Grachev, in reaching such milestones, it has been paramount for him to create a team that deeply aligns with continuing the vision he has curated for DWF Labs. “We are hard workers and businessmen- our working schedule is mostly with no weekends, holidays and working hours are from early morning to late evening,” he reveals. “Our passion is to be the best and do our best. We carefully hire people that share this mindset and give them whatever they need to express themselves in this manner. You see, we decided to build our company in the crypto market, because we saw a lot of opportunities and inefficiencies that could be solved by our efforts. This means that there was a vast ocean for us to explore in terms of our business. Time has flown by and now looking back, we see that we’ve definitely made the right decision!”
As such, it would perhaps only be right to gain some parting words of advice from Grachev. “My advice is simple: pay attention to trends,” he declares. “Remember that every market has its cycles and our mission, as entrepreneurs, is to make sure that our business has a sustainable model that can survive during hard times, be profitable during good times and be able to scale sustainably.”
→ Apart from crypto liquidity provision, market making and VC activities, DWF Labs has also worked towards being a reliable partner to Web3 builders by assisting them with exchange listings, facilitating partnerships, and helping our projects to raise funds.
The Recap Enterprise Agility Awards 2024
On December 9, 2024, at Fairmont The Palm in Dubai, UAE, Entrepreneur Middle East staged the Enterprise Agility Awards 2024 to recognize entrepreneurs, innovators, and creative thinkers across the MENA region. The awards gala was supported by in5, Fluidmeet, and Numai Real Estate. The trophies were presented to the winners by Wissam Younane, CEO of BNC Publishing, and Rabih Najm, Managing Director of BNC Publishing. Check out the full list of winners at the Enterprise Agility Awards 2024 here:region’s digital business landscape.
BNC PUBLISHING CEO Wissam Younane
Entrepreneur of the Year / Amreen Iqbal, founder, Piece of You
Startup Enabler of the Year / Emirates Angels
Hospitality Firm of the Year / TGP International
Retail Leaders of the Year / Gedeon Group
Human Development Leader of the Year / Human Network International
Freezone of the Year award / Ajman Freezone
Innovator of the Year / Alexander Guseff, founder and CEO of CrispMind
F&B Retail Company of the Year / Grandiose Fintech Company of the Year / Kama Capital
Ecosystem Enabler of the Year / Emirates Development Bank
Media Personality of the Year / Kris Fade, founder of FadeFit and Virgin Radio
Dubai host
Content Creator of the Year / Islam Fawzy, Egyptian influencer
Corporate Service Provider of the Year / Virtuzone
Outstanding Contribution to Business / Khadija Al Bastaki, Executive Director of d3
Best New-Comer / Alfonso Santitoro, CEO of AlSaan Properties
Online Retail Company of the Year / Oskelly
Excellence in Home Fashion / Marina Home Interiors
Luxury E-Commerce Platform of the Year / Falcons
Sustainable Innovation of the Year / BMW Middle East
Ride-Hailing App of the Year / Yango
Real Estate Broker of the Year / BENCO
Visionary of the Year / Naser Taher, founder and Chairman, Multibank Group
Social App Of The Year / Vurse
ENABLER OF THE YEAR - Emirates Angels EXCELLENCE IN HOME FASHION Marina Home Interiors
ECOSYSTEM
ENABLER OF THE YEAR Emirates Development Bank
OUTSTANDING CONTRIBUTION TO BUSINESS
Khadija Al Bastaki, Executive Director of
d3 STARTUP
FREEZONE OF THE YEAR AWARD
Ajman Freezone
Alfonso Santitoro, CEO of AlSaan Properties
Middle East
LUXURY E-COMMERCE PLATFORM OF THE YEAR - Falcons
MEDIA PERSONALITY OF THE YEAR - Kris Fade
F&B RETAIL COMPANY OF THE YEAR - Grandiose
RETAIL LEADERS OF THE YEAR Gedeon Group
VISIONARY OF THE YEAR - Naser Taher, founder and Chairman, Multibank Group
HUMAN DEVELOPMENT
LEADER OF THE YEAR
Human Network International
CONTENT CREATOR OF THE YEAR - Islam Fawzy, Egyptian influencer
HOSPITALITY FIRM OF THE YEAR - TGP International
RIDEHAILING APP OF THE YEAR Yango
SOCIAL APP OF THE YEAR Vurse
The voice of entrepreneurship around the world
Turning Experience Into Enterprise
to make the mid-career transition from dreamer to doer by
How
NATHALIE KHOURI
At any stage of life, starting a business comes with the prospect of multiple risks and rewards. But when you’re over 40, with a regular paycheque and family responsibilities, it’s the risks that come into much sharper focus. With an established career in the corporate world working with some of the biggest global brands, it might have seemed illogical to suddenly walk away and step into the unknown. I had always been certain that I wanted to run my own business, but it wasn’t until I’d reached my 40s that the time was right to shift from dreaming to doing. Four years in, and I
see how that experience and maturity has lent a hand.
FINDING YOUR PASSION
One of the biggest challenges –and perhaps one of the reasons this journey started later in life– was finding something I was truly passionate about. I’d explored franchising opportunities, but I was creative at heart, and that’s what I needed to channel in my business. As an experienced professional it’s likely that you’ve had days when you’re just present for the paycheque, but this doesn’t work as an entrepreneur. For me it was a small project that ignited a huge awakening, for others it could be a question of trying out different things. The key is to find your passion.
FACING YOUR FEARS
My entrepreneurial journey was born out of the need for a new challenge, to create something original and to gain different skills and experience. Nevertheless, leaving behind a steady job and starting a new venture still brought about a sense of fear and confusion, alongside the excitement. Yet it’s the career you’re leaving behind that helps in facing those difficult emotions. Managing global campaigns, diverse teams, and big budgets for over 15 years gave me the resilience to develop a thick skin and the experience to navigate the confusion. If I’d have started a business earlier in life, that may not have been the case.
“
ENTREPRENEURSHIP
IS A JOURNEY THAT REQUIRES A LEAP OF FAITH, AND WHILE AGE OFTEN COMES WITH MORE CAUTIOUS DECISION-MAKING, IT ALSO BRINGS EXPERIENCE AND MATURITY THAT, MATCHED WITH A PASSION AND A VISION, COULD PROVIDE THE KEY TO SUCCESS.”
TAKING ONE STEP AT A TIME
I’ve seen young entrepreneurs that go all out on a big idea, only to fail or lose interest in the journey. Entrepreneurship is about opting-in to a phase of professional transition; to be successful and sustainable you need to take one step at a time. I liken it to entering a dark forest; you wouldn’t run straight through it without fear of obstacles, you would take small careful steps to make sure you reached where you wanted to go. My only goal
when I started out was to create my own liveable space, and step-by-step I’ve come to re-designing luxury properties.
ESTABLISHING A CLEAR VISION
Knowing your next destination is just as important as the steps you take. When we’re younger we’re often comfortable to go with the flow; in the startup context, going all out and seeing how it lands. As an employee, you have a team to motivate you and a manager to keep
you accountable. As a starTup, it’s a clear vision and goal setting that will motivate and measure your progress. Even if things go off course, knowing what you want to do next is important to sustaining your business in the long-term, whether through growth or diversification.
Entrepreneurship is a journey that requires a leap of faith, and while age often comes with more
cautious decision-making, it also brings experience and maturity that, matched with a passion and a vision, could provide the key to success.
Nathalie Khouri is the founder and creative director of Ralee, an interior design studio with a diverse portfolio of residential and commercial projects. ralee.me
FUN COMES GUAR ANTEED
The Power of Executive Retreats
Sarah Saddouk, Director of Innovation at Entrepreneur Middle East, on why Naäma Beach Villas & Spa in Fujairah is a sanctuary for resetting the innovative mindset.
As the Director of Innovation at Entrepreneur Middle East, I am constantly engaged in crafting programs that inspire creativity, foster entrepreneurial growth, and challenge conventional thinking. But even for those of us immersed in innovation and entrepreneurship, the endless cycle of decisions and responsibilities can cloud clarity and stifle new ideas. My recent experience at Naäma Beach Villas & Spa in Fujairah, accompanied by my team, was a profound reminder of the importance of stepping away to recalibrate and reset the mindset.
In our experiential capacity building programs, we emphasize the significance of finding environments that encourage reflection and inspire out-of-the-box thinking. Naäma Beach Villas & Spa embodies this philosophy, offering more than just luxury—it’s a sanctuary designed for inspiration.
HOW
NAÄMA BEACH VILLAS & SPA HELPED MY TEAM AND I RESET
Naäma Beach Villas & Spa is not just a getaway; it’s a carefully curated experience where the mind, body, and spirit align. Here’s how our visit helped us reset:
A space for reflection and big ideas
The serene ambiance of the villas, complete with calming interiors and private pools, provided the perfect environment for collective reflection. My team and I spent hours brainstorming and discussing new strategies, free from the distractions of daily life. This unstructured time encouraged us to explore bold ideas for future programs.
Wellness as a foundation for creativity
We all indulged in transformative treatments at ESPA, which lifted the mental fog we didn’t even realize we were carrying. A head, neck, and shoulder massage paired with the serene environment left us recharged and focused—essential qualities for tackling our daily innovative projects.
The inspiration of nature
Fujairah’s rugged mountains and pristine coastline became a shared source of inspiration. Hiking at sunrise and observing the interplay of light and landscape provided fresh perspectives, reminding us of the interconnectedness that innovation often requires. These moments in nature not only rejuvenated us individually but also strengthened our collective energy as a team.
Intentional
dining for deeper connection
Dining at Naäma wasn’t just about enjoying exquisite meals; it became an opportunity for deeper connection and meaningful discussions. Whether savoring charcoal-grilled dishes at Aseela or enjoying
quiet moments over coffee at Nafourah Lounge, these experiences nurtured mindfulness and collaboration among the team.
WHAT SETS NAÄMA BEACH VILLAS & SPA APART FOR INNOVATORS
As someone deeply invested in creating transformative experiences for others, I was impressed by how Naäma’s intentional design supported both individual creativity and team synergy.
} Nature and luxury in harmony
The seamless integration of Fujairah’s natural beauty and Naäma’s sophisticated design created an environment where ideas flourished both individually and collectively.
} Holistic well-being From personalized wellness treatments to active exploration opportunities, Naäma balances relaxation and energy renewal—key for sparking innovative ideas as a team.
} Tailored experiences
Whether through curated dining or bespoke outdoor adventures, Naäma encouraged us to craft a journey that mirrored the unique nature of our team’s innovation process.
} Encouragement of stillness and collaboration
Every corner of Naäma invited stillness and reflection, while the shared spaces fostered meaningful team conversations that drove meaningful change.
EVERY CORNER OF NAÄMA INVITED STILLNESS AND REFLECTION, WHILE THE SHARED SPACES FOSTERED MEANINGFUL TEAM CONVERSATIONS THAT DROVE MEANINGFUL CHANGE.”
TIPS FOR INNOVATORS AND TEAMS TO RESET IN SPACES LIKE NAÄMA BEACH VILLAS & SPA Naäma offered my team and me the tools to recharge and reconnect with our purpose. Here’s how innovators and teams can leverage similar retreats:
} Embrace stillness: Create moments for both individual reflection and team brainstorming—stillness often unlocks the best ideas.
} Invest in wellness: Prioritize physical and mental health to sharpen focus and creativity across the team.
} Engage with nature: Explore the outdoors to gain new perspectives and foster team bonding.
} Reflect with purpose: Use quiet time to reassess goals, strategies, and next steps, both individually and as a team.
} Slow down: Resist the urge to fill every moment with activity. Allow space for ideas to emerge naturally, both for individuals and the group.
VERDICT: WE LOVED IT!
Naäma Beach Villas & Spa isn’t just a luxurious escape—it’s a catalyst for transformation. As the Director of Innovation for Entrepreneur.com, I left Naäma with my team, feeling a renewed sense of
clarity, collaboration, and purpose. Together, we were ready to lead with fresh ideas and perspectives, inspired by the stillness and beauty we experienced.
For leaders, innovators, and teams alike, spaces like Naäma are invaluable. They remind us that
progress isn’t always about moving forward; sometimes, it’s about pausing, reflecting, and rediscovering the passion that drives us. When the noise of the world fades, the path to innovation becomes clear—for individuals and teams alike.
The Executive Selection
From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks are from Athena Dermatology Clinic, Versace, Schiaparelli, and Bugatti Home.
THE PLEASURE OF GIVING → Schiaparelli
Schiaparelli’s range of luxurious knitwear, jewellery and accessories, with their pure lines and anatomical codes, arrive in stores in time for the gifting season.
Schiaparelli, 21 place Vendôme, Paris www.schiaparelli.com/en
A TECH TAKE ON VERSACE TAG ↓
By Versace
Versace has launched the Versace Tag bag through a series of innovation partnerships with ZEPETO, Snapchat, and DREST to tap into a generation of young people who value self-expression, emotional engagement and experiences in both the real and virtual worlds. www.versace.com
THE WORLD’S FIRST BUGATTI HOME BOUTIQUE →/ Bugatti Home, The Dubai Mall Zabeel
The first Bugatti Home boutique in the world is in The Dubai Mall Zabeel, brought to the UAE by long-term partner Luxury Living Group and exclusive retailer The Mattress Store. Bugatti Home presents a curated collection of the brand’s most coveted furniture pieces, inspired by the values of the legendary hyper sports cars and refined by over a century of heritage. www.bugatti.com
EDITOR’S PICK
↑ WHERE SKIN HEALTH MEETS EXCELLENCE Athena Dermatology Clinic
In a city known for its high standards in health and beauty, Athena Dermatology Clinic, located in The Greens, Dubai, stands out as a beacon of expertise and patient-centric care. Its founders Dr. Parul Thakur and Dr. Akreti Sobti believe that aging should be a graceful process. This belief has inspired them to focus on natural, personalized results that prioritize individual well-being. For that reason, Athena Dermatology Clinic offers a full range of services from aesthetic enhancements, such as botox, dermal fillers, and bespoke medical facials, to services offered with its advanced technologies, including The Aerolase® Laser, Morpheus 8® Microneedling RF, and Liftera®.
There are also regenerative aesthetic options like polynucleotides, exosomes, skin boosters, Sculptra, and other collagenboosting treatments for advanced skin rejuvenation, as well as solutions for hair restoration, acne management, and pigmentation.
Verdict: Athena Dermatology Clinic, with its warm and welcoming environment, cuttingedge technology, and a highly skilled team of dermatologists and skincare specialists, empowers patients with knowledge about their skin strategies for long-term care.
Onyx Tower, The Greens, Dubai www.athenaderma.com
→ All the founders and representatives of the MBRIF Innovation Accelerator Program’s eight cohort with H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship (front centre).
Future Forge
Highlights from the Demo Day of the Mohammed Bin Rashid Innovation Fund Accelerator Program’s Eighth Cohort
On November 27, 2024, the Mohammed Bin Rashid Innovation Fund (MBRIF) held the Demo Day of the eighth cohort of its Innovation Accelerator Program at the Astoria Waldorf hotel in Dubai. The event was held in collaboration with Bolt, Brinc, Emirates Development Bank (EDB), and Entrepreneur Middle East.
The event was kickstarted by a keynote address from H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship. This was followed by speeches from both Ahmad Alnaqbi, CEO at EDB as well as Shaker Zainal, Head of the MBRIF and Chief Business Officer at EDB.
→ Shaker Zainal, Head of the MBRIF and Chief Business Officer at Emirates Development Bank
17 startups from the MBRIF Innovation Accelerator Program’s eighth cohort then presented their business ideas to a panel of judges comprising of Ekta Tolani, Chief Investment Officer at KBW Ventures; Sacha Haidar, Partner at Global Ventures; Ali AlMajthoob, Managing Director at MEVP; and Omar Khan, Principal at Oraseya Capital.
The startups that took part in the pitch competition included TheraCann, Green and Seed, Manhat, Nadeera, Circa Biotech, Greenfi, Jalebi, Aqlama, CrossVal, Duverse, BigDot, Equevu, Pulsar.ml, Madari Space, Basetrack, Sulmi, SpaceLab, Reme-D, Hoopla, and OxyTech.
At the end of the judges’ deliberations, three prizes were awardedBest Pitch, Best UAE Homegrown Business, and Most Impactful Business.
The winners were declared as follows:
Best Pitch: Circa Biotech
Best UAE Homegrown Business: Equevu Most Impactful Business: Reme-D
Launched in 2018, the MBRIF Accelerator aims to support innovators and entrepreneurs by offering key resources, connections, and services specifically designed to accelerate business growth to ensure their success. Head to entrepreneur.com for more highlights from the eighth cohort’s Demo Day!
→ H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship
→ Salama Tammam is the founder and CEO of Reme-D
→ Dr. Liudmila Prozorova is the co-founder of Circa Biotech
→ Hazem Abdelrahman is the co-founder and CEO of Equevu
IN FOCUS
A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund accelerator program that you should be keeping an eye on
by AALIA MEHREEN AHMED
Beyond Farming
At the intersection of the UAE’s rapid food security initiatives and the country’s ability to provide a thriving launchpad for startups, there has been a welcome increase in the number of startups offering alternative farming and food production facilities. It is within such a landscape that Beyond Farming, a turn-key
urban indoor vertical farm solution, was born in the Emirates in November 2024. “At Beyond Farming, we focus on revolutionizing urban agriculture through advanced agricultural technologies such as fogponics to address the challenges of food security, sustainability, and profitability of urban indoor vertical farming agriculture,” explains Chris Bolton, the startup’s founder, Chairman and CEO. “The main problem we’re addressing is enhancing food security and sustainability in urban areas by providing a repeatable, economic, practical, sustainable, scalable, safe and secure urban indoor Farm as a Solution (FaaS) facility. We are driven by the urgent need to provide cities with reliable access to fresh, sustainably grown local produce.”
→ The Beyond Farming team (clockwise; starting top left): Chris Bolton (founder Chairman, and CEO), Pedro Silva (CFO); Ricardo Ferrer (Interim Chief Operating Officer; and Shawn Kelly (Chief Revenue Officer)
} Created by Bolton along with Pedro Silva (CFO), Ricardo Ferrer (Interim COO), and Shawn Kelly (Chief Revenue Officer), Beyond Farming thus enables the production of nine categories of crops -including fruits, vegetables, and mushroomswithin fully configurable controlled environments and without the use of contaminants. Designed with a “Farm-to-Fork” approach (i.e straight from an urban farm to consumers), Beyond Farming operates on a dual business model, offering two choices of FaaS: “We Own” and “You Own”. “The two options help accommodate
revenue streams through direct product sales, technology licensing, sale of greenhouse gas avoidance credits, and consultancy services related to urban indoor farming setups.”
} Although the startup was launched in the UAE only a month ago, it has already demonstrated its ability to produce over 35 different crops across the globe and is currently in an expansion phase. As such, the Beyond Farming team is very upbeat about the potential ripple effect it can create within this new market. “Our offices have been established in
non-special purpose buildings effectively, making our solutions ideal for cities aiming to enhance local food production sustainably. Our artificial intelligence (AI) controlled environments are optimized to further reduce crop production cycle time, power consumption, and labor requirements, while increasing crop yield, and crop quality.”
} In introducing Beyond Farming’s solutions to a wider range of stakeholders in the UAE, the MBRIF Innovation Accelerator Program has certainly played an important role.
THE MAIN PROBLEM WE’RE ADDRESSING IS ENHANCING FOOD SECURITY AND SUSTAINABILITY IN URBAN AREAS BY PROVIDING A REPEATABLE, ECONOMIC, PRACTICAL, SUSTAINABLE, SCALABLE, SAFE AND SECURE URBAN INDOOR FARM AS A SOLUTION (FAAS) FACILITY.”
different investment and operational preferences,” explains Silva. “In the “We Own” model, we retain ownership and manage the farming operations, generating revenue through the sale of fresh produce, leasing of facilities, and offering managed services. In the “You Own” model, we sell or lease our farming systems to clients who operate them independently, providing us with a steady revenue stream from sales of equipment, technology licenses, and ongoing support services. Our revenue model is thus designed to create multiple
Australia, Canada, Panama, the United States, and now the UAE, and we are moving towards profitability with substantial growth projected from increasing global demand for sustainable agriculture,” Ferrer notes. “Our unique selling proposition lies in our innovative, water-neutral fogponics [a type of aeroponics where plants are grown with their roots suspended in air and exposed to a nutrient-rich mist or fog] technology within modular urban farming systems that are adaptable to various urban environments. We are crop-agnostic and utilize
“The MBRIF program was especially chosen to facilitate introductions to local grocery stores and restaurants, access government officials, and explore financing options for our UAE projects, driven by recommendations from the Dubai Chamber of Commerce,” Kelly reveals.
} As Beyond Farming now hopes to catalyze its initial efforts, founder Bolton remains mindful that his startup will have to maintain a healthy balance between the incessant technological shifts that define the agritech sector
and the very users who are ultimately meant to benefit from such solutions. “As we advance our technologies and expand our business model, staying at the forefront of the agritech industry requires constant innovation,” Bolton adds. “We have led our industry by partnering with universities around the world to provide urban indoor vertical classrooms, provide centers of excellence for research and development, and in turn offer long term positions with our expanding organization through urban indoor farming practicum and mentorship programs. But despite our technological focus, maintaining a human connection with our customer base is paramount. We engage with local communities through educational programs and workshops, providing training and support that empowers them to participate in and benefit from urban agriculture. Additionally, our customer service teams are trained to provide personalized support, ensuring that our clients receive the guidance they need to successfully implement and benefit from our systems. These efforts ensure that while our technology may be advanced, the human element remains at the core of our operations.” As the UAE continues to race towards its food security targets, it will certainly be worth keeping an eye out for what Beyond Farming brings to the table!
Pulsar
/pulsar.ml/
While the advantages of incorporating advanced technologies like artificial intelligence(AI) and machine learning (ML) into a given business are perhaps innumerable, there is also the issue that many jump on to the bandwagon without a complete understanding of how these tools operate. Easing precisely this journey for UAE-based businesses is Canada-headquartered Pulsar.ML (Pulsar). “The main problem we are trying to solve with Pulsar is the complex and often fragmented process of integrating AI solutions into existing business
workflows,” explains the founder, Mohamed Sabri. “Many organizations struggle with transforming raw data into meaningful insights and actionable results, primarily due to challenges in data management, lack of scalable AI infrastructure, and limited expertise in deploying models efficiently. These hurdles often lead to stalled AI projects, inconsistent outcomes, and missed opportunities for value creation. At Pulsar, we focus on building robust, scalable AI infrastructure that empowers organizations to efficiently manage, analyze, and optimize their data assets. Our core expertise lies in ML Operations (MLOps), data governance, and AI-powered automation, enabling seamless integration of AI technologies into business processes.”
} Indeed, the Pulsar platform empowers businesses to monitor ML models in production, in real-time, to get the best out of them and thus store the production data in a safe and reliable environment. To do this, the first step involved is to instantiate a given company’s assets by creating a database and uploading the data. Next, Puslar is injected into the production code and data is collected, following which Pulsar structures the production data and merges it with offline data, Immediately after this, the Pulsar metric analyzes the collected data. The final step involves running the Pulsar analyzer and receiving insights about that particular ML model.
} “We offer end-to-end solutions, from designing data pipelines to deploying and maintaining machine learning models in production,” Sabri elaborates. “Our goal is to accelerate digital transformation and help businesses unlock the full potential of AI, driving smarter decision-making and tangible business outcomes. Pulsar thus operates with a hybrid business model centered around an open-source AI platform. This open-source product allows users to freely access and use our tools, fostering a community of developers and enterprises who can contribute to and benefit from its capabilities. We also provide different tiers of support, ranging from basic troubleshooting to advanced model optimization, ensuring clients can maximize the value of their AI deployments.”
→ Mohamed Sabri is the founder of Pulsar.ML, a Canadaheadquartered tech startup that has made its way to the UAE.
} And according to Sabri, Pulsar’s key differentiating factor lies within its combination of open-source accessibility, advanced MLOps solutions, and robust AI governance frameworks- all of which, he says, are tethered to the group of experts running the show behind-the-scenes.
“Unlike many proprietary AI platforms, Pulsar’s opensource nature allows users to access, adapt, and innovate with our tools freely,” he adds. “This flexibility fosters a community-driven ecosystem, while our premium support services ensure enterprises receive the reliability and expertise needed for seamless AI integration. As well, we prioritize AI governance to ensure ethical, transparent, and compliant AI usage. Our tools provide integrated governance features, enabling organizations to manage data security, model performance, and regulatory compliance effectively—an essential aspect for enterprises adopting AI at scale.”
} Currently in the early growth stage, Pulsar has successfully generated over $100,000 in annual revenue- a number that Sabri says has “validated our business model and the demand for our support and maintenance services around our open-source AI product.” “We are also actively seeking to raise US$2.2 million in a seed funding round,” he adds.
“This funding will be used to expand our team, enhance product development, increase market reach, and strengthen our infrastruc-
THE MAIN PROBLEM WE ARE TRYING TO SOLVE WITH PULSAR IS THE COMPLEX AND OFTEN FRAGMENTED PROCESS OF INTEGRATING AI SOLUTIONS INTO EXISTING BUSINESS WORKFLOWS.”
ture to support a larger user base. Our focus is on scaling operations, driving innovation, and accelerating growth while maintaining a strong foundation for sustainable, long-term success.”
} But while Pulsar has been making considerable inroads since its launch in 2021, moving into the UAE market has been something of a lukewarm experience for the startup. “Operating a startup in Dubai has been both challenging and rewarding,” Sabri shares.
“Adapting to the local culture was crucial, as building strong interpersonal relationships is key to business success here.
Understanding the diverse, fast-paced market also required a focus on aligning AI solutions with local
needs, particularly in sectors like finance, logistics, and government services. At the same time, Dubai’s strategic location offers access to the entire GCC region, making it a prime hub for scaling. The city’s infrastructure, connectivity, and pro-innovation environment have been major benefits, along with its openness to bold, disruptive ideas.” One such pro of operating in Dubai has certainly come in the form of participation in the MBRIF Innovation Accelerator. “The program aligns perfectly with our vision of driving innovation in AI and scaling impactful solutions across the GCC region.,” Sabri adds. “The MBRIF also offers a unique combination of financial support, strategic mentorship, and access to a network of industry experts,
all of which are critical for our growth phase.”
} Indeed, as Sabri and his team prepare themselves for the next phase of business growth, the founder notes that focusing fully on innovation is imperative.
“Given the rapid pace of technological change and AI advancements, staying ahead requires constant evolution and adaptation,” he declares. “Our approach to innovation is built on three key pillars: community-driven development, research and collaboration, and human-centered design. As such, we remain committed to pushing the boundaries of MLOps, AI governance, and opensource development to deliver solutions that not only meet current needs but also anticipate future challenges!”
Reme-D
/reme-d-inc.com /
In the past few years, there has perhaps never been a more poignant reminder of the need for equitable access to health diagnostic kits than the COVID-19 pandemic. But even though the worst of the pandemic is finally behind us, the fact remains that there are still multiple other health diagnoses that need to be done in a timely manner. But in 2023, the World Health Organization (WHO) reported that “whilst approximately 70% of healthcare decisions are made based on diagnostic test results, only 3–5% of healthcare budgets go to diagnostic services.” The report then goes on to note that access to basic diagnostic tools or
laboratory tests is often limited in many nations, and that long distances and isolated communities often make it difficult to carry out such testing. Directly solving this issue for the MEA region is Egypt-based Reme-D, a deep-tech startup that specializes in the development and manufacturing of cutting-edge diagnostic kits.
OUR TESTING SYSTEMS ARE STABLE AT ROOM TEMPERATURE (AS OPPOSED TO THOSE OFFERED BY THE COMPETITION THAT NEED TO BE FROZEN). MOREOVER, THESE ARE SIMPLER TO USE, REQUIRE HALF THE AMOUNT OF LABORATORY EQUIPMENT IN COMPARISON TO TESTS OFFERED BY COMPETITION, AND PRODUCE RESULTS IN ONE-THIRD OF THE TIME IN COMPARISON TO COMPETITION.”
} “Reme-D addresses the limited availability and affordability of disease diagnostics in the MEA,” elaborates Salma Tammam, founder and CEO of Reme-D. “To date, most of the diagnostic testing systems are not being manufactured in the MEA- the region relies on imported kits which makes their availability subject to international demand and availability of foreign currency for import. The test cost is also inflated due added shipping and import costs and mark-up of imported and distributors. The acquisition time is also rather high, which means that labs need to keep large inventories to avoid delays in acquisition of such critical products. Additionally, these imported kits are not suited for use in low resource settings. Reme-D develops efficient and affordable disease testing solutions from locally sourced materials. Our patented technology makes our tests suitable for use in low resource settings; our tests are stable at room temperature whereas imported kits need to be refrigerated, additionally our tests make the procedure in the lab three times shorter and
simpler allowing labs to increase productivity without hiring more personnel.”
} Officially launched in December 2022, the startup is incorporated in the American state of Delaware and has a manufacturing facility and an office in Egypt’s capital Cairo as well as an office in Greece’s capital Athens. With a mission to “create a better, healthier and cleaner future for all,” the Reme-D team thus specializes in molecular diagnostics and targets underserved areas to offer easily accessible, reliable, and effective diagnostic tests. And since its inception, the research and development (R&D) efforts have led to the production of 20 diagnostic tests.
} “Reme-D develops, manufactures and sells diagnostics tests to medical labs, hospitals and research institutes,” Tammam explains. “Our products are based on in-house research and development in the fields of nanotechnology,
↑ The Reme-D team, including founder and CEO Salma Tammam (fourth from left).
↓ Reme-D is a deep-tech start-up that specializes in the development and manufacture of cutting-edge diagnostic kits for both human and animal diseases.
TO DATE, MOST OF THE DIAGNOSTIC TESTING SYSTEMS ARE NOT BEING MANUFACTURED IN THE MEA- THE REGION RELIES ON IMPORTED KITS WHICH MAKES THEIR AVAILABILITY SUBJECT TO INTERNATIONAL DEMAND AND AVAILABILITY OF FOREIGN CURRENCY FOR IMPORT.”
↑ Reme-D’s kits are designed to revolutionize the way diseases are diagnosed, with a focus on molecular diagnostics
molecular biology, proteomics and bioinformatics. In Egypt, we sell directly, where currently we are selling around 50,000 tests a month to 73 labs and hospitals. Outside of Egypt we are selling in Sudan and Iraq, where we sell through a distribution partner. And in 2025, we will start selling in Kenya and Nigeria. We have also filed a US patent that protects the technology that makes our tests stable at room temperature, easier and simpler to use and at least 6x more affordable than that offered by international competitors. We also offer diagnostic equipment. This equipment is small, portable and
battery operated. These equipment are either sold, or offered to customers in exchange for a committed number of tests.”
} Here, it is important to mention that Reme-D’s endeavors align perfectly with the WHO’s Diagnostics Taskforce- an initiative launched by the global organization in May 2023 to strengthen global diagnostics capacities. Indeed, this Taskforce’s members help nations in not only assessing their needs for diagnostic technologies but also ensure their quality and provide implementation guidance, particularly in low-resource settings. As Tammam
reiterates Reme-D’s unique selling points, it becomes easy to appreciate the significance of such solutions. “As mentioned earlier, our testing systems are stable at room temperature (as opposed to those offered by the competition that need to be frozen),” she says. “Moreover, these are simpler to use, require half the amount of laboratory equipment in comparison to tests offered by competition, and produce results in one-third of the time in comparison to competition. Additionally, Reme-D’s diagnostic tests are proven to be six times more affordable [than the current available options]!”
} For Reme-D, the next step of asserting dominance in the region is to foster partnerships in the UAE and Saudi Arabia, reveals Tammam. In this regard, the MBRIF Innovation Accelerator Program has been a welcome source of support. “We believe that the MBRIF could offer great support with regards to expansion in the GCC,” Tammam says. “We have been seeking support in registering in the UAE and establishing an office, R&D facility and warehouse in the UAE and indeed through the MBRIF we were able to establish connections with Dubai Health Authority and a number of commercial partners. Also, we were able to work with Dubai Silicon Oasis to establish a manufacturing facility in the country.”
} While Reme-D’s impact in the UAE is yet to unfold, Tammam notes that, at the end of the day, what her startup brings to the table is a meaningful way to save lives. “Illness affects us all, but at Reme-D, we believe in a future where accurate diagnoses lead to swift recoveries,” she concludes.
Space Lab
/
spacelab.kz/
In November 2023, the world watched the news of 41 workers who were stuck in a collapsed tunnel under the Himalayas. While that 17-day-long rescue effort ended successfully, something noticeable about the ordeal was that there was no way to communicate with the men except through a singular walkie-talkie. But this wasn’t an isolated occurrence. The lack of access to real-time communication is something that has markedly defined events where people have been stuck in mines or other remote and/or confined spaces. For Kazakhstan-based startup SpaceLab, which was launched in 2021, the Internet of Things (IoT) technology holds the key to preparing for not just worst-case situations like the ones mentioned above, but also to ensure real-time monitoring of the climate, environment, and other resources/assets.
} “SpaceLab was inspired by the need to bridge communication gaps in critical infrastructure located in remote regions,” explains Dauren Aubakirov, co-founder and Business and Product Director of SpaceLab. “By creating technology capable of reliable, real-time data transmission globally, we aim to empower organizations and governments to monitor, analyze, and optimize strategic assets, supporting better decision-making and efficiency in inaccessible locations. We thus specialize in providing satellite-based IoT solutions that ensure seamless data transmission from IoT sensors in remote, hard-to-reach locations directly to designated servers through secure, independent channels. Our solutions aim to support automation and digitalization by enabling strategic data collection globally, even in areas without internet coverage.”
} How SpaceLabs achieves this is through the Internet of Very Important Things (IoVIT)- a concept its team started
↓ The SpaceLab team: Alexander Bychkov (co-founder), Dauren Aubakirov (co-founder), Artyom Slessarenko (co-founder), Arman Bekembayev (founder CEO), and Diana Azhikova (CFO).
working on in 2023. “The IoVIT satellite terminal enables data collection from IoT sensors via a Long Range Wide Area Network (LoRaWAN) terminal and subsequent data transmission to a server through satellite communication or terrestrial network,” Aubakirov explains. “This method allows for secure, independent data transmission from strategic facilities located in remote areas without internet coverage, thereby contributing to the advancement of automation and digitalization.”
} A key point to note about SpaceLabs’ tools is that they are also designed with the intention of preventing natural disasters and/or managing their repercussions in an efficient way. An April 2024 news release by The Astana Times noted that the startup’s IoVIT solution “focuses on the communication of personnel, computers, sensors and controllers located on sites vital for the state and business objects for monitoring the amount of precipitation in the steppe and
the current state of the soil to predict floods.” And according to Aubakirov, the startup’s unique selling point lies precisely within its ability to offer such a holistic model of operations. “SpaceLab’s biggest differentiating factor lies in our global coverage, which enables real-time, delayfree data transmission from anywhere on Earth, even in regions with no existing internet infrastructure,” he reiterates. “This capability makes us uniquely positioned to support critical monitoring and automation of assets in challenging environments.”
} Here, Aubakirov briefly explains SpaceLab’s
business model as well. “Our business model revolves around providing subscription-based services for satellite data transmission and hardware sales,” he says. “Clients typically subscribe to data plans tailored to their data transfer needs, allowing for recurring revenue. We also generate revenue from hardware sales and offer custom solutions that meet the requirements of large enterprises and government agencies. Long-term revenue streams may also include data analytics and insights derived from collected data.”
Currently a team of 12, SpaceLab is in its growth
stage. “We have received investments for angel investors and signed contracts with two large international companies in the oil and gas industry, marking them as our first strategic partners,” Aubakirov reveals. “Our goal now is to scale globally, with significant potential for further value creation through partnerships with major enterprise regions where remote data collection is vital.”
} Falling within SpaceLab’s expansion goals is the UAE- and moving into this new geography has been a journey that has been “both challenging and rewarding,” Aubakirov notes. “In
SPACELAB’S BIGGEST DIFFERENTIATING FACTOR LIES IN OUR GLOBAL COVERAGE, WHICH ENABLES REAL-TIME, DELAY-FREE DATA TRANSMISSION FROM ANYWHERE ON EARTH, EVEN IN REGIONS WITH NO EXISTING INTERNET INFRASTRUCTURE.”
the midst of this expansion, thanks to the MBRIF program’s unique resources and mentorship network -which align with our goal of scaling our technology on an international level- we’ve received access to innovation-driven frameworks and insights, mentors, helping us improve our offerings and align with best practices globally,” he adds. “The MBRIF staff is incredibly supportive and always ready to help as soon as you join the program.”
} As Aubakirov and his team remain focused on cementing their position in the UAE, Aubakirov notes that the way forward demands a proper balance between innovation and consumer feedback. “At SpaceLab, we stay at the forefront by integrating cutting-edge technologies such as artificial intelligence (AI) and 3D printing,” he says. “However, despite the technical focus, we ensure a human connection by maintaining transparent communication with clients, offering dedicated support, and involving customer feedback in product iterations to ensure our solutions genuinely address their needs. As such, healthy innovation is going to be central to SpaceLab’s future success!”
→ SpaceLab’s satellite-based system ensures efficient monitoring of climate, environment, and resources. The startup is now setting up an operational base in the UAE.
There is a level of recognition that comes with being the “first” to achieve or create a valuable solution in any industry. And for Sulmi, making the first e-motorcycle to be designed and manufactured in the UAE has come with an added sense of responsibility because -through its electric motorcycles and smart mobility solutionsthe automotive technology and mobility startup is also inadvertently contributing to the nation’s sustainability goals.
} “Founded in September 2019, our journey began with automotive research and development (R&D), evolving into electric motorbikes that integrate cutting-edge technologies,” explains Rashid Al Salmi. founder and CEO of Sulmi. “We launched our first product on July 18th 2023- an all electric intelligent motorbike designed, engineered, developed and manufactured by Emiratis and Arabs in the UAE. Sulmi thus aims to demonstrate that the UAE and the Arab world can lead innovation in transportation. In the same breath, our goal is to create smart, sustainable transportation that aligns with the needs of future cities.”
} Indeed, as per a February 2023 study by global environmental news website Earth. org, “if all cars on the road became electric, we could cut almost one-fifth of global emissions.” Meanwhile, an April 2024 article by the World Economic Forum notes that if the transition to electric vehicles (EVs) is done properly, then “they could be pivotal “in the switch to sustainable transportation.”
} “With rising environmental concerns and traffic congestion, we saw an opportunity to develop efficient electric motorcycles that reduce emissions, improve urban mobility, and provide safer riding experiences,” Al Salmi adds. “The shift from cars to motorcycles was driven by agility, environmental impact, and our belief in the growing demand for eco-friendly mobility solutions. Our electric motorcycle’s unique selling proposition thus lies in its advanced rider-assist system (SIRA) and Smart Electric Unit (SEU). These innovations ensure remote diagnostics, over-the-air (OTA) updates, and enhanced rider safety, setting us apart in the EV market. We combine high performance, intelligence, and sustainability, making our products attractive to governments and enterprises seeking modern mobility solutions.”
} Operating under a business-to-business (B2B) as well as a business-to-government (B2G) model, Sulmi is this focused on closing key partnerships and raising funds for its next phase of growth “We generate revenue through vehicle sales, partnerships, and service contracts, such as our collabora-
↑Rashid Al Salmi is the founder and CEO of Sulmi, the company behind the first e-motorcycle to be designed and manufactured in the UAE.
tion with the Sharjah Police Interceptor Motorcycle project,” Al Salmi says. “Our long-term revenue strategy includes expanding into
fleet partnerships and offering subscription-based services for vehicle monitoring and smart systems integration. As
such, we currently have two road-going prototypes, and plan to develop five to 10 proof-of-concept (POC) units to validate our
of which align with our vision for long-term success. Through this program, we thus aim to strengthen our product offering and scale operations more efficiently.”
} Indeed, as Al Salmi and his team now aim to achieve greater milestones in the upcoming new year and beyond, he notes that a keen focus on innovation will continue to help them ensure Sulmi -and by extension, the UAE- create an impact on the global EV market. “Our SEU technology allows for constant upgrades and optimization, ensuring our vehicles remain at the
THE SHIFT FROM CARS TO MOTORCYCLES WAS DRIVEN BY AGILITY, ENVIRONMENTAL IMPACT, AND OUR BELIEF IN THE GROWING DEMAND FOR ECO-FRIENDLY MOBILITY SOLUTIONS . OUR ELECTRIC MOTORCYCLE’S UNIQUE SELLING PROPOSITION THUS LIES IN ITS ADVANCED RIDERASSIST SYSTEM (SIRA) AND SMART ELECTRIC UNIT (SEU).”
technology and attract further investment. Sulmi recently showcased its motorbike at GITEX Global 2024 through a partnership with Tecom and Dubai Internet City, marking an important milestone.”
} Aiding Sulmi in its plans is, of course, the MBRIF Innovation Accelerator program. “We chose the MBRIF because of its commitment to supporting innovative ventures and empowering entrepreneurs in the UAE,” Al Salmi shares. “The program offers not just financial assistance but also mentorship, networking opportunities, and strategic resources, all
forefront of the industry,” he says. “However, we recognize the importance of maintaining a human connection with our customers. We achieve this through personalized services, community engagement, and customer feedback loops, building long-term relationships with clients and riders alike. Dubai’s ecosystem offers unmatched advantages, including access to advanced infrastructure, government support, and strategic events. Using these opportunities we will continue to network, build partnerships, and ultimately position Sulmi as a leader in sustainable mobility!”
← Sulmi designs scalable and sustainable systems, combining energy generation and storage with its electric motorcycles for maximum environmental impact.
↑ The Emirati company boasts local manufacturing, engineers, and development expertise dedicated to advancing mobility and electric motorcycles.
In The Loop/
SuperQi Launches in Iraq
Qi, a trailblazer in the fintech sector, proudly announces the successful launch of its groundbreaking 3rd generation app, SuperQi, in Iraq.
Developed in collaboration with Ant International and powered by Alipay+ Wallet Tech solutions, SuperQi introduces a transformative digital ecosystem combining a digital lifestyle super app with a fully integrated digital bank. This innovative platform underscores Qi’s commitment to financial inclusion and the digitization of financial services in Iraq.
Since its launch in July 2024, SuperQi has seamlessly integrated the best of Western digital banking with Asia’s leading Super App model. Available in Arabic, English, and Kurdish, it serves millions of Iraqis and offers a wide range of services, including: scan-to-pay, money transfers, bill payments, loans and installments, mobile recharge cards, shopping, travel and other payment solutions.
Qi, in partnership with Ant International, launches SuperQi, the lifestyle super app.
SuperQi also facilitates Iraq’s growing financial ecosystem with over 20,000 POS merchants and 10,000 cash-out agents. The app is designed to cater to diverse user needs, aiming to convert more than 30% of Iraq’s population by 2026.
With over 11 million cardholders and 5 million mobile application users, Qi targets reaching more than 15 million app users within three years. This aligns with its mission of reshaping financial transactions and empowering users to take control of their payments with unparalleled convenience. SuperQi has also significantly expanded Iraq’s financial infrastructure by incorporating over 20,000 POS merchants and 10,000 cash-out agents. The app is tailored to that cater to the evolving financial and lifestyle needs of users, aiming to engage over 30% of Iraq’s population by 2026.
Bahaa Abdulhussein, Chairman of Qi, highlighted the significance of the partnership with Ant International, ”At Qi, our vision is to build a cashless Iraq by bringing financial services to every corner of our society. Our collaboration with Ant International is not just about advancing digital finance; it represents a transformative leap towards creating a broader digital ecosystem that addresses the needs of the unbanked population. Through SuperQi, we
DEVELOPED IN COLLABORATION WITH ANT INTERNATIONAL AND POWERED BY ALIPAY+ WALLET TECH SOLUTIONS, SUPERQI INTRODUCES A TRANSFORMATIVE DIGITAL ECOSYSTEM COMBINING A DIGITAL LIFESTYLE SUPER APP WITH A FULLY INTEGRATED DIGITAL BANK.”
empower millions of Iraqis with accessible, efficient, and secure solutions, laying the groundwork for a more interconnected, inclusive, and technologically advanced nation.”
Qi has played a pivotal role in financial inclusion in Iraq, helping shift the rate of banked individuals from 5% to nearly 50%. Addressing the unbanked population, Abdulhussein added,”At Qi, our vision is to create a cashless Iraq where financial services are accessible to everyone. SuperQi is a testament to this commitment, simplifying financial transactions and fostering greater inclusivity for all Iraqis.”
Ali Muneam, CEO of Qi, further emphasized that “the launch of SuperQi marks a milestone in Iraq’s journey towards a cashless society. By bridging the gap for millions who rely on cash transactions, SuperQi is not just a financial solution but a step forward in modernizing our nation’s economy.”
Luay, Chief Product Officer of SuperQi, remarked, ”SuperQi represents a paradigm shift in how we address the lifestyle and daily needs of our diverse customer base. We invite businesses across
Iraq to leverage SuperQi as a platform to deliver their services seamlessly and effectively.”
This integration of advanced digital banking and super app functionality
About SuperQi
enables SuperQi to foster a thriving ecosystem for businesses in Iraq. The app provides secure, flexible payment solutions while helping businesses connect with customers in innovative ways.
From its inception in 2007 to the launch of SuperQi, Qi has been a torchbearer for innovation, leadership, and sustainability. SuperQi signifies a monumental shift in Qi’s vision for fintech’s role in everyday financial management, after being rewarded as the Best Credit Solutions Provider in Iraq, offering a lifestyle super-app providing its users seamless experience all day, every day, for all their payments. This reflects Qi’s commitment to a bold, cashless, digital-forward future, in line with the visionary goals set by Qi founder, Bahaa Abdulhussein.
↑ SuperQi is available in Arabic, English, and Kurdish.
In The Loop/ Innovation Oasis
Apple Expands to Al Ain.
} Apple in Al Ain
Apple Al Ain, Apple’s newest store in the UAE will open next year, marking the brand’s fifth retail store location in the country and its ongoing commitment to the region.
“The UAE is home to an incredible community of creators, innovators, developers, and entrepreneurs, and we’re excited to keep growing our teams,
supporting local businesses, and strengthening our ties with our customers here,” said Tim Cook, Apple’s CEO. “We’re thrilled to open our newest store in Abu Dhabi and to keep sharing the magic of Apple with even more people.”
} Apple in the UAE
Apple has accelerated its investments in the UAE in
recent years, creating new opportunities for local companies and developers, and adding hundreds of people to its teams. Over the past five years, Apple has invested more than AED6 billion across the UAE. Including Apple’s spend with Emirati companies, the thriving iOS app economy, and direct employment, the company now supports more than
38,000 jobs across the country.
Apple’s first spatial computer, Apple Vision Pro, arrived in the UAE in November 2024- it seamlessly blends digital content with the physical world to deliver spatial experiences that transform how people work, collaborate, connect, relive memories, and enjoy entertainment.
←
↑APPLE AL AIN, Apple’s newest store in the UAE will open next year.
