Daniil Shuleyko.
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January 15, 2025
BUSINESS UNUSUAL
P.15 Passion Meets Philanthropy
How AMIR KHAN boxed clever outside the ring
P.28 You Only Live Twice
SHERIF FODA, CEO and Chairman of Nesr wants to break regional business stereotypes, while making billions in the process.
‘TREPONOMICS
P.35 What’s in a Name?
Four years ago, EMAAR removed job titles from all employees. Has it worked?
P.46 The Power of Fame
Celebrity endorsements are helping companies sell more products than ever, with the trend growing in the Middle East.
↑ Samantha Evans is the Managing Director-MENA at Startup genome, a USheadquartered global startup innovation ecosystem development organization p.51
STARTUP SPOTLIGHT
P.51 Building Dreams
How Startup GENOME’S Managing Director for the region, SAMANTHA EVANS, is helming initi-atives that help entrepreneurs turn global ambitions into reality.
P.57 Innovator’s Edge
THE FII8 INVESTMENT DAY - “INFINITE HORIZONS: Investing Today, Shaping Tomorrow.”
IN THE LOOP
P. 62 Revealed: How entrepreneurs can get a UAE golden visa
CEO Wissam Younane wissam@bncpublishing.net
MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net
ART DIRECTOR Simona El Khoury
EDITOR IN CHIEF Anil Bhoyrul anil@bncpublishing.net
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REGIONAL DIRECTOR
Mahdi Hashemi mahdi@bncpublishing.net
DIRECTOR OF INNOVATION
Sarah Saddouk sarah@bncpublishing.net
GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net
HEAD OF PARTNERSHIPS
Samir Glor Samir@bncpublishing.net
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COLUMNIST Tamara Clarke
CONTRIBUTING WRITERS
Fida Chaaban, and Anil Bhoyrul
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LIFE IS A JOURNEY.
AI: THE WORLD WILL END IN 30 YEARS
or we will all become even richer
Usually when I hear the word “Godfather” I think of Al Pacino. Then the great debate starts: was Godfather 2 better than Godfather 1? Tough question – though we probably all agree he should never have made Godfather 3.
Fans of the Narcos series on Netflix could make a case for Miguel Angel Felix Gallardo, real life boss of El Chapo, being the original “Godfather.”
Geoffrey Hinton isn’t likely to be a name that naturally fits into the above categories, but in today’s world, there is a good case to be made for him to a living Godfather – of AI.
Professor Hinton, to give him his full title, won the Noble Prize in Physics for his work in AI. Most AI experts still look up to him as the master of all things AI. Which is why his comments in a recent interview are cause for alarm. The professor is now saying there is a 20% chance that human civilization will be taken over by AI in the next three decades.
“How many examples do you know of a more intelligent thing being controlled by a less intelligent thing?” he said. “There are very few examples. There’s a mother and baby. Evolution put a lot of work into allowing the baby to control the mother, but that’s about the only example I know of.”
His simple explanation is that at the current pace of change, humans would be like newborn kids compared with the intelligence of highly powerful AI systems.
“I like to think of it as: imagine yourself and a threeyear-old. We’ll be the three-year-olds,” he said.
If he’s right, that gives us until around 2055 to enjoy life as we know it. But it is just as possible – actually, 80% possible according to his own numbers – that he is wrong. And the opposite is true. AI, used properly, will lead to the biggest mass job creation the planet has ever seen.
The UAE is a good example of this, with the sovereign AI projects and large-scale data centers expected to create more job opportunities. AI will need human brains when it comes to programmers and specialists. There is significant employment growth coming in the UAE healthcare sector for healthcare practitioners, entirely because of how it is embracing AI. Burjeel Holdings, American Hospital and Aster Healthcare are probably the best examples of this right now. And the data shows a rise in employment in even niche industries such as digital marketing. Yes, massive costs efficiencies can be found with AI, and the speed of launch of a new product is tenfold better than without AI. But humans are needed more than ever. The World Economic Forum’s Future of Jobs Report sums this up best. It forecasts that by the end of this year, 85 million jobs will have been lost because of AI. But that another 97 million will have been created.
So, my money is on Professor Hinton being wrong: if we embrace it properly, AI is the beginning of the future, not the beginning of the end. Either that, or this could be my first and last ever column in the Entrepreneur Middle East hot seat, before I am replaced next month by a machine.
Anil Bhoyrul Editor-in-Chief
THE ART OF ELEVATION
How Amir Khan Boxed Clever
Outside the Ring
The boxing legend made US$40 million inside the ring. Now he is giving some of it back to good causes, joining a list of famous boxers who are devoting more time to philanthropy. by ANIL BHOYRUL
→ Amir Khan is a British Pakistani professional boxer, philanthropist, and promoter
II don’t know is the honest answer. A lot I suppose, I mean, you know, quite a lot. Maybe on the way out I can check the ATM machine.”
It was a remarkably candid answer from boxing legend Amir Khan, when asked about how much money he had earned from his career. The answer, when you add up not just fees for the fights, but sponsorship deals, broadcasting deals and his share of pay-per-view income, is believed to be around US$40 million.
“We are prize fighters when we are in the ring. People tend to forget what that means. It means we are fighting for a prize – as in money,” he explained.
But like many huge sporting stars, the 38-year-old is now in the business of giving back.
Khan’s philanthropic endeavors are arguably his most enduring achievements. In 2014, he established the Amir Khan Foundation, focusing on global initiatives such as poverty alleviation, education, and disaster relief.
Khan has spearheaded food distribution programs in impoverished areas worldwide, including Pakistan, Africa, and the UK. He has also been heavily involved in disaster relief, and his foundation has provided aid to victims of floods in Pakistan and natural disasters in the Philippines and Nepal. When it comes to education and youth programs, Khan has funded the construction of
schools and community centers, emphasizing education as a tool for breaking the cycle of poverty.
During the pandemic, Khan donated his wedding venue in Bolton, England for use as an NHS facility and provided food parcels to vulnerable families.
“I was one of the lucky ones because I made a lot of money from boxing,” he said. “But along the way, before I got there, I saw what real life is like for most people, so I know how tough it is. And if I can help, then yes I will. It’s great to have made good money from boxing, but how much can anyone really spend?”
His journey from a promising young athlete in England, to a global icon is as inspiring as it is impactful. Beyond his achievements in the ring, Khan has excelled in business ventures and philanthropic efforts, leaving a legacy that extends far beyond boxing. Khan was born on
December 8, 1986, in Bolton, Greater Manchester, to a Pakistani family. He grew up in a close-knit community where sport played an integral role in his life. From an early age, Khan demonstrated exceptional athletic ability, dabbling in cricket and football before ultimately focusing on boxing.
His boxing journey began at the age of 11 when he joined the Bolton Lads and Girls Club. Guided by his uncle, coach, and mentor Shah Khan, his talent blossomed quickly. By 17, Khan had already achieved international fame as the youngest British Olympic boxing medalist, winning a silver medal at the 2004 Athens Olympics. This monumental achievement not only brought pride to his community but also set the stage for a remarkable professional career.
Turning professional in 2005, Khan rapidly ascended the ranks, captivating fans with his lightning-fast hand speed and relentless energy. He secured his first world title in 2009, becoming the WBA Light Welterweight Champion after defeating Andreas Kotelnik. Throughout his career, Khan faced some tough opponents, including Marcos Maidana, Zab Judah, and Canelo Álvarez.
While Khan’s record includes 34 wins, 21 by knockout, against six losses, his fights were characterized by a fearless approach and a commitment to entertaining the crowd.
While he has given a fair amount to the causes he supports, Khan has also
leveraged his fame and earnings to build a successful business portfolio. He owns Khan Promotions, which develops boxing talent, and ventures into various industries, including real estate and technology. His chain of boxing academies aims to inspire the next generation of fighters, offering training facilities and opportunities for young athletes.
Additionally, Khan launched a successful clothing line, AK, and partnered with fitness brands to expand his reach. These ventures reflect his entrepreneurial spirit, ensuring his financial stability post-retirement while contributing to his legacy.
Khan now spends much of his time in Dubai where he purchased a home, and is regularly “back in the office” building up his growing
I was one of the lucky ones because I made a lot of money from boxing. But along the way, before I got there, I saw what real life is like for most people, so I know how tough it is. And if I can help, then yes I will.” “ }}
number of brands.
“The most important title you can earn is not in the ring, but in the hearts of people whose lives you change,” he said.
Khan is not alone in using his platform to uplift others. Several renowned boxers have dedicated significant time and resources to charitable causes, further enhancing the sport’s reputation.
British heavyweight champion Anthony Joshua has consistently supported underprivileged communities through educational programs and youth initiatives. His charity, the Anthony Joshua Foundation, focuses on creating opportunities for young people through sports and education. Joshua frequently advocates for social change and uses his influence to address issues like racial inequality and youth unemployment.
Tyson Fury, known as “The Gypsy King,” has not only achieved greatness in the ring but has also emerged as a leading voice for mental health awareness. After battling severe depression and substance abuse, Fury uses his experience to inspire others facing similar struggles. His charity work includes donations to mental health organizations and hosting motivational events to promote well-being and resilience.
Few athletes embody philanthropy like Manny Pacquiao, the Filipino boxing
THE MOST IMPORTANT TITLE YOU CAN EARN IS NOT IN THE RING, BUT IN THE HEARTS OF PEOPLE WHOSE LIVES YOU CHANGE.”
legend and senator. Pacquiao has used his wealth to support countless charitable initiatives, focusing on housing, healthcare, and education in the Philippines. His foundation has built homes for the homeless, provided scholarships for underprivileged students, and funded medical facilities.
Pacquiao’s generosity is rooted in his humble beginnings, where he experienced firsthand the struggles of poverty.
As for Khan himself, he admitted recently that he could be tempted back into the ring for a celebrity type of fight with a famous YouTuber such as Jake Paul. Most experts doubt that will ever happen. Which, given how busy Khan is these days with his philanthropic work and brand building, is just as well.
→ Amir Khan and Colombian pro boxer Samuel Vargas
YANGO
GROUP’S
“Trust
INSIDE HYPERLOCAL
VISION
is built on the ground, not behind a desk,” says Daniil Shuleyko.
by ANIL BHOYRUL
→ Daniil Shuleyko is the CEO of Yango Group.
The CEO of Yango Group Daniil Shuleyko has just touched down in Dubai, the company’s headquarters, marking his 95th flight for the year. In just a few days, he’ll be boarding his 96th — a fitting reflection of the pace at which he leads the Yango Group. Under his guidance, the company has transformed from a ride-hailing app into a global digital ecosystem spanning mobility, e-commerce, food delivery, fintech, entertainment, and more, across 30 countries in the Middle East, Latin America, Africa, Europe, and beyond. For Daniil, constantly being on the move is a hands-on approach that has become a core of Yango’s strategy. “I believe that to build solutions tailored for diverse markets, you must spend a lot of time on the ground”, he explains. “Every market is unique, with its own culture, challenges, and consumer needs. To succeed globally, we must first succeed locally. That means diving into the specifics of each place, from deeply understanding consumer lives to learning challenges our partners, drivers, couriers face every day, and the realities of the communities we serve.”
FROM RIDE-HAILING TO ECOSYSTEM THROUGH HYPERLOCALITY
Yango Group’s origins lie in ride-hailing, where it quickly rose to prominence in emerging markets. Since its launch in 2018, the company has completed over 630 million rides and registered more than 1 million drivers on its platform. Yet, it has rapidly evolved beyond its ride-hailing roots.
“The growth of ride-hailing has been phenomenal, but we soon realized that ride-hailing is just one of the touchpoints in people’s daily lives. The future is not in isolated services; it lies in building a connected ecosystem — products that work together to make life more convenient and efficient”, Daniil explains.
“Today, Yango is much more than getting from Point A to Point B. We’ve introduced Yango Drive, a fast-growing car rental marketplace; Yango Maps, a robust navigation service; Yango Play, our streaming platform; and Yango AI solution designed to transform how businesses
operate. These are joined by Yasmina, our AI-powered virtual assistant that brings human-like interactions to life, Yango Pay, our e-wallet solution that simplifies transactions, and many more. These services and solutions don’t just coexist — they amplify one another.”
Expanding further, Yango Group also now provides b2b SaaS and adjacent tech solutions for businesses through its Yango Tech brand. This includes, for example, a Robotics division which delivers automation solutions for warehouse operations; Retail solutions with integrated fulfillment, delivery, and analytics capabilities; Yango Ads, a data-driven advertising platform; and Autonomous delivery solutions that ensure reliable last-mile delivery for business.
A key pillar of Yango’s growth in many markets, according to Daniil, lies in its hyperlocal approach. While many global tech giants operate on a “one-size-fits-all” model, Yango Group chooses to adapt its services and solutions to each
→ Yango's Robotics division delivers automation solutions for warehouse operations.
“
I BELIEVE THAT TO BUILD SOLUTIONS TAILORED FOR DIVERSE MARKETS, YOU MUST SPEND A LOT OF TIME ON THE GROUND. EVERY MARKET IS UNIQUE, WITH ITS OWN CULTURE, CHALLENGES, AND CONSUMER NEEDS. TO SUCCEED GLOBALLY, WE MUST FIRST SUCCEED LOCALLY.”
WE REALIZED EARLY THAT A COOKIE-CUTTER APPROACH DOESN’T WORK. THE SAME SERVICE CANNOT FUNCTION IDENTICALLY IN DUBAI,
PAKISTAN, AND PERU.”
distinct market and community.
“We realized early that a cookie-cutter approach doesn’t work. The same service cannot function identically in Dubai, Pakistan, and Peru,” he remarks.
“Take Lima, for example. The city has a complex transit ecosystem with heavy congestion and informal transport networks. To address this, we partnered with local operators to integrate shared and minibus transport options into our SuperApp which already offered ride-hailing and delivery services. This solution comple-
ments existing infrastructure while providing residents with a reliable, efficient way to get around — and 20% of our SuperApp users adopted this feature.”
Daniil cites more specific examples from the regions. “In Pakistan some time ago, we introduced a rickshaw tariff — a cultural phenomenon deeply ingrained in daily life. Rickshaws represent an affordable and flexible transport solution, particularly in busy urban areas of the country. Additionally, we collaborated with local artists to create unique branding for this service, incorporating vibrant artwork that reflects the cultural essence of the commu-
nity. Our aim was not just to promote this option but to pay homage to a deeply rooted tradition while making it conveniently accessible to our users through the app.
Another example, in Côte d’Ivoire, the oldest market for our ride-hailing business, many people rely on affordable taxi rides for daily transportation. But if you look deeper, you’ll see there’s also a growing demand for premium services, driven by the aspirations of an expanding middle class. To address this, we are working closely with our partners — local transportation companies — to develop and modernize fleets in the market, ensuring that we can meet the
→
Yasmina, Yango's conversational AI assistant, speaks Khaleeji Arabic fluently and understands cultural nuances of the MENA region.
expectations of this emerging market segment together. Our team did the same with economy rides cars, and as a result, the average age of our partners’ vehicles has dropped from around 15 years at the start of our activities to less than 3 years today. We are confident that we will help with other categories of fleet in the country as well.”
Daniil also highlights the company’s tailored approach to other services within the ecosystem. “With Yango Food Delivery, we’ve designed a service that addresses hyperlocal needs rather than just providing basic delivery. In regions dominated by small, family-owned restaurants, we streamlined onboarding processes to empower these businesses to join the platform and thrive. Meanwhile, in other areas, we’ve tackled logistical challenges, such as ensuring swift delivery in less-developed regions. Similarly, in the Middle East, Yasmina, our conversational AI assistant, was designed to reflect the local culture and language. Yasmina speaks Khaleeji Arabic fluently and understands cultural nuances, enabling her to engage in natural, meaningful conversa-
IT’S ESSENTIAL TO EXPERIENCE THE BUSINESS FROM THE GROUND UP. IT’S ABOUT BREAKING DOWN BARRIERS BETWEEN STRATEGY AND REALITY.”
tions. Beyond simple commands, she helps users manage their schedules, control smart devices, and access contextually relevant information, making her a truly localized and relatable digital companion”.
TO THE FIELDS
This hyperlocal philosophy is a deeply personal commitment for Yango’s leadership and extends to the way the company approaches its operations. “I make it a point
to spend a lot of time on the ground wherever we start working. When we launched our ride-hailing business in Dubai, I spent time with drivers to learn about their routines, challenges, and aspirations. I stayed nearby, observed their work, and listened to their experiences. Those conversations and firsthand observations provided insights that no report or data set could ever capture,” Daniil recalls.
This on-the-ground mindset is embedded in Yango’s culture. The company’s “Go to the Fields” initiative encourages employees to step into roles such as drivers, couriers, and customer support agents for a day or more. “It’s essential to experience the business from the ground up. It’s about breaking down barriers between strategy and reality,” Daniil says. “I do it myself, too. My last field day was in Lima, where I worked as a driver and earned over $100. But the real value was perspective — experiencing the platform as our partner drivers do. It helped me understand better the areas we need to fix mistakes and improve”. “Initiatives like “Go to the Fields” are fundamental to who we are as a company. They are about fostering a culture where everyone, from leadership to new hires, understands the people and markets we serve”, Daniil concludes. “At Yango, we focus on hyperlocality to ensure the value generated by our business positively impacts communities. To achieve this impact, we need to build trust — and trust isn’t built from behind a desk. It’s built by being present, listening, and learning on the ground.”
APPROACH TO EXPANSION
This focus on hyperlocality has been crucial as Yango broadens its service portfolio. Yango’s approach to expansion isn’t about forcing existing products into new
markets but about deeply understanding each market and building solutions tailored to its specific needs. “We don’t ask whether our product fits a market,” Daniil explains. “Instead, we look at the market itself, the challenges it presents, and the opportunities to assemble the right ‘building blocks’ from our portfolio of services and technologies. If we see a clear path to create a solution that addresses real problems and delivers value, only then do we move forward.”
“What defines our success is this ability to assemble tailored products for each market,” Daniil adds. “We integrate local insights, whether it’s cultural preferences, payment systems, or logistical quirks, and ensure every service is a deliberate addition. This way, we’re not just adding services to grow our portfolio — we’re building ecosystems that
solve real problems and create tangible value for the people and businesses we serve.”
Daniil highlights how expanding into the B2B space exemplifies this approach. “Serving businesses is a whole different challenge. It requires us to think
WE DON’T HIRE COGS TO SIMPLY FIT INTO A MACHINE. WE HIRE PEOPLE WHO CAN AND WANT TO TAKE RESPONSIBILITY NOT JUST FOR THEIR ROLES BUT FOR THE COMPANY AS A WHOLE. AND WE TRUST THEM—WE GIVE THEM THE RESOURCES AND THE FREEDOM TO SUCCEED.”
beyond individual users and design services that deliver value to entire organizations. This approach helped us grow beyond our consumerfacing services and create a more cohesive ecosystem that bridges consumer and corporate needs”.
BUILDING A SCALABLE CULTURE
Leading a rapidly growing team of thousands of employees spread across multiple continents presents its own challenges, particularly when it comes to maintaining a cohesive culture within the company.
Apart from the hands-on approach, Daniil strongly believes in empowering regional teams. “The team closest to the ground always knows the market best”, he says. “My role is to provide them with the tools, trust, and guidance
they need to excel. For instance, our leadership in Peru has developed Yango into an all-encompassing urban transport app. It integrates everything from shared minibuses to tuk-tuks, or specialized cars for pets offering tailored solutions for navigating Lima’s unique transportation landscape. Meanwhile, in Dubai, Yango has become an entirely different platform, focusing on premium ride-hailing services that meet the high standards and expectations of the local market. These examples show how regional teams shape Yango into what their communities need most, all within the framework of our global strategy.”
However, giving local teams the autonomy to innovate while ensuring alignment with the company’s global objectives requires constant balancing. “It’s not always easy to strike the right balance”, Daniil admits. “Autonomy comes with risks. Local teams might propose strategies that deviate from the broader vision, and we need to assess whether they complement or conflict with our long-term objectives. But with scale, allowing teams the freedom to make decisions is essential for accountability and ownership.”
Daniil notes that this approach resonates with employees who join Yango from big tech companies. “When they see the level of freedom we give them, it’s
often a revelation. For instance, a marketing manager at Yango is trusted with a budget and clear brand guidelines, but they have the autonomy to execute campaigns their way. It’s a stark contrast to what they’re used to — being handed a rigid plan and told exactly where to place an ad.”
This philosophy goes beyond operational efficiency; it’s a cornerstone of Yango Group’s corporate culture. “We don’t hire cogs to simply fit into a machine,” Daniil explains. “We hire people who can and want to take responsibility not just for their roles but for the company as a whole. And we trust them—we give them the resources and the freedom to succeed. That’s what makes our team and our company stand out.”
This approach to management requires trust which, Daniil emphasizes, is built through open communication. “Trust is built not just by delegating responsibility but by creating an environment where teams feel comfortable raising challenges and sharing their decisions,” he explains. “We hold regular crossregional meetings and provide platforms where local teams present their strategies and results. This fosters alignment, shared purpose, and cross-market inspiration”.
As Yango Group continues to grow, Daniil places increasing emphasis on building communication with employees. “With thousands of employees, some of them will never see me face-to-face. That means I have to create for them a sense of what kind of a company we are building together. I understand that, in many ways, I’m the one who communicates and embodies these principles, so I make it a priority to share as transparently as possible about my work. Whenever I travel, I send messages to the company’s messenger channel about my daily routines and the experiences of our teams in the field. It’s my way of helping everyone feel connected and aligned with our goals and the ways
we manage our work”.
Reflecting on the evolving nature of leadership, Daniil noted, “Management has shifted dramatically. Ten years ago, the focus was on creating a personality for partners, shareholders, and investors. Today, it’s more important to share your personality with your employees. When your team is small, you can connect with everyone individually. But with thousands of people, you have to find new ways to be present and accessible. The current generation of employees values this connection — they want to see the person behind the title”.
FROM SCIENTIST TO CEO
Daniil’s unconventional path began in science. He initially pursued a career in research before unexpectedly transitioning into marketing.
“My background is in engineering and science, and for a long time, I was certain I’d spend my life as a researcher,” he reflects. “But like many young professionals, I needed a job and money, and marketing became my entry point into the business world. That’s how I developed skills in communication, public speaking, and strategy. But my technical background has always been an asset and taught me discipline, logic, and precision. These are skills I’ve carried into every aspect of my career. It gave me the confidence to dive deep into technical
conversations whether we’re discussing AI development or ride-hailing smart algorithms”.
Before becoming CEO of Yango Group, Daniil Shuleyko held several leadership roles at Yandex.
THE ROAD AHEAD
As Yango Group accelerates its global expansion, Daniil Shuleyko remains focused on sustainable growth and ambitious vision: one billion users of Yango services globally within the next decade.
“To achieve that, we must stay curious, adaptable, and never lose our hustle spirit,” he highlights. “Every day, we optimize in tiny steps — small improvements that compound into significant progress. At the same time, we must keep our eyes open for new opportunities and constantly explore — new geographies, new technologies, new ways of serving our users. The moment we stop looking for ways to grow, we risk losing our startup soul. And that’s something we must never let happen.”
Reflecting on Yango Group’s journey, Daniil remains firmly focused on the road ahead. “Our work is far from done. The opportunities before us are immense, and the ambition is clear: to continue developing a business that doesn’t just operate globally but also delivers meaningful impact wherever we go.”
LIVE TWICE YOU ONLY
THE CEO AND CHAIRMAN OF NASDAQ-LISTED MIDDLE EAST OIL SERVICES COMPANY NESR WANTS TO BREAK REGIONAL BUSINESS STEREOTYPES, WHILE MAKING BILLIONS IN THE PROCESS.
by ANIL BHOYRUL
Sherif Foda flies a million miles a year, “like a pilot.” He likes to push his limits, “Can I still do what I used to do when I was 30?” And he doesn’t like to be sick: “I’d rather just drop dead.”
It’s no wonder the 47-year-old CEO and Chairman of the Middle East’s largest oilfield services company, NESR, initially wanted a career in politics.
“My father was a vice minister, and my grandfather was a
He told me, you think intelligence is what you see on TV, with Roger Moore having all these nice girlfriends? No, habibi, you’re going to be miserable. You won’t be allowed to do anything. You’ve got this fantastic GPA. Why don’t you go into engineering and have a life? Otherwise, you’re going to be a soldier. You’re not going to be Roger Moore.”
That was the end of politics for him, and fortunately so - at least for the Middle East’s energy sector.
Founded in 2017, NESR, which stands for National Energy Services Reunited, became the first energy company from the Middle East to list on the Nasdaq stock exchange. In just five months, Foda raised US$230 million through a Special Purpose Acquisition Company (SPAC), and one year later, completed the company’s formation by merging Gulf Energy and National Petroleum Services.
NESR attracted the backing of some of the Middle East’s largest family offices – not an easy feat in the region - including business titans Lubna Al Olayan and Yousef Al Nuwais, as well as investors Fidelity, Encompass and Boston Partners, with the aim to bring together East and West wealth. The company went from racking in $450 million in combined revenue to an incredible $1 billion. Today, it
governor,” he tells me. “The first thing I told them when I graduated school is, ‘I’m going to be 007. I’m going to work in intelligence.’”
And he certainly looks the part. You’ll never see him unshaven, you’ll rarely spot him in jeans, and you most certainly won’t catch him missing his gym routine (or his regular weekend dinners at the Zuma’s of the fine dining world –didn’t 007 like to party, too?)
“My father’s best friend, his colleague, was the minister,” Foda says. “One day, he sat me down and told me going into intelligence would be the biggest mistake of my life.”
has over 6,000 employees in over 15 countries. But how did it all begin? Like with all things Foda-related, it’s got an amusing backstory.
After serving 24 years at Franco-American oil services giant Schlumberger, Foda took just one hour to quit his big corporate job.
WHEN YOU TELL PEOPLE THIS COMPANY IS FROM THE MIDDLE EAST AND IT’S PUBLICLY LISTED, THERE’S ALMOST ALWAYS A QUESTION MARK ON IT.”
“I was at an energy conference, and I heard a gentleman say he had retired from his role as CEO to play golf and spend time with his family,” he tells me. “It sounds like the dream, right? Except it wasn’t, because he told me he’d gotten so bored as a retiree that he’d decided to do something even riskier: a SPAC on the New York Stock Exchange. I mean, this guy was 74 years old at the time, and he wanted to start a new life. I said, well I’m younger than this guy. Why can’t I do that too?”
He did a little more than a SPAC. Not only did NESR report revenues of $1.1 billion for 2023, up 26% year on year, it also launched its own decarbonization initiative, NEDA, its Saudi R&D centre NORI, and acquired a minority stake in Dutch desalination technology company Salttech.
Moreover, NESR today remains one of the few Middle Eastern companies to be listed on the Nasdaq, joining the likes of Fadi Ghandour’s logisitics company Aramex, the first Arab company to list in New York, as well as ride hailing unicorn SWVL (2021) and tech platform Anghami (2022). Yet being publicly traded, triumphant as it may be, didn’t come without its own challenges.
break stereotypical impressions of Middle Eastern companies.
“When you tell people this company is from the Middle East and it’s publicly listed, there’s almost always a question mark on it,” he says. “The problem we have in the Middle East is that we don’t try to change the stereotype. We accept mediocrity. It bothers me. It bothers me that we accept it instead of taking initiative to change it. Why can’t a service company from the Middle East be good? Why is a local company flagged as lower quality?
EVEN THOUGH WE’RE ON THE NASDAQ, I DON’T SAY WE’RE AN AMERICAN COMPANY.
I SAY, PROUDLY, WE’RE FROM THE MIDDLE EAST, LISTED IN AMERICA. THAT’S A STATEMENT I WANT TO MAKE.”
Last year, NESR was delisted from Nasdaq after an auditing oversight caused it to miss a filing deadline. Foda, himself a military man, doesn’t shy away from admitting it was a mistake.
“We did everything by the book, like a Swiss watch; but we underestimated the knowledge of the existing finance team’s understanding of US GAAP accounting, and unfortunately, we ended up having a restatement,” he says. “What haunts you is something so small, not the bigger picture. The guys in accounting didn’t accrue some of the costs in two countries, and it caused us two years of suffering to do a restatement. Thankfully, our reputation was and still is very strong. We hired the toughest people in the world to investigate everything.”
Indeed, the Securities and Exchange Commission (SEC), the US government oversight agency responsible for regulating the securities markets, ruled out any foul play, and NESR relisted on the Nasdaq on November 20 in a fascinating rarity for the world of publicly listed companies.
It was a silver lining for Foda, whose tone throughout our conversation alludes to a self-assigned secret mission to
All these multinational companies, their entire workforce is from the Middle East.”
“But we advertise poorly,” he continues. “We’re not the best marketing people in the world. I always tell the guys, do not do a used car salesman’s job. When the client calls me for a service that I know we’re not good at, I tell the customer no, for this service, use the big boys to do it. We are not good in this particular service. But when it comes to fracking, for example, I tell our customers that we’ll do an even better job. That’s when you gain credibility and have customers who trust you. Even though we’re on the NASDAQ, I don’t say we’re an American company. I say, proudly, we’re from the Middle East, listed in America. That’s a statement I want to make.”
He works hard to do so as well, sometimes staying awake for 48 hours straight. In fact, the CEO recalls a time when he completed a roundtrip to New York and Saudi, twice, only to wake up on a business trip in Oman the next day at 4am to severe heart palpitations.
“I looked at my bed sheets and they were soaked,” he recalls. “I had been sweating all night. I Googled my symptoms and it said I was likely going to have a heart attack. So I put on a t-shirt and shorts and went for a run on the beach. I said, if it’s a heart attack, I’m going to die. If it’s not, then it’s just stress and anxiety from travel, and it’ll go away. I wrote an email to my family and said, guys, if I don’t make it, and you read this email, I’ll be dead. But at least I’ll have died on a beautiful beach in Oman.”
And I can’t help but think that while he’s neither in the intelligence nor in the movies, Sherif Foda has dedicated his life to his work. Perhaps that makes him the 007 the Middle Eastern energy world didn’t know it needed.
The problem we have in the Middle East is that we don’t try to change the stereotype. We accept mediocrity.” “
'TREP TALK
Sherif Foda, CEO and Chairman, NESR, Advises Entrepreneurs
} Oil prices
“There’s a negative sentiment now and more oil in the market, so prices will drop until that excess gets absorbed, then they’ll go back up, presumably in the second half of next year. But I still believe OPEC+ won’t flood the market, so the oil price will not collapse to 50 as some predict. I think it’s going to remain in this 60-70 range and then go back to the 70 to 80 range.”
} Opportunities
“Kuwait’s leadership is now laser focused on making sure they make the 3.5 million capacity mark. They have a fantastic offshore discovery, so they’re going to add rigs. That’s why Kuwait is going to witness the highest growth in the region in the coming three to four years, year-on-year.
I’m also interested in Africa. It’s hard work, but we have a couple of places there where we can take a chance. We’re also looking at Asia and Central Europe to start growing the company once we break the path to $2 billion revenue a year."
} Women’s empowerment
“You have to pass a message. The industry talks about it, but we need to demonstrate it with actions and numbers. In school, women were brighter than men in most cases. They were the smartest, right? So, it’s not like I’m doing this to tick a box. On the contrary, women are more articulate and pay more attention to detail. You have to enforce a quota. I know people don’t like it, but there’s no other way to significantly raise the percentage of women in the energy industry.”
} Younger generations
“In my time, I broke the record for staying offshore for 78 days. But when I was giving a speech to students at the University of North Carolina, they looked at me like I was crazy to be proud of that. They said, why would you stay offshore for 78 days?
So, I cannot judge that I’m right and they’re wrong or vice versa. It’s just a different time. The only thing I always tell them, I mean, tell my own kids, is you have to have work ethic.”
The voice of entrepreneurship around the world
What’s in a Name?
Four years ago, Emaar removed job titles from all employees. Has it worked? by
ANIL BHOYRUL
‘T/Hierarchy
It was an email sent early on July 21, 2020, to thousands of Emaar employees that caught every single one them by surprise. Not even fellow board directors had an inkling of what was coming from the company’s founder Mohamed Alabbar.
“When you reach the end of this email, you will notice something different. I have no job title. And from this moment onwards, nor do you,” he wrote.
In one single email, and in one full swoop, Alabbar had completely restructured the way Emaar was being run.
His email explained: “The recent pandemic has forced us to pause and reflect on every aspect of our business. The products we produce, the systems we use, the people we employ – and most importantly, the culture we create. The challenges we face now will be greater than ever, which is why I now want us to focus on talent, not titles.”
Alabbar said new business cards issued to employees would simply state their name with the department.
“For Emaar to continue to succeed, it is vital that every single one of our employees feels empowered to contribute,” he had noted. “I want to ensure that this propulsion to move outside of our comfort zone, is ingrained in our culture. Our values and our DNA reflect our commitment to enrich the lives of people by
winning together, by taking bold actions and complete ownership and by displaying speed in execution. Emaar is not a collection of talented individuals, but a team of great pooled talent. Today, I am announcing what is the smallest change that will have the biggest impact for generations to come.”
Although Emaar employees were initially stunned by the decision, it was not unique in the corporate world (though it had never been done in the Middle East in any multi-billion-dollar operation). Many companies are now eliminating job titles to create a more flexible, inclusive, and innovative work environment. This bold shift is not just a trend but a reflection of deeper changes in how organizations operate and adapt in a fast-changing world.
WHILE THE
BENEFITS OF TITLE-FREE WORKPLACES ARE
SIGNIFICANT, THE TRANSITION IS NOT WITHOUT CHALLENGES: EMPLOYEES MAY STRUGGLE TO UNDERSTAND THEIR RESPONSIBILITIES WITHOUT CLEAR TITLES, LEADING TO CONFUSION AND POTENTIAL CONFLICTS.”
Much of Alabbar’s thinking is thought to have been inspired by Brian Robertson, who created ‘Holacracy’ and founded ‘HolacracyOne’. This was the first attempt at defining a management system that replaces traditional roles with self-organizing teams.
According to Robertson’s book on the subject, “Holacracy distributes authority and decisionmaking throughout an organization, and defines people not by hierarchy and titles, but by roles. Holacracy creates organizations that are fast, agile, and that succeed by pursuing their purpose, not following a dated and artificial plan.”
The very first concept of removing job titles has its roots in the “flat organization” movement of the 1980s. This approach aimed to decentralize decision-making and empower employees at all levels. However, the idea gained significant traction
with Frederic Laloux’s 2014 book Reinventing Organizations.
Laloux introduced the concept of ‘teal organizations’, which prioritize self-management, shared leadership, and purposedriven work. These organizations challenge the traditional hierarchy, advocating for systems that value contributions over status.
One of the bigger pioneers of the concept was Zappos, the online retailer known for its customer service. It made headlines in 2014 when CEO Tony Hsieh implemented the Robertson modules of Holacracy, The aim was to eliminate bureaucracy and empower employees to take ownership of their work. While the move boosted innovation and collaboration, it also faced resistance. Some employees struggled with the lack of clarity in roles, leading to a turnover rate of 18% in the
first year of implementation.
Global insurer AXA introduced a “level system” to replace traditional job titles. This approach emphasizes employees’ skills and contributions rather than their position in a hierarchy. By focusing on roles and responsibilities, AXA aims to create a more dynamic and adaptable workforce.
In its tech and product departments, Spotify has adopted a semi-title-free system. Teams operate with a high degree of autonomy, focusing on delivering results rather than adhering to rigid role definitions. This approach aligns with the company’s emphasis on innovation and creativity, particularly in a competitive industry like music streaming.
The Swiss bank Basellandschaftliche Kantonalbank has gone a step further by removing titles altogether. Employees are hired based on their skills and achievements, not the labels attached to their roles. This strategy has enhanced collaboration and minimized internal competition, fostering a more cohesive work environment.
While title-free structures are still relatively uncommon, many organizations are exploring this
approach. Startups, known for their agility, often adopt flatter hierarchies to stay competitive. Consulting firms like Deloitte have also begun experimenting with non-traditional structures, reflecting the preferences of a younger workforce that values purpose and flexibility over status. But does it work financially? Emaar hasn’t given any numbers to show the impact of the change more than four years ago. But flattening organizational hierarchies can reduce middle management layers, leading to significant cost savings. These savings can be redirected toward innovation, employee development, or other strategic priorities.
Employees in title-free environments often report higher job satisfaction and engagement. The emphasis on collaboration and collective goals can lead to better teamwork and higher productivity. Millennials and Gen Z workers are particularly drawn to organizations that prioritize impact over hierarchy. Title-free workplaces often appeal to these demographics, improving talent acquisition and retention. However, the transition comes with risks. Without clear role definitions, decision-making processes can
become ambiguous, and accountability may suffer. Zappos, for instance, faced challenges in balancing autonomy with responsibility, leading to mixed reviews of its Holacracy model.
And then there is the oldest problem of all: the ego. Staff who may have spent years working their way up the corporate ladder can be significantly demotivated if their titles are stripped away, especially at executive levels.
The move toward title-free workplaces reflects broader changes in organizational culture. The COVID-19 pandemic accelerated the adoption of remote work and flexible hours, challenging traditional notions of hierarchy. As organizations adapt to these changes, many are rethinking how they define roles, measure success, and motivate employees.
Younger generations are driving this shift. Millennials and Gen Z workers often prioritize purpose, autonomy, and collaboration over traditional markers of success like job titles. By removing titles, companies can create environments that align with these values, fostering innovation and adaptability.
While the benefits of title-free workplaces are significant, the transition is not without challenges: employees may struggle to understand their responsibilities without clear titles, leading to confusion and potential conflicts.
Long-time employees may resist the move, particularly if they perceive titles as a mark of their achievements. And in flatter organizations, consensus-driven processes can slow down decisionmaking, impacting efficiency.
Emaar’s move was certainly bold, and could be repeated at other Alabbar-led companies such as the e-commerce giant Noon. But whether other major organizations will join the trend remains to be seen.
The Executive Selection
A TIME FOR FRESH BEGINNINGS →
COS celebrates the Year of the Snake
The London-based fashion brand COS celebrates the 2025 Lunar New Year and Year of the Snake, a time for fresh beginnings, renewal, and opportunity, with a campaign highlighting new energy and good fortune. The collection features limited-edition bags, bag charms and a capsule of seasonal ready-to-wear pieces in a fresh color palette. Four repurposed leather bag charms sit at the heart of the collection, merging modern design with traditional knots, each welcoming new possibilities for the year ahead. The Cross knot is associated with good fortune, bringing prosperity and new beginnings, complemented by Yellow Jade, symbolizing a long life. The Peace knot represents peace and harmony, while its Clear Quartz stone is believed to have healing properties and amplify positive energy. The Ice Blossom knot is thought to turn dreams into reality, and the Jade is believed to attract wealth, success and love. Finally, the Double Ear knot symbolizes a union of two people, with the Rose Quartz pairing representing all forms of unconditional love.
The capsule will launch online and in selected COS stores starting in January 2025. www.cos.com
From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks are from COS, Breitling, Oris, Be Athletica, and Anita Dongre,
ELEVATING EVERYDAY ATHLEISURE ↓
Be Athletica launches its debut collection in the UAE
Be Athletica, a UAE-homegrown everyday essential athleisure brand, has launched its debut collection that is 100% manufactured locally in the UAE. All the pieces are limited as the Be Athletica’s debut collection is completely made from preloved, eco-friendly materials, including recycled fabrics and organic cotton. The collection boasts four categories - the ‘Core and Stretch’ was designed for everyday activewear, the ‘Elevated Essentials’ range which are buttery-soft neutral co-ord sets, ‘the Be Athletica Collective’ inspired by varsity-inspired oversized fits and accessories offering a range of totes, hats and socks.
www.beathletica.com
FASHION →/
Anita Dongre Expands in the Middle East
Indian fashion designer and founder of the eponymous brand, Anita Dongre, has opened her second store in the UAE at Mirdif City Centre. The brand’s first store opened in the Dubai Mall earlier this year. Anita Dongre’s designs are crafted for the modern woman who appreciates the fusion of social sustainability and craftsmanship, interpreted with a contemporary sensibility. The Mirdif City Centre store will showcase her RTW collection and the exclusive Eveningwear line that celebrates heritage crafts and timeless techniques. The collections highlight exquisite Indian artistry, including embroideries from the women of SEWA, handwoven textiles from the North-East region, and the delicate handpainted Pichhwai art. www.instagram.com/anitadongre/
BREITLING
Breitling presents the limited edition of its new MENA exclusive timepiece.
Swiss watchmaker Breitling presents a new Middle East exclusive timepiece, the limitededition Chronomat Automatic GMT 40, with a striking new Teal dial color inspired by the region’s deep, vibrant hues with Indian numerals on the dial. Only 200 pieces are available in this limited edition, region exclusive design that is a testament to Breitling’s commitment to sophisticated Middle Eastern style.
EDITOR’S PICK
↓ PROPILOT X MISS PIGGY EDITION
By Oris
Swiss luxury watch manufacturer Oris unveils its newest collaboration with The Muppets, highlighting the iconic Miss Piggy, with the launch of the ProPilot X Miss Piggy Edition. Building on the success of last year’s ProPilot X Kermit Edition, this vibrant timepiece celebrates boldness, confidence, and glamour. Featuring a striking pink dial adorned with a baguette diamond at 12 o’clock, it exudes a perfect blend of elegance and luxury. The ProPilot X Miss Piggy Edition comes in a 34.00 mm stainless steel case and is powered by a Swiss-made automatic movement, reaffirming Oris’s dedication to crafting high-quality mechanical watches. e collaborations. Oris brought together six influential women from around the globe to celebrate Miss Piggy’s legacy as a cultural icon. From Shanghai-based jewelry designer Century Xie to Yusra Mardini, founder of the Yusra Mardini Foundation, each shared how Miss Piggy’s boldness and authenticity inspire women to embrace their individuality and pursue their dreams unapologetically. www.oris.ch/en-AE
FUN COMES GUAR ANTEED
The Power of Fame
Celebrity endorsements are helping companies sell more products than ever, with the trend growing in the Middle East. by
ENTREPRENEUR MIDDLE EAST STAFF
It is the picture that did exactly what it was meant to: go viral. Brazilian football superstar Neymar Jr. sitting next to Abdullah Binghatti, the chief sales officer of the property developer, signing up to buy a spectacular US$54.45 million high-end penthouse in the ultra-luxurious Bugatti Residences by Binghatti.
It is the world’s first and only Bugattibranded residences, reaffirming Dubai’s reputation as a hub for luxury real estate. It also reaffirms another fact: there are few bigger and better ways for companies to grow than with great celebrity endorsements.
This is not just any project that Neymar has signed up to. Binghatti designed the Bugatti Residences project with a complex structure that enables each floor plate to take on a unique shape, consequently giving every single residential unit a unique layout. This makes the project host 182 ‘piece-unique’ residences, a rare and distinct architectural concept reverberating the highly exclusive nature of the project.
Bugatti Residences by Binghatti, the company says, seeks to cater to the most discerning high-net-worth individuals.
And the Neymar Jr. effect is clearly working. Since its launch, the project has recorded some of the highest transaction prices in Dubai. The project also achieved a record-breaking highest rate per square foot in Dubai’s Business Bay district in a transaction worth AED9,674 per square foot, which the company recorded in November 2023, according to records from the Dubai Land Department.
In a competitive market where consumer trust is paramount, companies increasingly turn to celebrity
“ In a competitive market where consumer trust is paramount, companies increasingly turn to celebrity endorsements to elevate their products.”
endorsements to elevate their products. The influence of a famous face has proven time and again to resonate with audiences, driving brand awareness and sales. From the earliest days of advertising to contemporary marketing strategies in regions like the Middle East, this approach has significantly shaped the commercial world.
Celebrity endorsements are far from a modern phenomenon. The concept dates back to the 18th century when Wedgwood, a British pottery and porcelain company, became one of the first to associate itself with a well-known figure. Josiah Wedgwood marketed his pottery as being used by Queen Charlotte, branding his line as “Queen’s Ware.” This royal endorsement set the stage for leveraging public figures to promote products.
In the early 20th century, the rise of mass media gave new life to the strategy. By the 1920s and 1930s, companies such as Coca-Cola began enlisting Hollywood stars to endorse their beverages. One notable early campaign featured legendary actress Hedy Lamarr. Soon after, athletes like Babe Ruth began promoting tobacco and sports equipment, cementing the connection between celebrities and marketing.
Psychologists suggest that endorsements work due to a phenomenon
PSYCHOLOGISTS SUGGEST THAT ENDORSEMENTS WORK DUE TO A PHENOMENON CALLED THE “HALO EFFECT,” WHERE PEOPLE ASSOCIATE THE POSITIVE ATTRIBUTES OF A CELEBRITY WITH THE PRODUCT THEY ENDORSE.”
called the “halo effect,” where people associate the positive attributes of a celebrity—such as charm, beauty, or skill—with the product they endorse. When a popular figure advocates for a brand, consumers perceive the product as more trustworthy, aspirational, or trendy.
This effect can be magnified by social
/Fame
proof: when people see a celebrity they admire using a product, they’re more likely to follow suit. Brands also benefit from the parasocial relationships fans form with celebrities—an emotional bond that feels personal despite being one-sided.
One of the most iconic partnerships in advertising history is Michael Jordan’s endorsement of Nike. The collaboration began in 1984 with the launch of Air Jordan sneakers, revolutionizing sports marketing. Sales from Air Jordans grew to $100 million in the first year alone, and the line has since become a cornerstone of Nike’s global dominance.
When Nespresso enlisted
In 2006, Clooney’s suave, sophisticated image aligned perfectly with the company’s luxury appeal, propelling Nespresso to become a household name in the coffee market.” “
George Clooney in 2006, the brand sought to position itself as a premium coffee experience. Clooney’s suave, sophisticated image aligned perfectly with the company’s luxury appeal, propelling Nespresso to become a household name in the coffee market. The campaign significantly boosted
brand recognition and sales, particularly in Europe and the Middle East.
Oprah Winfrey’s 2015 partnership with Weight Watchers is another standout. As a shareholder and spokesperson, Oprah’s authenticity resonated with millions. Her endorsement helped Weight Watchers’ stock
price triple in value within a year, showcasing the power of genuine advocacy in endorsements.
In the Middle East, and especially in Dubai, celebrity endorsements are a prominent strategy in marketing. With its reputation as a global hub for luxury and innovation, Dubai has attracted numerous international celebrities to collaborate with local brands.
Emirates Airlines is a prime example. The Dubai-based airline has worked with global icons such as Jennifer Aniston and Cristiano Ronaldo. The campaigns highlighted the luxury and exclusivity of Emirates’
offerings, appealing to both regional and international audiences.
Ronaldo became a brand ambassador for the airline ten years ago at the height of his fame, while playing for Real Madrid.
Hollywood star Jennifer Aniston was paid about $5 milllion to star in a global campaign by Dubai airline Emirates in 2021. It was viewed three million times in the first 14 hours of going live. This was her second time working with the airline - the first Aniston advert in 2015 attracted 36 million views online.
In the Middle East, Emirates’ partnership with Cristiano Ronaldo led to a notable spike in online searches for the airline, demonstrating the tangible impact of such collaborations.”
Despite their advantages, celebrity endorsements are not without risks. Companies can face backlash if the celebrity becomes embroiled in scandal. For instance, when Tiger Woods faced personal controversies in 2009, several brands, including Accenture and AT&T, ended their partnerships with the golfer. Another challenge is authenticity. Modern consumers are increasingly skeptical of overt advertising and value genuine connections. When endorsements feel forced or insincere, they can harm both the brand and the celebrity.
The effectiveness of celebrity endorsements is measured through various metrics, including sales growth, brand recall, and engagement rates. For example, when Pepsi teamed up with Beyoncé, the campaign generated millions of views and significantly boosted sales in target markets.
In the Middle East, Emirates’ partnership with Ronaldo led to a notable spike in online searches for the airline, demonstrating the tangible impact of such collaborations.
As technology evolves, so too will the world of celebrity endorsements. The rise of artificial intelligence and virtual reality offers new possibilities, such as virtual influencers and immersive ad experiences. Additionally, brands may increasingly prioritize collaborations with socially conscious celebrities who align with their values, reflecting the growing importance of corporate responsibility.
In Dubai, the trend shows no signs of slowing. With its strategic position as a global crossroads and its commitment to innovation, the city will likely continue to attract top-tier celebrity collaborations, driving regional and international growth.
Invests In Entrepreneurs
→ Samantha Evans is the Managing Director-MENA at Startup genome, a US-headquartered global startup innovation ecosystem development organization
Building Dreams
As the MENA startup ecosystem continues to flourish, Startup Genome’s Managing Director for the region, Samantha Evans, is helming initiatives that help entrepreneurs turn global ambitions into reality. by
AALIA MEHREEN AHMED
Even before Samantha Evans joined Startup Genome, a global startup innovation ecosystem development organization nestled in the heart of America’s Silicon Valley, in early 2024, she had gained ample experience across the US, the UK, Europe and Asia in helping high growth tech companies scale. During an eight-year-long tenure in, coincidentally, Silicon Valley itself, Evans had led the UK Government Trade division in the USA, mapped out commercial growth trajectories for private organizations, and contributed towards several government innovation and growth boards. But Evans, who is today Startup Genome’s Managing Director MENA, holds something of a slight regret about her time at the infamous startup hub. “I always felt I moved to Silicon Valley “too late” because the tech economy there was already well-established,” she says. “In that sense, the MENA region excites me; it’s like a scaling startup itselfrapidly evolving and highly innovative. This is the kind of dynamic environment where I thrive! As the Managing Director of MENA for Startup Genome and our first team member in the region, I’m here to serve our current clients and build out our local team and business opportunities. There is no substitute for being deeply embedded in the region you’re working with, fully understanding the nuances of the innovation ecosystem, and actively contributing to its growth.”
Launched in 2011, Startup Genome has actively collaborated with over 160 innovation agencies across 60 countries to help startups scale and grow. Composed of a team of entrepreneurs, data scientists, and economic development experts, the entity is built on the notion that technology and innovation are key to democratizing growth opportunities. “Our mission is to ensure that every entrepreneur, no matter their location, has the same opportunities to scale their business,” Evans reiterates.
Startup Genome, however, is no startup accelerator- in fact, its team has vehemently been against the idea of positioning itself as just a tech accelerator. “Rather, we position ourselves as trusted advisors, focused on the individual challenges that startups
→ Startup Genome is a leading innovation ecosystem development organization, and has worked with more than 160 economic and innovation ministries and public/private agencies in over 55 countries.
face as they scale,” Evans elaborates. “Our mission is to provide the tailored strategies and hands-on support needed to help companies grow, no matter where they are in their journey. Startups never “graduate” from our programs — we remain committed to supporting them for as long as they need, with a focus on sustainable global growth. We believe that fostering international ambition is key to building more resilient, adaptable companies. We deliver highly tailored support for each company and market we serve, whether it’s one-on-one advisory on go-to-market strategies validated by industry and tech specialists for small and medium enterprises (SMEs) or designing a corporate innovation strategy to help local companies expand. If we see that a market needs more customers to drive growth, we’ll create innovative models to foster new opportunities and build stronger local ecosystems. Our approach is always personalized, ensuring that each startup and market gets the precise guidance they need to thrive on the global stage.”
Indeed, for Evans, creating MENA-specific growth routes for startups and entrepreneurs has allowed her to match existing success strategies with the unique trends that dictate the region’s entrepreneurial growth. “What truly sets MENA apart is the collaborative spirit between government and industry,”
she notes. “The region’s focus on long-term growth allows for more agile regulatory frameworks that can adapt to the future, unlike more legacy-driven structures in many European countries. This flexibility creates an environment where innovation can thrive. While established ecosystems like Silicon Valley offer an unparalleled concentration of tech talent and venture capital, the fastest way for entrepreneurs to scale is by learning from those who have already experienced the challenges of starting and growing global companies. At Startup Genome, we bring together our global network to foster learning and collaboration. While what worked in San Francisco may not always translate directly to Riyadh, the universal challenges and themes that scaling companies face can guide MENA entrepreneurs in overcoming barriers and accelerating their growth. This region has the opportu-
while navigating the uncertainties that are intrinsically linked to business expansion. “We provide insights into what works and what doesn’t, offering tailored guidance that reflects the unique characteristics of their markets, ensuring they plan for the future and that the region’s youth are equipped with the skills needed for future success,” Evans adds. “Our goal is to build local teams, composed of local talent, who will benefit from the collective global expertise we bring. For scaling tech companies in MENA, we are focused on helping them become global category leaders. Whether a founder aims to scale to the U.S. or India, we are committed to helping them get there faster and with greater commercial success. Once these companies reach critical mass, they will fuel a broader economic flywheel, driving innovation and growth across the region.”
Bahrain are already home to a growing community of fintechs who are increasingly becoming globally recognised such as Abhi, PayMob, Fawry, and Tabby.,” she notes. “Next, countries like the UAE and Saudi Arabia have made strategic moves by launching national AI initiatives, recognizing AI-driven innovation as a central pillar of their economic diversification plans. This is a forwardthinking approach that not only helps to attract investment but also addresses critical talent gaps and fosters a foundation for future growth. Thirdly, the healthcare industry in MENA is undergoing digital transformation, with increasing demand for telemedicine, digital health records, and AI-powered diagnostics. Governments in the region are investing in healthtech to address the challenges posed by population growth, urbanization, and rising healthcare costs. Finally, when it comes
nity to leapfrog many of the common hurdles that startups face, taking a shortcut to success by learning from the global ecosystem.”
What this essentially entails for startups in the region is the ability to forego failure, to a certain extent,
Now, while the MENA has been a hotbed of homegrown successes across a plethora of industries, Evans notes that there have been some sectors that show more promise than others: namely, fintech, artificial intelligence (AI), healthcare and cleantech. “When it comes to fintech, the UAE, Saudi Arabia, and
to sustainability and cleantech, countries like the UAE are positioning themselves as leaders in clean energy, with investments in solar power and sustainable infrastructure. This region is also diversifying its economy so it’s less dependent on oil and gas; however, these big corporations offer a unique opportu-
nity for the region and the growth of startups. Governments should actively partner with the private sector to promote innovation.”
But among all the sectors that Evans highlights, there is one that has permeated into perhaps most major industries in the world today: AI. While the benefits of incorporating this advanced technology has been documented (“it drives productivity, commercial gains, accelerates decisionmaking, and addresses talent shortages by providing smarter, faster intelligence,” as Evans herself notes), there is also the fact that a lot of startups and entrepreneurs grapple with making efficient use of it without, well, simply jumping on the bandwagon. “For startups, AI can be a game-changer,” Evans says.
“Although they may face challenges in terms of data availability and computing power, AI principles can help them become more efficient, accelerate product development, automate routine tasks, and gain deeper insights into their customers through data analysis. However, startup founders must be discerning. Simply adding AI to your pitch deck or branding will not be enough to impress investors or customers. To avoid falling into the trap of adopting a technology just because it’s trendy, founders should focus on practical applications of AI that directly solve problems or create significant value for their business. AI should be used strategically to enhance operations,
→ At Startup Genome, Evans leads the activities and operations across the MENA region. She is responsible for designing and implementing hypergrowth programs in the region, as well developing relationships with governments, scientific organizations and scaleups to support their growth.
BY SHOWCASING MORE INCREDIBLE WOMEN IN STEM AS ROLE MODELS AND COMMUNITY HEROES, WE CAN INSPIRE THE NEXT GENERATION TO SEE THEMSELVES IN THESE FIELDS.”
not merely for the sake of using it. It’s crucial to ask:
“How will this improve efficiency, product offerings, or customer experience?” If AI offers a real, tangible benefit, then it’s worth pursuing. The key is to adopt AI where it genuinely aligns with the startup’s mission and goals, rather than jumping on every AI buzzword that crosses their path.”
Given Evans’ already discussed experience in the world of technology and innovation, her words are certainly worth heeding. And as a female leader in this field, she is perhaps equally qualified to offer some insights on the state of women in science, technology, engineering, and mathematics (STEM) roles.
A 2024 report by global data analysis platform Statista shows that “worldwide, there are more men than women working within STEM across all industries.” An April 2024 article released by the UNESCO Institute for Statistics shows that in addition to women making up only 35% of STEM graduates, there has also been little to no progress over the past ten years in this regard. Additionally, multiple studies have shown that only 29% of the global STEM workforce is made up of women. “I have seen gender and social inequality as a universal issue in the tech industry over the 20 years I have been in this field, with progress moving slowly, especially in investment for female-led businesses,” Evans laments. “Despite the
compelling data from Bain & Company showing that companies with more women in leadership roles experience 56% higher profitability, this evidence highlights that gender diversity is not only an issue of fairness, but also a key driver of business success.”
But despite the dismal state of affairs globally, Evans believes things are changing for the better in the MENA.
“In this region, more women are stepping into leadership roles, breaking barriers, and inspiring others,” she says.
“Notable figures are H.E. Sarah bint Yousef Al Amiri, UAE Minister of State for Advanced Technology, and Deemah AlYahya, the first Saudi woman to lead an international organization-
both are paving the way for future female leaders in tech. Countries like the UAE and Saudi Arabia are also actively supporting female entrepreneurs, with policies and Vision 2030 initiatives designed to boost female participation in tech industries However, challenges remain, including limited access to venture capital, lack of mentorship, and cultural expectations. There are fewer women in the startup ecosystem, highlighting the need for increased investment in programs supporting female participation and success. We need more role models —both female entrepreneurs and investors— since women tend to invest more in female-led businesses. Importantly, startups with women in leadership perform better. A McKinsey report found companies with more women in decision-making roles were 21% more likely to have aboveaverage profitability, demonstrating that diverse leadership leads to stronger business outcomes. It’s clear: having more women in leadership is not only a matter of equality but also sound commercial strategy.”
When asked what can be done to ensure more girls and women partake in STEM-related fields and companies, Evans circles back to her point about having strong role models. “By showcasing more incredible women in STEM as role models and community heroes, we can inspire the next generation to see themselves in these fields,” Evans continues. “It’s essential that we amplify their stories — whether through media, school events, or public speaking engagements. When girls see female scientists, engineers, and innovators leading the way, it helps break down stereotypes and boosts their confidence. We also need to normalize the idea that women belong in these spaces, from the classroom to the boardroom. Creating these role models, sharing their achievements, and celebrating their impact can make STEM more accessible and appealing to young girls. By positioning these women as heroes in our communities, we show that they are not only succeeding but shaping the future, proving that STEM careers are both transformative and achievable for everyone, regardless of gender. This isn’t a “female” problem, it’s a societal failure. We need fathers, brothers, male colleagues, male teachers, and any male leader to recognize the value of diversity and actively encourage girls in the same way women do.”
Evans’ advice -which clearly stems from years of hands-on experience in the STEM field- is in many ways reflective of the type of knowledge Startup Genome promises to share as well. “Our team brings real-world experience to the table, having built and scaled tech companies ourselves,” she says. “For instance, Gary Oliver, the President of our Startup Genome Hypergrowth delivery arm, has an impressive background as the CEO of three Silicon Valley companies and executive chairman of two others. Gary’s leadership led to a US$1 billion exit at Remedy, and at Visa he was responsible for the company’s IT strategy and initiatives. Earlier in his career, Gary held sales, marketing, and executive
roles at IBM including responsibility for IBM’s multi-billion dollar Data Management SW revenue. As such, we are proud to have a network of advisors from some of the most successful tech companies in the world, all eager to share their knowledge with our portfolio companies.”
Indeed, it is with this mindset that Evans and her team at Startup Genome now gear up for 2025. “We’re rapidly expanding in the region, and I’m thrilled to be building my team across various cities in the GCC,” Evans says. “For starters, we have just launched the inaugural G20 pilot of the APEXE Nations Report. APEXE, which stands for ‘Aptitudes and Policies for Exponential Entrepreneurship,’ offers a pioneering data-driven framework designed to help countries measure their startup ecosystem potential and effectiveness. The rankings are driven by an innovative set of factors which determine the degree a country has translated its potential into exponential entrepreneurship. We also have some other exciting announcements lined up for 2025, so stay tuned!”
Samantha Evans, Managing Director - MENA at Startup Genome, shares the top three things startups must absolutely avoid to ensure
they don’t fail fast
} Understand and Adapt to Global Markets “Expanding internationally requires a deep understanding of the markets you’re entering. What works in one region may not work in another, so it’s essential to research the cultural, regulatory, and market dynamics of each new country. Build localized versions of your product or service where necessary and tailor your approach to meet the unique needs of each market. One of the biggest mistakes startups make when expanding globally is assuming that the same strategies and products that work locally will work universally. Failing to account for local cultures, buying habits, and regulations can result in product misalignment, missed opportunities, and market failure. Never underestimate the power of cultural intelligence.”
} Scaling Too Quickly Without Sufficient Resources
“It’s easy to get caught up in the excitement of rapid global growth, but scaling too quickly without a solid foundation can lead to operational inefficiencies and resource strain. Startups must balance ambition with caution — ensure you have the financial, operational, and human resources to support growth in multiple markets simultaneously. Rushing into too many regions without readiness can result in failure due to lack of focus, overwhelmed teams, and mismanaged expansion.”
} Build a Strong International Team “As you scale globally, ensure you have the right team in place, including local talent who understands the nuances of each market. This can significantly reduce risks and improve the effectiveness of your global expansion. Cultivate a diverse, cross-functional team that brings expertise in international business, local regulations, and cultural dynamics.”
Saudi Arabia
INNOVATOR’S EDGE
by TAMARA PUPIC AND AALIA MEHREEN AHMED
The Future Investment Initiative (FII) Institute, a global nonprofit foundation established by Saudi Arabia’s sovereign wealth fund Public Investment Fund, hosted its inaugural FII8 Investment Day during its 8th annual gathering in Riyadh last November.
The FII8 Investment Day, held under the theme of “Infinite Horizons: Investing Today, Shaping Tomorrow,” showcased startup companies whose tech solutions are tackling world’s most pressing global challenges in artificial intelligence and robotics, sustainability, health and education.
Archireef/
Deniz
CO-FOUNDER AND CHIEF COMMERCIAL OFFICER archireef.co
MThe World Economic Forum and the journal PLOS Climate state that if Earth becomes 1.5°C warmer than its preindustrial levels (currently, we are at a 1.1°C increase in temperature), 99% of the world’s reefs would experience heatwaves that would be too frequent for them to recover. S/
arine ecosystems, such as coral reefs, are critical to the survival of our species, but their future seems uncertain.
However, Deniz Tekerek, co-founder and Chief Commercial Officer, Archireef, a nature tech company with offices in Hong Kong and Abu Dhabi, strongly believes that humanity still has a chance to act and restore corals. “At Archireef, we restore corals and other marine ecosystems via eco-engineered and patented products and use cutting-edge monitoring technologies, such as environmental DNA and computer vision, to track restoration performance,” he says.
The company designed the world’s first artificial reef structure as custom-built,
3D-printed terracotta clay. In March 2023, Archireef completed its first installation by deploying 160 of its proprietary Reef Tiles, in collaboration with the Environment Agency – Abu Dhabi (EAD). “We sit at the junction of artificial intelligence (AI) and 3D-printing to optimize our solutions for success,” Tekerek explains. “Our products also incorporate elements of biomimicry and allow nature to settle in the most appropriate way. To achieve this, we created custom machinery and each of our products is either patented or has a patent pending. The combination of all of the above gives us an
The FII8 Investment Day - “Infinite Horizons: Investing Today, Shaping Tomorrow.”
Tekerek
↑ A snapshot of the FII8 Investment Day, held under the theme of “Infinite Horizons: Investing Today, Shaping Tomorrow,” in Riyadh, Saudi Arabia
edge in the market. For example, our Reef Tiles are outperforming traditional methods by a factor of at least four.”
Archireef is one of the world’s 320 early adopters of the Taskforce on Nature-related Financial Disclosures (TNFD), a market-led, science-based and government-supported global initiative. “It is a framework that goes beyond net zero and empowers us to focus on net-positive outcomes,” Tekerek says. “We help corporations adopt sustainable strategies and deliver ocean literacy to both students and corporations, to give them an edge in the economy of the future.
Starting with a smallscale prototype, Archireef now has a full-scale production facility in the UAE, and Tekerek explains that their ambition is to bring the Archireef solutions to all
relevant parts of the world. “Our goal is to restore 125 hectares of marine ecosystems by 2030, to deliver ocean literacy to one million children, and to extract biodiversity credits from ocean restoration by the end of 2025,” he says. “We believe that all of the above can be achieved through functional and committed public-private partnerships.”
Within this context, Tekerek appreciate the support from FII8. “It was an incredible opportunity to meet key decision-makers in a single location,” he says.
“It allowed us to lend a voice to the ocean and to highlight its importance to our economy and our collective future. We expect that our FII membership will enable us to connect with key decision-makers at a deeper level and that these connections will foster partnerships.”
Hera Health Solutions/
Idicula Mathew CO-FOUNDER AND CHIEF EXECUTIVE OFFICER herahealthsolutions.com
In 2017, a team of biomedical engineers originating from the Georgia Institute of Technology, US, gathered around the idea of providing access to conveniently sustainable medicine to everyone, and soon enough they started up Hera Health Solutions. “We’re tackling the need for longacting, non-invasive drug delivery platforms, particularly in fields where patient compliance is critical, like contraception, opioid addiction treatments, and hormonal deliveries,” says Idicula Mathew, the co-founder and Chief Executive Officer of the Memphis-based biotech startup. “Traditional drug delivery methods like oral capsules often lead to issues with adherence and can limit therapeutic efficacy. Our platform uniquely addresses these gaps by using a bioerodible nanotechnology system that enables prolonged, controlled release, allowing patients to benefit from uninterrupted therapeutic effects.”
Hera Health Solutions leverages advanced nanotechnology and bioerodible polymers to create long-acting drug delivery systems. The platform uses FDA-approved materials, reducing regulatory hurdles and ensuring safety. It also utilizes electrospinning, an advanced manufacturing process that allows for the precision layering of drug particles, optimizing both dosage control and therapeutic release profiles. “By integrating scalable, GMP-compliant manufacturing processes early, we’re accelerating our path to market,” Mathew says. “This technology is unique in its ability to deliver a range of therapeutics non-invasively, from small and large molecules, with flexibility for various delivery modes, such as implants and patches. These patented technologies enable Hera to redefine drug delivery, aiming for broader therapeutic access and improved outcomes.”
↑ Deniz Tekerek, is the co-founder and Chief Commercial Officer of Archireef, a naturetech company that offers the world’s first 3D-printed reef tile made from clay.
Unlike existing products that require frequent re-administration, Hera’s technology offers a more patient-friendly alternative designed for maximum efficacy and convenience. “Our focus on bioerodible polymers not only provides reliable, consistent delivery but also eliminates the need for removal, setting us apart in an evolving market and meeting an unmet need for both pharmaceutical companies, patients, and healthcare providers,” Mathew explains.
Going forward, the Hera Health Solutions team aims to expand the platform’s applications beyond contraception and animal health to encompass areas like pain management, cancer
→ Idicula Mathew is the co-founder and CEO of Hera Health Solutions, a biotechnology company enabling pharmaceutical companies to rapidly increase the efficacy of existing therapeutics through our nanotechnology-enabled drug delivery platform.
“Additionally, we aim to establish global partnerships, especially in emerging markets where healthcare infrastructure benefits significantly from long-acting, minimally invasive treatments. By investing in our technology pipeline and regulatory strategies, we’re laying the groundwork for rapid, sustainable growth.”
therapies, and vaccine delivery. “Scaling will involve increasing our R&D capabilities, pursuing strategic partnerships with pharmaceutical companies, and building out manufacturing to support larger production volumes,” Mathew says.
Participating in the FII8 global conference has broadened the team’s perspective on the future of healthcare and the role that innovative startups can play on a global scale. “Through discussions and networking, we’ve gained insights into international
healthcare challenges and potential partnerships that can help Hera expand its reach,” Mathew says. “FII8 has also provided a platform for us to showcase our technology to a global audience, validating our mission and sparking interest from investors and industry leaders. Personally, this experience has reaffirmed the importance of pursuing sustainable and accessible healthcare solutions, and it’s inspired new strategies for Hera’s growth and impact.”
In line with that, Mathew points out that Hera Health Solutions measures impact beyond revenue, focusing on outcomes that benefit patients, healthcare systems, and the environment. “For patients, our platform’s efficacy and ease of use reduce the barriers to consistent treatment adherence, which directly impacts public health positively,” he says. “Environmentally, we prioritize the use of biodegradable materials that minimize waste and lower the ecological burden of medical disposables. In addition, by providing long-acting therapeutics, we are indirectly contributing to a reduction in healthcare costs and hospital visits, further easing the societal burden. We assess our societal impact through patient feedback, partnership results, and sustainable practice metrics, ensuring our growth aligns with our values.”
S/Saudi Arabia
Bytelearn/
Adytia Singhal CO-FOUNDER AND CEO
bytelearn.com
The confluence of artificial intelligence (AI) into the world of education has stirred up discourse on whether the technology is a boon or a bane in this regard. And while it is certainly set to be a point of contention moving forward, US-based Bytelearn is offering a niche learning advantage in this space: integrating AI-powered tools to ease learning the subject of Mathematics. More specifically, the platform offers Math practice for grades six to eight, Algebra 1 and 2, pre-calculus as well as calculus.
“We provide an AI tutor to students and an AI teaching assistant to teachers,” explains Adytia Singhal, co-founder and CEO of Bytelearn.
“Our product helps teachers create individualized assignments and track their granular progress, whereas for students it guides them in a step by step manner when students need help. We believe our product is different and superior to all other products in the market in the sense that it is granular and handles questions and guidance step by step. While all the other products work on question level we work on step level. Thereby we understand students’ gaps much better and bridge them more efficiently. All other AI products are wrapped on ChatGPT, while we build our own AI technology!”
Now, anyone with even the basic knowledge of Mathematics will appreciate that for a subject that is uniquely dependent on step-bystep solving (and can often be marked in the same way too), what Bytelearn offers is significant. “We have built AI technology (which includes our own AI algorithms and our own curriculum-aligned solvers) that provides step-by-step guidance to students completely from the ground up,” Singhal iterates. “Our AI technology then interacts with our own proprietary data to provide students with individualized learning plans. Our individualized reports help school teachers guide students in a more personal and one-to-one manner.”
With this approach, Singhal notes that Bytelearn allows students to learn on an equal footing with their peers. “We are helping in equity in a true sense- with our product, all students get equal attention and equal opportunity from the teachers.,” he adds. “AI treats all students alike and helps them work at their own pace. It’s non-judgmental, encourages weak
“
Our product helps teachers create individualized assignments and track their granular progress, whereas for students it guides them in a step by step manner when students need help.”
learners, and helps fast learners alike. We are thus able to instill confidence in students. From Math and Science hating students, they become science, technology, engineering, arts and mathematics (STEAM)-loving students. For teachers, their most stubborn students start loving their subjects. We are able to help them with career discovery. We also have a section of multiplayer games that provide self-awareness, social awareness, and community-building skills to students.”
Currently based in the USA, Saudi Arabia and India, Bytelearn has already established its presence in over 200 schools and aims to expand to more than 500 schools in the upcoming year. And its participation in the FII8 program is already positioning the startup in a favorable position to achieve its goals. “FII8 is an incredible platform on a global scale; I could hear and talk to various leaders from across the world and understand their points of view on various topics,” Singhal says. “Indeed, it has broadened our horizons, and given us much bigger perspectives of the problems we are solving in our own startups. It also made us think of what will matter 10-20 years from now, so that we can start thinking and planning for that from today!”
↑ Adytia Singhal is the co-founder and CEO of Bytelearn, an AI-powered Math teaching assistant for teachers and students, enabling teachers to support every student with one-on-one, step-by-step help.
Sakuu/
Robert Bagheri FOUNDER AND CEO sakuu.com
As the electric mobility sector grows worldwide, the demand for lithium-ion battery cells is expected to increase from approximately 700 gigawatthours in 2022 to 4,700 gigawatthours in 2030, as per global business statistics platform Statista. But on the flip side, the production of such batteries has an obvious environmental impact, especially on the supply chain, owing to carbon emissions during its production, as well as the other pollution and waste that is created. To by-pass such eco hazards and still address the existing demand, Silicon Valley-headquartered Sakuu has come up with the concept of printing battery electrodesan invention that earned the startup a spot in TIME magazine’s list of best inventions in the Materials and Manufacturing category for 2024.
“Global energy transition requires new manufacturing solutions that enable battery producers and original equipment manufacturers (OEMs) to successfully meet this incredible surge in demand—and do it more sustainably,” notes Robert Bagheri, founder and CEO of Sakuu. “That’s why we are the world’s first manufacturing platform for printing battery electrodes. Sakuu’s revolutionary dry-electrode printing technology enables
more advanced and sustainable battery manufacturing at scale, including elimination of toxic materials and solvents such as N-Methyl-2-pyrrolidone and Polytetrafluoroethylene, reduction in cost and complexity, and ability to work with a very wide range of both current and future active materials and battery chemistries.”
In its bid to rethink battery manufacturing, Sakuu’s Kavian® Platform offers dry-process manufacturing innovations thus include the first fully functional printed lithium-metal battery, the first printed and patterned lithium-metal anode, and the first printed lithium-metal battery in a custom form factor. “Sakuu has developed unique, proprietary additive manufacturing technologies engineered to enable active materials to be printable and to meet or exceed current performance in the end product at commercial scale,” Bagheri adds. “It is not enough to simply dream up a clever new way to make batteries. Our solution also addresses the real-world obstacles that limit battery manufacturers and OEMs from harnessing innovation to transform production: that means cutting waste, capturing new efficiencies, reducing emissions, integrating with existing systems while enabling future augmentation — all with demonstrable proof that Sakuu can help them better meet today’s demands as well as tomorrow’s.”
With a mission to become “the gold standard for battery manufacturing everywhere,” Sakuu has been on a journey to work with battery manufacturers across the globe to help them produce more cost effective and sustainable batteries at a very large scale. Sustainability being “one of the key pillars of Sakuu’s Kavian platform,” has also meant that it is a vital aspect of how Bagheri and his team measure the startup’s impact, apart from the obvious other barometers of growth such as profits and expansion. “We believe that electrification is key to the future to support global climate goals and a more sustainable industry, and that our societal impact can be measured by improvement in two key measures,” Bagheri explains. “The first is material efficiency, wherein more efficient material utilization, elimination of solvents, and reduction in energy required for manufacturing process all serve to reduce the impact on the environment. The second is the global footprint. Reducing battery manufacturing complexity also enables sustainable manufacturing to be regionalized closer to the point of use, therefore supporting localized circular economies.”
Such an approach helped Sakuu clinch the title of FII8 Innovator 2024 at the most recent edition of the FII conference in Riyadh. And as Bagheri now gears up for a promising 2025, he does so with a staunch confidence in the team that he works with. “Sakuu’s success is fundamentally driven by our unique blend of multitalented mechanical/electrical engineers, materials/electrochemical scientists, and technical specialists with deep and complementary mass-manufacturing, energy, automotive, and precision technology expertise,” he declares. “It is indeed our people and their combined vision and practical knowledge that enables the innovative technologies and methods we supply.”
→ Robert Bagheri is the founder and CEO of Sakuu, a tech company that offers the world's first manufacturing platform for printing battery electrodes.
In The Loop/ Revealed: How Entrepreneurs Can Get a UAE Golden Visa
The UAE’s Golden Visa program has become one of the most envied in the world and is also now open to entrepreneurs from around the globe who want to relocate to the country. There are two types of Golden Visas available for entrepreneurs.
For the five-year visa, the requirements of the UAE Golden Visa for entrepreneurs are as follows.
· You own an economic project focusing on technical excellence and innovation.
· You must have an approval letter from the following authorities: An auditor in the UAE certifying the project value is at least AED500,000,
The UAE authorities stating that the project is a technical or future nature, A UAE-accredited business incubator to establish the proposed activity.
· A valid passport.
· A valid health insurance card for at least one year, which can be extended.
· Proof of housing in the UAE (rental contract or ownership).
A UAE Golden Visa for entrepreneurs is available for a 10-year validity if you satisfy the following additional criteria.
} You are an owner or partner of a business project with approval from an approved business incubator, ICP, the
Ministry of Economy, or a local authority to start the proposed business in the Emirates, OR
} You are an owner or partner of a pioneering business project with approval from the Ministry of Economy or ICP or a competent local authority. The business should be a small to medium enterprise achieving an annual revenue of at least AED1,000,000, OR
} You are a founder of a pioneer business project sold with a total value of at least AED7,000,000, which is subject to obtaining approval from the Ministry of Economy, ICP, or a competent local authority.
The following documents are necessary for the Golden Investor Visa:
} Copy of the passport
} Coloured photograph
} Copy of the health examination test result
} Copy of health insurance
} Copy of the entry permit
The UAE’s Golden visa is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits which include:
} an entry visa for six months with multiple entries to proceed with residence issuance,
} a long-term, renewable residence visa valid for 5 or 10 years,
} the privilege of not needing a sponsor,
} the ability to stay outside the UAE for more than the usual period of six months in order to keep their residence visa valid,
} the ability to sponsor their family members, including spouses and children regardless of their ages,
} the ability to sponsor unlimited number of domestic helpers,
} the permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away.
