Entrepreneur Middle East December 2023 | The Futurist by Entrepreneur Middle East

PLAYING THE LONG GAME/ How to take a business from zero to ten P.65

THE YEAR THAT WAS/ Entrepreneurs and executives reflect on 2023 P.54

A NEW MENA STREAMING GIANT/ Anghami merges with OSN+ P.16

December 2023 Entrepreneur.com

THE

FUTURIST H.E. Ohood Al Roumi UAE Minister of State for Government Development and the Future P.24

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Contents/

December 2023

P.24

The Futurist

H.E. Ohood Al Roumi, UAE Minister of State for Government Development and The Future, explains the criticality of having a forward-thinking mindset.

P.32

Achieving Women Of The MENA (And Beyond) Success, motivation, and exceptional enterprise conduct strategies for women in business.

P.54

The Year That Was Entrepreneurs and executives share highlights from their businesses over the last 12 months (and what they are looking forward to in 2024).

Junah Balungcas is the founder of Baofriend, an Asian fusion F&B concept that launched in the UAE in 2022.

December 2023 / E N T R E P R E N E U R . C O M / 3

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Contents /

December 2023

EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net DIGITAL SOLUTIONS DIRECTOR

Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION

Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke

STARTUP SPOTLIGHT 83 Fostering Financial Empowerment

Empowerment Baraka founder and CEO Feras Jalbout is shaking up the world of investment in the UAE.

90 From Seed To Success

Hisham Kassim, Managing Partner of Kassim Legal, offers a retrospective on two decades of Series A rounds.

86 Revamped And Ready

As SANDBOX gets set to welcome its fourth cohort, the accelerator run by Dubai Integrated Economic Zones now has the support of Oraseya Capital, making it Dubai’s only venture capital-backed startup investment program.

94 In Focus

A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program that you should be keeping an eye on.

↑ Feras Jalbout is the founder and

CEO of Baraka, a low commission fee investment app P.83

CONTRIBUTING WRITERS

Fida Chaaban, Alessandro Duri, Hisham Kassim, Sarah Trad

‘TREPONOMICS 65 Playing The Long Game

Pemo co-founder Alessandro Duri on how to take a business from zero to ten.

Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue

68 We’re Going Back To Black

COMMERCIAL ENQUIRIES

In the world of branding, blue ain’t cutting it no more, says Closed Captions Communications co-founder Sarah Trad.

70 The Future Of Smart Cities

According to Mohammed Al Beloushi, Deputy CEO of Urbi, data-driven decisions are going to fuel the cities of tomorrow.

72 The Recap: Virtuzone Awards 2023

Virtuzone Awards, powered by Entrepreneur Middle East, rewarded the most successful businesses in the UAE in 2023.

12 / E N T R E P R E N E U R . C O M / December 2023

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All Rights Reserved 2023. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing.

Drive the new way. New IVECO T-WAY: high productivity and safety on off-road terrains With a complete line-up of AWD and PWD versions and the the 16-speed HI-TRONIX automated gearbox, the IVECO T-WAY features a host of functionalities such as Rocking Mode, Off-road Mode, Creeping Mode and 4 reverse gears to tackle with ease the toughest off-road conditions. The new architecture of the EBS system, combined with disc brakes on all wheels, greatly improves the vehicle’s performance and the driver’s safety in the most demanding applications. New IVECO S-WAY: high technology and efficiency for on-road missions The new IVECO S-WAY, with a completely redesigned and reinforced cab, offers a wide choice of Euro III/V diesel engines, a delivering class-leading power from 360 HP to 560 HP Euro III / 570 HP Euro V and superior fuel-saving devices, such as anti-idling feature, Ecoswitch, Ecoroll and Smart Alternator, 12-speed HI-TRONIX automated transmission with the most advanced technology in its category, electronic clutch and best-in-class torque-to-weight ratio.

Editor’s Note/ THE TIES THAT BIND

Harnessing the power of collective resolve

n mid-November this year, the global tech entrepreneurial ecosystem around the world was shaken by the announcement from San Franciscoheadquartered OpenAI -the company that introduced the groundbreaking artificial intelligence (AI) tool ChatGPT just about a year ago- that its board had decided to fire its CEO, Sam Altman. The news came as an absolute shock since Altman was, at least until then, essentially the face of the company; plus, the reasons offered for his dismissal were vague and unclear as well.

14 / E N T R E P R E N E U R . C O M / December 2023

But then, in a matter of days, the whole situation had turned around. It all began after more than 730 employees of OpenAI threatened to leave the company, and follow Altman to his new digs at Microsoft (where he had been earmarked to lead an “advanced AI research team”), unless the board not only resigns, but also reinstate him as CEO. In a dramatic turn of events, Altman soon made a triumphant return to OpenAI as its CEO, and a shake-up followed in the company’s board as well. Now, there’s still a lot left to unpack about both Altman’s abrupt ouster and his jubilant reinstatement after, but, for now, I’d like to focus on what -arguablyseems to have been the key factor that led to his returna team that was willing to drop everything they had to follow him to just about anything he did next. Now, this can sound scary to a certain degree, especially when you consider how such cult-like adorations are often portents of toxicity in the long term. However, this doesn’t appear to be the case when it comes to Altman and OpenAI, and that makes the apparent feel-good nature of this story something all of us in the entrepreneurial world should definitely take note of. After all, how many entrepreneurs out there can confidently state that their respective teams, in times of adversity, would stand united, and rally behind their leaders? As we reach the end of a year, I think this is something that all of us in positions of leadership should take time to ponder upon. If your answer to the aforementioned question is a yes, congratulations to you- this is something to be absolutely proud about. But if your answer is a no, then, well, now is perhaps the best time to rethink (and rejig) your team dynamics for the new year- it’s best not to wait until a reckoning to work on this!

Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net

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In The Loop

→ Elie Habib with Joe Kawkabani OSN+, a part of the OSN Group, a subsidiary of the Kuwait-based Kuwait Projects Group (KIPCO), is the region’s leading streaming platform for premium content.

“Big Ambitions and High Expectations”

omegrown MENA brands OSN+ and Anghami are combining their businesses in what has been billed as “a milestone transaction set to reshape the MENA entertainment landscape.” While Anghami is the MENA’s leading music and entertainment streaming platform, OSN+ is a part of the OSN Group, a subsidiary of the Kuwait-based Kuwait Projects Group (KIPCO), and it is the region’s leading streaming platform for premium content.

16 / E N T R E P R E N E U R . C O M / December 2023

Anghami currently has a catalog of over 100 million songs, while OSN+ has over 18,000 hours of video content and exclusive partnerships with international studios like HBO, NBC Universal, and Paramount, as well as with leading Arabic and Turkish studios in this domain. The merger of the two brands is the first of its kind in the region, with OSN Group investing up to US$50 million in Anghami, and the resulting platform set to have over 120

IMAGES COURTESY OSN PLUS | ANGHAMI

Anghami merges with fellow homegrown brand OSN+ to create new MENA streaming giant b y A B Y S A M T H O M A S

“ Together, we can now offer consumers unprecedented aggregation of the best and latest in premium movies, television shows, music, podcasts, and more, while providing a rich and seamless user experience.”

million registered users, more than 2.5 million paying subscribers, as well as over $100 million in revenue at closing. Anghami, which, in 2021, became the first Arab tech company to list on the Nasdaq Stock Exchange, will thus see OSN Group become a majority stake owner in the company, following the completion of the transaction in the first quarter of 2024. In an interview with Entrepreneur Middle East, Joe Kawkabani, CEO of OSN Group, said that he and his enterprise have “big ambitions and high expectations for this merger.” “We have seen an impressive rise in our streaming platform, OSN+,

following its relaunch in March 2022, cementing ourselves as a leading player in MENA,” Kawkabani said. “At the same time, we have always followed Anghami’s journey, and admired what they built and achieved. This deal will bring together the strength of OSN+’s premium video content and strong studio relationships, with Anghami’s technological prowess and local customer base at the perfect time, to pursue our common goal of building a customer-focused multimedia streaming platform.” Elie Habib, co-founder and the current CTO of Anghami, is set to take on the role of CEO at this new enterprise. For Habib, who co-founded Anghami with Eddy Maroun in 2012, this deal is “definitely our biggest milestone after NASDAQ.” “Anghami’s journey has been remarkable, and this landmark takes us to the next level with two of the Arab world’s market-leading streaming brands coming together to reshape the MENA media and entertainment landscape,” Habib said. “Together, we can now offer consumers unprecedented aggregation of the best and latest in premium movies, television shows, music, podcasts, and more, while providing a rich and seamless user experience. Overall, we aim to create an inclusive destination that reflects the diversity of the region, connects people across borders, and cements our market leadership position. For me, personally, to be driving this transaction is both exciting and very gratifying.” “Anghami is a tech platform that was created with the consumer in mind,” Habib added. “We want to understand the user’s preferences and his/ her habits to build a better experience. With OSN+, we are now providing the best of both worlds. The challenge we have ahead is that we’re creating a first of its kind media offering in the region, and this will require a lot of focus and communication.”

When asked about how easy they think it would be to merge the working cultures of OSN+ and Anghami, both Kawkabani and Habib professed a positive outlook of what the future entailed. “As one of the larger and older media companies in MENA, OSN Group always sought to create a dynamic entrepreneurial culture in building its streaming business,” Kawkabani said. “Anghami’s strong entrepreneurial DNA and startup culture are the perfect fit for us. The challenge is to make sure we do not disrupt this spirit as we bring these businesses together.” “Our culture has been one of our biggest assets,” Habib added. “We’re a relatively young and agile team that is quite resourceful and smart. We work together very closely as one family. We’re very keen to retain this while tapping into OSN+’s rich and experienced culture in premium video content.” It is also this kind of an entrepreneurial attitude that Habib wishes to impose on those in the MENA startup ecosystem wanting to follow in Anghami’s footsteps when it comes to their own growth trajectories. “Never focus on perfection,” he said. “Seek to start early, and iterate often. The rest somehow tends to follow. When we started, we never imagined being where we are today, and that is a testimony of our hard work, and that loving what we do will pay off.” osnplus.com / anghami.com December 2023 / E N T R E P R E N E U R . C O M / 17

→ Noor Alnahhas, co-founder and CEO, nybl

Competitive Advantage

UAE-based nybl is on a mission to democratize access to artificial intelligence- a move that cofounder and CEO Noor Alnahhas believes will alter the way businesses in the region use data by AALIA MEHREEN AHMED

December 2023 / E N T R E P R E N E U R . C O M / 19

The Big Idea

f there is one statement that businesses across the globe today wouldn’t hesitate to collectively acquiesce upon, it is that “data is king.” Indeed, in a rapidly digitized world, unearthing data appears to be a key element in achieving success across the operational realms of any given business. But bring this topic up with Noor Alnahhas, co-founder and CEO of the UAE-based enterprise artificial intelligence (AI) platform nybl, and he will be quick to remind you that acquiring data is not the be-all and end-all in modern-day business.

“A few years ago, everybody was talking about how data is the new oil, data is the new gold, data is the new currency,” Alnahhas recalls. “By that time, I’d spent years delivering systems or building systems that deliver data, only to tell somebody that something bad has happened. I thought it was absolutely insane that people were willing to spend millions of dollars only to know that something has failed. The thesis I thus had was that it’s not data alone that holds the true value- it is in the actionable insights that you can derive from it. And so, nybl’s business inspiration is in the utilization of the vast amounts of data that companies have built over the years to generate actionable intelligence. And that’s what we say, nybl transforms data into intelligence, one ‘nybl’ at a time.” nybl was founded in 2019 by Alnahhas and six other co-founders, namely, Sufyaan Abdul Haseeb, Mohammed Shono, Hafsa Yazdni, Shriprakash Pandey, Michael LeTan, and Waleed Refaat. In its bid to convert data into intelligence AI, the company offers services that are

NYBL’S BUSINESS INSPIRATION IS IN THE UTILIZATION OF THE VAST AMOUNTS OF DATA THAT COMPANIES HAVE BUILT OVER THE YEARS TO GENERATE ACTIONABLE INTELLIGENCE. AND THAT’S WHAT WE SAY, NYBL TRANSFORMS DATA INTO INTELLIGENCE, ONE ‘NIBBLE’ AT A TIME.

→ Sufyaan Abdul Haseeb, Mohammed Shono, Hafsa Yazdni, Noor Alnahhas, Shriprakash Pandey, Michael LeTan, and Waleed Refaat, co-founders, nybl

20 / E N T R E P R E N E U R . C O M / December 2023

→ nybl has been built as an enterprise artificial intelligence (AI) platform to build and run AI applications that promise to transform businesses.

demarcated into three salient areas: AI applications as a service, a codeless machine learning (ML) tool, and an enterprise AI orchestrator. The first of these -the AI applications as a service branch- offers pre-configured AI solutions that are customized for very specific types of operations, and can be immediately deployed. “For example, our remote well management software, Lift.ai, is for optimizing operations in oil wells within the oil and gas industries,” Alnahhas explains. “Another one of our products is VFM.ai, a virtual flow meter that works for the metering of any fluid -liquid, gas, or multi-phase- that can work in diverse sectors like oil and gas utilities, manufacturing, petrochemicals, and medicine. A predictive AI tool we offer is Rotating.ai, which can be used for enhancing any rotating equipment such as pumps, turbines, generators, etc. The unique value proposition of these products is that they can be deployed, connected to data, and start running AI in real time. Companies don’t have to spend months in training, since we’ve already done all of that work ourselves.” Apart from these readily available AI softwares, nybl also offers Nubyla- a codeless ML tool. “Nubyla was born from the necessity to empower subject matter experts -be they finance, supply chain, production engineering, or geology- to construct machine learning models without the prerequisite of coding expertise or data science know-how,” Alnahhas explains. “It is thus a bridge that connects profound subject knowledge to machine learning capabilities.” Finally, nybl’s third product vertical is Anything.ai, a tool that can simplify the process of deploying AI and ML models in an enterprise setting. “While some suggest that tools like Python suffice, the truth is they fall short on scalability and enterprise requirements- Anything.ai is our response to this issue,” Alnahhas says. “It is an orchestrator that transitions

IT IS AN ORCHESTRATOR THAT TRANSITIONS MODELS TO ENTERPRISE-GRADE ENVIRONMENTS, AND FACILITATES A SCALABLE CONNECTION TO DATA SOURCES, DATA PREPARATION, STORAGE, AND PROCESSING. models to enterprise-grade environments, and facilitates a scalable connection to data sources, data preparation, storage, and processing. It is the enterprise resource planning (ERP) that helps accomplish centralized and enterprise-level AI deployment.” With all of its offerings, nybl’s ultimate aim has been to democratize the access to AI- a goal it has been able to bring to fruition through the adoption of a three-tiered subscription-based revenue model. “The first tier of our subscription model is asset-centric, wherein we anchor the subscription not to the number of users, but to the intrinsic value we enhance within each asset,” Alnahhas says. “Our second tier is predicated on the AI models, where we charge based on the AI model employed, and the computing power it necessitates. This tiered approach democratizes access to cutting-edge AI for smaller entities to ensure that larger corporations receive and invest in the value proportionate to their utilization. And our third subscription model is centered around ML actions. Here, rather than billing based on data volume, we charge per action -such as data transformation, labeling,

cleansing, or clustering- making this an equitable model for handling firms with expansive as well as limited datasets.” With the aforementioned business and revenue models at their disposal, Alnahhas and his team believe they have -already- been largely able to achieve what they had set out to do when they launched nybl. “The dual focus on addressing business challenges with leading-edge technology to transform data into intelligence, and cultivating economic value in the Middle East through technological innovation, embodies nybl’s ethos,” Alnahhas says. “Today, nybl is based in Saudi Arabia and the UAE, employing talents across KSA, Kuwait, UAE, Jordan, Lebanon, Egypt, and beyond. It is not just a business; it stands for economic progress and technological sovereignty for the region. This vision is important to us as co-founders, as well as to the Middle East’s future.” But that isn’t all there is to the backstory of this UAE-grown startup that has, today, worked with the likes of Lenovo, Microsoft and Baker Hughes. As Alnahhas puts it, the vision with which nybl was built is one that “is rooted }} December 2023 / E N T R E P R E N E U R . C O M / 21

The Big Idea

“This decision aligns with what was best for nybl, and it’s a big debate, because a lot of companies ask us why we don’t outsource, and make it cheaper. Yes, that’s right, we could do it cheaper, but I wonder if anybody asks the companies in Silicon Valley why they’re hiring people in the Silicon Valley, where their prices are three to four times the multiples of anywhere else in the world. Why don’t they export jobs to make them cheaper? My perspective is clear– we’re not pursuing the cheaper route. Instead, we’re prioritizing economical and efficient practices at nybl.”

→ Noor Alnahhas, co-founder and CEO of nybl, delivering a tech talk during Gitex Global 2023, a tech and startup event that took place at Dubai World Trade Center from October 16-20, 2023.

↑ nybl transforms data into intelligence. It does this by enabling businesses in any industry to be able to

deploy artificially intelligent solutions using its platform or applications.

WE’RE ALREADY SEEING HOW MANY PEOPLE ARE USING AI APPLICATIONS WITH MALICIOUS INTENT. TO ME, THAT’S A HUGE AREA OF CONCERN FOR ARTIFICIAL INTELLIGENCE, SURPASSING THE CONCERNS ABOUT JOB LOSS

deeply in the personal narratives of myself and the co-founders.” Here, Alnahhas is alluding towards the phenomenon of talent migration, which the Middle East has -unfortunately- seen a lot of. “The migration of tremendous talent from the Arab world, this ‘brain drain,’ propelled by a scarcity of opportunities and support for academic and innovative ventures, drove many to seek greener pastures where their skills were not just acknowledged but celebrated,” Alnahhas recalls. “But a cycle like this sabotages the Middle East -a region once celebrated and recognized as the birthplace of mathematics, culture, and science- into a place people depart from. So, nybl emerged from a desire to reverse this trend, by fostering economic value through technological innovation within the broader Middle East.” Alnahhas and his co-founding team were able to since find that their vision to nurture local talent aligned perfectly with that of the governments of the UAE and Saudi Arabia. However, not long after, in 22 / E N T R E P R E N E U R . C O M / December 2023

a moment that tested their dedication to this ethos, nybl was offered a lucrative chance to relocate its headquarters to the US-based tech haven, Silicon Valley. “It was a move that even local investors suggested we take up,” Alnahhas reveals. “But we were determined to defy that narrative. nybl aims not just to become a global corporate entity, but to catalyze the emergence of multiple enterprises like ours to fuel empowerment, and make a significant impact.” A lot of this grit can perhaps be traced back to the nybl co-founding team’s staunch belief in their entrepreneurial venture. Because in yet another display of non-negotiable founding values, nybl is also strongly against outsourcing any of its technology development. “There’s no way we could call ourselves a technology company or have economic impact if we’re outsourcing development, so it was inherited from the beginning that we will have our own in-house technology development, because then, we own the technology development path, and the value associated with it,” Alnahhas says.

According to Alnahhas, his startup’s greatest competitive edge lies in its ability to be able to build and own “every line of code, every AI model, every machine learning algorithm” that it works with. “The competitive advantage with that is that we can deploy, maintain, and manage systems that address data sovereignty, data residency, and technological sovereignty,” he says. “People may think that’s a challenge in the Middle East region only, but the reality is it’s a huge value and competitive advantage in the rest of the world. In this region, data sovereignty, data residency needs to stay within the given country. Whether it’s the UAE, Saudi Arabia, Oman, Bahrain, they want the data to stay in the country, but they also want technological sovereignty. At nybl, we’re able to deploy on-premise, or we’re able to deploy on a private or local cloud.” 100% ownership of its technology has also allowed nybl to swerve any issues related to data privacy, says Alnahhas. “Now, when you go to Europe and the US, the risk of deploying on a public cloud is the security breaches, the privacy concerns, and the regulatory concerns,” he continues. “While the drivers are governments here, the drivers there are the private sector or the public market sector, as well in risk, privacy, and regulatory concerns. Consequently, it’s become a huge competitive advantage in the rest of the world as well, because we can eliminate those risks for the customers by deploying on their own internally managed private clouds, where they’re in control of the security, they’re in control

of the data. So, there’s no violation in our privacy regulations.” For someone who exhibits such trust in the power of advanced technology and AI in particular, it would be remiss to not broach the ongoing debate of AI versus human intelligence. But when asked about it, Alnahhas immediately dismisses the supposed urgency of the topic. “I think everybody’s worried about the wrong threats for AI!” he says. “This is my personal perspective based on everything I’m seeing in the world today. Let’s address the big elephant in the room- everyone is talking about AI taking our jobs. But in every single major transition, such

↓ nybl’s vision is to become

the technology backbone of the largest companies in the world, creating economic value through the export of technology and innovation- a sentiment that aligns with Saudi Arabia’s Vision 2023 and the UAE’s Vision 2031.

as the Industrial Revolution, people thought that they were going to lose jobs. However, the fact was that you just needed to reskill the workforce. We already have a huge shortage of developers and data scientists today, and we haven’t even had mass adoption of AI yet. So, while certain jobs will be made redundant, an enormous amount of new jobs will be created. Rather than worrying about jobs being replaced, I should be looking at what is the skill I need to be reskilled in, right?” All of this, however, isn’t to say that Alnahhas is oblivious to some of the very real threats that AI poses. “My biggest concern in AI is, instead, the loss of control in the narrative and information,” he says. “AI is built on data, and the proverb “garbage in is garbage out” underscores the pivotal role of data quality. A lot of people are looking at the data from

AI as fact, whereas if it’s garbage that’s in, then it’s misguided information that’s out. The first step in AI and machine learning is identifying correlation, and the second step is identifying if there is a causation or not. As AI develops, we’re also starting to see the risks where a tool learns from other people’s intellectual property, and then creates its own music, artwork, and writing, or where it’s generating images, video, information that is untrue, but being represented as true. We’re already seeing how many people are using AI applications with malicious intent. To me, that’s a huge area of concern for artificial intelligence, surpassing the concerns about job loss.” In many ways, Alnahhas’ concerns regarding AI are linked to the work his startup does. But as it turns out, helping firms decode their data in a simple and safe way is only one major aspect of nybl’s operational make-up. “There is an ethos at nybl that it’s incumbent on those who develop technology to use it for the betterment of humankind,” Alnahhas says. “In 2021, at the 26th meeting of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP26), we published the Energy Compact, an action plan on how to advance the seventh United Nations Sustainable Development Goal (UNSDG7) that pertains to sustainable energy for all. And in that Energy Compact, we committed to three things: utilizing 30% renewable energy for all of our processing and our offices by 2030, do our own renewable or

sustainable energy project in every country we operate in by 2030 with a goal to power our offices and processing by 100% renewable energy, and developing the technology that will allow and empower others to achieve their sustainability goals.” These sustainability goals, Alnahhas says, are a significant part of the journey he and his team have mapped out for the future of nybl. “For us, the plan for the next six to 12 months is very clear, and our primary focus is two-fold,” Alnahhas adds. “Number one is scaling our existing technologies, and expanding the reach of our products through strategic partnerships, direct customer engagement, and collaboration with resellers. The second is to continue our innovation and intelligence development with a strong focus on sustainability, healthcare and the broader social fabric– specifically, industries like energy, utilities, healthcare, and manufacturing, that are currently operating beyond sustainable levels. That is where we’ll be focusing our time, intelligence and innovation.” And it is with those end-goals in mind that Alnahhas believes the only way for his startup is up. “We are confident that by 2024, nybl will not only continue to be successful, but will emerge as a global player as it navigates these two diverging paths– scaling existing technologies, and driving innovation,” Alnahhas says. “Through our vision of making a tangible impact on industries and societal challenges, I believe that nybl will be recognized as a household name…or a verb, as they say!”

December 2023 / E N T R E P R E N E U R . C O M / 23

→ H.E. Ohood Al Roumi is the

Minister of State for Government Development and the Future in the UAE government, a ministerial portfolio created in 2020 with the aim of advancing government development, and enhancing the UAE’s readiness for future challenges and opportunities.

THE

FUTURIST

“B

ridging the present with the future.” This is how H.E. Ohood Al Roumi describes the essence of her role as the UAE Minister of State for Government Development and The Future, and it is also perhaps the most succinct way to understand the nature of the work that she does on a day-to-day basis. Having been appointed to this position in July 2020, Al Roumi has been tasked with shaping a progressive government for the UAE, while also keeping an eye on the horizon of tomorrow, and thereby enhancing the country’s preparedness for the future, as well as for the opportunities it presents. Guiding Al Roumi in this particular endeavor are the directives laid out by the UAE leadership, and her job is to translate and implement their visionary philosophy to ensure that the nation continues to be a beacon of innovation, wellbeing, and progress. Now, all of this is certainly a hard ask to be made of Al Roumi- but she’s taking inspiration from the UAE’s futurist gaze to make it all happen. Indeed, as the UAE gets ready to celebrate its 52nd National Day on December 2 this year, it’s worth noting that this particular date has an added significance in that it has been, since 2021, been marked as World Futures Day by the United Nations Educational, Scientific, and Cultural Organization (UNESCO)- a point that hasn’t escaped Al Roumi’s notice. “The UAE has always been at the forefront of future-oriented thinking,” Al Roumi notes. “Our founding father, the late H.H. Sheikh Zayed bin Sultan Al Nahyan, instilled in us this philosophy: to shape the future, or be shaped by it. Embracing this legacy, our leadership continually looks forward, ensuring that the UAE is not just a participant in the future, but a creator of it. And, as a result, the UAE is viewed today as the country of the future. It’s no coincidence that World Futures Day was chosen to coincide with the UAE’s National Day on the 2nd of December!” }}

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H.E. Ohood Al Roumi The UAE Minister of State for Government Development and The Future on the criticality of having a forward-thinking mindset by ABY SAM THOMAS

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→ H.E. Ohood Al Roumi, UAE Minister of State for Government

Development and the Future, and H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, (in center) at the partnerships ceremony for the Future 100, an initiative led by both their ministries.

OUR MANDATE IS FOCUSED ON MAKING THE GOVERNMENT ‘FUTURE FIT,” THIS MEANS CONSTANTLY EVOLVING OUR GOVERNMENT TO NOT ONLY BE RESILIENT AND ADAPTIVE, BUT ALSO PROACTIVE IN SHAPING A SUSTAINABLE FUTURE.

It’s thus this forward-thinking mindset that has been exemplified by the rulers of the UAE that Al Roumi is hoping to emulate as the country’s Minister of State for Government Development and The Future. “Our mandate is focused on making the government ‘future fit,’” she shares. “This means constantly evolving our government to not only be resilient and adaptive, but also proactive in shaping a sustainable future. We realize that while daily operations are critical, they often overshadow the necessity to plan for the future. Our role, therefore, is to be the catalyst that institutionalizes future-thinking into the daily functions of the UAE government, building capacity, and motivating futurereadiness efforts in a practical way. The ultimate objective 26 / E N T R E P R E N E U R . C O M / December 2023

is celebrating role models, and making the future a365-day job in government.” One of the initiatives that Al Roumi has spearheaded in this regard is the creation of the UAE Future Network, which brings together 100 officials and experts from the country’s federal and local government entities who are “focused on the future.” Armed with the aim to both create opportunities and build strategic partnerships that support the vision of the UAE and realize the aspirations of its leadership, the UAE Future Network allows its members to come together and exchange experiences, share success stories, and explore challenges to find strategic solutions that are based on future national partnerships between the government and private sector.

↑ H.E. Ohood Al Roumi headed the executive team to launch the first World Government Summit in 2013, which has developed over ten years to become a global influential platform convening world leaders, decision makers, experts and futurists.

more than 500,000 skills badges,” Al Roumi proudly adds.

Al Roumi also highlights Jahiz (“ready” in Arabic), an integrated national initiative that has been designed to enhance the readiness of talent in the UAE federal government with futurecentric skills. And it does all this with the aid of a smart digital platform that houses a variety of virtual modules and masterclasses under four main skills pillars- digital, 10X, new economy, and data and artificial intelligence (AI) skills. “Developed in partnership with leading national and global organizations, Jahiz has already engaged over 50,000 employees, who have earned

nother noteworthy undertaking Al Roumi has led is the creation of the Future By Design Toolkit, which is a set of tools that represent the next generation in practical future design, all of which are based on the UAE government’s experience in designing projects fit for the future. It thus enables government entities to design and implement practical initiatives and projects that are informed by future trends, and, once again, enhancing the UAE’s readiness for what lies ahead. Al Roumi also turns our attention to the Future Fit Seal, which is a national symbol that recognizes innovative and forwardthinking projects by local and federal government

institutions. As such, the Future Fit Seal is awarded to projects that invest in future skills, utilize advanced technologies, and demonstrate tangible outcomes in priority sectors of the future like the new economy, food and water security, environmental sustainability, and future technologies. Now, while the aforementioned are just a sampling of the many initiatives that Al Roumi has led in her current role, it would be remiss of us at Entrepreneur Middle East to not mention one other project she’s leading that’s definitely in our line of sight: the Future 100. As a partnership between the UAE Ministry of Economy and the Government Development and the Future Office, the Future 100 has been conceptualized as a showcase of the top 100 startups in the country, which promote its readiness for the future, as well as the

competitiveness of its future economic sector. “The Future 100 initiative is a pivotal project for the UAE, resonating deeply with our long-term aspirations as outlined in our Centennial 2071 and the We the UAE 2031 vision,” Al Roumi adds. “This initiative is a cornerstone in our strategy to forge a new economy that will pave the way for a better tomorrow. It aligns perfectly with our ambitious goal to double the UAE’s gross domestic product by 2031. Launched last December, the Future 100 is a testament to our commitment to nurturing and celebrating the top 100 startup and scaleup companies that are set to make a profound impact on the UAE’s economic landscape. These companies are not just business entities; they are the drivers of our future economy, accelerating our readiness for the global market.” }}

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“ The role of homegrown entrepreneurs in shaping the future of the UAE cannot be overstated.”

→ H.E. Ohood Al Roumi was

one of the Young Global Leaders listed by the World Economic Forum in 2012.

highlighting the UAE’s robust entrepreneurial spirit,” she says. “Our rigorous selection process, including 200 online interviews by 45 expert judges, showcases the depth of talent here, with a healthy mix of startups (61%) and scaleups (39%).”

DEVELOPED IN PARTNERSHIP WITH LEADING NATIONAL AND GLOBAL ORGANIZATIONS, JAHIZ HAS ALREADY ENGAGED OVER 50,000 EMPLOYEES, WHO HAVE EARNED MORE THAN 500,000 SKILLS BADGES,

perating in sectors like advanced manufacturing, fintech, intelligent mobility, biotechnology, food security, space exploration, renewable energy, cybersecurity, blockchain technology, and 3D printing, the companies that will be included in the inaugural edition of the Future 100 will therefore be those that are at the forefront of enhancing the competitiveness of their respective industries. “The Future 100 embodies a partnership with the future,” Al Roumi adds. “That is why we also aim to 28 / E N T R E P R E N E U R . C O M / December 2023

provide these companies with accelerated access to investors, regulators, and the business community, as well as comprehensive support in funding, legal advice, commercial assistance, and capacity building.” And while the Future 100 companies are only going to be revealed on December 8, 2023, Al Roumi believes that the reception it has had from the UAE business ecosystem is indicative of how exemplary it is set to be. “The response to this initiative from both entrepreneurs and our 25 partners has been extraordinary, with over 1000 applications received,

t is clear here that Al Roumi has a keen interest in the UAE’s entrepreneurial ecosystem, but it is fueled not just by the contributions it makes- it’s more about how it’s representative of the nation as a whole. “The entrepreneurial ecosystem in the UAE reflects our national ethos- an embodiment of the restless, innovative spirit that propels us towards a new tomorrow,” she explains. “As the UAE Minister of State for Government Development and the Future, I see this entrepreneurial spirit as integral to my role. It’s what drives our approach to governance, with the government operating in a startup mode, taking lean and agile approaches to projects, and constantly striving for innovative solutions on a grand scale. Indeed, this spirit is not confined to the government alone; it permeates every facet of our society- from individuals to the private sector, shaping our economy and society as a whole. This entrepreneurial drive is why the UAE ranks first in the Global Entrepreneurship Index, and first globally in the Talent Attraction Index. These rankings are a testament to our commitment to fostering an environment where innovation and entrepreneurship can flourish.” Of course, the proof of the pudding is in the eating, and the numbers that testify to the growth (and potential) of the UAE entrepreneurial landscape continue to be remarkable. According

to the UAE Ministry of Economy, the SME sector represents more than 94% of the total number of companies operating in the country, and they provide jobs for more than 86% of the private sector’s workforce. Entrepreneurs in the UAE have also recently been delighted by a number of government measures and decisions that serve to enhance their businesses in the country, be it by allowing full foreign ownership of companies in all activities, or with the provision of long-term residency and a host of other benefits through the nation’s Golden Visa program. The UAE is thus leaving no stone unturned in its drive to make itself a hotspot for entrepreneurial minds from around the world, and Al Roumi is emphatic about the criticality of such efforts. “The role of homegrown entrepreneurs in shaping the future of the UAE cannot be overstated,” she says. “They are pivotal in transforming our economy, enhancing its readiness for future challenges, and ensuring sustainable growth. Our belief in their potential is what motivates us to create a ‘future fit’ entrepreneurial ecosystem- one that not only attracts, but also nurtures

and supports, talented entrepreneurs. Initiatives like Future 100 are a part of this vision, designed to provide a platform for entrepreneurs to thrive and contribute to the nation’s prosperity.”

ow, hearing Al Roumi speak about all that she does in her role as the UAE Minister of State for Government Development and the Future, it’s really hard to not be impressed by this national leader’s relentless passion to serve her nation, and secure for it the best path forward it could possibly have. Of course, all of this might well be because she had a great role model to learn from- her father, the late H.E. Khalfan Mohammed Al Roumi, was a national pioneer who, through a variety of ministerial roles, had an integral role to play in making the UAE what it is today. “One of the best pieces of advice I’ve received on leadership came from my late father, a man of profound wisdom and dedicated service to his country who served as a minister for over 20 years in various capacities,” Al Roumi reveals. “He taught me that serving }}

THE EXECUTIVE SUMMARY H.E. Ohood Al Roumi, UAE Minister of State for Government Development and The Future, shares her tips for entrepreneurs in the UAE }Understand the power of positive and innovative thinking “Cultivating a positive and innovative mindset is crucial in the entrepreneurial journey. Believing in your ability to achieve your goals significantly increases the likelihood of success. This mindset encourages creative solutions, and it helps you navigate the complex landscape of entrepreneurship with optimism and innovation.”

}Adopt a growth mindset fit for the global market “Embrace continuous learning and self-improvement. Understand that your abilities are not static, but can be developed over time. This growth mindset will not only serve you well in the UAE’s dynamic market, but also prepare you for global competitiveness. Viewing challenges as opportunities to grow will position you to seize international opportunities, and expand your entrepreneurial impact.”

}Build a support system “Entrepreneurship can be a challenging path, filled with ups and downs. Establishing a robust support system of mentors, peers, and industry experts is vital. This network provides guidance, emotional support, and practical advice, helping you navigate obstacles and setbacks more effectively.

}A note for the women: be bold! “For

↑ At the recently held Dubai Future Forum 2023, H.E. Ohood Al Roumi engaged with Jacob Ellis,

UNICEF Youth Foresight Fellow, in a session looking at how policymakers can meet the needs of future generations.

female entrepreneurs specifically, my additional advice is to be bold, and actively seek opportunities and platforms that amplify your business endeavors. When the team was going through the Future 100 applications, they found that 20% of the applicants were female entrepreneurs, compared to 80% males. I am hoping to see 50% female applicants in the next edition of Future 100!”

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“Witnessing the UAE ascend to the top 10 most competitive countries globally, and leading in over 180 global indicators, is a dream realized.” our country is not just an honor, but a duty and a responsibility. Through his actions and perspectives, he taught me the importance of looking at situations from various angles, and always putting oneself in other people’s shoes. This empathetic approach, combined with a deeprooted culture of service, has been a guiding principle in my career, shaping my leadership style to be more inclusive, understanding, and compassionate.”

note needs to be made here about Al Roumi’s career trajectory, which has truly been nothing short of exemplary- indeed, even before she made her presence felt in her current role, she had made headlines in 2016 when she was appointed the UAE’s Minister of State for Happiness and Wellbeing, which was the first time the world at large had seen a government position in such a capacity. But her journey to these roles actually started in 2006, amid the inception of the UAE federal government’s first strategy, which was when Al Roumi, as an economist by education and a policy maker by practice, was chosen to lead a pivotal project that marked the beginning of a transformative era in our government. “The experience was intense yet exciting, driven by a team 30 / E N T R E P R E N E U R . C O M / December 2023

↑ H.E. Ohood Al Roumi at the UAE Government's Annual Meetings in 2023.

THE ENTREPRENEURIAL ECOSYSTEM IN THE UAE REFLECTS OUR NATIONAL ETHOS- AN EMBODIMENT OF THE RESTLESS, INNOVATIVE SPIRIT THAT PROPELS US TOWARDS A NEW TOMORROW

unyielding in its pursuit of the extraordinary,” she recalls. “Shortly afterwards, I was appointed to head the Prime Minister’s Office, and I had the privilege to oversee the inception of multiple strategic programs, including government services, excellence, performance management and leadership programs.” Fast forward to 2010, and Al Roumi found herself working on the UAE’s Vision 2021, which was a long-term plan that aimed to make the UAE one of the best countries in the world by the year 2021, which was when it would also celebrate the Golden Jubilee of its formation as a federation.

ooking back at it now, Al Roumi considers the realization of Vision 2021 as having been a particularly memorable moment in her career. “Being an integral part of this national dream, and contributing to the hard work over the years to bring this vision to life was immensely

rewarding,” Al Roumi says. “Witnessing the UAE ascend to the top 10 most competitive countries globally, and leading in over 180 global indicators, is a dream realized. It’s a testament to our leadership’s aspiration for our future generations to live lives even better than ours. Vision 2021 was more than an aspiration; it was a national ambition brought to fruition by the collective effort of hundreds of national teams, all working towards a singular goal. To be part of this transformative journey, from its inception to its realization, is a source of immense national pride. Along this journey, we faced numerous challenges, but it was through these trials that I learned the most valuable lessons in resilience, agility, wisdom, and courage. The unwavering support from our leadership was crucial in overcoming these obstacles, reinforcing the belief that in the UAE, the race for excellence indeed has no finish line.”

In 2020, Al Roumi was also appointed as the Secretary General of the UAE’s Preparation for the Next 50 committee, which was responsible for crafting a comprehensive development plan for the country till its centennial in 2071. “My role was to translate the vision of UAE President and Ruler of Abu Dhabi, H.H. Sheikh Mohammed bin Zayed Al Nahyan that ‘we want to ensure that the coming generation would be more prosperous than the present one,’ and the aspiration of UAE Vice President and Prime Minister and Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum, that ‘the future belongs to those who can imagine it, design it, and execute it,’” Al Roumi recalls. “With these guiding directives, I was privileged to orchestrate the design of the UAE’s future trajectory for the next 50 years. This pivotal task was carried out through an extensive network of national working teams, bringing together diverse expertise and insights from across government, industry and society. Our collaborative efforts culminated in the formulation of the UAE Centennial 2071, a comprehensive and long-term vision spanning five decades, which constitutes a roadmap for government action with the aim of making the UAE the best country in the world by 2071.”

iven how closely Al Roumi has been associated with the leadership of the UAE throughout her career, it should come as no surprise then that they stand as her greatest inspiration when it comes to role models in leadership. “Their ability to think grandly and strategically about the future, coupled with their genuine humility and commitment to support teamwork and collaboration, and their belief that nothing is impossible, has profoundly influenced my leadership style,” Al Roumi says. “They embody the principle that true leadership is about leading by example, empowering others, fostering a spirit of teamwork, and maintaining an unwavering commitment to progress and innovation. These qualities resonate deeply with my personal leadership mantra: unlocking human potential. In every team I’ve worked with, my focus has been on nurturing team members to become leaders in their own right. This involves challenging them, guiding them through these challenges, and leading by example. I place a strong emphasis on excellence, adaptability, agility, and the importance of constant learning and self-reinvention, all while ensuring a collaborative environment that harnesses the collective power of the team.” It is with these principles that Al Roumi aims to continue with her service to the UAE, and her futurist mindset comes to the fore again when she makes it clear that this is going to be a lifelong commitment for her. “Looking forward, my personal goals are aligned with the continued prosperity and advancement of the UAE,” Al Roumi declares. “I am excited about the next 50 years of our journey towards the future, where our focus is not just on sustaining progress, but on propelling our future generations to greater heights of prosperity. The lessons learned from our leadership -to be agile, resilient, to always think big, and that the word ‘impossible’ is not in the UAE’s dictionary- will be instrumental in this endeavor. As we look towards 2071, my ambition is to contribute to future-proofing our nation, preparing our younger generations for the challenges and opportunities that lie ahead. I hope to continue serving my country, playing a role in shaping a future where the UAE remains a beacon of innovation, progress, and prosperity on the global stage.”

LEADING

BY EXAMPLE

Q&A with H.E. Ohood Al Roumi , UAE Minister of State for Government Development and The Future

}What would be your advice for women in the UAE, both Emirati and otherwise, who look to you as a role model? “In my journey as an Emirati woman, I have been fortunate to witness and benefit from the UAE’s unwavering commitment to women’s empowerment, a vision passionately advocated by our founding father, the late H.H. Sheikh Zayed Bin Sultan Al Nahyan, and continued by his spouse, H.H. Sheikha Fatima bint Mubarak. And we continue to be blessed by a leadership that recognizes women’s capabilities, and their integral role in advancing society, government, and the economy. Today, the UAE’s dedication to gender equality is evident, with women holding significant positions in government and contributing to all sectors. We rank 11th globally in the United Nations Development Program’s 2022 Gender Inequality Index, and we have led the MENA region for three consecutive years. As women, we bring to the table greater responsiveness, diverse perspectives, co-creative innovation, cooperative working habits and new types of solutions. This inclusive approach to our work and our endeavors results in more balanced policies and outcomes across sectors. For women aspiring for success in their lives and businesses, my advice is concise yet profound: trust in your own abilities, and be confident in your decisions; remain authentic, always staying true to your personal values and ethics, as these are the foundations of your actions and leadership style; embrace a serviceoriented approach in your roles, aiming to serve and positively impact those around you; and importantly, know and align with your life’s purpose, as this alignment is crucial for making meaningful and lasting contributions in your career and beyond.”

December 2023 / E N T R E P R E N E U R . C O M / 31

ACHIEVIN WOMEN OF THE MENA AND BEYOND 32 / E N T R E P R E N E U R . C O M / December 2023

Success, motivation, and exceptional enterprise conduct strategies for women in business

Neha Anand Founder and Managing Director, Three Layer Hospitality Basma Bushnak Co-founder and CEO, Emkan Education Rita Huang Founder and CEO, iMile Dr. Mounira Jamjoom Co-founder and Business Development Manager, Emkan Education Margo Jordan Founder, Enrichly Kate Wooyeon Park Founder, Lamise Beauty Sara Zaini Co-founder and Managing Partner, Emkan Education

December 2023 / E N T R E P R E N E U R . C O M / 33

Basma BUSHNAK, Dr. Mounira JAMJOOM, and Sara ZAINI Co-founders/Emkan Education b y TA M A R A P U P I C

eports suggest that the size of the global consulting industry has become bigger than ever, which can lead one to assume that there is now room for everyone, from industry giants to boutique consultancies. However, starting up a smaller, localized, and specialist new entrant in this domain is still something that might require a certain degree of bravery, and that’s the trait that’s evident in Basma Bushnak, Dr. Mounira Jamjoom, and Sara Zaini, the cofounders of Emkan Education, as they tell the story of the launch of their Jeddah-headquartered boutique education consultancy. “Founding a management consulting firm that is sector-specific means that you need to be the best at what you do, because you need to compete with the best, and so, our quality had to be on par with the top firms, like PwC and Bain&Co,” says Dr. Jamjoom, who is today the Business Development Manager of Emkan Education. “Back in 2013, when we were starting, it was our personal profile and expertise that was selling the projects, not the Emkan brand that we have now.” Having now completed a decade in business, Emkan Education has managed to develop or complete more than

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75 consulting and advisory projects with clients across sectors, support more than 70 schools and universities in Saudi Arabia, Kuwait, and the UAE, facilitate more than 8,000 entries for Cambridge Interna-

behind Emkan Education are also responsible for Aanaab.com, the first Arabic e-learning platform for teachers in the MENA region. “Today, there is something called ‘Emkaner,’ like a stamp for our clients, which shows their high quality, commitment, and making it happen in the education sector,” Bushnak says. “We’ve earned this reputation, because we, as founders, have been leading by example since the beginning, and even today, we want to maintain the culture in the company that is unique and high quality, but still local, having a deep understanding of the local markets and culture.” The story of these three entrepreneurs -Dr. Jamjoom, Bushnak, and Zaini (who is today the Managing Partner of Emkan Education)- follows a wellknown path of how disruption

“ Today, there is something called ‘Emkaner,’ like a stamp for our clients, which shows their high quality, commitment, and making it happen in the education sector.” tional (part of the University of Cambridge and the provider of international education for 3 to 19-year-olds), and train more than 3,770 teachers and leaders to attain the Cambridge Professional Development Qualifications. Adding to this list of achievements, Bushnak -the CEO of Emkan Educationpoints out that the enterprise is also the first Saudi company to be associated with Cambridge Assessment International Education, the world’s largest provider of international education programmes and qualifications for five- to 19-yearolds. In addition, the team

occurs in the consulting sectorseasoned professionals leave a branded firm to leverage their high degree of expertise in a particular sector to strike out in a new direction. All three co-founders have a bachelor’s degree in special education from Dar al Hekma University in Jeddah, Saudi Arabia. In addition, Bushnak also holds a master of arts in curriculum and assessment from University College London, UK, Zaini holds a master of arts in in curriculum from the Teachers College at Columbia University in New York, USA, and Dr. Jamjoom has a a master of arts also from }}

→ Dr. Mounira

ACHIEVING WOMEN

Jamjoom, Basma Bushnak, and Sara Zaini are the co-founders of Emkan Education, a Jeddah-headquartered boutique education consultancy.

OF THE MENA AND BEYOND December 2023 / E N T R E P R E N E U R . C O M / 35

Teachers’ College, as well as a doctorate degree in curriculum studies from Oxford University, UK. To join her co-founders in launching Emkan Education, Dr. Jamjoom had left the position of a senior research specialist with the Ideation Center, Booz & Company’s think tank in the Middle East. “It is not often that you hear about people starting a management consultancy firm in the field of human capital development, and this is a service industry that drains you a lot,” Dr. Jamjoom admits. “But as we mark the tenth anniversary, I’m glad that we’ve had a strong year-on-year growth for a while, and that I see room for growth in the next three years as well.” Today, Emkan Education strives to provide best-in-class support to different stakeholders of the education sector, including government entities, private schools, investors, and non-profit organizations. “I really wanted to focus on the business development angle, which is about understanding where different countries are in their education trajectory,” Dr Jamjoom

→ Sara Zaini,

co-founder and Managing Partner, Emkan Education

strategies, to very small projects like how to transform a school.” Now, the education sector across the GCC region is in bloom- UAE-based Alpen Capital reports that the majority of the regional countries have earmarked a significant proportion of spending for education, with Saudi Arabia allocating the highest expenditure at 17%

IT’S ALSO VERY IMPORTANT TO BE BOLD AND TAKE RISKS IN BUSINESS BY PUTTING YOURSELF OUT THERE FULLY

explains. “And so, when we talk about education, we don’t look only at K-12 schools, universities, or technical vocation, but we also look at workforce, tourism education, and green economies. Our project are diverse, from national development

of its total budget, or US$50.4 billion, in 2023, followed by Oman at 16.7% ($1.9 billion). Budget allocation for education in the UAE increased by 15.5% in 2023 from 14.8% in 2020, while Kuwait maintained spending of 11.5% towards the sector.

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→ Basma Bushnak,

co-founder and CEO, Emkan Education

However, government spending on education in Bahrain (9.9%) and Qatar (9%) remained below the regional average. That said, budget allocations for education in the GCC region remain higher than those in the US, UK, and Germany. “The majority of the education sector in the region is driven by the public sector, apart from the UAE, where education is driven by the private sector,” Dr Jamjoom notes. “So, the majority of these countries want to improve their public sector education, which are all huge systems, and therefore, most of our clients have similar problems- teacher quality, high quality early childhood education, reducing the gap between university and the workforce, privatization, and finding efficient ways to fund public education. The differences might arise from them being at different stages of development, or when we need to customize

programs to different cultures, but they all face very similar problems.” With offices in Jeddah and Dubai, Emkan Education’s 40-strong team have thus got their work cut out of them. So, when asked about her biggest lessons when it comes to leading herself and others, Bushnak replies that a key one was to learn to trust her partners, and, eventually, the whole team. “In the end, I had a high commitment to the cause and value of the service we are providing, and that helped me to persevere,” she says. “It’s also very important to be bold and take risks in business by putting yourself out there fully, and I also learned how to deal with rejection, and focus on maintaining a good relationship with the people who rejected us, in hope that they would become our clients one day.” Adding a more personal tone to the topic of managing teams as well as her own

“ I think people don’t take

burnout as seriously as they should, and they don’t realize how it could scar you and prohibit you from ever bouncing back.”

↑ Dr. Mounira Jamjoom, co-founder and Business Development Manager, Emkan Education

performance, Zaini warns all entrepreneurs to be wary of burnout. “I think people don’t take burnout as seriously as they should, and they don’t realize how it could scar you and prohibit you from ever bouncing back,” she says. “Getting into this cycle of extreme burnout, taking a break to breathe, then getting back to the grind was not serving me, my family, or even my company. What’s been working well for me, at least for now, is to design internal processes that build the team’s capacity, and for me to learn to delegate. I hold myself

from getting the job done myself, and take a step back to coach them, while they operate and offer feedback as they go. I also recently learned to protect my weekends, and treat them as seriously as my working hours. I don’t respond to emails, or try to catch up with work, on weekends.” Looking back at how Emkan Education was built, Zaini admits that the ambiguity of the entrepreneurial journey, especially in the beginning, was quite difficult. “We had to be very agile, and to keep changing the business model, removing and adding service lines, while operating within a very niche market,” she recalls. “Now that it’s been 10 years, I can see the blessings in disguise. The experience shaped me, with full force, to focus on what’s under my control, and have faith that what’s out of my control will be sorted out, eventually.” Bushnak adds, “I would add the importance of being brave to make difficult decisions- back in 2017, we had to kill one of our edtech products, an app for school ratings, that actually wasn’t going anywhere. So, not being afraid of making these big decisions early on, to stop the company from bleeding cash and effort, is important.” Armed with this wisdom, the Emkan Education co-founders are now ready to have their enterprise contribute not only to Saudi Arabia’s Vision 2030 (the government roadmap for Saudi Arabia’s longterm economic and social success), but also to other regional economies and their education sectors. It’s probably going to be a tough ride, but the Emkan Education co-founders are confident- and it is this self-assuredness that Dr. Jamjoom hopes other entrepreneurs will be inspired by after reading this interview. “A lot of entrepreneurs are always afraid of competing with the big whales, and I think that our key message is that you can always differentiate yourself, and deliver the same quality as them, if not better,” she says. “Because, by being a small firm and a sector-focused firm, you can see opportunities that other people cannot. For example, we opened a new market for us in

advisory for foreign investors coming to the Kingdom back in 2018, when none of the big firms wanted to touch that. It indeed was very early then; however, when the time came, it quickly became our area of expertise. Even while being small, you can compete, and you can differentiate yourself.”

TREP TALK EMKAN EDUCATION co-founders Basma Bushnak, Sara Zaini, and Dr. Mounira Jamjoom share their tips for entrepreneurs

}Believe in yourself “If you have reached where you are today, it is because of your abilities and strength. Give yourself credit for the hard work you did.” }Be humble “No matter how successful you become, or how much profit you made, and how many clients/ customers you have, you still need to keep your feet on the ground, and treat others with respect and humility.” }Build your own support systems “And this applies for work, home, and outside of both as well. You need to find the right people to offer you the support you need, and at different times of your career.”

}Treat others the way you want to be treated “People don’t remember what you say or do, but how you make them feel. I think mastering the art of emotional intelligence is key to your success, not only at work, but in life.”

}Always invest in yourself “Another key advice heard from Sarah AlSuhaimi, the first Saudi woman to chair the Saudi Arabian stock exchange, is to build your career based on how it pushes your learning curve, and not to change jobs in pursuit of a better title or a higher pay. Your boss is in charge of your job, but you’re in charge of your career. So, building a skill-based career and becoming a subject-matter expert should be your personal long-term goal. Having said that, patience is key to mastering new skills; yet, it’s unfortunately less alluring than quick wins and climbing up the career ladder faster than your skill development rate.”

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ACHIEVING WOMEN OF THE MENA AND BEYOND

Rita HUANG

Founder and CEO/iMile by AALIA MEHREEN AHMED

→ Rita Huang founded iMile in

2017 after having worked for ten years with China-based tech giants Alibaba and Huawei.

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STARTING SMALL, WE’VE GROWN INTO A BIG PLAYER, NOT JUST IN BUSINESS, BUT IN OUR COMMUNITY TOO. FROM FIRST-MILE PICKUP TO VALUE-ADDED SERVICES, OUR END-TO-END APPROACH ENSURES THAT WE’RE NOT JUST DELIVERING GOODS, BUT THAT WE ARE ALSO DELIVERING ON THE UNIQUE NEEDS OF ONLINE BUSINESSES.

n my experience doing email interviews as a journalist, while there are often plenty of great answers to peruse, seldom does one come across replies that seem to almost jump out at you when reading them. But the latter is what happened when I was reading the responses

on this journey. My team catches the vibe, and together, we’re turning heads. So, when it comes to running the iMile ship, it’s not about bossing around; it’s about team vibes. We’re all about results; no beating around the bush here. We keep it flat- no complicated hierarchies, we’re only

“ WE KEEP IT FLAT- NO COMPLICATED HIERARCHIES, WE’RE ONLY PASSIONATE ABOUT GETTING THINGS DONE. WE’RE NOT JUST TALKING THE TALK; WE’RE WALKING IT TOO” that Rita Huang, founder and CEO of Dubai-based e-commerce logistics and last-mile delivery company, iMile Delivery Services (iMile), gave to my questionnaire. In fact, Huang’s enthusiasm for the work that she does is so palpable in her words, that it almost doesn’t surprise me when she says that the one mantra she swears by as a leader is to “lead by example.” “It’s not just words; it’s my whole playbook,” Huang says. “Picture this: I set the bar sky-high, showing up with dedication, integrity, and a work ethic that screams, ‘Let’s get things done.’ And guess what? It’s not just me

passionate about getting things done. We’re not just talking the talk; we’re walking it too.” Huang founded iMile in 2017, but her journey in the world of tech goes back much further. Prior to kickstarting her entrepreneurial venture, Huang had worked in key roles with renowned China-based tech firms Alibaba and Huawei. “Leading in business, whether it’s at tech giants like Huawei and Alibaba, or when steering the ship at iMile, taught me a universal truth: adaptability is key,” Huang says. “My stint in global tech hotspots broadened my horizons, showing me that staying ahead in business means embracing change, and putting customers first. Now, at iMile, our journey began with a realization- e-commerce had its challenges. Cash-on-delivery and last-mile delivery

were like puzzle pieces waiting to be solved. So, we dove in, leveraging tech and innovation to create a logistics solution that clicks with the e-commerce world.” To Huang’s credit, iMile certainly seems to have made an impression in the industry it operates in. Perhaps the two biggest metrics of that success have been the UAE-born company’s operational expansion into Kuwait, Qatar, Bahrain, and Turkey, as well as a US$30 million Series B funding round led by China-based venture capital firm Qiming Venture Partners in August 2022. “From its humble beginnings, we’ve diligently scaled iMile to the prominent position it occupies today,” Huang says. “Starting small, we’ve grown into a big player, not just in business, but in our community too. From first-mile pickup to valueadded services, our end-to-}}

→ A UAE-born enterprise, iMile makes use of smart logistics technology to offer unparalleled efficiencies throughout the supply chain.

December 2023 / E N T R E P R E N E U R . C O M / 39

“ FOR ME, DIVING INTO SUCCESS STORIES OF ENTREPRENEURS THROUGH READING IS MY GO-TO MOVE. IT FUELS ME UP, AND KEEPS THE LEARNING PART GOING STRONG.” ← The iMile

Global CSP Program is an opportunity for entrepreneurs and established businesses in the express delivery industry to join its global network.

end approach ensures that we’re not just delivering goods, but that we are also delivering on the unique needs of online businesses. And hey, it’s not just about the business; it’s about navigating new challenges, like perfecting the art of localization in each country we touch. After all, to make a global mark, you’ve got to speak the local language, right? We’ve also brought in over 20,000 jobs and counting, which is a huge source of joy for me.” Unsurprisingly, Huang notes iMile’s inception and growth as her one of the most profound successes in her career trajectory so far. But what becomes evident as she elaborates on her company’s milestones is that creating a sense of purpose

and human impact are central to Huang’s vision. “I wear many hats as the founder of iMile Delivery Services,” Huang explains. “My main gig? Taking us global, and making shipping a breeze for customers through strategic partnerships. But amid the e-commerce frenzy, I also saw a chance to boost small sellers. The iMile Channel Service Partner (CSP) Program was born to ramp up local merchants and small and medium enterprises (SMEs) in the UAE and KSA region specifically, adding further a more real sense of purpose to our business. The lesson? Finding a mission that hits home is gold. It flipped the script, turning me into a business leader with a mission as big as the world.”

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The iMile CSP Program that Huang refers to is an initiative that enables entrepreneurs and established businesses in the region’s express delivery industry to join the platform’s global network. As a CSP, smaller retailers and merchants stand a chance to benefit from iMile’s customer-centric solutions, extensive operating experience, and innovative technology. With that, what the program effectively aims to do is offer an opportunity for individuals to start their own businesses within the iMile network. “We’ve got a soft spot for being good humans- giving back, caring for the planet, and making a real impact,” Huang says. “It’s not just about delivering goods; it’s about delivering promises, and making the world a better place, one delivery at a time. So, what I find really cool is our commitment to doing more. We’re not just about our own world of business; we’re ramping up the CSP Program across countries for the overall benefit of the SME ecosystem. Joining us isn’t just a partnership; it’s a ticket to a ride filled with crazy growth and success in the express

pickup and delivery industry!” As someone who self-admittedly has a varying range of responsibilities on her shoulders, Huang reveals that one of the three main prongs of her leadership skillset lies in leveraging the power of team synergy. “Talent training is our secret sauce, turning our team into logistics wizards,” she says. “At iMile, we’re not just hiring; we’re growing- investing in our crew, giving them the tools to shine, and building a team that’s not just skilled, but also shares our vibe of innovation, empathy, and transparency. I’m all about focus, goals that stick around, and building a crew that’s not just good, but iMile-good.” The other two pieces that complete Huang’s leadership is “being focused and goal-oriented,” she says. But even the most determined and laser-focused among us can sometimes have days that go against us. How, then, does Huang manage to keep the fire in her belly alive? “Dealing with self-inhibiting challenges requires a combination of self-awareness and confidence,” Huang replies. “Acknowledging your achievements, and seeking

Neha ANAND Founder and Managing Director/ Three Layer Hospitality b y TA M A R A P U P I C

hen it comes to being successful as an entrepreneur, it’s often all about getting the timing right, as being too early or too late to enter an industry can make or break a startup. But Neha Anand, founder and Managing Director of Three Layer Hospitality, says that it’s also important for an entrepreneur to find the right time for them personally to venture into the

→ Neha Anand is the founder and Managing Director of Three Layer Hospitality, an established brand leader in the F&B market.

business world. “I chose to wait until my children had grown up before embarking on my entrepreneurial journey, viewing motherhood as invaluable work experience,” Anand shares. “While some may have started their ventures earlier, I firmly believe that the skills acquired as a parent are just as vital as those honed in the boardroom.” At Three Layer Hospitality, Anand heads an enterprise that manages over 20 restaurants and six brands, }}

ACHIEVING WOMEN

mentorship and guidance is the key. I would advise facing these adversities by focusing on personal growth, setting clear, achievable goals, and consistently seeking opportunities for improvement. For me, diving into success stories of entrepreneurs through reading is my go-to move. It fuels me up, and keeps the learning part going strong. The stories of successful entrepreneurs motivate me and keep me going. As they say, ‘keep learning, keep growing.’” Notably, this approach appears to intertwine with Huang’s tips for female entrepreneurs who may find themselves in a situation where they face discrimination based on their gender. “Throughout my journey, I’ve been fortunate not to encounter any significant genderrelated challenges in the Middle East,” Huang says. “The region has made remarkable progress in eliminating gender bias. Having said that, I believe it’s essential to discard any self-imposed limitations, and work diligently to achieve your aspirations. By adopting this perspective, you can ensurWe that gender bias will never obstruct your path to success. In this way, we can collectively contribute to a more inclusive and equal work environment for everyone.” Female entrepreneurs would do well to pay heed to Huang’s words- she is, after all, a woman who has managed to break the glass ceiling in an industry that’s still largely male-dominated. But a large part of that success must be credited to Huang’s work ethics, and as she now looks forward to a successful 2024 for iMile, those foundations, she says, will remain unshakeable. “My leadership mantra will continue to be all about showing, not just telling,” Huang declares. “It’s about transparency, empathy, and a big, fat commitment to innovation and diversity. And speaking of our iMile global squad, they’re not just co-workers; they’re family, hailing from over 40 countries and different nationalities. We’re not just delivering packages; we’re delivering a vibe that says, ‘Let’s make things happen together.’”

OF THE MENA AND BEYOND

December 2023 / E N T R E P R E N E U R . C O M / 41

which include the UAE-based Jun’s, Little Jun’s, and Mambo Gourmet Pizza, as well as the India-based Circle of Crust, King’s Dairy, and We Idliwale. “These six brands are spread across both the UAE and India, with plans to rapidly expand across the Middle East region, and further across India,” Anand explains. “We are aggressively expanding Circle of Crust to Pune in India, which houses the majority of our restaurants, including We Idliwale.” Anand is also a Partner at Kings Group Ventures, which she co-founded in 2011 with her husband Kartik Anand, and has since grown to become a multifaceted business with over 25 brands spanning across 10 industries. “I have ten broad direct reports that I speak to on a daily basis,” Anand reveals. “I work hand-in-hand with my Chef Partners for each brand, and I also work with the CEOs/Heads of Operations too, like I do for Noor, our collection of luxury homestay villas which will be launching soon in Goa, and for the lesser-

“ WE ARE AGGRESSIVELY EXPANDING CIRCLE OF CRUST TO PUNE IN INDIA, WHICH HOUSES THE MAJORITY OF OUR RESTAURANTS, INCLUDING WE IDLIWALE.”

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known Kings Dairy manufacturing unity in India, which houses our consumer-packaged good ideas like Kings Ghee and Fuji Cream Ice Cream, which is present in 2,500 retailers across Maharashtra in India.” When it comes to success in business, Anand believes it is about creating an environment that is open and approachable, and it’s centered on building strong relationships with partners and stakeholders. However, moving to Dubai and replicating the business success she saw in India to now in the UAE posed new leadership challenges, starting with learning how to navigate the highly competitive landscape of the food industry in the Emirate. “To start working in another country, in a new environment, and in a whole new business that was driven purely by my passion, was a bold move,” she says. “When I first started my ventures here, it felt like there was a new restaurant or food delivery service popping up on every corner, and establishing a unique and memorable presence felt like a daunting task. The most challenging situation I faced was finding a way to stand out in a sea of options. I realized that simply offering delicious food would not be enough, this had to be the bare minimum. I had to build a brand that resonated with the people of Dubai, create a distinct culinary experience, and provide exceptional customer service.” So, how did Anand overcome this challenge? First, she conducted in-depth market research to understand the preferences of the 250 different nationalities that make up

↓ Three Layer Hospitality founder Neha Anand with guests at a Women’s Day Lunch organized earlier this year at Jun’s.

↑ Neha Anand at one of her concepts, Circle of Crust, which has venues in both India and the UAE.

the population of the city. “To fill gaps in the market, our teams in Three Layer Hospitality dare to be different, introducing distinct homegrown brands, and pioneering new concepts, such as North American Asian cuisine,” she says. “The brand also emphasizes inclusivity by catering to a range of dietary requirements, ensuring that every guest feels welcomed and valued.” Second, she invested in branding and marketing efforts to create a strong and memorable brand identity, and third, she actively networked with other entrepreneurs in the food industry in Dubai to tap into their knowledge and experiences. “It also led to opportunities like an annual Women’s Day Lunch at Jun’s, celebrating women’s contributions to food and beverage, and co-hosting the first Bold by Veuve Clicquot in Dubai, a program promoting inclusivity and visibility for women in leadership, which helped increase our reach and brand recognition,” she adds.

Anand also notes the relevance of a decision she made to focus on remaining resilient and adaptable as an entrepreneur. “The competitive nature of the food industry in Dubai has meant that I faced setbacks and challenges along the way,” she admits. “However, I learned to embrace these challenges as opportunities for growth and innovation. This experience taught me a great deal about myself as a person and a business leader. It showed me that I possess the determination to overcome obstacles, even in the face of fierce competition. I learned the importance of staying focused on my goals, while being flexible in my approach.” And her efforts have certainly borne fruit- as an example, check out Jun’s, one of the most recent ventures launched by Three Layer Hospitality, which is a modern fine dining restaurant that Anand developed in partnership with Chef Kelvin Cheung. In just a few months since it opened, it earned a spot on the prestigious MENA’s 50 Best Restaurants list; plus, it was awarded selections within Dubai’s Michelin Guide 2023, as well as in Gault & Millau UAE’s Best Restaurants selection. Building such a successful venture in Dubai’s food industry has thus

reinforced Anand’s belief in the power of perseverance and the value of continuous learning, but also in the importance of having faith in one’s purpose and mission. “As a practitioner of Nichiren Daishonin’s Buddhism for the past 14 years, a philosophy that upholds the dignity of each human life in the same measure, I believe if you have faith in your purpose or mission, you are ready to take the next step, and put that faith to practice,” Anand reveals. “This belief has helped me keep going whenever I am caught in a slump or lack motivation. Aside from my own practice of gratitude, I feel so much joy -and I am so grateful- for the value of creation that I can bring to the business and my teams. There is no greater motivator than seeking out and seeing purpose in every step we are taking at Three Layer Hospitality, and watching our team grow and thrive, especially so quickly.”

TREP TALK THREE LAYER HOSPITALITY

founder and Managing Director Neha Anand shares her tips for entrepreneurs

}Do what you love “Only do what you are absolutely passionate about, and what brings you the most joy. Business will always be hard, and that passion will help push you forward and through the challenging times, ultimately leading to greater success waiting at the end.”

} Invest in financial planning “There is no substitute for hard work, but financial planning is just as important. Create a comprehensive three-year plan, and invest your resources wisely. Preparing for the future economic landscape is important, but it is equally vital to have short-term financial strategies to guide investments and maximize productivity in the present.”

}Always be true to yourself “When you do things from your heart and for the joy of it, you have found the path to success.”

December 2023 / E N T R E P R E N E U R . C O M / 43

ACHIEVING WOMEN → Kate Wooyeon Park

OF THE MENA AND BEYOND

is the founder of Lamise Beauty, a platform that offers Korean skincare and cosmetic brands such as Cosrx, MediHeal, Coxir, Peripera and Thank You Farmer, among many others.

Kate Wooyeon PARK Founder/Lamise Beauty

by AALIA MEHREEN AHMED

f you’ve ever felt a visceral void when trying to connect with others, perhaps what’s missing is jeong (정), a Korean concept that encompasses the emotions of goodwill, warmth, and affection. For decades, it has been a non-verbal element that seeped its way into every part of Korean culture and society, and it has now evoked great global interest as well. For Kate Wooyeon Park, founder of Dubai-based Korean beauty (aka K-beauty) brand Lamise Beauty, jeong has been a driving force in how she’s built her company from the ground up. “In Korean business culture, jeong is a word that is frequently used to describe the importance of relationships,” Park explains. “In this case, it means building deep emotional connections and mutual understanding with

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people in and around your business. This shapes my leadership by putting lots of effort into forming meaningful relationships with my team, my customers, and my suppliers. I see business relationships as long-term connections, valuing loyalty and trust over quick wins.” Park, a native of South Korea who moved to the UAE a decade ago, founded Lamise Beauty in 2017. Products from a wide range of Korean skincare and cosmetic brands -including K-beauty biggies like Cosrx and MediHeal- are sold via its online platform (with UAE-wide delivery), and

also at a brick-and-mortar shop located at The Greens, a residential community in Dubai. And like many entrepreneurial ventures often do, Lamise Beauty too was born out of a problem Park faced firsthand. “When I moved to the UAE from Korea 10 years ago, my skin needed to adjust to the dry climate, as it became dehydrated and irritated frequently,” she recalls. “I started experimenting with new products, and then bringing my favorite beauty products from Korea, but once I started to share the cosmetics with my friends, they always asked me to bring more. That is when I realized that the quality

of Korean cosmetic products could be appreciated not only by Koreans, but also by others from many other countries.” Park thus realized that there was an opportunity to bring Korean skincare to the UAE in a way that blends perfectly with Emirati culture, and it’s a notion that she has stuck to as she set up and built her enterprise. For starters, her enterprise’s name is derived from the Arabic word “lamees” (‫)لميــس‬, which means “soft touch”. “Natural ingredients -such as aloe vera, rose, honey, avocado, prickly pear, etc.- are valued in both Korean and Emirati skincare traditions,” Park notes. “Highlighting the benefits of these ingredients created a connection with customers from different cultural backgrounds. I thus decided to launch Lamise Beauty to help raise awareness about taking care of your skin, and to provide a platform for the people in the region to experience many different Korean beauty brands, under one roof.” Now, it’s safe to say that Park’s entrepreneurial journey has been aided by the Korean Wave, or Hallyu (한류), which refers to the growing influence of Korean pop culture across the globe. But while Park isn’t dismissive of the positive influence of this cultural shift, she also points out that it is the K-beauty products themselves that deserve the most credit for Lamise Beauty being a hit in the market. “Hallyu has definitely played a role in the increased interest in Korean cosmetics, but I believe that, ultimately, high quality products with innovative skincare formulations which help everyone’s skin concerns is a significant factor,” Park says. “This has led to many beauty experts and influencers from different cultures to share lots of information about K-beauty such as ingredients, how to use certain products, and positive results, among others. It is this movement that has inadvertently increased the number of consumers who choose K-beauty products.” But with the increased consumer interest have come some specific logistical challenges that Park and her team have had to overcome. “With the rise of popularity, the market has also seen an increase in counterfeit products being sold through unofficial channels these days,” she laments. “Counterfeit product manufacturers copy a brand’s image, item design, and sell them at lower prices. Most customers can therefore not tell which one is authentic until you use it. This is why Lamise Beauty is working directly with each brand from Korea, and we always give the right information to customers about authentic products. I believe that the value of Lamise Beauty is built based on this authenticity and transparency.” But in reaching such a

As a businesswoman and as a Korean, one of my proudest achievements has been successfully expanding our Korean skincare brands into the Middle East

↑ The Lamise Beauty team. Based off her own experiences in Dubai, Kate Wooyeon Park has, for Lamise Beauty, handpicked K-beauty products that are well suited for taking care of one’s skin in the typically hot and dry climate in the Middle East.

point in its growth, Park had to first discover what was the best way to connect with customers. According to Park, this was a learning curve that has molded her into the leader she is today. “In the beginning, it was all about selling the products on our platforms, without understanding the market, or a concrete strategy,” Park reveals. “With time, I realized that understanding and meeting customer needs is crucial. This led me to focus on listening to their skin concerns to find the right products for them, and test them thoroughly. As a result, we were able to make the users satisfied and happy through good results. Also, having a great team who has the same business mind is essential. Our team spends lots of time on studying brands, products, and benefits of ingredients. We test the products together, and share customer feedback on a daily basis. This shifted my leadership style toward empowering and supporting my employees to be K-beauty advisors.” For Park, curating operations based on the consumer’s delight has transitioned into something of a driving force as well. “What motivates me to keep moving forward is when good feedback from a customer is shared with us,” she says. “Engaging with a Korean skincare network drives my passion for my work. Building connections with like-minded individuals who share the dedication for skin care can create a supportive network, and inspire fresh ideas.” Plus, having experienced first-hand how K-beauty products }} December 2023 / E N T R E P R E N E U R . C O M / 45

have helped her feel better about herself, Park hopes what Lamise Beauty now supplies helps others feel the same way. “I believe that staying updated about the latest trends and technology -and applying that on my skin- builds confidence, both physically and naturally,” Park says. “Embracing your body is important, and the skin is the largest organ on your body. And so, I believe incorporating new, exciting products in our portfolio, as we try to stay at the forefront of innovation, will, in turn, instill confidence in our customers who seek the latest and most effective skincare solutions.” When I ask Park what her life’s greatest business achievement has been so far, she incorporates a sentiment that has been peppered across her entire narration of her entrepreneurial journey: an immense pride in her heritage. “As a businesswoman and as a Korean, one of my proudest achievements has been successfully expanding our Korean skincare brands into the Middle East,” Park says. “Breaking into new markets required careful planning, cultural adaptation, and a deep understanding of our products, as well as global consumer preferences. And most importantly, I am so proud that I could have many customers who are happy with our products, and trust Lamise Beauty.”

TREP TALK Lamise Beauty founder Kate Wooyeon Park shares her tips for entrepreneurs.

} Believe in yourself “Confidence is your power in business. It helps you navigate challenges with strength and authenticity. Be confident, and speak up.”

} Keep learning, and be flexible “Always be curious and open to learning. The business world changes, so adaptability is key. Stay informed about your industry, and be ready to embrace new ideas.”

}Build a supportive network “Surround yourself with mentors and supportive people who can offer guidance and encouragement. Having a strong network is like having a team cheering for your success.

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Margo JORDAN Founder/Enrichly by AALIA MEHREEN AHMED

→ Margo Jordan is

founder of Enrichly, an e-learning platform that leverages machine learning, gamification and data to increase self-esteem in children.

I CHOSE THE NAME ‘ENRICHLY,’ BECAUSE I ESSENTIALLY WANTED TO ENRICH PEOPLE’S LIVES WITH THE TOOL OF SELF-ESTEEM; A TOOL THAT HELPS PEOPLE REACH THEIR FULL POTENTIAL.

ACHIEVING WOMEN

OF THE MENA AND BEYOND

ver had a moment where you’ve thought to yourself, “How I wish they’d taught this in school?” While the answer to that is most likely “yes” for most of us, the circumstances that’d result in such an observation would probably differ from person to person. For Margo Jordan, this wish was something of a foundational element when she launched Enrichly, which is today a personal development platform for children. “My core belief is that you teach best what you need the most,” Jordan says. “Growing up as a young girl in Milwaukee, Wisconsin, with low self-esteem, I was at risk of not living up to my full potential. This problem I faced led to the solution that I developed through the first version of my startup in 2017: a brick-and-mortar self-esteem learning center for girls in Houston, Texas, and we quickly expanded to include boys in response to parental demand. In 2021, owing to the COVID-19 pandemic, we ultimately pivoted into an e-learning platform and gaming app that makes personal development accessible to kids globally.” The aforementioned series of events are thus what led to Enrichly’s current iteration in 2023: a global edtech platform focused on self-esteem that leverages the power of technology, gamification, and data to help youth realize their full potential. “The vision behind this company is to ensure that children globally have access to self-esteem development learning tools,” Jordan continues. “Self-esteem is a muscle that needs to be worked out every single day, and Enrichly would be considered the gym for that muscle to be worked out. I chose the name ‘Enrichly,’ because I essentially wanted to enrich people’s lives with the tool of self-esteem; a tool that helps people reach their full potential.” With its offering of monthly and annual subscriptions, Enrichly can be used by all children –from kindergarten to twelfth grade- under the supervision of their parents, guardians, tutors, etc. “However, we also work with school districts, youth focused organizations, municipalities and healthcare providers on an enterprise level, where we can reach a larger number of children,” Jordan adds. The startup has grown from its base in America as well- Enrichly made its way to the UAE in 2023. In fact, during the recently concluded Expand North Star (a global startup event that took place at the

Dubai Harbor from October 15-18, 2023), the enterprise closed a partnership with the Abu Dhabi Early Childhood Authority (ECA), a government entity based in the UAE capital that is dedicated towards promoting optimal child development and well-being. So, how exactly does Enrichly ensure that self-esteem can be inculcated in a child? “Enrichly’s approach involves implementing self-esteem development programs digitally and on-site, incorporating a personal development curriculum,” Jordan replies. “We collect actionable insights by comparing students’ self-esteem before and after participation, demonstrating the growth achieved. Furthermore, we evaluate the impact of improved self-esteem on academic performance, mental health outcomes, and other relevant factors. These evaluations continue throughout the program, and we are able to track and adapt for the best results, personalized to the child.” According to Jordan, negative life experiences, lack of positive role models, bullying, and societal pressures are among the key impediments to building a child’s self-esteem. But while these situations represent one end of the spectrum, Jordan is acutely aware that pushing young kids towards unhealthy self-image mindsets, such as narcissism, shouldn’t be the end result either. “At Enrichly, we are focused on the healthy aspect of self-esteem,” Jordan says. “In the past, there have been initiatives to encourage high self-esteem, which can sometimes be just as damaging as low self-esteem. We’ve seen that children with healthy self-esteem, however, tend to be more successful in school, stay out of trouble, and remain well-adjusted through the majority of their lives. By providing a space where children can go to learn and develop a healthy self-esteem from a young age, we will see the benefits for generations to come. We’ve learned through various studies that a higher self-esteem in a child leads to increased success and progress as an adult.” Since its inception, Enrichly has helped over 200,000 students deal with their self-esteem issues, with 92% of the children reporting that using the platform has helped them feel better about themselves. Jordan has also seen her startup get accepted into the 2022 cohort for the Google For Startups Founder Academy, a four-month }} December 2023 / E N T R E P R E N E U R . C O M / 47

FOLLOW THE

Leader

virtual program for pre-seed and seed stage startups across the US. During that endeavor, Jordan also won the Black Founders Fund III Award, a title awarded by the Google for Startups Black Founders Fund to Black-led startups in Africa, Brazil, Europe, and the United States. Jordan’s biggest win this year, however, happened when she won US$500,000 at the Venture Atlanta 2023 Startup Showcase, an American technology innovation event where tech startups in the country’s southeast region get to pitch to renowned investors. Pondering on her accomplishments thus far, Jordan says, “Each year, I’ve seen my achievements grow significantly, with my proudest accomplishment being my ability to achieve greater success than the previous year. In a relatively short span, I’ve accomplished many significant goals.” While Enrichly is Jordan’s brainchild, she is quick to also note that her entrepreneurial journey has been aided by the support of those who work alongside her. But guiding a team towards a singular vision, Jordan says,

“ It’s this sense of purpose that drives me, knowing that I’m not only doing well for myself, but also doing good for the world.”

is much more layered than some may be led to believe. “My perspective on leadership has undergone significant transformation during my journey as the founder and CEO of this company,” Jordan reveals. “I’ve come to understand that effective leadership is not just about authority; it’s about making substantial sacrifices, and meticulously crafting and executing the optimal strategies for the team I’ve assembled. Leadership, in and of itself, is one facet, but becoming a truly great leader entails a multifaceted approach. Being a great leader involves continuous investment in my team’s growth and development, not just in terms of skills, but also in terms of motivation and morale. Additionally, it requires a keen and everwatchful eye on the dynamics within the company, being attuned to changes that are imperative for our ongoing growth and success.” Jordan, however, doesn’t wish to paint an idealistic picture of what team building entails. Very candidly, she shares that she had to take some incredibly tough calls

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while initially assembling the right group of people to build Enrichly. “Very early on, I recognized the necessity of specific traits within the team to realize our vision,” Jordan says. “And so, to reach the point where I now have a capable and passionate team, I had to make several hiring and firing decisions. Overcoming this obstacle taught me the importance of hiring deliberately, and letting go of those who didn’t align with our goals swiftly. Furthermore, I realized the significance of setting clear boundaries with employees. My early struggles with boundary-setting taught me a valuable lesson as a founder. It became evident that my failure to establish boundaries was not only draining resources but also impeding the company’s progress. This experience compelled me to mature and evolve in my role.” All of these anecdotes, however, raise the question of how Jordan managed to keep herself going on the days when success didn’t seem like an imminent result. “Well, for starters, revisiting why I embarked on this journey acts as a powerful driving force, helping me persevere,” she says. “Also, the concept of ‘failing fast, and failing forward’ is a mantra that consistently guides my actions. It reminds me that calculated risks are often necessary for growth, and there’s no reward without stepping into the realm of

uncertainty. Therefore, I continually experiment with new ideas, and rapidly iterate on them, prioritizing the discovery of what doesn’t work, as much as what does. This willingness to adapt and learn from setbacks is a critical aspect of building a resilient and successful business.” Of course, such a positive mindset is often anchored by a core underlying notion, and in the case of Jordan, it is her staunch belief in the social impact her platform creates. “My passion is fueled by the knowledge that I’m addressing a significant global issue affecting over 85% of the adult population,” Jordan says. “It’s this sense of purpose that drives me, knowing that I’m not only doing well for myself, but also doing good for the world.” And according to Jordan, that vision has only been further strengthened through her personal experiences as a mother. “I’m fortunate to have four little ones who lovingly call me mom,” Jordan reveals. “Their presence in my life provides me with an unwavering drive to continue pursuing my passion. I’m motivated by the belief that my efforts will contribute to creating a better world for them. Knowing that the solutions my company offers can help alleviate real-world challenges they may encounter, both now and in the future, instills in me a deep sense of urgency and dedication.

THE ART OF ELEVATION

O M N I YAT. C O M

FUN COMES GUARANTEED YOU DECIDE WHEN THE PARTY STOPS WITH 24HR FOOD & DRINK. NOW OPEN AT DUBAI DIGITAL PARK. RADISSONHOTELS.COM/RED

Gear

#TamTalksTech

Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado b y TA M A R A C L A R K E

↑ Work In Progress Honor X9b 5G / HONOR X9b 5G combines a stunning display, durability, cutting-edge camera technology, and extensive battery life to provide an unparalleled user experience. With an edgeless 6.78-inch AMOLED Curved Display, HONOR X9b 5G supports ultra-clear 1.5K resolution, 1.07 billion colors, and 100% DCI-P3 color gamut, with a refresh rate of 120Hz, all ensuring a vivid, immersive viewing experience. Plus, its screen has 360-degree whole-device protection, providing drop resistance for the screen to withstand drops from any angle. That’s why HONOR X9b 5G has received SGS’s Five Star Overall Drop Resistance certification- the first in the industry. The device rounds out with a triple camera system which includes the main 108MP Lossless Capture Camera, a 5MP Ultra-Wide Camera with 110° field of view, and a 2MP Macro Camera. It sports a 5800mAh battery that can power the device for three days from a single charge, and under the hood, the HONOR X9b 5G is powered by the Qualcomm Snapdragon 6 Gen 1 Mobile Platform. Android 13-based MagicOS 7.2 software, which includes smart features such as HONOR Docs Suite and Magic Text, ensure your ability to work while on the go.

Listen up

IMAGES COURTESY HONOR | FUJIFILM | JABRA

↑ Jabra Elite 10 /

The Jabra Elite 10 earbuds promise the best combination of comfort, sound, and portability. These wireless earbuds are truly immersive, with them being Jabra’s first earbuds to support Dolby Head Tracking, which keeps you -the listener- in the center of the soundstage as you move your head. Elite 10 also eliminates surrounding noise with Jabra Advanced Active Noise Cancellation, which auto-adjusts for what’s around you with infrasonic waves that measure the ear canal, as

Oh, Snap

↑ Fujifilm Instax Square SQ40 / The new Fujifilm Instax Square (SQ40) is an analog instant camera, sporting a premium, classic design with throwback leather-like texture that fits comfortably in the hand. SQ40 allows you to enjoy on-the-spot photo printing with square format film, which covers a wider range of photographic scenes, from group shots to landscape photos. You can also switch to Selfie Mode for taking selfies and close-ups by simply rotating the lens barrel. The camera also features an Automatic Exposure function, which achieves optimum exposure by automatically turning the lens barrel to turn on the camera, focus on the subject, and activating the shutter button. Moreover, square format film gives you the advantage of taking pictures with 1:1 aspect ratio to turn casual scenes into artistic works of photography.

well as algorithms that detect noise leakage and wind conditions. Elite 10 also offers ComfortFit technology for the most natural, airy fit, as well as less occlusion due to its semi-open design that relieves ear pressure, allowing you to walk and talk in comfort. Every surface the ear touches is made of soft silicon for a snug fit, meaning less wearing fatigue for all-day use. The Elite 10 is complete with six-mic call technology for crystal-clear calls, six-hour battery (27 hours with case), and a pocket-friendly cradle optimized for wireless charging, Bluetooth Multipoint connection, handsfree voice assistance, and easy pairing.

TAMARA CLARKE, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. Talk to her on Twitter @TAMARACLARKE. theglobalgazette.com

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Gear

DISTINCTIVE BY DESIGN →

Pasha de Cartier Edition Limitée

It’s gifting season, and it’s safe to say that this edition limitée version of the Pasha de Cartier fragrance is guaranteed to be welcomed by whomever it’s presented to. Housed in a bottle that reinterprets the signature deep blue of the cabochon adorning the iconic Pasha de Cartier timepiece, do also note its silver arabesque motifs that introduce a visual game of contrasts, and play with reflections of light. As for the fragrance itself, it’s a bold and sensual amber scent, with a deep, intense signature that’s carried by the warmth of sandalwood. cartier.com

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I M A G E S C O U R T E S Y C A R T I E R | R E P O S S I | VA C H E R O N C O N S TA N T I N | V I L E B R E Q U I N

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 have been carefully curated to help you navigate the holiday season with a selection of meaningful and delightful gifts.

EDITOR’S PICK

VILEBREQUIN ↑

Elevate your travel aesthetic with Vilebrequin’s first ever luggage range. The Bag-72h Turtles Monogram introduces a discreet yet luxurious twist to the iconic sea turtle logo, while the Bag-48h Turtles Monogram and Bag-B Turtles Monogram offer chic options for any journey. As a testament to Vilebrequin’s commitment to redefining travel accessories with a touch of sophistication, this collection is meant to take you on a journey of craftsmanship.

ONE FOR THE AGES ↑

Vacheron Constantin Les Cabinotiers Grisaille High Jewellery – Dragon Step into the world of Vacheron Constantin's Les Récits de Voyages, a captivating collection of Les Cabinotiers timepieces seamlessly merging artistry and technical precision. Dedicated to the Swiss Maison’s international expansion that began in the 19th century, each of the watches in this collection illustrates the successive stages of this odyssey. One of the most striking ones in this collection is -arguably- the Les Cabinotiers Grisaille High Jewellery – Dragon, which pays homage to China, a country whose trade with Vacheron Constantin dates back to 1845. On the dial of this watch featuring a five-clawed imperial dragon and its pearl, Vacheron Constantin's master artisan has created a motif in green grisaille enamel, a first for the Manufacture; another first being the gemsetting of a model with a grisaille enamel dial. Meanwhile, the case of this timepiece has been entirely set with 146 baguette-cut diamonds on the bezel, middle, and lugs, while a brilliant-cut diamond adorns the crown. This Hallmark of Geneva-certified watch is powered by self-winding Calibre 1120, a legendary movement distinguished by its extreme 2.45mm thinness and its aesthetically pleasing construction. Housed in a white gold case measuring 40mm in diameter and 8.9mm thick, paired with a dark green alligator leather strap secured by a gemset white gold pin buckle, this timepiece is an absolute must-have.

SEASONAL SPLENDOR → / Repossi Holiday Collection

Italian jewelry house Repossi has unveiled its Holiday Collection for this year, with each of the pieces in the line showcasing meticulous craftsmanship that’s certain to help you make a style statement this festive season. For starters, consider the timeless Antifer collection, whose pieces mimic the shape of the cliffs of Antifer in Normandy, France. There’s also Berbere, which features the repetition of a minimalist gold line to be worn as a second skin (which, by the way, is a reinterpretation of the Berbere Tuareg multi-line tattoos), and Blast, a modern and bold tribute to tribal stacked bangles, enhanced by a floating diamond. Last but not the least is the Serti Sur Vide collection, which reinvents iconic jewelry classics, like the solitaire ring- here, the diamond is set on a hidden structure, and floats on the skin as in a magnetic levitation.

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THE

YEAR THAT WAS by ABY SAM THOMAS

2023

ntrepreneurs and executives share highlights from their businesses over the last 12 months (and what they are looking forward to in 2024)

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Abdullah Al Mutawa FOUNDER AND CEO

CARI

023 has been “a rollercoaster of challenges and triumphs” for Abdullah Al Mutawa, founder and CEO of GetCari, a zero-commission food delivery platform that was launched in 2022 in Kuwait, and now operates in Saudi Arabia and the UAE as well. Of course, Al Mutawa is no stranger to the ups and downs of the entrepreneurial ride- after all, he was formerly the co-founder and CEO of Carriage, a food delivery service launched in 2016 that went on to be acquired by Germany-headquartered Delivery Hero a year later.

}IT IS THUS WITH THAT

WEALTH of experience that Al Mutawa is now leading Cari,

testament to the hunger for a fair and transparent food delivery experience,” Al Mutawa says. “On the flip side, the challenges have fueled our determination to innovate and enhance our services even further. Personally, it’s a journey of resilience, and I believe challenges are the building blocks of success.”

}HAVING THUS SET OUT to redefine food delivery with Cari, Al Mutawa is looking forward to entering 2024 with all guns blazing. “As we step into the new year, my excitement knows no bounds,” Al Mutawa says. “The one thing I’m fervently looking forward to in 2024 is expanding our reach, while maintaining our commitment to zero commissions. It

“We’ve seen great progress in our user base, a testament to the hunger for a fair and transparent food delivery experience.” which is taking customercentricity to a whole new level with its zero commissions offering, as well as a 30-minute delivery promiseand this is easily evident in the how the business has grown over the past year. “On the positive side, we’ve seen great progress in our user base, a

matters to me, because it aligns with our vision of making quality food accessible, without burdening our partners. Watch out for this space, as it’s a testament to our unwavering dedication to a fair and flourishing food delivery ecosystem!” getcari.com

REFLECTIONS 2023 Abdullah Al Mutawa shares his key insights from the year that was } Passion fuels innovation “This year reinforced the notion that passion is the driving force behind innovation. It’s the fuel that propels us to think beyond the ordinary, challenge the status quo, and create a platform that genuinely serves both users and restaurants.” }Adaptability is non-negotiable “The business landscape is dynamic, and adaptability is non-negotiable. This year highlighted the importance of staying agile, embracing change, and being proactive in navigating the ever-evolving industry terrain. It’s not just a lesson; it’s a survival skill. In the grand tapestry of Cari, we have commitment to revolutionize food delivery, and I’m honored to lead a team that shares this vision. The journey ahead is exhilarating, and we invite everyone to be a part of the Cari experience- where good food meets passion, and vision meets reality.” December 2023 / E N T R E P R E N E U R . C O M / 55

December 2020 / E N T R E P R E N E U R . C O M / 55

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Shafeena Yusuf Ali FOUNDER AND EXECUTIVE DIRECTOR,

RIZQ ART INITIATIVE

hen Rizq Art Initiative launched in the UAE capital of Abu Dhabi in November this year, it was described as a culmination of Shafeena Yusuff Ali’s lifelong vision to champion the arts, and that would explain the passion with which this acclaimed businesswoman speaks about her latest endeavor.

}BUT BEFORE WE GET TO

RIZQ , here’s an introduction to Ali for those of you who may not be familiar with her. For starters, she was essentially born into the world of business as the daughter of Yusuff Ali M.A., the Indian billionaire who’s the Chairman of the

UAE-headquartered Lulu International Group. Indeed, she has gone on to prove that she’s a chip off the old block in her roles as the CEO of the Abu Dhabi-based Tablez Food Company (and Chairperson of its sister concern, Tablez India), as well as the Director of Twenty14 Holdings, also based out of the UAE capital. In addition, she, along with her husband Adeeb Ahamed, co-founded the Adeeb and Shafeena Action Research Foundation, where she, as the non-profit’s Director, champions improvements in education, health, childcare, and community development across India. Ali is also known to be an avid art collector and historian, and it is her knowledge and experience in this particular domain that led her to now launch Rizq.

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→ Shafeena Yusuf AlI

hopes Rizq Art Initiative will serve as a bridge that connects Abu Dhabi to the vibrant world of global artistry.

With Ali acting as its Executive Director, Rizq, located in Abu Dhabi’s Al Reem Island, has been billed as an “independent, forward-thinking, and inclusive” artistic space that will focus on championing art and artists from the Global South. For its inaugural exhibition, Dusky Path of a Dream: Notes from Abstracting the Real, 27 Indian artists have presented over 60 artworks that examine the role memory and identity play in connecting the past and the future. “The richness of art from the Global South deserves a global stage, and Rizq is committed to providing just that in the heart of Abu Dhabi,” a statement quoted Ali as saying. “Our vision is to weave these diverse artistic threads into the cultural fabric of the UAE, enriching it with new textures and colors. Rizq is more than an art initiative; it’s a bridge connecting Abu Dhabi to the vast, vibrant world of global artistry.”

}ALI’S GLEE AT THE LAUNCH of Rizq is unmistakable, and the fact that it is all happening out of Abu Dhabi -the place she was born and raised- only adds to her sense of achievement. “The journey of Rizq began with a spark of an idea, and it’s incredible to see how it has grown and become more tangible throughout 2023,” Ali says. “The concept started to take shape, and I vividly remember discussing it with people who shared my passion for Rizq when it was still in its infancy. Opening day was truly a surreal experience. Many individuals who had been a part of the discussions during the conceptual phase came up to me to express their congratulations. It was a moment of validation for the hard work, dedication, and collective effort that went into making Rizq a reality. The journey was filled with both challenges and victories, big and small. Every obstacle and setback became a stepping stone toward the

realization of Rizq. We encountered moments of uncertainty and faced significant losses, but it was through overcoming these challenges that we grew stronger and more resilient as a team.”

}NOW, WHILE THE CURRENT exhibition at Rizq is set to run until February next year, Ali reveals that work is already underway for its shows in the future. “Exhibitionswise, we have our next two years planned, and we have already started working on our second show planned for February 2024,” Ali says. “Listening for Traces, an experimental sonic exhibition curated by Cathy Lane and Meena Vari, tunes into the echoes of history as we explore the enduring impact of war and peace. Our third show, Windings of the Labyrinth, also curated by Vari, is a landscape show featuring three female landscape artists.” But 2024 won’t be just about the shows that Rizq will be presenting- Ali reveals that one can expect more from this space in the new year. “In September 2024, Rizq will launch a second phase of the build, adding studios to the gallery space,” she shares. “Here, we hope to provide a place where artists can experiment, explore, and develop their ideas and techniques. The studio space is where artists can engage in the creative process and making without interruption, allowing them to focus on their work, and explore their ideas in depth.” Ali is clearly eager about having Rizq contribute to the burgeoning art landscape of the UAE, and she, along with her team, are ready to put in the work to help it continue on a path of growth. “The journey continues, and we’re excited about what the future holds for Rizq,” Ali says. “Our team is focused on maintaining the momentum, and driving forward with the same passion, that has fueled our journey thus far.” rizqart.com

REFLECTIONS 2023 Shafeena Yusuf Ali shares her key insights from the year that was }Adaptability is a crucial skill in business “The art world is dynamic and constantly evolving, and this year has reinforced the importance of being flexible in the face of unexpected challenges. Whether it’s navigating changes in the market, embracing new technologies, or adjusting strategies, the ability to adapt is indispensable.”

}The connections you make matter “Building and nurturing strong relationships have been instrumental in our success. Collaborating with artists, collectors, and fellow professionals has not only enriched our gallery’s network, but it has also opened doors to new opportunities. Cultivating meaningful connections fosters a supportive community that can weather the storms -and celebrate the successes- together.”

}Authenticity enhances your credibility “In an industry built on trust and subjective value, being transparent in business practices and authentic in the curation of our gallery’s identity has built credibility. People appreciate openness, and it fosters a sense of trust that is vital in the art community.”

} Do what you love, love what you do “A passion for the arts, and a genuine belief in the value of the work we showcase, are the driving forces behind everything we do. This year has reinforced that success is not just about financial gains, but also about contributing to the cultural landscape, and supporting artists whose visions resonate with our mission.”

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2023 → Currently used by

students in over 120 countries, Quddus Pativada founded ASI in 2021, and the enterprise has since gone on to be backed by notable investors like GSV, Mark Cuban, and Character.

Quddus Pativada FOUNDER AND CEO

ASI

0-year-old Quddus Pativada was still in high school in the UAE when, two years ago, he launched ASI, an artificial intelligence (AI) research lab with the primary intention to “reimagine the way we learn.” As for why this was needed, Pativada is clear-cut in his explanation. “The modern education system, like the technology of old, is often cumbersome, outdated, and, frankly, unresponsive to the needs of the individual student,” he says. “We need to rethink how we approach the very essence of learning, stripping away the layers of unnecessary complexity to arrive at something beautifully simple. Imagine if the education system was as intuitive as a button you can press. A system that adapts to the learner, understands their strengths and struggles, and molds itself to facilitate an organic learning experience. Students shouldn’t have to adapt to education; education should adapt to students. Much like how we’ve observed people struggle with complicated technology, students today wrestle with an educational framework that often doesn’t speak their language. The fragmentation of their attention, primarily due to the rise of the digital age, isn’t a problem to be solved- it’s a reality to be embraced. So, we set out to 58 / E N T R E P R E N E U R . C O M / December 2023

harness this, and design educational experiences that are modular, flexible, and deeply personal.”

}IT’S WITH THIS THOUGHT PRO-

CESS that Pativada and his team at ASI came to build a “responsible, personal, and instructional” AI tool that can act as a student’s lifelong tutor. Much like the large language models (LLMs) that power chatbots like ChatGPT, ASI has developed what Pativada calls personal language models (PLMs) that emulate personal tutors for students. “It’s essentially an AI that emulates a human tutor, and provides the same support, but better and 24/7,” Pativada says. “And the goal is to provide a billion students with a personal tutor.” Now, this might seem like a lofty goal for any entrepreneur, let alone a 20-year-old one, to profess- but Pativada seems to be well on his way to realizing the objective he’s set for his

company- and then some. “Some of our highlights include crossing a quarter of a million students who use one of our products, raising over US$3,000,000 from investors like GSV Ventures (one of the largest education funds in the world) and Mark Cuban (perhaps best known as the owner of Dallas Mavericks of the National Basketball Association, and for Dallas Mavericks, and as one of the investors on the American reality television series Shark Tank). We’re also incredibly excited about us recently signing a partnership with the UAE Ministry of Education to build and develop the world’s first national AI tutor.”

}THIS PARTICULAR PARTNERSHIP between ASI and the UAE Ministry of Education was announced only in November this year, and the multi-year undertaking is something that Pativada

“The biggest thing I’m looking forward to is just making more of an impact, and making learning something more and more students can actually enjoy.” hold very dear to his heart. “This was especially meaningful to us, not just from a commercial perspective, but it also gave me the opportunity to be able to give back to the country I was raised in, and did my own schooling in,” he explains. “It also sees us be able to deploy a solution that can benefit a population at large, and see learning outcomes increase across the board, giving the people of the country more opportunity. A selfish side-benefit we saw when it was announced was it also made me the youngest CEO in history to win a government contract, and because of the scale of the project, it was also noticed by Microsoft Chairman and CEO Satya Nadella, whom we got to meet and chat to as well!” While such an achievement would be enough to make 2023 a memorable year for Pativada, he says that it will also be remembered for the fact that it marks when the ASI platform surpassed 4,000,000 user queries. “It’s a milestone, and a testament to the retention our platforms have, but it also meant that there were over five million times a student needed help, and we were able to provide them that help,” Pativada says. “It’s certainly an emotional

moment, and a humbling one, knowing that the work we are doing is directly impacting students, and providing them with a learning experience that is enjoyable.”

}PATIVADA IS ALSO

ESPECIALLY GLAD about the growth the ASI team has seen over the past year, with him saying, “This has meant a lot to me personally, growing from a hobby in my bedroom living with my parents, to now having employees all over the world, and having people like John Rouhban and Alan Greenberg, who joined from companies like Palantir and Apple, or Dun Xiao, who was a founder himself with an enterprise that later went public at a multibillion dollar market cap, and Chansa Kabwe, one of the smartest AI minds who I’ve been fortunate enough to work with since the beginning of the company.” All of this bodes well for the future of ASI, whose offering Pativada now describes as two-fold, with one of its arms building consumer-facing tools that would provide students with accessible help for free, and the other -ASI Atelier- partnering with governments to build nation-

al-scale tools that can be deployed for the benefit of an entire population. As for Pativada himself, he’s just excited about the road ahead. “I’m looking forward to just staying on the trajectory we’re on,” he says. “We’re growing really fast, and we’re confident in multiplying our user base, and partnering with more governments, and so, the biggest thing I’m looking forward to is just making more of an impact, and making learning something more and more students can actually enjoy. Education has always mattered to me personally, because of my background, and being able to make a better form of education, and give the power of understanding to anybody in the world is something I feel very fortunate to be a part of. I think everybody should get behind this, and collectively be excited about a world where quality education isn’t scarce, and opportunity is abundant. We’ll also be launching a standalone consumer platform in January that we’re excited about, so keep an eye out for that!” asi.tech

REFLECTIONS 2023 Quddus Pativada shares his key insights from the year that was }Bet on yourself “When I first tried to raise money, I had over 60 investors turn me away, and when I decided I wasn’t going to university, I had about 20 people tell me I was crazy. Everything ended up working out, and I believe a large reason for that was just unwavering -and sometimes foolish- self-belief that things would work out. In life’s grand casino, betting on the only variable you can control -yourself- is probably the wisest decision.” }It’s more about who you work with than what you work on “The team’s the reason why we are where we are. A talented and collaborative team can elevate an average idea into a groundbreaking innovation; so, choose who you work with very carefully, and stick with them, because the people almost always matter more than the idea.”

}Pressure is privilege “Building companies is extremely hard, but embracing the pressure that comes with responsibility and high expectations is a mindset that recognizes challenges as opportunities for growth. The privilege of facing pressure signifies that you are in a position to make a meaningful impact, and viewing it as such can fuel resilience, creativity, and a relentless pursuit of excellence.”

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YEAR THAT WAS

2023

→ Varun Khemaney and

Khalil Dahmash are the co-founders of the Dubai-based VKD Hospitality Group.

Khalil Dahmash and Varun Khemaney CO-FOUNDERS AND MANAGING PARTNERS

VKD HOSPITALITY GROUP

Founded by Khalil Dahmash and Varun Khemaney in 2016, Dubai-based VKD Hospitality Group made quite a splash on the city’s F&B scene when it launched with its first restaurant, Miss Lily’s, a New York-born Caribbean concept that went on to quickly become a local sensation. It then followed up that success in 2019 by launching another New York-born concept, Indochine, a fine dining venue that was easily one of Dubai’s most loved F&B spots until it closed earlier this year. However, 2023 also saw VKD Hospitality Group unveil its first homegrown concept, Honeycomb Hi-Fi, which has since gone on to be named Time Out Dubai’s Bar of the Year. It’s thus not difficult to understand why Dahmash and Khemaney choose to call 2023 a bittersweet chapter for their 60 / E N T R E P R E N E U R . C O M / December 2023

enterprise. After all, making the decision to close Indochine’s doors couldn’t have been easy- this was a venue they opened just before the onset of the COVID-19 crisis, and despite the number of challenges they had to face operating it during and after the pandemic, they still managed to beat the odds, and got it to make its presence felt in Dubai’s crowded F&B market. “Despite the hardships, we remain grateful for the journey,” the co-founders say. “Indochine gifted us incredible memories, and it shaped us into becoming even better operators.”

}AND THAT MAY WELL BE THE

REASON behind the extraordinary attention that Honeycomb Hi-Fi has garnered so soon after its launch, with its name popping up in just about every conversation about the most happening venues in Dubai right now. “This project

REFLECTIONS 2023 Varun Khemaney and Khalil Dahmash share their key insights from the year that was }Adaptability is key “This year emphasized the importance of adaptability. From navigating unforeseen challenges, to adjusting to evolving customer preferences, being flexible and responsive is crucial. It’s not just about surviving, but it’s also about excelling during tough times.”

}Community connection matters “Building a strong connection with our community has been one of our keys to success. Engaging with our local audience, understanding their needs, and tailoring our offerings accordingly has brought together a sense of unity and loyalty.”

}Do not underestimate the power of technology “We took the initiative to introduce into our organization more streamlined ordering systems, as well as new and innovative marketing strategies. Investing in such technology enhances efficiency, and it has also helped widen our customer reach.”

“This year emphasized the importance of adaptability. From navigating unforeseen challenges, to adjusting to evolving customer preferences, being flexible and responsive is crucial.”

Dr. Ahmed Al-Ali CO-FOUNDER, REGIONAL DIRECTOR, AND HEAD OF CUSTOMER SUCCESS AND SOLUTIONS

DEEPOPINION

→ Satya Nadella,

had been in the pipeline for a while, making its realization all the more satisfying,” the co-founders reveal. “The beauty of this restaurant lies in the community and following we’ve cultivated- it echoes the sentiments we felt when we first opened Miss Lily’s, a reminder of why VKD Hospitality Group came to be. However, it didn’t happen overnight; Honeycomb Hi-Fi required relentless time and effort. This endeavor emphasized the significance of attention to detail, and the meticulous scrutiny of every aspect of our business.”

Chairman and CEO of Microsoft, with Dr. Ahmed Al-Ali, co-founder of DeepOpinion.

}DAHMASH AND KHEMANEY

ARE THUS LOOKING FORWARD

to seeing their existing concepts grow in the new year- but they also reveal they are working on something new for 2024 as well. “We have an exciting calendar year of events planned at both of our venues,” the co-founders say. “What we are most excited about though is the launch of our second homegrown concept. We have also had this under wraps for quite some time, and we are looking forward to bringing this project to life. We can’t really divulge too much information at the moment. However, you can expect the launch date to be around April 2024. Stay tuned to our socials- we will be releasing more information as we get closer to that date!” vkdhospitality.com

rtificial intelligence (AI) and the various innovations in this domain in the UAE were the key topics in focus during Microsoft Chairman and CEO Satya Nadella’s visit to the UAE capital of Abu Dhabi in November this year. And among the UAE-based AI-focused enterprises that Nadella got to interact with during his time in the country was DeepOpinion, a startup that has built an intelligent automation platform for businesses that helps them to process documents smarter, faster, and easier. With DeepOpinion’s solutions, companies can put their repetitive processes on autopilot, and have AI do the heavy lifting, while employees can focus on more meaningful and high impact work. With a

portfolio of clients that includes names like Siemens, Erste Bank, and Dubai Electricity and Water Authority, organizations have used DeepOpinion’s offering to do everything from processing insurance claims to handling customer service tickets.

}EMIRATI ENTREPRENEUR Dr. Ahmed Al-Ali, who is the co-founder of DeepOpinion, got to personally showcase his platform to Nadella during his time in Abu Dhabi; however, this would count as just one of the year’s notable instances for him and his enterprise- after all, there was a threefold increase in DeepOpinion’s revenue in 2023. But it hasn’t been entirely rosy either, Al-Ali admits. “2023 is the year where all of us at DeepOpinion worked the hardest in our December 2023 / E N T R E P R E N E U R . C O M / 61

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2023 lives, all through days, evenings, and weekends in some cases, to march forward towards our vision,” he shares. “We have had many empty miles where efforts didn’t pan out, and other ones that had a fundamental impact on our success. That said, we now have happy customers that have automated thousands of their repetitive tasks, and they are thus able to focus on meaningful work. Indeed, we grew our revenue by three times in 2023, which places us at a great growth trajectory.” And that’s why the new year is set to be an exciting one for Al-Ali, who launched DeepOpinion in 2021 with co-founders Stefan Engl (CEO) and Stefan Ramershoven (CRO). According to Al-Ali, 2024 will see DeepOpinion launch a new product that should essentially transform how the rest of us go about our day-to-day work. “We believe in a future where the workforce will be hybrid between humans and AI collaborating to achieve more and unlocking productivity,” Al-Ali explains. “Imagine a future, where you can onboard an AI colleague, and can delegate tasks to it such as screening resumes, evaluating commercial proposals, reviewing a non-disclosure agreement, or any other such task. This will be what our new product, The AI Co-Worker, does, and we have lined up an ambitious product roadmap for 2024 that we have as our mission to make it a reality. I am very much looking forward to scaling our new product, and putting it in front of as many customers as we can.” deepopinion.ai

REFLECTIONS 2023 Ahmed Al-Ali shares his key insights from the year that was }Don’t settle “I love a short and concise quote by Bridgewater Associates founder Ray Dalio, which has reshaped my perspective and journey: ‘Don’t settle.’ We all have ambitious dreams that we hope will come true one day, but the reality of daily life and complacency with comfort zones limit us. So, my biggest lesson is don’t settle in the face of challenges that life throws at you, but rather, face it with grit, and march towards your goals, because you can’t fail unless you stop trying.” 62 / E N T R E P R E N E U R . C O M / December 2023

Junah Balungcas FOUNDER

BAOFRIEND

unah Balungcas is the founder of Baofriend, an Asian fusion F&B concept that launched in the UAE in 2022, and this year has seen it grow from its original location in Dubai to now operate a space in Abu Dhabi as well. 2023 also saw the restaurant -whose offerings include its namesake baos, bowls, breakfasts, and more- make its offerings available (and its presence felt) at events and attractions across the UAE, including Dubai’s Global Village and Ripe Market.

→ Junah Balungcas is

the founder of Baofriend, an Asian fusion F&B concept that launched in the UAE in 2022.

→-In 2023,

Baofriend was able to experience significant expansion, as well as successfully participate in several events across the UAE.

“In 2023, Baofriend experienced several significant highlights that contributed to both positive and challenging aspects of our business,” Balungcas says. “This year was marked by significant expansion, successful participation in several events, as well as a learning curve in terms of event selection and business management. These experiences have not only positively impacted the business, but they have also contributed to personal and professional growth.”

}BALUNGCAS, WHO HAILS FROM THE PHILIPPINES, comes

REFLECTIONS 2023 Junah Balungcas shares her key insights from the year that was

from a rather humble background- her father was a butcher, and her mother was a market vendor, and she grew up in what she calls “a squatter’s area” in a town called Molawe. She came to the UAE in 2011 as a nurse, and 11 years later, she found herself becoming an entrepreneur in the F&B space with the overarching aim to “elevate the status of Filipinos in the F&B scene,” and, further, to employ people so that they can have sustainable livelihoods. Now, as Baofriend scales up as an enterprise, Balungcas remains committed to that initial vision, and she is eager to see its impact grow as well.

}Prioritize adaptability and reflection “When faced

}“IN 2024, I AM PERSONALLY MOST EXCITED ABOUT THE

}Always be financially conscious “Being conscious

PROSPECT of opening more branches for Baofriend, even if they

are of smaller size,” Balungcas says. “This expansion is not only a crucial business goal, but it also holds significant personal meaning to me, and one of the reasons is the employment opportunities. Opening new branches allows us to create more job opportunities. This is particularly important to me, as it reflects our contribution to the local economy by providing employment for individuals who share our passion for delivering quality cuisine and excellent customer service.” At the same time, Balungcas is also looking forward to growing Baofriend’s customer base, and having its delicious offerings be more widely known and appreciated. “Each new branch is an opportunity to extend our unique and high-quality culinary experience to a broader audience,” Balungcas says. “It allows us to share our distinctive offerings and flavors with a more diverse customer base. Expanding the business also has a positive impact on the communities where we establish our branches. It allows us to become a more integral part of different neighborhoods, fostering a sense of community, and contributing to the local food scene.” baofriend.com

with challenges, always rethink your current situation. Adaptability is key in a dynamic business environment. Take setbacks as opportunities to reassess, learn, and pivot if necessary. Plus, reflection in times of adversity can lead to innovative solutions and long-term success.”

about your finances is crucial for business success. Regularly monitor and manage cash flow, expenses, and revenue. This financial awareness helps in making informed decisions, ensuring sustainability and growth.”

}Build in-depth business knowledge “Knowing the ins and outs of your business is fundamental. Understanding every aspect allows for better decision-making, effective problem-solving, and strategic planning. It fosters a deeper connection to the business, enabling adaptability and resilience.”

December 2023 / E N T R E P R E N E U R . C O M / 63

Playing the Long Game HOW TO TAKE A BUSINESS FROM ZERO TO TEN b y A L E S S A N D R O D U R I

ongratulations, you’ve built a business– you’ve now taken your company from zero to one! Popularized by entrepreneur, investor, and bestselling author Peter Thiel, this is the notion of launching your startup and having a bona fide business. You’ve made sales, you’ve hired your first employee, and you’ve created a product that works. Simply put,

you’ve proven that your idea is actually good. But whilst you’ve inevitably navigated hurdles (and most likely hit the “reset” button multiple times), how do you now take your business to the next stage? How do you take your business from zero to ten? Meaning, how do you scale your business? How can you grow it quickly and sustainably so that it’s set up for long-term success? }} December 2023 / E N T R E P R E N E U R . C O M / 65

‘T/

Skillset

KNOWING YOUR CUSTOMER INSIDE OUT IS KEY TO SCALING FAST. UNDERSTANDING WHAT DRIVES THEM -THEIR NUANCES AND NEEDS- WILL HELP YOU EVOLVE YOUR PRODUCT, SO THAT YOU’RE CATERING TO THEIR DEMAND. JUST AS YOUR CUSTOMER SCALES, SO SHOULD YOU.

Taking your business from relative infancy to a coveted ten-figure mark is a challenging yet rewarding journey. It’s time to double down on what is working, while continuously iterating on your strategies in order to scale. Importantly, make sure you keep your focus; you are far from being there yet! Here are four things you must do to take your business to the next level: 1/ Build a strong team Just as your company grows, so should your people. With your team being the backbone of your business, you need to keep recruiting individuals with diverse skillsets who share your passion and vision. Prepare, structure, and be ready to invest and empower your people. The age-old saying of recruiting people smarter than you rings true here- plus, hire those who complement your skillsets. It’s no good having ten people who think the same as you if you want to scale fast. Sure, you need people who are aligned to your company vision, but you need those who bring something new and dynamic to your scaleup, so that they bridge the gaps that you have in knowledge. So, it’s now time to focus on people who have the motivation to “scale” and “grow” with you. But what do you look for during the hiring process? For starters, have they run a scaleup before? And importantly, have they enjoyed the challenge? This will help you determine whether they have the same mindset and drive as you. But also hire “motivated” experts. There’s often the temptation to tap into talent who come from big organizations and global brands, as they must be “good” if they’ve worked for such prestigious businesses. However, this does

not necessarily have to be true- they may just have been managers of other people who are doing the hard work. So, if you’re going down this route, make sure you hire someone who was with a business in its early days, and who was part of their scaleup story- they’ll then bring that knowledge with them if you hire them. At the end of the day, remember that your gut instinct is always good to follow- so, make it a point to assess their personal motivation to come back to work at a scaleup. Ideally, hire people who have been at your stage -and mastered it- recently. Note that this won’t be a comfortable move- there will be a lot of ups and downs and uncertainty, so ensure that you have the right person who’s up for the task, and don’t fall into the trap of hiring too many people too fast. 2/ Focus on scaling your main sales channel You likely started your business by testing out multiple sales channels, running “experiments” to see what performs the best. But once you’ve identified these, the key is to double down on the most successful sales channels. Then, keep a laser focus on growing and strengthening these, making what was a small experiment at the beginning become a large sales channel. Nevertheless, you are currently not at the scale where you can sustain the successful running of too many sales channels simultaneously. Doing so would be a distraction that would result in failure in all of them. In this case, the “less is more” approach is needed to become really big. Always be mindful of the size of your market; it’s always bigger than you think it is. So, it’s important that your sales channels and products link to each other. 3/ Continue learning from your customers Knowing your customer inside out is key to scaling fast. Understanding what drives them -their nuances and needs- will help you evolve your product, so that you’re catering to their demand. Just as your customer scales, so should you. In the scaleup phase, you will quickly move away from the direct one-to-one contact with the customer you previously had, where you heard their feedback, their story, and took this on board for your future development. Now, you will need to have an infrastructure in place that will provide you with a broader visibility over the customer base you have, the use cases, the journeys, and the customer troubles. Preparing this infrastructure, and switching from a “storytelling” mentality to an “event-driven or data-driven” mentality is easier said than done, and it is often forgotten about. But a whole host of data is needed here. This will include key demographics, buying behaviors, how they interact with your product, and more.

66 / E N T R E P R E N E U R . C O M / December 2023

GOING PUBLIC Dubai Taxi Company announces the launch of its initial public offering

Armed with this info, you can develop a close connection with customers, personalize their experience with your company, and send the message that you’re invested in their success. 4/ Establish strategic partnerships Partnerships are a great source of testing ideas and validating them. They provide an external and mature perspective that helps you grow, learn to size the opportunities, and decide whether it is the right time or not to take them. On the flip side, partners can also be a big source of distraction- hence, you need to be very aware when embarking on such a journey. Deciding on the right partnership is also about finding those with a similar mindset as you. Plus, you need to have a clear sight on the benefits it will bring to your customers. For example, at my company, Pemo, our partnership with Mastercard was a good fit, because it aligned with our vision of helping SMEs to grow. Through this partnership, we were able to strengthen our offering to our customers, bringing them wider discounts and offers on services such as Google Ads, DocuSign, and flexible workspaces, for instance. Many of us have big dreams about where our company will go, and how we’ll get there, but it can also feel like using a map with no starting point. It’s crucial not to lose sight of your company vision, in search of quick wins to satisfy investors. There’s no need to try to be everything to everyone; this will just see you attract the wrong type of business that may see you become stretched too thin to be able to deliver. Now is the time to retain focus, and ensure that you have the right mindset and tools to serve your customers. Whilst scaling a business can be a daunting task for any entrepreneur, this is an exciting juncture, and keeping the aforementioned principles in mind will provide a recipe for success.

ubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, has announced its intention to proceed with an initial public offering (IPO), and to list its ordinary shares to trading on the Dubai Financial Market. DTC’s IPO, which comes after the enterprise was converted into a public joint stock company by the Government of Dubai, will see 624,750,000 shares, each with a nominal value of AED 0.04, made available in the offering, which represents 24.99% of its total issued share capital. The National reported that this development is in line with the government’s announcement in November 2021 to list 10 state-owned companies to increase the size of its financial market to AED3 trillion ($816.8 billion). In 2022, it had raised $8.3 billion selling stakes in four state-owned companies, according to Bloomberg. After being established in 1994 to operate a fleet of taxis, DTC has since expanded to offer an extensive range of integrated mobility solutions across four key business lines: taxis, VIP limousines, buses, and last mile delivery bike services. Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor for DTC’s IPO. Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International have been appointed as Joint Global Coordinators and Joint Bookrunners. EFG Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and First Abu Dhabi Bank PJSC have been appointed as Joint Bookrunners. Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Mashreq Bank have also been appointed as Receiving Banks. dubaitaxi.ae

Alessandro Duri is the co-founder of the UAE-based Pemo, an all-in-one spend management platform that is seeing remarkable growth. Launched in 2022, the startup was able to secure US$12 million in seed funding, which has enabled it to accelerate its growth offering, which includes prepaid corporate cards, invoice payment systems, and expense tracking functions. pemo.io December 2023 / E N T R E P R E N E U R . C O M / 67

‘T/

Marketing

WE’RE GOING BACK TO BLACK (Blue ain’t cutting it no more) b y S A R A H T R A D

t wasn’t until Twitter switched to the X app icon that the colorless question popped to my mind: how long has black been creeping up on our phone screens? Within a minute, I reorganized all the apps on my phone that don a majority-black icon in one page, and I found that X had joined a growing club that boasts veteran members like Uber, TikTok, and Netflix, and newcomers like Threads (Meta’s take on X), BeReal, and Notion. Another realization? MENA-focused brands like Anghami, Spinneys, My Etisalat, and Sarwa are all distinguished members of that club in their own way.

Black, as a color, means more than “absence of color,” like non-artists would say. Black is a rich, opulent, luxurious choice for brands that want to convey unattainable wealth and status with a hint of timelessness. In the tech

industry, however, which, in its early days, was a funky 90s show of a minimum of four colors stitched to its company logo (we remember eBay, Google, Apple), blue was once the black we see nowadays. Blue is known to

68 / E N T R E P R E N E U R . C O M / December 2023

instill an image of stability, serenity, and success among tech companies, which is maybe why 50% of the top 100 tech brands mainly use different shades of blue or black in their logo and brand identity.

Facebook has had quite the change over the years, going from blue to bluer every once in a while. It’s now settled on a rich, electric blue, and it doesn’t come without an explanation. “Our intention was to create a refreshed design of the Facebook logo that was bolder, electric, and everlasting,” notes the design team at Facebook. “Each of the distinctive, new refinements drives greater harmony across the entire design as a key element of the app’s identity. We’ve done this by incorporating a more confident expression of Facebook’s core blue color that is built to be more visually accessible in our app, and provides stronger contrast for the ‘f ’ to stand apart.” Now, there are many theories around why apps would tone down their colorful icons on our phones. For Alex Center, founder and Creative Director of USbased brand and design company CENTER, social media platforms like X, Threads, and TikTok are content-first apps that host billions of content pieces, and so, for them to have a simple app icon and user interface resembles the uncluttered simplicity of museums. Remember your last museum visit, and recall the naked walls that allow the art to stand out. That’s what apps

that keep you scrolling aim to achieve, and we bite into it. We’re all art suckers in our own ways. WhatsApp, on the other hand, allows you to customize your chat wallpaper, making the text in white and light green the art to look at- as long as there’s a noticeable contrast. In real life, however, the new generations (I’m talking Gen Z mainly) are waning down their interest in minimalism, and maxing out on maximalism. They’re into funky mixed colors, a lot of home déco, poppy streetwear, and widely diverse fashion that’s mainly centered around consumerism. At the end of the day, monthly installments are back thanks to fintech startups offering “buy now, pay later” services mushrooming in every corner of the globe. (Shout out to Saudi Arabia-based Tabby for hitting unicorn status this November!) Still, there’s something imposing about the color black that’s having some social media companies and others reconsider how they portray themselves to users. Some more regional brands have done it too. UAEbased investment app Sarwa shifted from the color teal to a dark olive green. “This metamorphosis made us realize that it’s about being bold, forward-thinking, and, well, totally us,” the company said in its rebrand announcement. “And we made sure that we’re speaking your language: having everything in one place, simply… In the end, Sarwa is not about a logo or a color. It’s about what we set out to do, and how we can continue growing with you.” In a digital world circling around the myriad intensities of black, the hues of success are found in mindful branding. And as entrepreneurs navigate the colorful realm of business, the significance of their brands’ palettes should never fade to black. Sarah Trad is a journalist and the former Editor-in-Chief of tech and business newsletter, Step Feed. She’s curious about the littlest things in life and has nurtured an intimate relationship with words, which brought her to co-found newly launched branding studio, Closed Captions Communications, with her brother, Serge. closedcaptionscommunications.com

↑ Changpeng Zhao is the founder of

↑ Richard Teng –who was formerly

Binance, the largest cryptocurrency exchange in the world

Binance's Global Head of Regional Markets- has been announced as the new CEO of the enterprise

Resignation Ripples Binance founder Changpeng Zhao steps down as CEO after pleading guilty to money laundering charges in the US

hangpeng Zhao (more popularly known as CZ), founder and CEO of the world’s largest crypto exchange Binance, has pleaded guilty to money laundering charges levelled against him and his company by regulators in the US. The New York Times reported that Binance has agreed to pay US$4.3 billion in fines and restitution to the US government. Plus, as part of his guilty plea, CZ agreed to pay an additional $50 million fine, and step down from his role as CEO of Binance. Richard Teng –who was formerly Binance’s Global Head of Regional Markets- will take over as CEO. However, Binance has stated that CZ will remain as the company’s majority shareholder, and will also act a

resource available for consultation on historical areas of the business. In a statement, Binance said that it was “confident” that it will now emerge as a stronger company having reached this resolution with US regulators. “Of note, in our resolutions with the US agencies, they do not allege that Binance misappropriated any user funds, and they do not allege that Binance engaged in any market manipulation,” the statement added. In a tweet posted on X (the app formerly known as Twitter), CZ said: “Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.” binance.com

December 2023 / E N T R E P R E N E U R . C O M / 69

Advertorial

The Future of Smart Cities/ Data-driven decisions are going to fuel the cities of tomorrow

“WITH A COMMITMENT TO DATA ACCURACY AND ITS INTEGRATION WITH CUTTING-EDGE TECHNOLOGIES, WE CAN CREATE SMART CITIES THAT ARE SUSTAINABLE AND RESILIENT AND ENHANCE THE QUALITY OF LIFE FOR EVERYONE.”

s cities worldwide continue to grow and evolve, the need for effective and efficient urban planning has never been more pressing. Smart cities, powered by advanced technologies and data-driven insights, offer a promising solution to address the challenges urban epicenters face today. At the heart of these smart cities lies the concept of digital twins, virtual replicas of the physical world that enable real-time simulations and informed decision-making. 70 / E N T R E P R E N E U R . C O M / December 2023

Mohammed Al Beloushi, Deputy CEO of Urbi, a leading provider of smart city solutions, emphasizes the importance of data accuracy for governments in harnessing the potential of smart cities and digital twins. “The future of smart cities hinges on one crucial element: accurate, real-time data,” he says. “Data is the lifeblood of smart cities. Accurate and timely data is essential for effective city planning, navigation, and resource management. Without this foundation, our efforts to build sustainable, efficient urban environments will falter. It’s like navigating with outdated maps- you’ll end up lost, frustrated, and far from your intended destination.” Al Beloushi further emphasizes the need for entities to invest in data accuracy. “We are facing unprecedented challenges in terms of population growth, resource scarcity, and climate change,” he says. “To address these challenges effectively, we need real-time insights that reflect the dynamic nature of our cities. Outdated data leads to misinformed decisions, wasted resources, and, ultimately, a less desirable future.” But there is a way to do it better, Al Beloushi says. “With a commitment to

data accuracy and its integration with cutting-edge technologies, we can create smart cities that are sustainable and resilient and enhance the quality of life for everyone,” he says. “We expect more governments to join and embrace this vision, and invest in the tools and technologies that will make it a reality.” DATA EXPIRATION: A CHALLENGE IN THE DIGITAL REALM One of the key challenges decisionmakers face in smart cities is data expiration. Data, by its very nature, is dynamic, and constantly evolving. As cities change and new information emerges, ensuring that the data used for decision-making is up-to-date and accurate is crucial. Expired data can lead to several problems, including: Ineffective city planning Decisions based on outdated data can result in inefficient infrastructure development, misallocation of resources, and a failure to address emerging urban challenges. Inaccurate navigation Outdated maps and traffic data can lead to congestion, delays, and safety hazards for commuters. Misinformed resource management Inaccurate data about energy consumption, waste generation, and water usage can prevent cities from optimizing resource allocation and achieving sustainability goals. DATA ACCURACY: THE ENGINE OF GEO-SPATIAL INNOVATION Accurate and up-to-date data is not only essential for addressing immediate challenges, but it also serves as the foundation for future innovation in smart cities. Geospatial data, in particular, plays a critical role in enabling a wide range of smart city applications, including: Predictive analytics Predictive models can be developed to forecast future patterns in traffic, energy consumption, and other urban phenomena, allowing cities to manage resources and mitigate potential disruptions proactively. Precision urban planning Detailed geo-spatial data can inform urban planning decisions, enabling the development of more efficient transportation networks, optimized land use, and sustainable infrastructure. Immersive citizen experiences Geo-spatial data can be used to create immersive digital twins of cities, allowing citizens to explore their surroundings virtually, access real-time information, and engage in participatory decision-making processes. DATA-DRIVEN SMART CITIES FOR A SUSTAINABLE FUTURE As cities embrace digital transformation, data accuracy will become increasingly critical for effective and efficient urban management. It has become essential to consider partnering with companies like Urbi, which offers cutting-edge tools and technologies for collecting, managing, and analyzing large volumes of geospatial data. By investing in data collection, management, and validation strategies, governments can harness the power of smart cities and digital twins to create more sustainable, livable, and resilient urban environments for future generations.

DATA IS THE LIFEBLOOD OF SMART CITIES. ACCURATE AND TIMELY DATA IS ESSENTIAL FOR EFFECTIVE CITY PLANNING, NAVIGATION, AND RESOURCE MANAGEMENT.

IN FOCUS Mohammed Al Beloushi, Deputy CEO, Urbi Mohammed Al Beloushi is a prominent figure in the local business market within diverse industries throughout the UAE. Driving force through innovation, smart operations and technology, Al Beloushi is setting the scene by regionalizing the geo-tech industry. Currently serving as the Deputy CEO of Urbi Middle East, Al Beloushi carries over a decade of experience in the visionary-business field. He has established himself as a trusted leader, expert and advisor through innovation and technology, offering forward-thinking solutions to local challenges in the GCC market. Born and raised in the UAE, Al Beloushi has developed a strong foundation and knowledge through experience in various files. Starting from a business management foundation, he has an integrated journey mastering the expertise and consultation in real estate, construction and development, facilities management, government authorities and technology industries. With his drive, vision, and commitment to excellence, Al Beloushi is a true trailblazer in the future vision of several regional industries. As a respected leader in the business community of the UAE and an active advisor for multiple organizations in the region, he is transforming and actively participating in shaping the future of numerous organizations. Urbi is a geo-platform revolutionizing business solutions with precise mapping, location data, and spatial analysis. Boasting 65 million users, 5.3 million company profiles, and 98% data accuracy across 172,633 cities in 22 countries, Urbi stands out as a data creator, ensuring daily updates, and a 95% accuracy guarantee. As the creator of the most precise navigation map to experience and delivering features like digital twin, advanced 3D visualization, and middleware algorithms, Urbi empowers decision-making through immersive spatial analysis and navigation on any device. urbi.ae

December 2023 / E N T R E P R E N E U R . C O M / 71

Presented by

Platinum Partners

Gold Partners

ON NOVEMBER 16, 2023, AT SOFITEL DUBAI THE PALM, Virtuzone, the leading company setup specialist in the UAE, staged the inaugural Virtuzone Awards, powered by Entrepreneur Middle East, to recognize and reward the most successful and influential businesses in the UAE this year. With the event supported by Wio Bank as Platinum Partner, Smart Salem as Gold Partner, and RAKBANK as Category Partner, the Virtuzone Awards 2023 saw a total of 29 awards being presented at the gala ceremony, while the shortlist featured more than 150 companies. The awards were presented to the winners by Neil Petch, founder and Chairman, Virtugroup, Geoff Rapp, cofounder and Chief Innovation Officer, 72 / E N T R E P R E N E U R . C O M / December 2023

Category Partners

Virtuzone, George Hojeige, CEO at Virtuzone, Dheeraj Kunwar, Managing Director, SME and Commercial Business, RAKBANK, and Meenakshi Shunmugham, Chief Marketing Officer, Wio Bank. The Virtuzone Awards 2023 proved to also be a showcase of the continued growth that Virtuzone has seen since its launch. Founded in 2009, Virtuzone was set up with the mission to remove the complexities of company setup in Dubai, so that its clients can focus 100% on running their businesses. Since then, more than 60,000 entrepreneurs have trusted Virtuzone to set up their companies, and almost 90% of clients renew their trade licenses with the company every year. VZAWARDS.COM

Architecture Firm of The Year K4 Technical Services Interior Design Firm of The Year Indoors High-End Finishing Sustainability Innovation of The Year Fibre Solutions Group Hospitality Company of The Year Airdxb Group Leisure Company of The Year Mermaids of Arabia Beauty Salon of The Year Lunatic Fringe Fashion Retail of The Year Oria Accessories Sports Company of The Year Touch Tennis Sports Club F&B Company of The Year Salata Healthcare Company of The Year Smart Salem Educational Services Company of The Year Human2outcome IT Services Company of The Year Finesse Legal Services Firm of The Year Skyewalker Law Public Relations & Marketing Firm of The Year Pixel Pure Hat Media & Communications Company of The Year Fame By Sheeraz Marketing Management Edtech Company of The Year Allinners Web3 Company of The Year Sunmoney Solar Group Venture Capital Firm of The Year B&Y Venture Capital Social Media Agency of The Year Digital Hype Influencer of The Year Tracy Harmoush New Business of The Year Maria Morris Real Estate Fastest Growth Petra Insurance Brokers Business Consultancy of The Year The Kliff Project Digital Platform of The Year Kanoony Small Business of The Year Furchild Entrepreneur of The Year Yulia Laevskaya (Prive Real Estate Brokers) Champion of Entrepreneurship 1 Salesforce NEIL PETCH, founder and Chairman, Virtugroup, the holding company behind VIRTUZONE.

Champion of Entrepreneurship 2 Arabian Radio Network Champion of Entrepreneurship 3 Buzinessware

WINNERS of the VIRTUZONE Awards 2023

December 2023 / E N T R E P R E N E U R . C O M / 73

Presented by

INTERIOR DESIGN FIRM OF THE YEAR Indoors

High-End Finishing

NEW BUSINESS OF THE YEAR Maria

Morris Real Estate

LEISURE COMPANY OF THE YEAR Mermaids of Arabia

LEGAL SERVICES FIRM OF THE YEAR

Skyewalker Law

74 / E N T R E P R E N E U R . C O M / December 2023

Platinum Partners

F&B COMPANY OF THE YEAR

FASHION RETAIL OF THE YEAR Oria

Salata

Accessories

SUSTAINABILITY INNOVATION OF THE YEAR Fibre

Solutions Group

DIGITAL PLATFORM OF THE YEAR

Kanoony

CHAMPION OF ENTREPRENEURSHIP 3

Buzinessware (Accepted on the company’s behalf by the BNC Publishing team)

WEB3 COMPANY OF THE YEAR

Sunmoney Solar Group

December 2023 / E N T R E P R E N E U R . C O M / 75

Presented by

BEAUTY SALON OF THE YEAR

Lunatic Fringe FASTEST GROWTH Petra

Insurance Brokers

ENTREPRENEUR OF THE YEAR Yulia PUBLIC RELATIONS & MARKETING FIRM OF THE YEAR Pixel

Laevskaya (Prive Real Estate Brokers)

Pure Hat

HOSPITALITY COMPANY OF THE YEAR Airdxb Group

CHAMPION OF ENTREPRENEURSHIP 2

Arabian Radio Network

76 / E N T R E P R E N E U R . C O M / November 2021

Platinum Partners

HEALTHCARE COMPANY OF THE YEAR Smart

Salem

ARCHITECTURE FIRM OF THE YEAR

K4 Technical Services

BUSINESS CONSULTANCY OF THE YEAR The

Kliff Project

EDTECH COMPANY OF THE YEAR

Allinners

November 2021 / E N T R E P R E N E U R . C O M / 77

Presented by

INFLUENCER OF THE YEAR

Tracy Harmoush, founder of Untraceable

SOCIAL MEDIA AGENCY OF THE YEAR

Digital Hype (Wissam Younane, CEO of BNC Publishing, accepted the award on behalf of Digital Hype.)

SMALL BUSINESS OF THE YEAR Furchild

CHAMPION OF ENTREPRENEURSHIP 1 IT SERVICES COMPANY OF THE YEAR Finesse

78 / E N T R E P R E N E U R . C O M / December 2023

Salesforce (Wissam Younane, CEO of BNC Publishing, accepted the award on behalf of Salesforce.)

Platinum Partners

EDUCATIONAL SERVICES COMPANY OF THE YEAR

Human2outcome

VENTURE CAPITAL FIRM OF THE YEAR

B&Y Venture Capital

SPORTS COMPANY OF THE YEAR Touch Tennis

Sports Club

MEDIA & COMMUNICATIONS COMPANY OF THE YEAR

Fame By Sheeraz Marketing Management

December 2023 / E N T R E P R E N E U R . C O M / 79

IMAGINE YOUR SPACE

Imagine a space where your inspiration can run free. A world that tells your own story, every single day.

At RAK Ceramics we help create the perfect living space, for you and your loved ones.

Imagine your space. RAKCERAMICS.COM

→ Feras Jalbout is the founder and CEO of Baraka, a low commission fee investment app

Fostering Financial Empowerment

Baraka founder and CEO Feras Jalbout is shaking up the world of investment in the UAE with his user-friendly investment platform based out of the Dubai International Financial Centre. b y TA M A R A P U P I C IT WAS IN JULY 2020 that Feras Jalbout secured regulatory approval from the Dubai Financial Services Authority to operate Baraka - “a platform for low commission fee investing in the US stocks and exchange traded funds (ETFs)- with an aim to respond to the high demand for online trading in the UAE during the COVID-19 pandemic.” It was a time when retail investors around the world sought technologies that could give

them direct access to markets, but in retrospect, Jalbout says that responding to a high demand was not the only reason for the success the Baraka app has since seen across the GCC. “The key lies in specializing and delving deep into your core product offering to deliver a winning customer experience over the long term,” Jalbout says. “Furthermore, the emphasis on local relevance cannot be overstated. Arabic language, content, and }} December 2023 / E N T R E P R E N E U R . C O M / 83

Q&A

↑ Baraka enables retail investors in the UAE, Saudi

Arabia, Bahrain, Oman, Kuwait, and Qatar to invest in more than 6,000 US stocks and exchange traded funds (ETFs).

PEOPLE HERE WERE CURIOUS ABOUT WHAT’S HAPPENING GLOBALLY, BUT ALSO VERY INVESTED IN WHAT’S HAPPENING IN THE LOCAL ARENA, EQUALLY IF NOT MORE

a community-driven mission play a pivotal role in shaping outcomes in an otherwise globally commoditized offering. The significance of fostering a sense of community is a distinctive factor in navigating the competitive fintech space.”

} These factors indicate how Baraka has earned the trust of retail investors in the UAE, Saudi Arabia, Bahrain, Oman, Kuwait, and Qatar to invest in more than 6,000 US stocks and ETFsThere is also a premium paid subscription that provides additional stock analysis from its equity research partner, Refinitiv, a global provider of financial market data and infrastructure. “At Baraka, our mission to foster financial empowerment with trust and integrity drives the direction in which we grow and evolve the company, from the region and for the region,” Jalbout says. “We recognize that investing may be intimidating to some, but our commitment to creating awareness around the benefit of short- and long-term investing as a path to financial independence dictates where we invest our time, capital, and resources. Our promise to our customers, since our launch in 2020, has always been to create a suite of products and experiences that removes the anxiety out of 84 / E N T R E P R E N E U R . C O M / December 2023

investing, and, therefore, we spend large parts of our day obsessing over the right product mix to build, committed to customer-centric solutions.” An important factor for the rise of non-professional traders, not just in the GCC, but also around the world with Baraka’s global competitors like Californiabased Robinhood, lies in amateur traders gaining the necessary knowledge to operate as quickly as possible. Baraka is not only an investment app, but also a content-driven platform that offers access to daily and complimentary financial news that keeps readers up to date with market movements in order to promote financial literacy. That is why Baraka features a simplified dashboard for investors to monitor and track their portfolios, a content hub that includes daily market news, as well as an investment academy for users to build and test their trading knowledge. “Making investing a seamless part of someone’s day-to-day routine requires an innovative approach beyond the traditional investment application, and so, we introduced engaging content strategies such as daily newsletters and financial literacy material,” Jalbout says. “People here were curious about what’s happening globally, but also very invested in

} Another key differentiator, Jalbout continues, is that Baraka users have always had an option to access the app in Arabic, and use local currencies. “We also offer products for Islamic investing, like Shariah filter or dividend purifier,” he says. “These are some of the things that matter to the local market, and so, we will continue to develop localized solutions that address people’s needs over time.” In developing all these features and services, Jalbout’s aim was thus to not only provide valuable information to users, but also to create a sense of community around financial empowerment. Baraka aims to localize solutiondriven investment products to the growing number of investors in the region, by providing tools and knowledge they need to make well-informed decisions. Its commitment to innovation is evident through features like auto-invest and Shariah screener, catering to individual preferences and making investing comfortable and compliant. “Every aspect of Baraka is meticulously crafted to ensure that more people not only invest, but also enjoy the benefits of long-term compound returns,” he says. “Our growth figures reflect not just numerical success, but are also a testament to our dedication to empowering individuals with the right tools.” The startup was initially founded with funding of US$1 million pre-seed round, and an additional $5 million seed round raised in August 2021 from Y Combinator, Global Founders Capital, FJ Labs, Nuwa Capital, VentureSouq, and Class 5 Global. Then, in November 2022, it closed a $20 million

IMAGES COURTESY BARAKA

what’s happening in the local arena, equally if not more. And so, we launched our newsletter, and to this day we have over 40,000 active readers, who receive daily and free financial content about local and international financial markets.”

Series A round led by Valar Ventures, which was the first investment in the region made by this US-based venture capital fund founded by Peter Thiel. The company is part of the prestigious American startup accelerator Y-Combinator after being accepted into its summer 2021 batch, and today, it is also a part of Abu Dhabi’s tech ecosystem, Hub71, and has a registered office in the DIFC. Looking back on his entrepreneurial journey, Jalbout says that building Baraka taught him the importance of being well organized on a daily basis, as well as being adaptable and resilient. “To manage time efficiently, especially in an industry where demands are high and innovation is constant, we implemented effective time management strategies, prioritizing tasks, and fostering a culture of productivity, ensuring that each aspect of Baraka’s development received the attention it deserved,” he says. “At the same time, as an entrepreneur, I discovered the need to be flexible in my approach, readily adapting to the evolving needs of the business in a dynamic industry. This experience has strengthened my ability to bounce back from setbacks, viewing challenges as opportunities for growth.”

} According to Jalbout, the future looks bright for the fintech sector in the region, and especially so in the UAE. “In the UAE, the imminent launch of the governmentbacked open banking initiative, Aani, akin to India’s Unified Payments Interface, will give rise to new opportunities in the UAE. Reflecting on the global landscape, we’ve

witnessed the substantial impact open banking has had in other countries.” As for trends Jalbout envisages for the fintech sector in 2024, he believes that the biggest impact will be made by enhanced integration of artificial intelligence (AI) for personalized investment journeys. “This deeper integration of AI aims to revolutionize personalized financial services, aligning seamlessly with our commitment to curated financial education,” he says. “By harnessing the power of AI, we envision offering users a tailored investment experience, enhancing their financial journey through intelligent and personalized solutions.”

Jalbout also expects the new year to see the rise of embedded finance that is aligned with financial empowerment principles. “A noteworthy trend that we foresee in 2024 is the continued convergence of traditional finance and technology, giving rise to embedded finance,” he says. “This trend involves businesses integrating financial services directly into their products, simplifying and streamlining financial transactions.” All of this can be expected to further support Baraka’s mission of financial empowerment, and so, Jalbout concludes, “It will further enable individuals to access financial services seamlessly within various aspects of their daily lives.”

↓ Baraka users can access the app in Arabic and use local currencies.

Look out for Feras Jalbout’s interview on Masters of Change, a video series by Entrepreneur Middle East that delves into the stories and strategies of entrepreneurs steering some of the most innovative companies in the Middle East. youtube.com/ entmagazineme

'TREP TALK Tips for fintech entrepreneurs from Baraka founder and CEO Feras Jalbout

}BUILD A GREAT NETWORK

“Networking is key to staying informed, forging strategic partnerships, and navigating challenges collaboratively. Building a robust network opens doors to valuable insights,potential collaborations, and industry support.”

}DON’T RUSH, AND DON’T

CUT CORNERS ON REGULATION “Patience is crucial in fintech. Rushing can lead to oversight, and cutting corners on regulatory compliance may jeopardize long-term success. Prioritize meticulous adherence to regulations to build trust with stakeholders, ensure legal compliance, and foster a stable foundation for your fintech venture.”

}FOCUS ON YOUR

CUSTOMER “The heart of fintech success lies in understanding and meeting customer needs. By placing the customer at the center of your operations, you can tailor your products and services to address real-market demands, building loyalty, and establishing a strong foundation for sustained growth.”

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Ecosystem

Revamped and Ready As SANDBOX gets set to welcome its fourth cohort, the accelerator run by Dubai Integrated Economic Zones now has the support of Oraseya Capital, making it Dubai’s only venture capital-backed startup investment program b y A A L I A M E H R E E N A H M E D

n 2021, under the umbrella of Dubai Integrated Economic Zones (DIEZ), the UAE saw the birth of SANDBOX, a founder-centric accelerator program for pre-seed to seed stage tech startups. Having completed three editions so far, SANDBOX has attracted well over 2,500 applications, out of which over 30 startups have been enrolled and supported by the program to date. Having thus cemented its spot as one of the most sought-after accelerator programs in the country, SANDBOX is set to onboard its newest cohort in February 2024 - only this time, there is a new entity backing it.

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Meet Oraseya Capital- launched in November 2023, it is the venture capital (VC) arm of DIEZ, an authority that consolidates and integrates the products and services of Dubai Airport Free Zone (DAFZ), Dubai CommerCity (DCC), as well as Dubai Silicon Oasis (DSO). DIEZ launched an AED500 million VC fund under Oraseya Capital for the purpose of investing in tech startups -in the pre-seed to Series B stagesthat are expected to benefit UAE’s economy. Commenting on this development, Hassan AlFarsi, Vice President Corporate Finance and Treasury at DIEZ, and Director at Oraseya Capital, says, “The AED500 million fund represents a substantial commitment towards the UAE startup ecosystem. What excites us most is the potential to scale our impact and help create economically impactful ventures. Immediate plans include deploying the fund strategically, exploring new investment opportunities, and expanding our network of partnerships to create a robust support system for the startups in our portfolio.” Along the way, it was obvious to the teams at both Oraseya and SANDBOX that their visions were in congruence with each other. And so, now, SANDBOX has been officially deemed a landmark initiative under Oraseya Capital. “I see this move as a reaffirmation of our commitment to amplifying what we initiated a decade ago: investing in and supporting the early-stage startup ecosystem to contribute significantly to our economy’s development,” AlFarsi notes. “Over the past 10 years, our region has demonstrated a robust appetite for innovation, and the pivotal role played by government initiatives in nurturing this ecosystem cannot be overstated. Demonstrating our dedication to our ecosystem is paramount, and our aim is to help high-growth potentials scale.” For those who have been a part of the team behind SANDBOX from the start, one of them being Elliott Denham, who is now the Head of Programs at Oraseya Capital, aligning the program’s itinerary with Oraseya Capital’s goals has been an organic transition. “Being the VC arm of DIEZ, Oraseya Capital aims to invest in startups spanning pre-seed to Series-B stage,” explains Denham. “So, in this context, SANDBOX uniquely serves as a proprietary pre-seed and seed stage deal flow for Oraseya Capital. Supporting high-potential

IMAGES COURTESY SANDBOX

→ Julien Plouzeau , Senior Partner, Oraseya Capital

SANDBOX UNIQUELY SERVES AS A PROPRIETARY PRE-SEED AND SEED STAGE DEAL FLOW FOR ORASEYA CAPITAL. SUPPORTING HIGH-POTENTIAL ENTREPRENEURS AT THE EARLY STAGES OF THEIR JOURNEY INEVITABLY LEADS TO HIGHER QUALITY DEAL FLOW FOR INVESTMENT CONSIDERATIONS

entrepreneurs at the early stages of their journey inevitably leads to higher quality deal flow for investment considerations.” As the startup program now opens submissions for its fourth cohort (with the application deadline being December 31, 2023), it’s worth noting that SANDBOX is no longer a year-long program, but a five-month-long one. That said, it will continue to enroll companies that have a specific interest in the UAE (i.e. strategically expanding into, trading through, or selling to people in the country), which means that startups that have headquarters, offices, or operations outside of the nation are welcome to apply. “With SANDBOX now being a part of Oraseya Capital, the program is more investment-focused,” Denham adds. “And so, for 2024, we’ve also introduced a two-phase structure whereby, notably, startups shortlisted into Phase Two of the program will receive a US$150,000 investment ($110,000 cash + $40,000 program fee) from Oraseya Capital through a simple agreement for future equity (SAFE) agreement [a type of equity financing that is often used as an alternative to convertible notes]. Our commitment to foundercentricity remains steadfast, and we are backing that up with capital. The diversity of content and the invaluable

exposure to investors remain key. This ensures that, while the program evolves, it continues to empower and support entrepreneurs in a truly relevant manner.” Julien Plouzeau, Senior Partner at Oraseya Capital, adds here that SANDBOX will aim to find innovations that are centered on -or will have an impact in- the UAE and the wider Middle East

region. “We actively seek outstanding founders who are developing scalable solutions to address significant challenges in large, untapped, or fragmented markets,” says Plouzeau. “Oraseya Capital’s primary focus therefore is on the UAE, meaning we invest in startups that have a connection to the countryeither through the founders

↓ Hassan AlFarsi, Vice President– Corporate Finance and Treasury, DIEZ, and Director, Oraseya Capital

being based here, or by commercially serving the UAE’s economy. Our evaluation process varies based on the stage of the startup; for instance, we assess pre-seed startups applying to SANDBOX more on the strength, experience, and knowledge of the founding team. In contrast, when in investing at later stages, companies in the Series A or above phases are expected to demonstrate a proven track record, and a clear path toward sustainable profitability and growth.” Plouzeau’s statements offer a great segue to a topic that is perhaps on the mind of every startup founder reading this: who makes the final cut? “SANDBOX is designed to accelerate pre-seed to seed stage startups, prioritizing resilient, ambitious, and coachable entrepreneurs,” Denham shares. “Whilst business model, traction, and defendability are important, articulation and humility really stand out. Applicants ought to be building proprietary technology, and, where applicable, illustrate evidence of traction (revenues or otherwise) that validate their proposition. Since our program is in-person, it is important that the startup has a nexus to UAE. Preference is placed on co-founders, although solo founders, who will be willing to bring on a

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Ecosystem

two ways about it– growing a startup is hard,” Denham says. “We recognize that being part of a community with whom you can lean upon, share lessons with, and -from time to time- vent to, is crucial. Whether considering which content to host, identifying which guests to invite in, or determining which sprints to run, all our decisions are made with founders at the core. Is SANDBOX intensive? Yes, as a founder, you’ll absolutely be challenged. But an unparalleled appeal of SANDBOX is how supportive the program is. A founder once told me that ‘joining SANDBOX is like having 20+ domain experts join my team full-time,’ all advocating and contributing to one’s success.”

→ Elliott

Denham , Head of Programs, Oraseya Capital

co-founder, are also welcome to apply. Nevertheless, applicants must certainly highlight their motivation for joining SANDBOX, and clearly outline plans for utilizing a $150,000 capital injection.” As has been customary at SANDBOX, this new cohort too will offer a mix of in-person workshops, community sessions, meetings with VCs, and networking opportunities with industry experts. And at the core of all these events remains a tenet that has been fundamental to SANDBOX since day one: founder-centricity. “The founder’s journey is at the core of our ethos, because we

recognize that behind every successful startup is a team of visionary founders with excellent execution capabilities,” Plouzeau says. “By understanding and supporting their journey, we not only foster a culture of empathy, but also ensure that our resources and mentorship are tailored to the unique challenges they face at the various stages of their development. It is important to understand venturing is a non-linear trajectory with many ups and downs, and being an empowering partner means being able to roll up our sleeves to help founders cross a hurdle, or to get to the next step.” Denham mirrors Plouzeau’s sentiments. “There are no

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That said, entrepreneurs who apply to SANDBOX shouldn’t expect to be a shoo-in for it either- the program has, so far, had a sub-2% acceptance rate, which can be seen as a testament to its quality as well. The focus is on quality over quantity, Plouzeau says, and that’s what has allowed the program to discover some very unique ideas from within the UAE. “In our journey, we’ve witnessed startups bringing forth groundbreaking solutions in each of these sectors,” Plouzeau continues. “From disruptive fintech platforms transforming financial services to logistics solutions optimizing last-mile delivery, and healthtech ventures revolutionizing healthcare delivery, the diversity of innovative solutions is truly inspiring. This breadth of sectors reflects our commitment to

being at the forefront of the dynamic and evolving landscape of the MENA startup ecosystem.” Such past results would undoubtedly have proven to be a major asset to Oraseya Capital itself- an entity that hopes to create a positive impact within the nation’s entrepreneurial ecosystem. “Oraseya Capital aspires to be a cornerstone of the UAE’s entrepreneurial success story,” AlFarsi declares. “We aim to leave a lasting legacy by nurturing a generation of successful and socially impactful startups. Through our investments, mentorship, and accelerator programs, we hope to contribute significantly to job creation, economic diversification, and the establishment of the UAE as a global innovation hub.” Meanwhile, as the application deadline for Sandbox’s fourth cohort draws closer, Denham reiterates that the program has, primarily, been curated to build a favorable ecosystem for startup founders. “Beyond financial metrics, our ambition is for Sandbox to become one of the most active and supportive VC-backed startup programs in the region, nurturing a thriving community of innovators,” Denham says. “Our next cohort is scheduled to commence in February 2024, and applications are now open until December 31, 2023. Ambitious and determined candidates who are serious about taking their ventures to the next level -whilst receiving $150,000 in investment- can learn more and apply today at www.sandboxaccelerator. com.”

Startup Finance

From Seed to Success A retrospective on two decades of Series A rounds b y H I S H A M K A S S I M

} For example, it is common practice that around the time startups close their Series A rounds, they start to formalize and institutionalize their operations. For example, they form a board composed of some outsiders (i.e. non-founders), adopt internal financial controls, formulate human resource policies, and a wide range of other internal policies and procedures– the things most creative types, like founders, dread and avoid. Addition-

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But despite its coveted status, how much do we actually know about Series A rounds and their history? There seems to be generally accepted common practices and industry consensus on many features of what the Series A signifies in the life cycle of a startup, but conclusive data is lacking.

ally, after a Series A round, we know that the failure rate of startups drops dramatically. Finally, and perhaps of greatest significance, is that closing a Series A round signals to the world that the startup has entered early adulthood.

LOOKING AT THE DATA We at Kassim Legal reviewed and analyzed 20 years of Series A data to identify quantifiable trends and

features of a financial milestone that, once achieved, seems to hold the keys to the castle. But before we take a look at what we can learn from the data, there are a few caveats to keep in mind. First, to maintain consistent comparisons over time, all monetary amounts are listed in 2022 US dollars (US$). Second, the data provided by Systematic Ventures tend to be US-centric, because of the timeline we were looking at. Venture investing in the Middle East

I L L U S T R AT I O N S B Y TAY M A A L I . | A L L D ATA P R O V I D E D B Y S Y S T E M AT I C V E N T U R E S . T H A N K S T O Z E A L A N G E L S C O - F O U N D E R H A S A N A L S H A M I F O R H I S VA L U A B L E I N P U T A N D I N S I G H T.

he elusive Series A round is much coveted by entrepreneurs, but also misunderstood. Within the startup ecosystem, the key to a large exit or initial public offering seems to be a Series A round, and every founder wants one.

→ Correlation between pre money valuation and total amount raised

is a relatively new phenomenon that has only gained traction in the last 10 years or so. In contrast, venture investing in the US -at least the modern version- has been around for at least 50 years. With these pointers in mind, here’s a look at what we learned about Series A rounds: 1/ Round sizes are strongly correlated with pre-money valuations The relationship between the pre-money valuation of the startup and the total amount raised is closely correlated. According to our calculations, the correlation between the two variables is 0.85, which means that both variables are nearly (or perfectly) correlated. As pre-money valuations increase, the size of the round increases (almost in tandem). While many of us knew this intuitively, we have finally been able to quantitatively measure this relationship. 2/ Company valuations and round sizes are increasing exponentially The value of companies and their round sizes seem to have increased exponentially over the past 20 years. Pre-money valuations from 2002 to 2014 (a bit more than 10 years) have remained at roughly $8 to $10 million. Then starting in 2015, pre-money valuations increased each year to $15 million in 2017, and ending at $40 million in 2022. By 2022, the pre-money valuation of a startup closing a Series A round was almost four times the pre-money valuation of a startup in 2002. We see the same trend for round sizes as well. From 2002 to 2018, the average size of a Series A round was around $4 to $5 million. However, by 2021 and 2022, we see that the average size of a Series A round tops $10 million. While pre-money valuations have increased faster than round sizes, the average Series A round size in 2022 is still more than double the average Series A round size in 2002.

↑ Percentage of equity sold in Series A

THE NUMBER OF STARTUPS THAT CLOSED THEIR SERIES A ROUND IN 2002 WAS AROUND 900. BY 2022, THIS NUMBER CLIMBED TO MORE THAN 5,300 COMPANIES.

3/ Founders are selling less equity in series A rounds While pre-money valuations and average round sizes have increased in tandem, the percentage those rounds account for (on a post-money basis) has actually decreased. For example, in 2002, founders sold approximately 36% of their companies in Series A rounds. As of 2022, this number was closer to 20%. What this means is that while pre-money valuations and round sizes have both been increasing, pre-money valuations are actually increasing faster than round size.

4/ More investors are seen per round The number of startups that closed their Series A round in 2002 was around 900. By 2022, this number climbed to more than 5,300 companies. Despite the almost five-fold increase in the number of companies closing Series A rounds, the number of investors has actually increased faster than the number of Series A rounds. In 2002, there were 1.24 investors per Series A round, while by 2022, this number almost doubled and now there are almost 1.94 investors per Series A round. December 2023 / E N T R E P R E N E U R . C O M / 91

Startup Finance

5/ Time to raise series A round has doubled Interestingly, and despite the increasing valuations, round size, and number of investors, startups are closing their Series A round almost five years after the date of their inception. In 2002, startups were closing their Series A rounds only two years after the date of their inception.

WHAT THE DATA TELLS US The startup landscape has undoubtedly undergone significant transformations in the last 20 years. We observed consistent, if not accelerated, increases in the pre-money valuations of startups and their round sizes. However, these two variables are not accelerating at the same pace. Pre-money valuations are increasing faster than the average size of a Series A round. Since pre-money valuations are increasing faster than the average round size, it means that startups are selling less equity during their Series A rounds. The increasing pre-money valuations and round sizes could partly be explained by the increasing number of investors participating and investing in Series A rounds, and probably startups in general. As startups continue to gain prominence and offer investors the allure of unicorn-level returns, there has been a surge in the amount of capital being deployed to startups. This includes existing venture capitalists increasing their assets under management as well as new types of investors entering the market such as angel investors, corporate investors, family offices, and crowdfunding platforms. However, despite the surge in the number of investors, valuations, and round sizes, we are seeing startups taking longer to close their Series A rounds. In the early 2000s, startups typically closed their Series A round within two to three years of inception compared to the more than five years it typically takes current startups. Given that startups are delaying when they close their Series A rounds, it would make sense that older and 92 / E N T R E P R E N E U R . C O M / December 2023

↑ Number of investors per Series A round

SINCE PRE-MONEY VALUATIONS ARE INCREASING FASTER THAN THE AVERAGE ROUND SIZE, IT MEANS THAT STARTUPS ARE SELLING LESS EQUITY DURING THEIR SERIES A ROUNDS.

more mature startups would (or could demand) higher valuations and larger round sizes. A startup that has only been in business for two years would not have achieved (according to common wisdom) the same milestones and traction as a startup that has been in business for five years. The final question for this piece then is what is causing this elongated timeline. Are startups waiting longer to close their Series A rounds (as a strategic decision), or are investors starving startups for longer periods of time and demanding companies achieve greater maturation before investing? Our guess (we do not have the data yet) is that the elongated timelines is being caused by an uneven distribution of capital availability for startups. Our hypothesis is that there is an abundance of capital for pre-seed and seed investments (which gives startups a longer runway), but less capital for Series A investments. With more startups eyeing the attention of a

limited pool of Series A investors, investors are demanding that startups demonstrate a higher level of maturity and traction before they commit to Series A investments. Of course, this hypothesis will have to be tested once the data becomes available. Hisham Kassim is the Managing Partner of Kassim Legal. Established more than 50 years ago, Kassim Legal has remained the MENA region’s leading corporate boutique law firm. Since its founding, its mission has been to provide exceptional service in select niche corporate practice areas. In those areas, the level of service is unrivaled by even the largest firms operating in the MENA. The firm represents some of the largest and most prominent private equity, venture capital, banking, and other institutional clients throughout the MENA region. kassimlegal.com

Q&A

IN FOCUS

A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program that you should be keeping an eye on by AALIA MEHREEN AHMED

674,000: that’s the official number of medical tourists that the UAE welcomed in the year 2022 alone, as per a report released by the Dubai Health Authority (DHA) in April this year. In fact, a whopping AED992 million was paid by patients from across the globe towards Dubai-based medical services that same year. With medical tourism only set to grow in Dubai and the UAE, a new startup, HealthStay, is now hoping to become the link between medical tourists with healthcare providers here.

→ Ruairi Tubrid, co-founder and COO, HealthStay.io

/healthstay.io /

With the aim to streamline the many processes involved within medical tourism into a singular solution, the first version of the HealthStay platform was launched in November 2023 by co-founders Ruairí Tubrid and Sean Conaty. “From confirming treatment and travel dates, to finalizing accommodation, the entire medical tourism journey typically takes 6-8 weeks,” Tubrid explains. “Our platform empowers clients to book all aspects of their medical tourism journey almost instantly. We conduct thorough prescreening and exclusively partner with reputable, high-end medical providers for all budgets, thereby eliminating concerns such as unverified Google reviews, lacking duty of care, and the need for extensive client research.”

} Billing itself as an “all-inclusive medical tourism booking platform,” HealthStay enables its users browse through a catalog of medical providers, airlines, as well as hotel accommodations to decide what suits their needs and schedules the best. And there is plenty of help for the users along the way, assures Tubrid. “We believe we are the only company or 94 / E N T R E P R E N E U R . C O M / December 2023

platform in the world that offers a comprehensive, end-to-end solution for customers embarking on their medical tourism journey,” he says. “We empower them with the capability to seamlessly browse, consult, and instantly book all essential elements. Additionally, our team provides unwavering support throughout the entire journeyright from the pre-travel phase to airport arrivals, during their medical care, and even after the treatment is completed. We maintain open communication with clients, and we also collaborate closely with medical experts to ensure their wellbeing and satisfaction.” But HealthStay isn’t only catered towards patients- incorporated into its operations are benefits for the medical entities and professionals as well. “We remove the necessity for medical providers to invest substantial time in pursuing leads, awaiting responses, managing lost leads, and overseeing travel and accommodation logistics, along with the accompanying high marketing expenses,” Tubrid says. “Medical providers now engage in their first interaction with well-informed medical tourists during a consultation call, where pricing, travel dates,

I M A G E C O U R T E S Y H E A LT H S TAY

HealthStay

HEALTHSTAY ENABLES ITS USERS BROWSE THROUGH A CATALOG OF MEDICAL PROVIDERS, AIRLINES, AS WELL AS HOTEL ACCOMMODATIONS TO DECIDE WHAT SUITS THEIR NEEDS AND SCHEDULES THE BEST.

treatment, fostering essential face-to-face interactions.”

and procedure specifics are already established. This efficient process significantly diminishes the need for prolonged back-and-forth communication, minimizes lead loss, and ultimately leads to reduced clinic marketing expenditures.”

} But how does easing monetary and other issues for traveling patients and medical providers earn HealthStay its bucks? The answer is a two-pronged revenue model. “Our primary source of revenue is derived from a commissionbased model targeting business-to-consumer (B2C) interactions,” Tubrid explains. “This includes earning commissions ranging from 15%-20% of the total value of each medical procedure, 10%-20% on flight and accommodation bookings, and a substantial 30% on tourism activities. What sets our model apart is our ability to collect all commissions upfront through our platform’s payment portal, eliminating the need for post-sale follow-ups on our part. In addition to our B2C revenue, our business-to-business (B2B) revenue stream relies on a robust referral

network, strategic brand partnerships, collaborations with healthcare boards, and agreements with insurance providers.” Now, the idea to create HealthStay was sparked when Conaty himself embarked on a medical tourism journey for his own reasons in 2022, and found multiple loopholes that needed to be addressed. That experience brought to light the relevance of creating trustworthy connections within medical tourisma goal that Conaty and Tubrid are now incredibly keen on achieving at HealthStay. “While technology certainly plays an indispensable role in problem-solving and enhancing accessibility, in our industry, trust is paramount, and we are fully aware of this,” Tubrid says. “On our platform, clients enjoy continuous access to our team, allowing them to raise questions, or address concerns, 24/7. We prioritize building trust by requiring an online consultation before clients can proceed with booking major procedures. This consultation enables clients to meet the healthcare team that will be providing their

}While HealthStay is currently in its customer acquisition stage, the cofounders are also looking at ways to scale their entrepreneurial venture. “In the meantime, we are also validating our model and generating revenue,” Tubrid adds. “All progress to date has been financially bootstrapped by both of us co-founders. Furthermore, to ensure top-quality tech development and marketing, we’ve outsourced these functions to trusted long-term partners. Our near-term plan involves gaining initial customers and proof of concept, with the aim of seeking seed funding to scale marketing efforts in target markets. Despite our compact team of four, we see significant financial potential and long-term value in our business, as we progress not just in the UAE market, but also to other medical tourism hubs.” The MBRIF Innovation Accelerator program has thus come as a launchpad for the goals HealthStay aims to realize. Tubrid and Conaty first got to know of the program’s existence through an

→ Sean Conaty, co-founder and CEO, HealthStay.io

December 2023 / E N T R E P R E N E U R . C O M / 95

Q&A

acquaintance they made at the Irish Business Network, a Dubai-based organization that supports professionals who are Irish, or have an affiliation with Ireland, and live in the Middle East. “As first-time founders in the UAE, we recognized that we had room to enhance our comprehension of the local market, and we were in need of support to expand our network and achieve product-market fit,” Tubrid recalls. “Initially, our objective was not to engage with an ecosystem that emphasized investment and unattainable targets. Instead, we sought an environment where we could focus on learning and building for a period of six months, which led us to the MBRIF ecosystem. Furthermore, our initial communication with MBRIF indicated that they were the most suitable accelerator for our specific needs. In my view, the MBRIF serves as an excellent illustration of the support, commitment to going the extra mile, and the high-quality ecosystem and startup infrastructure that Dubai embodies.”

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↑ Mohammed Mukhtar, co-founder, Unipreneur

Unipreneur

/unipreneur.co /

n January 2019, H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Fifty-Year Charter, which laid out nine different articles that could potentially reshape the future of the Emirate. When UAE-based entrepreneurs Mohammed Mukhtar and Reem Al Mosabbah came across article six of this Charter -which pertains to the creation of free economic and creative zones in universities- they felt inspired to contribute towards this particular goal. It was that spark that eventually led to the creation of Unipreneur, a Dubai-based youth entrepreneurship, intrapreneurship and innovation development platform, in 2021.

IMAGE COURTESY UNIPRENEUR

}As Tubrid and his team now roll up their sleeves to grow their platform, the co-founder offers a very candid take on what it’s like to realize one’s entrepreneurial dreams in Dubai. “I find that in Dubai, there is a can-do attitude, people want to progress, and they want to help you with support or advice,” Tubrid says. “I’m not sure that people outside of Dubai fully understand the opportunities that this Emirate offers, but in years to come, I feel that it will be looked back upon and strongly recognized. The speed at which partnerships and agreements are signed off at has been our only real significant challenge. But the startup infrastructure here is incredible, it doesn’t matter what your background is- if you have a good business idea, a willingness to work hard and learn, then you will be fully supported in Dubai, and given ample opportunity to be successful. That, I think, is all that any entrepreneur can ask for.”

The MBRIF Innovation Accelerator program has thus come as a launchpad for the goals HealthStay aims to realize. Tubrid and Conaty first got to know of the program’s existence through an acquaintance they made at the Irish Business Network, a Dubai-based organization that supports professionals who are Irish, or have an affiliation with Ireland, and live in the Middle East. “As first-time founders in the UAE, we recognized that we had room to enhance our comprehension of the local market, and we were in need of support to expand our network and achieve product-market fit,” Tubrid recalls. “Initially, our objective was not to engage with an ecosystem that emphasized investment and unattainable targets. Instead, we sought an environment where we could focus on learning and building for a period of six months, which led us to the MBRIF ecosystem. Furthermore, our initial communication with MBRIF indicated that they were the most suitable accelerator for our specific needs. In my view, the MBRIF serves as an excellent illustration of the support, commitment to going the extra mile, and the high-quality ecosystem and startup infrastructure that Dubai embodies.” “The problem we’re solving is the lack of a youth-focused innovation incubator in the region, which can empower youth in the UAE with the right skills, tools, and support to

become successful global entrepreneurs, intrapreneurs, and innovators,” Mokhtar says. “The primary source of inspiration is the vision and support of UAE’s leadership for youth empowerment. But, of course, our own challenges around future readiness, industry connections, and innovation development during our university days also served as an additional motivation to build such a dedicated platform for youth and students.”

} Unipreneur was thus built using the triple helix model of innovation- a business concept that involves collaboration between universities, governments, and businesses. “Unipreneur’s unique selling point is its focus on creating future leaders,” Mukhtar adds. “We believe we are the only platform in the region based on the triple helix model of innovation, with a focus on entrepreneurship, intrapreneurship, and innovation development for youth. Additionally, innovation in strategy, engagements, and impact is important for us. Technology is a crucial tool that will help us further streamline innovation, enable inclusivity, and improve the overall youth development experience.”

platform platform is only slated for further growth. “Our current business model is based on revenue generation through organizing youth-focussed events, programs, and activations for reputed government entities, corporate organizations, and academia,” Al Mosabbah says. “And so, we see the current state of the business as being healthy, and in line with our initial vision of building Unipreneur as a reputed youth empowerment brand for the first two to three years of operations, before transitioning digitally. In the near future, our business model will expand with a major focus on digital or in-app engagements.”

}Mokhtar and Al Mosabbah are also now gearing up for the launch of Unipreneur’s Young

Innovators Attraction program, an initiative that aims to garner the attention of young minds across the country, with the support of the MBRIF Innovation Accelerator program. And when asked why the MBRIF program will be central to their startup’s vision, the co-founders bring up the name of the UAE leader who has lent his name to this initiative. “One name: H.H. Sheikh Mohammed bin Rashid Al Maktoum,” the duo say. “As the core of our youth programs are built around learning and implementing entrepreneurship, innovation, and leadership lessons from the life of the Ruler of Dubai, we chose the MBRIF program so that we can develop such programs, and also achieve our dream of establishing the world’s best youth innovation incubator in Dubai.”

→ Reem Al Mosabbah, co-founder, Unipreneur

}Bootstrapped since 2021, Unipreneur has already generated over AED2 million in revenue for its clients, and AED800,000 for itself, and Al Mosabbah is confident that the December 2023 / E N T R E P R E N E U R . C O M / 97

Q&A

→ Ruba Hasan, co-founder and COO, Pulse

Pulse

/pulseiot.tech/

“

} Launched in January 2023 by Jacir and Ruba Hasan (the startup’s co-founder and COO), Pulse’s aim is therefore to deploy locally manufactured sensors that can optimize the maintenance of civil structures, as well as maximize their service life. The very first manifestation of this vision has been the Pulse IoT100, a structural health monitoring system that leverages IoT technology. “Our first solution, Pulse IoT100, tackles the hidden problem of corrosion of steel reinforcement within concrete structures,” Jacir explains. “Corrosion is the primary cause of structural failures, and it is often insidious, leading to structural degradation, and, in some cases, catastrophic failures. It is particularly relevant in the Arabian Gulf, where high salinity combined with high temperatures and humidity create the ideal conditions for corrosion. Corrosion leads to cracks, spalls, and, ultimately, structural failures, which necessitate repairs. With this in mind, Pulse’s corrosion monitoring system detects the early signs of corrosion, allowing asset owners to intervene before significant damage occurs. We empower them with predictive insights, thereby ensuring the longevity and safety of their investments in a cost-effective manner.” 98 / E N T R E P R E N E U R . C O M / December 2023

IMAGE COURTESY PULSE

→ Usama Jacir, co-founder and CEO, Pulse

he Fitbit of civil structures”: that’s the tagline that UAE-based Pulse uses to define its civil infrastructure sensor platform. Much like how modern wearable devices -like Fitbit- are designed to monitor one’s health, Pulse was developed to detect early signs of structural deterioration in concrete buildings and infrastructure. “I’d spent all my career in the protection and repair of civil structures, [which was] where I realized that intervention is too often too late,” says Usama Jacir, co-founder and CEO of Pulse. “Inspired by the use of wearables in wellness and healthcare, I started on the journey to invent our first product for corrosion monitoring. It took a few iterations to get to the final product which we launched this year. With the growing awareness of sustainable construction as well as the maturing of internet of things (IoT) and artificial intelligence (AI) technologies, the timing is ideal for the construction industry to realize the tangible benefits of a solution such as Pulse.”

WE ALREADY HAVE A CONTRACT WITH THE DUBAI GOVERNMENT’S MOHAMMED BIN RASHID SPACE CENTRE, AND ARE ALSO CURRENTLY IN THE PROCESS OF CLOSING TWO MORE PROJECTS WITH UAE-BASED GOVERNMENT AGENCIES FOR LONG TERM DEVELOPMENT, TESTING, AND SUPPORT

} Of course, in order to provide actionable insights, these cutting-edge sensors first collect relevant data from the concrete building structures. “These sensors are strategically placed on civil structures, such as buildings or bridges, to monitor various structural parameters in real-time,” Jacir continues. “Pulse’s business model includes the collection, analysis, and interpretation of data from the deployed IoT sensors. This analysis is crucial in identifying structural weaknesses and potential issues within the monitored structures.” All of the factors you’ve read so far, however, are not the startup’s unique selling point, according to its founder. Instead, he believes it is the longevity of the Pulse sensors, as well as their ability to be incorporated into any structural design, that truly sets the offering apart from competitors in the domain. “For starters, Pulse differentiates itself by utilizing corrosion as a power source for its IoT sensors,” Jacir says. “This approach eliminates the need for traditional batteries. Its 3D-printed sensors allow customization and localization of production. The data from Pulse IoT will be processed with advanced AI technology to enable predictive analytics. This means the IoT devices are not only collecting data, but also using AI algorithms to analyze that data. The insights generated will contribute to improving predictive models and construction practices.” } Having adopted such a well-rounded approach, Jacir is confident that his startup can also easily be scaled to address other issues within the industries it operates in. “The long-term potential of Pulse’s revenue model lies in its ability to not only provide IoT solutions, but also to offer other structural health monitoring systems that help customers extend the lifespan of their civil structures, reduce lifecycle costs, and enhance the overall safety and reliability of these assets,” he explains. “Pulse aims to focus on cutting-edge technology, and its presence in rapidly growing markets contributes to its revenue growth potential.” Note here that Jacir’s sturdy belief in his startup’s scope is backed by a team that is equally invested in the future of Pulse. “The team at Pulse collectively possesses over 50 years of industrial experience, including expertise in structural engineering and manufacturing,” Jacir reveals. “This background is crucial for developing and promoting IoT solutions in the industrial and structural engineering sectors. In the long term, Pulse aims to scale its business globally by securing funding, expanding its customer base, and leveraging its team’s expertise. As a startup with

→ Pulse monitors the structural health of civil structures using concrete sensors to optimize maintenance and maximize service life through structure monitoring

innovative IoT solutions, as well as a focus on sustainability and cost-effective asset management, Pulse has the potential to provide long-term value to its customers and investors, while making a positive impact in the industry.”

} As it so happens, Pulse has already begun sowing the seeds of its growth. “In terms of market traction, Pulse is actively engaging with potential customers, and it has initiated its first pilot project in collaboration with Aramco, a Saudi Arabia-based global energy company that produces and refines oil and gas,” Jacir says. “This demonstrates a growing interest in the product as well as the potential for adoption in the industry. In terms of funding, we are in the seed stage of fundraising. And most importantly, with the MBRIF providing startups with a very well-structured program, including mentorship, business development, workshops and training, we believe it will be a crucial avenue that helps Pulse gain regional and global exposure.” Thus, as Jacir and his team train their sights on the future, the founder believes that staying atop industry trends and shifts is what will ultimately determine Pulse’s results in the long term. “Innovation plays a key role in our startup’s future, as we collect data from structures, and continuously work on upgrading and improving our products,” Jacir says. “Innovation is the main driver of our startup; so, keeping our finger on the industry’s pulse is essential for our future success.” December 2023 / E N T R E P R E N E U R . C O M / 99

Q&A

founder and CEO, InvoiceMate

InvoiceMate /invoicemate.net /

100 / E N T R E P R E N E U R . C O M / December 2023

November 2023 report by the World Economic Forum has found that that MENA-based SMEs represent 96% of registered companies in the region. But the same report also notes that a lack of access to finance has proven to be a severe impediment to SME growth in the region. Addressing this issue is UAEbased startup InvoiceMate, which offers an invoicing platform powered by blockchain and artificial intelligence (AI), which can serve as a bridge between SMEs and financing institutions. “InvoiceMate is an end-to-end digital invoicing wedge that empowers SMEs with digitization to access finance through a single platform,” explains Muhammad Salman Anjum, founder and CEO of InvoiceMate. “We operate on a business model centered around providing invoice financing by acting as a digital intermediary between lenders and SMEs. This easy digital inclusion thus leads to even easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring, buy-nowpay-later (BNPL), and supply chain financing. Just like Uber is a platform connecting riders with drivers, InvoiceMate, as a platform, connects financing institutions with SMEs for efficient and safer lending.”

I M A G E C O U R T E S Y I N V O I C E M AT E

↓Muhammad Salman Anjum,

} Through its e-invoicing option, InvoiceMate enables SMEs to send, receive, and manage invoices from mobile or desktop platforms, and it also offers a complete invoice management system with bookkeeping. Furthermore, a blockchain-powered “Invoice Financing Enabler” tool sends out real-time invoices that are verified with an assigned credit score. Simultaneously, a realtime invoice verification and credit scoring service -a tool that can be integrated into any financing management system used by a given financial institution- is offered to the lenders. At the same time, InvoiceMate also seeks to be a trustworthy ally for financial institutions that seek to invest in SMEs. “With an automated access to our Know Your Invoice (KYI) feature -a tool that offers verified and accurate invoice data- lenders can make more informed decisions and better evaluate creditworthiness of SMEs for loan applications,” Anjum adds. The startup, which was launched in 2022 and also has operational offices in Pakistan, has already processed over 5,000 invoices. “So far, InvoiceMate has processed a total invoice amount of over US$114 million, as well as a financing value of over $500,000 in the two countries of operation,” Anjum says. “Currently, we have partnerships with 11 financing institutions, with over $5 million locked for the purposes of lending allocation.”

within the system. “I’ve been in the blockchain space for seven years now, and as a founder, one of my objectives is to prove to the world that blockchain can go for mass adoption,” he says. “That will only happen once blockchain is used to solve the problem of the masses. InvoiceMate was thus founded to resolve the trust and efficiency issues between lenders and borrowers, and enable their growth. By design, the blockchain-based InvoiceMate enables trust in every entry via attributes not available in standard database models, thus boosting security for data and workflow integrity.” This revelation inadvertently raises the question of how blockchain and AI can incorporate the intangible element of trust into financial transactions. “Well, with blockchain, InvoiceMate allows banks and other financial institutions to check if credentials of all invoice- and transactionrelevant files and documents

are genuine,” Anjum explains. “InvoiceMate’s blockchain also provides a full process trail of invoice journey from its generation, review, approval process, payment and financing. On the other hand, with AI/ machine learning, the platform is detecting and preventing frauds in invoice credentials for secure invoice financing. Human connection is still and will remain an important part of customer engagement with InvoiceMate. The use of technologies is simply to enable them to provide a trusted and efficient service.”

} Now, through the startup’s participation in the MBRIF Innovation Accelerator, Anjum hopes to give his startup’s UAE-based operations a further boost. “At the MBRIF program, InvoiceMate will be specifically aiming for three end results,” Anjum declares. “The first is adding to our technological capability, by embracing advanced

technologies that can enhance our platform’s functionality, scalability, and security. The second is to continually upskill existing employees, and add new human capital. And finally, we hope to build a strong network of reliable and diverse lending partners for competitive financing options, and thereby ensure consistent flow of funding opportunities.” As for the road ahead, Anjum hopes he can continue to lead the startup with a resilient mindset. “I have been an entrepreneur for the last 22 years of my professional career, but InvoiceMate is my first startup in the UAE,” he says. “I must admit it has been a lot more different from my previous experiences. One has to be very agile, adaptive, and capable of multitasking. With the focus on innovation these days, startup founders often have to enter uncharted waters. But I must admit, this is as fun as it is challenging!”

↓ InvoiceMate is a Blockchain and AI-powered invoicing platform that acts as a bridge between SMEs and financing institutions. The platform thus aims to enable greater financial inclusion for SMEs.

} Now, according to Anjum, a big part of easing the SME-lender relationship lies in negating the distrust December 2023 / E N T R E P R E N E U R . C O M / 101

In The Loop

A Cut Above

Lebanon-based Dooda Solutions wins grand prize of US$100,000 in the 2023 installment of the PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition

→ A scene from the closing ceremony of the 2023 installment of the PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition

→ Nada Ghanem is the founder and Managing Director of Lebanonbased Dooda Solutions, which specializes in producing premiumgrade vermicompost (organic fertilizers) at commercial scale.

ebanon-based startup Dooda Solutions has been declared the winner of the 2023 installment of the PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition, with it receiving a cash prize of US$100,000. As a global mentor-led initiative to help entrepreneurs in the sustainability space grow through collaboration and knowledge sharing, this year’s edition of the PepsiCo Greenhouse Accelerator Program continued the company’s initial partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley, an initiative launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to foster innovation in food production. “Building on the success of the first edition of our MENA Greenhouse Accelerator, this year marked a significant step

102 / E N T R E P R E N E U R . C O M / December 2023

towards accelerating progress in sustainable agriculture in the region,” Aamer Sheikh, CEO at PepsiCo Middle East, said. “As part of our commitments to achieve net-zero emissions by 2040 and become net water positive by 2030, we are actively facilitating innovation to drive tangible change at scale. At PepsiCo, we are dedicated to supporting innovators and entrepreneurs who are at the forefront of sustainable solutions. By providing them with a wealth of resources and offering them a platform to showcase their solutions on global stages, such as at COP28, we want to help them thrive. We’re excited about Dooda Solutions’ potential to transform the regional agriculture sector, and we look forward to creating more opportunities for other promising startups that will have a lasting positive impact on society.” Launched in 2018, Dooda Solutions operates earthworm farms and leverages advanced technologies to produce high-quality solid and liquid vermicompost. Its nutrient-rich vermicompost restores soil health by improving its structure, increasing nutrient availability, and enhancing microbial activity. In the program’s final stages, the team demonstrated a truly innovative and scalable solution with a commitment to pushing the boundaries of sustainable agriculture innovations. “This journey has been transformative, providing our business with invaluable insights, mentorship, and tools to refine and scale our sustainable agriculture solution,” Nada Ghanem, founder and Managing Director at Dooda Solutions, said. “The program’s extensive reach and network have helped us connect with like-minded entrepreneurs, potential partners, and investors who share our vision for sustainable agriculture, not only accelerating our growth but also reinforcing our commitment to driving sustainable change in the MENA region. We are excited about the journey ahead, and we remain committed to scaling our operations effectively to provide sustainable solutions to all.” greenhouseaccelerator.com