Entrepreneur Middle East November 2023 | The UAE's Crypto Powerhouse by Entrepreneur Middle East

FUTURE FOCUSED/ TRESCON GROUP CEO NAVEEN BHARADWAJ P.20

NAVIGATING SOCIAL MEDIA AMID A CRISIS/ AN ENTREPRENEUR’S GUIDE P.52

REDEFINING VALUE/ YOMLY FOUNDER MARK NUTTER P.67

NOVEMBER 2023

← Founded in 2017, PHOENIX GROUP is now aiming to float its initial public offering on the Abu Dhabi Securities Exchange.

THE

UAE’S

CRYPTO POWERHOUSE Co-founder and Group Managing Director, Phoenix Group

MUNAF ALI

ON WHAT IT TAKES TO BECOME A GLOBAL INDUSTRY LEADER P.28

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Contents/

November 2023

P.28

The UAE’s Crypto Powerhouse

As his UAE-based enterprise heads toward an initial public offering on the Abu Dhabi Stock Exchange, Munaf Ali, co-founder And Group Managing Director, Phoenix Group, reveals what it takes to become an industry leader

P.56

The Recap: Tech Innovation Awards 2023 A production of BNC Publishing, the media house behind Entrepreneur Middle East, the event was sponsored by du, and organized in association with in5, Fluidmeet, Idealz One, and Blacklane.

Munaf Ali, along with co-founder Bijan Alizadeh, launched the Phoenix Group in 2017 with an aim to contribute to a decentralized future for all.

November 2023 / E N T R E P R E N E U R . C O M / 9

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Contents

November 2023

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

Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION

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

↑ Celia Vrnak, founder, The Savvy Space P.45

COLUMNIST Tamara Clarke CONTRIBUTING WRITERS

BUSINESS UNUSUAL 17 Paradigm Shift

Having raised a US$1.6 million pre-seed funding round, Saudi Arabia-headquartered TAKADAO is all set to make a splash in the Islamic finance space

20 Future Focused

TRESCON GROUP CEO Naveen

Bharadwaj is leading his enterprise into newer business realms by leveraging the opportunities offered by emerging technologies.

STARTUP SPOTLIGHT 67 Redefining Value

As EMIRATES HR officially rebrands itself to Yomly, founder and Chairman Mark Nutter is getting set for his UAE-based enterprise to take on global markets.

‘TREPONOMICS

Fida Chaaban, Devina Divecha, Sandra Helou, Katharina Hicker, Lara Oliveira, Amel Osman, Mohamad Turk, Celia Vrnak

45 Strategize Your Space

CELIA VRNAK , founder of The Savvy

Space, lists seven essential points to remember before making your first small office investment.

48 Reality Check

METAMINDS GROUP co-founder and CEO

Sandra Helou offers her perspective on what’s next for the metaverse.

50 Celebritizing Vs. Celebrating Entrepreneurs

AMEL OSMAN , Head of Corporate Communications at Instinctif Partners MENA, on why entrepreneurs should preserve their authenticity in a personal brand-obsessed world.

52 Navigating Social Media Amid A Crisis CASTLEFORBES COMMUNICATIONS

Managing Director Katharina Hicker shares a guide for entrepreneurs.

53 Making Change Happen

HEIDRICK & STRUGGLES ’ Mohamad Turk

offers his viewpoint on the talent that will bring Saudi Arabia’s Vision 2030 into focus.

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

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Editor’s Note/ CONTINUING AMID CRISIS Endurance matters

ne of the posts that I have saved on my Instagram profile is this viral video that was created in 2020 by a content creator called Oghenetega Orhorhoro. She is perhaps better known by the “tegareacts” handle that she uses for her social media profiles on TikTok and Instagram, with most of her posts featuring her responding humorously to the inventiveness of her fellow content creators on such platforms. However, the video I’ve saved

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showcases Orhorhoro in a different vein- in this one, she’s sharing what she calls a public service announcement to anyone finding it hard to keep going amid challenging circumstances. And the crux of her message to all of them? “Continue. You can keep going. You can do this. Continue.” I’ve been finding myself rewatching this video by Orhorhoro as a routine of sorts in the last couple of weeks, and this, I believe, is an indication to not just how hard I have been finding it to go on with “business as usual” while bearing witness to the ongoing war in Palestine. This is not a feeling exclusive to me, of course- I’ve been privy to entrepreneurs around me questioning the point of doing anything with their businesses in these times, and survivor’s guilt seems to have pervaded most of our minds right now. And even if we disregard work, the idea that we have to take care of ourselves and our mental health in these times just seems wrong and disgustingly privileged. This is where Orhorhoro’s message comes into play for me- she urges us to “continue,” in spite of all the feelings that may be weighing us down right now. Nothing might seem enough, be it with the social media posts we amplify, or the aid that we contribute - but, like Orhorhoro says, we must continue, all the same. Indeed, the work we do might not seem to matter in the larger scheme of things right now, but take a moment to recollect the vision and mission with which you started your endeavor, and continue showing up for what you believe in. Continue doing what you need to do to earn and take care of yourself, and continue to do what you can for those who can’t do that for themselves. Continue to hope against hope. Just don’t stop- continue.

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

THE ART OF ELEVATION

O M N I YAT. C O M

I M A G E S C O U R T E S Y TA K A D A O

← Sharene Lee and Morrad Irsane, co-founders, Takadao

Paradigm Shift

Having raised a US$1.6 million pre-seed funding round, Saudi Arabia-headquartered Takadao is all set to make a splash in the Islamic finance space b y A A L I A M E H R E E N A H M E D November 2023 / E N T R E P R E N E U R . C O M / 17

What’s New

audi Arabia-headquartered Takadao, a Shariahcompliant blockchain-powered insurance platform, has raised a US$1.6 million pre-seed round led by US-based early-stage venture capital (VC) firm Draper Associates. The round also saw the participation of two Saudi-based entities: BIM Ventures, a venture builder, and Core Vision Ventures, a VC firm; another participant in the round was HRH Prince Sultan bin Fahad bin Salman Al Saud. Founded in 2022 by husband-and-wife duo Morrad Irsane and Sharene Lee, Takadao’s Takaful insurance platform has been built as a decentralized asset organization (DAO) on the blockchain, and it serves as a halal alternative to conventional insurance schemes. The capital the company has raised, Irsane says, will be directed solely towards its two main two main products: Takaturn, a community-owned savings and loan program, and Takasure, a soon-to-belaunched Takaful insurance DAO fund. “The new funds will be used on continuing to develop and roll out products for our community, with our flagship product Takasure set to be

↓ (Left to right) Sharene Lee, co-founder, Takadao, Tim Draper, founder,

Draper Associates and Morrad Irsane, co-founder, Takadao

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“EVERY INVESTOR THAT COMES ON BOARD IS A MORALE BOOST FOR US, BECAUSE IT MEANS THAT SOMEONE BELIEVES IN US AND WANTS TO SUPPORT US” launched in June of 2024,” Irsane reveals. “In the meantime, we have just launched Takaturn 2.0, a savings and loan program that is based on the chit fund or committee concept, which helps people grow their crypto savings, while giving them access to liquidity in the form of a 0% interest loan.” As a two-year-old startup that is only just foraying into the global market, getting a nod of approval from the founder of Draper Associates -renowned venture capitalist Tim Draper- has proved to be a milestone in and of itself for Takadao. “Every investor that comes on board is a morale boost for us, because it means that someone believes in us and wants to support us,” Lee says. “With Tim, along with the morale boost comes added value in the form of his networks and advice. Tim has invested in so many startups over the years, and he has a front-row seat to how businesses get built. After all, he is the father of viral marketing with his advice to email service provider Hotmail back in 1996. Having him on board means a lot as we expect the journey to be tough, and we will need mentors to help us achieve our goals.” Now, it is perhaps obvious to state that Takadao’s services are largely targeted towards the regional and global Muslim population. But Irsane points out that with Takadao’s use of blockchain technology and Web3, the issue of reduced accessibility within the overall Islamic finance space can be rectified. “Islamic finance based on existing banking infrastructure has always been a compromise at best,” Irsane continues. “Because the banking infrastructure cannot be extricated from interest, which is prohibited in Islam, a lot of workarounds have to be in place for Islamic finance to exist. As a result, traditional Islamic finance suffers from inefficiency and a lack of confidence by Muslims, which hampers widespread adoption. The blockchain and cryptocurrencies offer a new infrastructure upon which we can build Islamic finance, since it isn’t inherently interestbased, and it doesn’t require as much compromise to achieve a pure Islamic financial model. It is also much more transparent, fairer, and accessible.” But while offering a viable alternative to the Muslim population is innate to Takadao’s vision, the startup is also actively addressing the needs of the underinsured masses. “Billions of people are uninsured, because insurance is a

↑ The Takadao team

TAKADAO IS ONE OF THOSE COMPANIES THAT YOU DON’T KNOW QUITE WHERE IT’S GOING TO GO, BUT IF IT SUCCEEDS, IT’S GOING TO BE REALLY IMPACTFUL, AND MAKE A BIG DIFFERENCE IN THE WORLD, AND THIS IS A WORLD THAT I WANT TO LIVE IN.

purely profit-seeking business,” Lee says. “Insurance wasn’t always this way, and the earliest insurance models were cooperative, and they were a means of protecting one another. However, in modern times, insurance has morphed into a highly profitable financial service that is practically inextricable from banks. As a result, being unbanked usually also means being uninsured. By using the blockchain and cryptocurrencies, Takadao provides access to the

unbanked and uninsured globally; all one needs is an internet connection and a device.” As it turns out, it was this approach the co-founders showcased towards toward insurance that impressed their lead investor as well. “Takadao is one of those companies that you don’t know quite where it’s going to go, but if it succeeds, it’s going to be really impactful, and make a big difference in the world, and this is a world that I want to live in,” Draper says. “The insurance business generally has become

corrupted, and Takadao is going right after the insurance business with something that’s very pure; the blockchain is pure, Bitcoin is pure, decentralization is pure.” Now, while it may seem that Takadao operates at the intersection of the underinsured and the Muslim populations, Irsane affirms that the startup is definitely more inclusive than one may assume it to be. “Our focus is on populations with high levels of crypto adoption, generally driven by a need to have

usable money in an environment of high inflation of the local currency- it just so happens that these populations are also heavily Muslim,” Irsane explains. “A perfect example is Lebanon, where the banking system has collapsed, and people pay one another with crypto for everyday transactions. But Takadao’s services are for all people, regardless of religion. Takadao’s services are for people who have traditionally been excluded from the financial system. We therefore build financial products that are community-owned, such that the ultimate beneficiaries are the participants themselves, and not external shareholders who are only seeking profit.” With Takadao now being part of a consistently growing Islamic finance industry, its co-founders hope that its pre-seed funding round can set something of a precedent for other up and coming startups in this space. “Muslims make up 24% of people in the world, and they are the youngest and fastest growing population, and so, it’s only natural that Islamic finance and the Islamic economy becomes an attractive area for investment,” Lee says. “The best investors not only predict the future, but they also take an active part in shaping it by investing in it. Takadao is not the first Islamic fintech, and it will certainly not be the last, but, hopefully, we can help show that Islamic finance is not only for Muslims, but that it is a paradigm shift that is good for humanity generally. Investing in it will only help make the world a better place.” takadao.io

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

The Big Idea

Future Focused

Trescon Group CEO Naveen Bharadwaj is leading his enterprise into newer business realms by leveraging the opportunities offered by emerging technologies b y A A L I A M E H R E E N A H M E D

O “

ur purpose is to help the world embrace emerging technologies in a sustainable and inclusive manner by bringing communities from different parts of the world together.” With this single statement, global business events and consulting firm Trescon’s Group CEO Naveen Bharadwaj encapsulates the vision that drives his enterprise.

Since its launch in 2016 in India, Trescon has been at the forefront of putting out a number of business-tobusiness (B2B) events that have focused solely on emerging technologies. These include, but are not limited to, the World Blockchain Summit (24 completed editions), the World AI Show, the World Cyber Security Summit, the World Cloud Show, the World Metaverse Show, and the World Fintech Show. “We also host B2B events for specific government entities or large companies based on the objectives and goals of either the organization itself or the country/region,” Bharadwaj adds. “Additionally, we do a lot of in-house B2B events -such as boardroom discussions, roundtables, workshops- which are a lot more bespoke, and have fewer participants compared to our future tech events or the managed events. And the final part of our model is the knowledge and training division where we offer both public training classes as well as private in-house

training classes on topics related to emerging technologies, sustainability, leadership, and more.”

While a major chunk of Trescon’s teams are based within the Indian cities of Bangalore, Mangalore, and Manipal, the enterprise has also set up a head office in the UAE in Dubai, besides having representative offices in Mauritius, Indonesia, and Saudi Arabia. With such a well dispersed set of teams, Trescon has been able to cater its events to a wide number of geographies as well. For example, the aforementioned World Cyber Security Summit has been hosted across the MENA, India and Southeast Asia, while the World Cloud Show has taken place in Dubai, Manila, Jakarta, and Kuala Lumpur. “All our events are special, and the experience is amazing, but what makes us very happy is we got into these topics and started hosting these events quite early,” Bharadwaj notes. “We’ve been in this B2B events space for emerging technologies for over seven years now. But we now finally see that there’s a growing appetite for these topics, and a lot more people are coming to these events, as opposed to our earlier years. To see those many people coming together, for them to find value at this event, for them to walk away having established contacts that will help them one way or the other- I think that sums up the type of experience that we want to offer.”

Now, one may assume that with such an increased interest for emerging technologies, Trescon may be working towards increasing the output of its yearly events. But Bharadwaj says that he and his team have decided to focus on quality over quantity. “Until a few years ago, we did a lot of events,” he says. “On an average, we’ve been hosting around 20 events a year- a

ON AN AVERAGE, WE’VE BEEN HOSTING AROUND 20 EVENTS A YEAR- A GOOD 70%-80% OF THESE ARE OUR OWN FUTURE TECH EVENTS, AND THE REMAINING 20%-30% ARE THE MANAGED EVENTS THAT WE HOST FOR OUR GOVERNMENT AND PRIVATE SECTOR PARTNERS.

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

→ Naveen Bharadwaj,

Group CEO, Trescon

good 70%-80% of these are our own future tech events, and the remaining 20%-30% are the managed events that we host for our government and private sector partners. But as we’ve moved into the second half of 2023, and as we enter into 2024 in a few months, our goal is to consolidate these 20 events, and come down to probably 10-12. And so, in the future, you will see the number of events reducing, not necessarily increasing, but within those events, we will cover more topics than what we cover today with those 20 events.”

Now, for Trescon to deliver content that truthfully reflects the trends and realities of emerging technologies today, it is important for the enterprise itself to be at the forefront of such shifts. So, how does Bharadwaj and his team manage that? “First, we have an advisory board comprising people from the government and private sector, as well as academia and the innovation space,” Bharadwaj replies. “Secondly, we keep in regular touch with the participants of our events to find out their pain points, the regulations that affect them, and to then make an assessment of the positive as well as negative sentiments that are running in the market. Next, we also work very closely with industry specific associations, consortiums, and councils. So, we take all of that input, we produce content, we acquire speakers. We have a full-fledged content production team, which has researchers in it, content producers in it, as well as people that acquire these thought leaders as speakers. Because ultimately, if you can’t give them something unique, and if it’s the same that they can find in YouTube or in their offices, then there’s no point in them coming and engaging with you physically. The content production team’s job is to prepare that compelling agenda.”

While all Trescon events deal with global technologies, it’s worth noting here that they are being delivered in a diverse range of countries. With that comes an added responsibility for Bharadwaj and his team: aligning with local traditions and cultures. “Language can be one of the key considerations for us in this regard,” Bharadwaj says. “In some of the countries, knowing Arabic or having people that speak Arabic can be an advantage, but not a necessity. Similarly, in Southeast Asia, there are a few countries where people know English, but November 2023 / E N T R E P R E N E U R . C O M / 21

The Big Idea

→ Dubai Fintech Summit was

one of the events that Trescon organized in the UAE in 2023.

WE HAVE A FULL-FLEDGED CONTENT PRODUCTION TEAM, WHICH HAS RESEARCHERS IN IT, CONTENT PRODUCERS IN IT, AS WELL AS PEOPLE THAT ACQUIRE THESE THOUGHT LEADERS AS SPEAKERS

technologies. We’re also launching a dedicated division focused on sustainability. And finally, with the massive growth in blockchain adoption around the world, we’ve decided to build our blockchain and metaverse community where project owners, blockchain consulting firms and development agencies, as well as individual developers can exchange ideas, collaborate, and create projects in an immersive metaverse experience. These are just some of the different things that’s cooking in our kitchen, leading up to our vision 2025.”

As Bharadwaj pauses for a moment, having elaborated that’s not a language they are comfortable in. They would rather first go with their own local languages for which, again, we might have internal capacity, and if we don’t, engaging partners becomes absolutely important. In addition to all these things, some countries are very much focused on diversity and inclusion. I think every country is, but some countries are doing a lot more. Therefore, in those markets, we also make sure that our teams are diverse and inclusive, the topics are diverse. That customization, that curation of what’s relevant and necessary locally is absolutely important to us at Trescon.”

Here, if you go back to the quote with which this article started, you will realize by now that Trescon’s underlying

vision has been ingrained across its services. But Bharadwaj adds that his company is now revving up for an altogether new goal. “Another most important element is that we at Trescon are driven by what the future holds for us- which is why we’ve created our vision called Vision 2025,” he explains. “Through this, we want to achieve a bunch of different things. The first point of action within that, of course, is from an events standpoint. We have multiple events coming up in Singapore, Indonesia, UAE, Saudi Arabia, Thailand, and a couple of other countries. We are also launching our flagship expo called Digital Acceleration and Transformation Expo (DATE) in India. DATE will be a 3000-5000 people affair, although I personally feel that it’s going to be a 10,000+

22 / E N T R E P R E N E U R . C O M / November 2023

people affair, where we co-locate 10 of our different event brands under one umbrella. Using the DATE brand, we plan to scale next year as well as penetrate a few new markets.”

But there is a lot more to what Trescon’s renewed vision entails. “Aside from the events, as part of our Vision 2025, we are also launching a few new businesses,” Bharadwaj reveals. “We’re going to set up a venture capital fund, which invests into emerging technology companies as well as sustainability-based companies. We’re also launching Trescon Academy, or Trescademy, which will be an institutionalized setup where we train people around the world, and address the capacity building and the talent shortage issue by training people on

on the many projects his enterprise is working on, I ask him what Vision 2025 means for Trescon at this current point in time. “It’s our future,” he replies. “That’s where we want to be. Vision 2025 has two major objectives, which we believe benefits everybody within Trescon, as well as stakeholders in the wider ecosystem. Objective number one is to scale our existing events in size, and then in markets that they are currently present in. Objective number two is leveraging our events as a hub to launch new businesses. That’s what Vision 2025 is- it is solidifying our base, and then creating new opportunities. It’s growth for the company, our employees, for people that are joining us, as well as for the different ecosystems and stakeholders that associate themselves with us.”

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Strategies

MAKING A SPLASH Nicolas Soucaille, General Manager - UAE, Blacklane, on how the chauffeur-hailing service’s debut in the UAE has it aligned with the country’s high standards for quality, professionalism, and sustainability b y TA M A R A P U P I C

mong successful examples of market entry strategies, the manner in which Blacklane, the chauffeurhailing service founded by Jens Wohltorf and Frank Steuer in Germany in 2011, made its debut in the UAE would probably rank pretty high on the list. After all, not only did Blacklane support the UAE’s declaration of 2023 as the “Year of Sustainability,” but it was also aligned with the nation’s “Net Zero by 2050” strategic initiative. However, Nicolas Soucaille, General Manager - UAE, Blacklane, explains that the company’s all-electric chauffeur service is just one of many unique features it has developed in order to adjust to the nuances of the UAE market. “Our business model in the UAE takes a unique approach, as we operate a dedicated fleet and full-time, salaried chauffeurs,” Soucaille explains. “Also, our vehicles are 24 / E N T R E P R E N E U R . C O M / November 2023

↑ Nicolas Soucaille, General Manager - UAE, Blacklane

operated by our dedicated team of male and female chauffeurs (who are trained by Blacklane’s proprietary Chauffeur Training Academy), prioritizing every guest’s safety as their number one priority. Our female chauffeurs currently represent nearly 50% of our crew, and we are in the process of further growing this number.”

projects for all our rides. Looking ahead, we are committed to globally delivering 50% of our rides with electric vehicles by 2025.”

} Soucaille also reveals that Blacklane has developed strategies for integrating sustainability into daily operations, which include filling empty leg-journeys for chauffeurs and thereby ensuring that they have a reliable income, as well as introducing city-to-city services in order to reduce the need for short-haul flights. Today, Blacklane operates in more than 200 cities across over 50 countries across the globe. Boosting a workforce of 300 dedicated employees, it offers a comprehensive range of chauffeur-hailing services, including one-way, return journeys, airport transfers, hourly bookings, and inter-city travel. “We offer both ondemand and schedule for later services, with fixed transparent

IMAGES COURTESY BLACKLANE

“ ONE OF THE MOST IMPORTANT LESSONS I HAVE LEARNED THROUGHOUT MY CAREER, AND AT INSIDER, IS BALANCING THE IMPORTANCE OF LISTENING TO YOUR CUSTOMERSAND YOUR GUT.”

} When comparing the Blacklane of today to what it was when it launched in Berlin 12 years ago, Soucaille points out a major transition from an initial emphasis on delivering exceptional customer service as well as a strong focus on sustainability, to the company today training its attention also on innovation, passenger safety, and a strong commitment to the well-being of chauffeurs. “These elements collectively set us apart in the competitive landscape of ride-sharing platforms,” Soucaille adds. Another stand-out factor is the company’s choice to have sustainability be a fundamental element of its operational focus. “We at Blacklane are passionate about offering chauffeur services that enables seamless, stress-free, and sustainable travel for the fast-paced travelers,” Soucaille says. “Since 2017, we’ve made substantial progress in reducing our ecological footprint by implementing carbon-offsetting

→ Blacklane operates in over 50 countries and more than 200 cities across the globe

November 2023 / E N T R E P R E N E U R . C O M / 25

→ Boosting a workforce of 300 dedicated employees, Blacklane offers a comprehensive range of chauffeurhailing services

THE EXECUTIVE SUMMARY Blacklane’s Nicolas Soucaille offers his pointers for businesses expanding into the UAE and the wider Middle East }Do your homework "When

THE PROGRAM DELVES INTO DRIVING TECHNIQUES, SAFETY PROCEDURES, NAVIGATION AND ROUTE PLANNING, VEHICLE INTRICACIES, AND THE ART OF DELIVERING AN EXCELLENT GUEST EXPERIENCE. pricing, established at the time of booking,” Soucaille adds.

}Soucaille also points out that all of the company’s chauffeurs undergo a comprehensive training program through the Blacklane Chauffer Training Academy, which ensures that they practice the highest standards of excellence in service, safety, etiquette, and discretion. A UAE branch of the Academy launched in September 2022. “The training journey commences with a comprehensive assessment, facilitated through advanced artificial intelligence and the use of a driving simulator, where we evaluate the chauffeurs’ driving skills and behavior,” Soucaille says. “Subsequently, they embark on an intensive, immersive training curriculum, encompassing both theoretical and practical components. The program delves into driving techniques, safety procedures, navigation and route planning, vehicle 26 / E N T R E P R E N E U R . C O M / November 2023

intricacies, and the art of delivering an excellent guest experience.” In addition to professionalism and training, the chauffeurs are also educated on health and cleaning standards, Soucaille adds.

}As an entrepreneurial endeavor, Blacklane has, according to market intelligence platform CB Insights, raised approximately US$90 million over 13 funding rounds, with some of the rounds including UAE-based investors Abu Dhabi-based business conglomerate Al Fahim (Series D in 2018) and Gargash Group (Series F in 2023). Other investors include Daimler Mercedes-Benz, SIXT, Japan’s Recruit Holdings, and more. As such, it is with this kind of backing that Blacklane aims to strengthen its position as a global leader in premium ground transportation. As Soucaille put it: “Blacklane’s primary strategic objective is to position itself as the preferred choice of transportation and an industry leader.”

entering any new country, it is important to prioritize market research to grasp its unique dynamics. Consider factors such as local regulations, competitive landscape, and market trends. These will help tailor your approach and offerings to suit the market's specific requirements."

}Forge strong ties "Like all businesses, trust and relationships are paramount to building your business in the region. One must always carefully recognize the diverse and culturally rich landscape. This also plays a crucial role in tailoring your products, services, and marketing strategies to align with local values and traditions." }Communicate effectively "Ultimately, communication plays the most important role in establishing your brand in the region. Effective communication entails clearly defining your unique selling points, and how they meet the UAE market needs. Your messaging should resonate with the local audience, highlighting the benefits of your offerings in a way that speaks to their specific requirements."

H1_Comm_DME_Print Ad 230x275mm_FEB_outline23022023v3.indd 1

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November 2023 / E N T R E P R E N E U R . C O M / 27

→ Founded in 2017,

Phoenix Group is now aiming to float its initial public offering on the Abu Dhabi Securities Exchange.

28 / E N T R E P R E N E U R . C O M / November 2023

THE

UAE’S

CRYPTO POWERHOUSE

MUNAF ALI Co-founder and Group Managing Director, Phoenix Group

As his enterprise heads toward an initial public offering on the Abu Dhabi Stock Exchange, the UAE-based entrepreneur reveals what it takes to become an industry leader b y TA M A R A P U P I C

November 2023 / E N T R E P R E N E U R . C O M / 29

}“ Since its

inception, Phoenix has secured a leading position in the crypto-mining space on a global front.”

→ Munaf Ali, along

with co-founder Bijan Alizadeh, launched the Phoenix Group in 2017 with an aim to contribute to a decentralized future for all.

30 / E N T R E P R E N E U R . C O M / July 2022

ith its imminent listing on the Abu Dhabi Securities Exchange (ADX), UAE-based crypto and blockchain conglomerate Phoenix Group will soon join the ranks of those rare businesses that have managed to drive a whole market forward. Not only is the company’s planned initial public offering (IPO) aligned with Abu Dhabi’s Economic Vision 2030, it is also expected to positively contribute to the UAE capital’s positioning on the global tech landscape. As Munaf Ali, cofounder and Group Managing Director, Phoenix Group, put it: “Our decision to go public is driven by the desire to position Phoenix as an institutionalized and regulated entity within the technology and cryptocurrency space, showcasing its UAE roots, as well as its commitment to operating at the highest standards.” According to Ali, the decision to list Phoenix Group on the ADX was made “not only because it is our home, but because the UAE and its leadership have shown the global marketplace that it is a truly respected center of capital along with the world of crypto.” He adds, “Every player in the world of crypto, Web3, decentralized finance (DeFi), centralized finance (CeFi), want to be a part of what the UAE has to offer, and while the doors are open to everyone, they have the perfect attitude, which is to cherry-pick the best of the best, thereby ensuring that it remains one of the most respected jurisdictions not just in the region, but in the world. It serves as a testament to the fact that despite being in the cryptocurrency industry, we are an institution.” Ali, along with co-founder Bijan Alizadeh, launched the Phoenix Group in 2017 with an aim to contribute to a decentralized future for all, and in a span of just six years, the Group has grown to consist of 29 unique companies. These operate in the following distinct verticals: mining and hosting services, retail distribution of high-performance crypto equipment,

OUR DECISION TO GO PUBLIC IS DRIVEN BY THE DESIRE TO POSITION PHOENIX AS AN INSTITUTIONALIZED AND REGULATED ENTITY WITHIN THE TECHNOLOGY AND CRYPTOCURRENCY SPACE, SHOWCASING ITS UAE ROOTS, AS WELL AS ITS COMMITMENT TO OPERATING AT THE HIGHEST STANDARDS.

digital mining services, and crypto exchanges- the last of which is characterized by M2, its Abu Dhabibased regulated crypto investment platform. “Since its inception, Phoenix has secured a leading position in the crypto-mining space on a global front,” Ali notes. “With its first-mover advantage in the digital mining industry, our ability to secure competitively priced utilities at quasi–governmental levels, access to equipment, and access to capital that has been utilized in the most costeffective manner, the Group yields exemplary returns and revenue.”

n the US and Canada alone, the Group currently operates approximately 100 megawatt facilities, and it is looking to add an additional 20 megawatt facilities in Canada. Plus, the company has secured power agreements in the USA that will enable it to launch 50 megawatt and 45 megawatt facilities in the near future. “To achieve this, we have purchased a considerable worth

of mining equipment and air-cooling miners from WhatsMiner, a brand of mining hardware and chip design developed by Bitcoin mining hardware manufacturer MicroBT, and we’ve also been granted the distribution and exclusive rights by WhatsMiner for its entire product line over an extensive territory which includes the UAE, GCC, Egypt, Turkey and Kenya,” Ali adds.

hen it comes to its mega projects for prominent stakeholders, Phoenix Group prides itself on being a preferred crypto and blockchain industry partner for the government leaders across the GCC region. “We are key stakeholders who operate and manage the largest crypto mining site in the region in Abu Dhabi, which is designed to leverage advanced technologies and infrastructure to facilitate efficient and effective cryptocurrency mining operations,” Ali reveals. “This one-of-a-kind project, the largest of November 2023 / E N T R E P R E N E U R . C O M / 31

IF YOU THINK WALL STREET AND THE WORLD OF FINANCE IS DYNAMIC, YOU NEED TO UNDERSTAND THAT THE WORLD OF CRYPTO IS WALL STREET X10- NOT ONLY DOES IT OPERATE 24 HOURS AROUND THE CLOCK, BUT SEVEN DAYS A WEEK

its type in the entire region, was not only designed in-house, but built under the group’s supervision, and now remains fully operated by the Group.” Phoenix Group has also recently partnered with the Muscatbased Green Data City to develop a 150-megawatt crypto mining farm in Oman, and it is expected to be operational by the second quarter of 2024. In addition, Ali says, the Group is also in advanced level discussions to establish a full-fledged highperformance data center in Egypt.

uch endeavors have also got Phoenix Group to explore opportunities in the energy domain. “Having access to large amounts of sustainable and cheap power is always a vital component in this industry, but even more of a necessity as we move towards a digital economy,” Ali explains. “That is why the Group’s strategy for 2024 will be to focus a considerable amount of its resources, both human and capital, in the energy sector. We will focus on power generation for our own consumption, as well as for other complimentary business verticals within the same industry.” As the Group thus looks forward to a promising future, Ali, when reflecting on his enterprise’s early days, believes that it has grown in line with the “fortune favors the brave” mantra. “This is so true in life,” he says. “It is all about taking riskscalculated risks. Phoenix as a Group was long born before even the first employee ever came on board. At its inception, it was just Bijan and myself, doing everything, trying to navigate this space, and learn what we had stumbled across. The fact the industry was so new, so small, was a challenge, and we took risks much 32 / E N T R E P R E N E U R . C O M / November 2023

larger than we ever would today, which is why we have reached the levels today, where our other peers have somewhat fallen behind. Today, the Group operates with a different level of structure and governance to ensure that we not only understand risks, but are also best placed to overcome them.”

ack in 2017, when he was launching Phoenix Group, Ali had brought a wealth of professional experience to the nascent crypto and blockchain space- he had then been working for more than 20 years in capital markets, which encompassed executive banking roles in Citigroup in London and Dubai, as well as the business know-how of a seasoned real estate developer who delivered luxury branded resort hotels in the Eastern Caribbean. When asked to share lessons from his career that’d benefit entrepreneurs today, Ali’s advice starts by noting how imperative it is to invest time and effort in understanding the industry and the landscape they operate in, and especially so if it is the fast-paced world of crypto and blockchain. “If you think Wall Street and the world of finance is dynamic, you need to understand that the world of crypto is Wall Street x10- not only does it operate 24 hours around the clock, but seven days a week,” he says. “Whilst I don’t have a crystal ball, you have to be a visionary to try and understand what the future may hold, or to be one of the few who can try and shape the future. I strongly believe that it will not be the world of finance that shapes crypto, but the world of crypto that will change the world’s financial markets. The cutting edge technology of blockchain, DeFi, and everything that this ecosystem brings can and will revolutionize the world of finance as we know it.”

Ali also states that building and maintaining relationships with all stakeholders involved is key to success in the crypto domain.”We at Phoenix don’t view our industry peers as competitors for one simple reason – we collectively are a bigger force and stronger in numbers with a common goal when it comes to market awareness and education, navigating the regulatory hurdles we all face, and achieving the global acceptance and adoption that we all would like to see. So, be it another Bitcoin miner or another crypto exchange, we may have different market shares and revenues, but it is clear we all share the same goal and vision– to bring the world of crypto to the fingertips of every single person.”

→ Back in 2017, when he was

launching Phoenix Group, Ali had brought a wealth of professional experience to the nascent crypto and blockchain space- he had then been working for more than 20 years in capital markets, which encompassed executive banking roles in Citigroup in London and Dubai, as well as the business know-how of a seasoned real estate developer who delivered luxury branded resort hotels in the Eastern Caribbean.

}“ The cutting edge technology

of blockchain, decentralized finance, and everything that this ecosystem brings can and will revolutionize the world of finance as we know it.”

ere, Ali adds that one crucial pillar of Phoenix Group’s success is thanks to it having the best of the best on board the enterprise– and this includes everyone from its 400-strong team, to its board. Now, as Phoenix Group gets ready for its IPO, Ali reveals that the company is also implementing

additional governance, controls, and processes across the organization to secure its future. “Transitioning to a public company is not a decision taken lightly, as Bijan and I have always treated our company and staff like family,” he explains. “While we move forward with the IPO, we hope to maintain our startup mentality, hustle, and speed. However, we acknowledge that operating as a public entity comes with more controls and processes in place.” In line with this, finding the right balance between maintaining the Group’s entrepreneurial spirit and adhering to the requirements of being a public company will be high on Ali’s agenda. “To be honest, a genuine concern is the potential red tape and corporate bureaucracy, which would be expected of any publicly listed entity,” he admits. “This is something to be expected, irrespective of which industry you are in when it comes to listing. We believe that we are as prepared as we can be, by building our relationships with all the regulators and authorities since the start of the year to ensure we are always in compliance.” November 2023 / E N T R E P R E N E U R . C O M / 33

} I AIM TO CREATE AN ORGANIZATION THAT CONSISTENTLY DELIVERS UNPRECEDENTED RETURNS TO OUR STAKEHOLDERS, SHAREHOLDERS, INVESTORS, AND THE DEDICATED TEAM THAT HAS BEEN OUR BACKBONE THROUGHOUT OUR JOURNEY.”

The executive summary Q&A with Munaf Ali Q: What is your advice for those looking to invest in the world of crypto? “The key message for investors is that the future of cryptocurrency holds great promise, and we believe it is well poised for mass adoption. Cryptocurrencies have gained significant traction, and they have become an integral part of the financial landscape, so its potential for growth and innovation is undeniable. Cryptocurrencies offer numerous advantages, such as decentralization, security, and efficiency in transactions. It has the potential to revolutionize various industries, including finance, supply chain management, and digital identity verification. As more businesses and individuals adopt cryptocurrencies, the demand and utility of these digital assets are likely to increase. However, it is important for investors to approach cryptocurrencies with caution and conduct thorough research. The market can be volatile, and risks are inherent. It is advisable to diversify investments and seek professional advice to make informed decisions. Overall, while the cryptocurrency market may experience volatility, the underlying technology and its potential applications indicate that it is here to stay. Investors who understand the risks and opportunities associated with cryptocurrency can position themselves to benefit from its promising future.”

'TREP TALK Munaf Ali shares his tips for entrepreneurs in the UAE and beyond

} DREAM BIG, AND EXECUTE “The UAE offers exceptional

opportunities for entrepreneurs and businesses. It is a place where ambitious individuals can turn their dreams into reality through hard work and determination. Believing in your vision, especially when others may doubt it, is crucial. The ability to execute your vision is equally important, as it requires strategic planning, adaptability, and perseverance.”

t the end of the day though, such efforts are in line with Ali’s vision to establish the Phoenix Group as a globally recognized leader in its industry. “I aim to create an organization that consistently delivers unprecedented returns to our stakeholders, shareholders, investors, and the dedicated team that has been our backbone throughout our journey,” he declares. “By striving for excellence and innovation, we will position Phoenix as a frontrunner in the market, gaining recognition and respect on a global scale. Our commitment to delivering exceptional value and results will ensure that our stakeholders, including customers, partners, and employees, benefit from their support and association with us. Together, with the unwavering support of our team, we will work tirelessly to achieve our vision, and create a prosperous future for Phoenix and all those involved.” 34 / E N T R E P R E N E U R . C O M / November 2023

} SEEK OUT A PARTNER FOR YOUR ENTREPRENEURIAL JOURNEY

“Choosing the right co-founder is a critical decision. A cofounder should share a common goal, and have a dynamic relationship with you, where you both complement each other. Alignment in values, vision, and work ethic is essential for a successful partnership. Together, you and your co-founder can drive the company forward, and overcome challenges.”

} GET THE RIGHT PEOPLE AROUND YOU “Building a strong and

capable team is vital. Your team members play a significant role in the success of your business. Hiring individuals who are aligned with your vision, and possess the necessary skills and dedication, can contribute to the growth and achievement of your goals. Nurturing a positive team culture and fostering collaboration can enhance productivity and innovation within your organization.”

Invests In Entrepreneurs What Are You Building?

Learn more at entrepreneur.vc

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Gear

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

GO PRO →

In The Fold ↑

/Apple Macbook Pro with M3

With powerful processing and improved performance, the new 14-inch Apple MacBook Pro with M3 is perfect for aspiring creatives, students, and entrepreneurs. It features a brilliant Liquid Retina XDR display with 20% brighter Standard Dynamic Range (SDR) content, a built-in 1080-pixel camera, an immersive six-speaker sound system, and a wide array of connectivity options. Plus, with up to 22 hours of battery life, the Macbook Pro

/Samsung Galaxy Z Fold5 with M3 offers portability, delivering the same performance whether plugged in or on battery, so you can work seamlessly from anywhere. The device is up to 60% faster than the 13-inch MacBook Pro with M1, and with its advanced thermal system, it unleashes the full potential of M3 for sustained performance. Furthermore, the MacBook Pro with M3 is better for the environment. It uses 100% recycled rare earth elements in all magnets, and 100% recycled tin soldering and gold plating in multiple printed circuit boards. In addition, its durable enclosure is created from a custom alloy that uses 100% recycled aluminum. The laptop is available in silver, space gray, and space black- the last being a stunning new color sealed with a finish to reduce fingerprints.

The Samsung Galaxy Z Fold5 offers an immersive viewing experience, and it enhances productivity twofold (pun intended) with the Snapdragon 8 Gen 2 Mobile Platform for Galaxy. The device certainly lives up to its name, with it featuring a new Flex Hinge that allows you to fold the device, making its massive screen pocketsized. The 7.6-inch main screen brings you gaming like never before, cinematic viewing, and PC-style productivity– all on a tablet-sized device. In fact, you can keep three windows open on one screen, thereby allowing you to stream, shop, browse, and play simultaneously. The task bar, which holds up to 12 apps at once, allows you to swap between apps easily. Its advanced camera system, featuring a 50MP wide-angle camera, allows you to shoot like a pro. Plus, its unique form factor enables features such as FlexCam, which allows you to take photos from creative angles. Weighing in at just 253g and 13.4mm thick, but with a massive 4400mAh dual battery system, the device remains portable. Designed with the planet in mind, Galaxy Z Fold5 is made from a wide variety of recycled material including pre-consumer recycled glass aluminum and post-consumer recycled plastics.

Work It Out ←

IMAGES © APPLE | CANON | SAMSUNG

/Canon imageFORMULA DR-S250N The Canon imageFORMULA DR-S250N is a reliable, secure, and productive compact desktop scanner designed to serve flexible workspaces. You can quickly scan and share documents from a wide range of devices including tablets, PCs, MacBooks, and Chromebooks. Plus, you can connect seamlessly via local area network (LAN) environments or directly through USB. Equipped with powerful web scanning functionality, it removes lengthy set-up times caused by driver or software installations. Optical Character

Recognition (OCR) can also be used to create editable and searchable files, for effective collaboration and document sharing across teams. Compatible with a wide range of document types, including legal-sized documents, receipts, businesses cards, and passports, the scanner supports a broad range of office tasks. Plus, the imageFORMULA DR-S250N has been designed with sustainability in mind as renewable solar energy is used during production, and its packaging can be reused and is biodegradable. Recycled plastics are also used to build the device, and it also makes use of durable components that are designed to last longer.

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

November 2023 / E N T R E P R E N E U R . C O M / 37

Gear

The Executive Selection

From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks include Calvin Klein, Parmigiani Fleurier, and more

DISTINCTIVE BY DESIGN →

Calvin Klein Fall 2023

Calvin Klein’s Fall 2023 men’s collection is centered on bringing a fresh approach to refined dressing- this line sees the American fashion house choosing to modernize essential styles with new materials and relaxed fits. Keep an eye out for the design details too- soft suiting and wool-blend knitwear project premium comfort, while diamond quilt details and technical features offer textural interest. And then, there’s the seasonal outerwear- everything from the leather shearling jacket to the sateen bomber jacket is ideal for layering, and they can be easily styled with tailored separates. calvinklein.com

← ↑ Calvin Klein Fall 2023 38 / E N T R E P R E N E U R . C O M / November 2023

↓ SERENE REFINEMENT |Tonda PF by Parmigiani Fleurier

I M A G E S C O U R T E S Y C A LV I N K L E I N | PA R M I G I A N I F L E U R I E R | C H A R L O T T E T I L B U R Y | T H A M E E N L O N D O N

Looking for a timepiece that can accompany you from day through night, from business through leisure? That may sound like a tall order- but not if you consider the two new models that Swiss luxury watchmaker Parmigiani Fleurier has introduced to its versatile Tonda PF collection. For starters, check out the reimagined version of the rose gold, ruby dial Tonda PF 36 mm that famously won the Women's Watch Prize at the 2022

edition of the Grand Prix d'Horlogerie de Genève- this sleek, minimalist timepiece now comes with an eye-catching, rich ruby alligator strap. Then, there’s the brand's first Tonda PF Automatic in two-tone rose gold and steel- the precious metal makes its presence felt in the timepiece’s finely knurled bezel, as well as in the links on its bracelet, all of which only accentuate its streamlined silhouette. parmigiani.com

EDITOR’S PICK

BRAVI BY THAMEEN LONDON ↓ British fragrance brand Thameen London has unveiled Bravi, the latest addition to its Britologne Collection, which has been declared to have been inspired by the world of opera, as well as the human attributes of trust, friendship, and loyalty. Presented in Thameen London’s signature bottle in clear frosted glass with a magnetic silver cap, Bravi has intoxicating tuberose spiced up with an overdose of ginger, and dramatized with a novel walnut milk accord. All of the notes are blended in a manner that accents the tension between them, which makes Bravi, quite simply, an olfactory delight. thameenfragrance.com

DRENCHED AND DEWY →/ Charlotte’s Magic Water Cream by Charlotte Tilbury 10 years after the launch (and success!) of Charlotte’s Magic Cream, Charlotte Tilbury MBE, founder, Chairman, President, and Chief Creative Officer of Charlotte Tilbury Beauty, has now reinvented the British brand’s award-winning creation as Charlotte’s Magic Water Cream. This lightweight, fragrance-free, immediate-skinrevival, gel-cream moisturizer has a unique, bouncy, cloud-like texture, and it will instantly sink into the skin for the best dewy, freshwater glow of your life. And how does it do all that? Well, Charlotte’s Magic Water Cream has been infused with a matrix of targeted ingredients- from niacinamide that helps balance skin and reduce the look of pores, to a biopeptide complex that improves the appearance of skin tone and texture. Plus, it also features Charlotte’s Unique Waterlocking Fusion Technology- a hydrating blend of ingredients that work in synergy and train the skin barrier to retain more moisture, while

also effectively delivering hydration with every application. Massage a pea-sized amount of Charlotte’s Magic Water Cream into freshly cleansed skin as part of your morning routinethe results will speak for themselves. charlottetilbury.com

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

Entrepreneur Escapes

Siyam World Maldives LUXURY MEETS ADVENTURE ON THIS ISLAND RESORT

n the heart of the Maldives, there is a resort that awaits those who seek adventure and relaxation in equal measure: Siyam World Maldives. If you’re looking for something a little beyond what travelers expect from a textbook Maldivian trip, this one might be for you. Siyam World Maldives is a five-star luxury resort that falls under the banner of Sun Siyam Resorts, an award-winning hospitality group that has its properties spread across the island nation and beyond. Sun Siyam Resorts was formed as a travel agency three decades ago, and it has since grown and diversified into complementing businesses including logistics, sustainable farming, and construction. Today, Sun Siyam Resorts manages five affordable luxury five-star and four-star private island properties in the Maldives, as well as a five-star boutique beach retreat on the east coast of Sri Lanka.

40 / E N T R E P R E N E U R . C O M / November 2023

“

un Siyam is the visionary creation of Maldivian entrepreneur, Ahmed Siyam Mohamed, and one of the most forward-thinking and dynamic companies,” Deepak Booneady, CEO of Sun Siyam Resorts, reveals. “Every resort in the Maldives has beautiful white sandy beaches, restaurants, and a gorgeous reef, and so do we– but what makes those under the Sun Siyam Resorts umbrella different are its collection of unforgettable and unique experiences catered to every sort of traveler. We are known for inventing and thinking outside the box.”

The creative approach that Booneady is talking about here is easily evident when one is a guest at Siyam World Maldives. While each property under the Sun Siyam Resorts banner has its own particular unique selling point, Booneady says that Siyam World Maldives is “unapologetically quirky”and we’d have to agree. The 54-hectare island resort is located in Noonu Atoll, which is an approximate 45-minute seaplane flight from Velana (Male) International Airport, and it is known for hosting the Maldives’ biggest floating water park, as well as the nation’s first resort horse ranch. With 18 accommodation categories ranging all the way from one- to six-bedrooms (all of which come with private pools, by the way), travelers are spoilt for choice with everything from beach

pool villas to expansive beach residences. Here, Booneady suggests checking out the overwater villas with their own water slides- a playful addition to what are essentially luxury offerings. “My favorite room type at Siyam World Maldives is our overwater villa with pool and slide, as it’s unique to the destination, and a fun addition to the room itselfbecause who doesn’t want to slide into those crystal-clear lagoons and turquoise waters?” Booneady says. “Additionally, we are the only resort in the Maldives that offers such a huge inventory of overwater villas with slides. All of our room types come with a pool, and all overwater villas come with a slide.”

ut that’s not all. For thrill-seekers and explorers, Siyam World Maldives offers a

number of unforgettable experiences, from snorkeling, to diving, to underwater jetpacks. Booneady personally recommends a visit to the resort’s horse ranch, a truly unique experience in the Maldives. The resort also boasts one of the largest kids’ clubs in the Maldives, making it an ideal destination for families. “We’ve also got all

WE ARE THE ONLY RESORT IN THE MALDIVES THAT OFFERS SUCH A HUGE INVENTORY OF OVERWATER VILLAS WITH SLIDES. ALL OF OUR ROOM TYPES COME WITH A POOL, AND ALL OVERWATER VILLAS COME WITH A SLIDE.

other fun water-based sports and activities from jet-skiing to paddle-boarding or windsurfing,” Booneady says, “The island also features four kilometers of white sandy beaches and six kilometers of gorgeous coral reef to explore on foot, or with a snorkel in hand.” A perhaps unexpected treat of this resort are its special football camps, which are run by sporting legends like former professional footballer Marco Materazzi. “And you can also hone your skills at one of the football clinics hosted by stars like Esteban Cambiasso, a former star footballer for Argentina, Inter Milan, and Leicester City, and Walter Samuel, the talented assistant coach for Argentina,” Booneady adds.

I M A G E S © S I YA M W O R L D M A L D I V E S

iyam World Maldives also has a diverse culinary offering that is certain to get your mouth watering. With more than a dozen restaurants and bars spread across the resort, guests can sample cuisines from around the world, including Thai, Italian, Spanish, Indian and Japanese. Plus, in addition to the regular restaurants and bars, Siyam World Maldives also hosts a series of chef residencies throughout the

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

WE OFFER VERSATILE VENUES WITH STATE-OFTHE-ART AUDIOVISUAL EQUIPMENT. SOME OF OUR ROOM CATEGORIES, SUCH AS SUITES AND VILLAS, COME WITH PRIVATE WORKSPACES OR DESKS FOR ADDED CONVENIENCE

↑ Siyam World Maldives has 18 accommodation categories ranging all the way from one- to six-bedrooms, all of which come with private pools.

year at several of its specialty restaurants, particularly at The Cube, an intimate live cooking venue set directly at the beach. “We regularly invite the world’s most talented chefs to showcase their passion and skill, for example, culinary legend Claude Bosi, chef-patron of Bibendum, located in London’s iconic Michelin House, or Sebastian Frank, chef-patron of Berlin’s two Michelin-starred Horvath, or Michelin-starred chef Tom Brown, owner of Cornerstone in Hackney Wick, London, amongst others,” Booneady adds.

42 / E N T R E P R E N E U R . C O M / November 2023

iyam World Maldives is clearly a haven for vacationers- but that doesn’t mean it doesn’t cater to those who need to do business through the course of their travels! Indeed, Booneady says that the resort accommodates those who need to mix work with leisure- with high-speed internet, private workspaces, and versatile event facilities, it’s a paradise that fosters productivity. “Our wellequipped business center offers essential services like printing and scanning,” he adds. “Whether you need to host meetings or events, we offer versatile venues with state-of-the-art audiovisual equipment. Some of our room categories, such as suites and villas, come with private workspaces or desks for added convenience. Our attentive concierge services are also available to assist with any business-related needs, including travel arrangements and reservations.” The CEO also reveals that the resort has successfully hosted large corporate events, and it is, in fact, also gearing up to cater to the meetings, incentives, conferences and exhibitions (MICE) market. “We have held the biggest corporate island buy-out with nearly 1,000 guests last November, filled with celebrities,” Booneady says. “We have also hosted mega events like football matches in the World Sports Arena at Siyam World Maldives, which were played by FIFA legends such as Esteban Cambiasso, Carles Puyol, Eric Abidal, and Marco Materazzi, to name a few. The company also hosted multiple extravagant events with fireworks, pool parties that went on throughout the night, held product trainings for 1,000 people, and hosted famous faces from around the world. With the island’s capacity to host mega events, Siyam World Maldives is set for the coming year to cater to the MICE market as well as business travelers.”

he resort is thus an enticing proposition for the business-minded, Booneady says, especially for entrepreneurs seeking a rejuvenating yet productive escape. “Beyond the typical luxury resort experience, our idyllic setting provides an inspiring backdrop for businesscentric activities,” he notes, while adding that it’s the perfect spot for digital nomads too. “As the concept of remote work and digital entrepreneurship continues to thrive, Siyam World Maldives embraces the trend by offering highspeed internet access and well-appointed private workspaces in select room categories, allowing you to seamlessly blend business with leisure,” Booneady says. And Booneady should know how to blend these two, having had an extensive career in the hospitality industry for more than two decades.

island also “The features four kilometers of white sandy beaches and six kilometers of gorgeous coral reef to explore on foot, or with a snorkel in hand.”

Recommended by the CEO Sun Siyam Resorts CEO Deepak Booneady gives the low-down on Siyam World Maldives }FOOD “For those looking to unwind,

Siyam World Maldives offers an array of dining options with a choice of more than a dozen restaurants and bars, including specialty restaurants with diverse culinary offerings, from Thai, Maldivian Grill, Italian, Indian to Japanese cuisines. We even have an incredible underground wine cellar. This extensive culinary offering ensures that our guests can indulge in a dining experience that caters to their every taste and preference, and offers diversity for longer staying guests, as you can basically go to a different restaurant every single night of your stay eating a different cuisine. Hence one of our major slogans at Siyam World Maldives, which is ‘Bye Bye Boredom - Hello Endless Escapades.’ One of my personal favorite restaurants at Siyam World Maldives is Arigato, our modern Japanese fine dining, as my favorite cuisine would probably be Japanese, and everything that comes with it.”

}LEISURE “Adventurous guests can

The CEO thus has a clear-cut formula for how to deliver a luxury stay: exceptional service, a commitment to quality and environmental sustainability, and the creation of unforgettable experiences. No surprise then that these are the same pillars that define Siyam World Maldives as well as Sun Siyam Resorts as a whole. “Hospitality is all about people,” Booneady concludes. “The mantra is simple- if the guests are happy, everybody from the staff, to the shareholders and the owners will be happy.”

partake in various water sports activities, from snorkeling, paddleboarding, to jet-skiing to the underwater jetpack by Cudajet or the Maldives’ first semisubmersible sea-breacher, while those seeking relaxation can indulge in rejuvenating spa treatments at our Veyo Spa. We have a variety of pools for adults, families, or kids alike, and incredible entertainment throughout the day and night, with live music, cultural or theatrical performances, themed nights for evening entertainment and regular artists, dancers, and celebrity chefs visiting the property for additional. Families traveling with children will appreciate our Kids’ Club, featuring engaging activities and childcare services or the World Sports Arena, one of the biggest sport complexes in Maldives, with a FIFA-sized football field, futsal courts, three different surfaced tennis courts, padel courts, badminton, basketball, beach volleyball and a lot more. I really enjoy visiting our horse ranch, and seeing our beautiful Marwari horses, or our new range of ponies at Siyam World Maldives. It’s such a unique experience to have in the Maldives, and Siyam World Maldives is the first and only resort to

have a proper horse ranch as well as stables, a vet, and all sorts of gear you’d need to properly enjoy a horse-riding session by the beach- a dream come true for many equestrian enthusiasts around the world.”

}SELF-CARE “Wellbeing at Siyam World

Maldives is a central focus of our resort experience, and it’s intricately woven into the fabric of our offerings. From our spa and wellness facilities at our Veyo Spa offering massages, yoga, and meditation in breathtaking settings, to a fitness center for those seeking an active escape, we recognize that the Maldives’ pristine beaches and tranquil atmosphere create an ideal backdrop for wellness. Our emphasis on healthy dining options complements the concept of nourishing the body while indulging in the stunning surroundings. It’s here, amidst the clear waters and lush greenery, that guests can find a profound sense of relaxation and mindfulness, making our wellbeing offerings particularly meaningful in a location as naturally serene as the Maldives. This holistic approach ensures that guests leave not only relaxed, but also revitalized, and inspired by the profound sense of wellbeing that the island and Siyam World Maldives offer.”

sunsiyam.com

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Strategize Your Space Seven essential points to remember before making your first small office investment by CELIA VRNAK

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he modern business environment has seen an encouraging resurgence of people returning to physical office spaces. Yet, for young SMEs, the transition often feels like solving a complex jigsaw puzzle. Every square foot counts, and every decision can either enhance or curtail results. As a professional organizer, I have worked on countless spaces to declutter, organize and set systems that super-boost productivity. Typically, SMEs consider bringing in a contractor or business consultant. For that, here is the ultimate guide to planning a small office space that is efficient and aesthetically pleasing:

IT’S CRUCIAL TO GET CRITICAL ABOUT WHAT YOU HAVE IN HAND, AND HOW MUCH EXCESS YOU ARE STORING. THE CLUTTER OF TOO MANY BINS AND BOXES CAN HINDER QUICK ACCESS TO ESSENTIAL ITEMS.

→ Celia Vrnak

founder, The Savvy Space

1/ZONE FLOW When it comes to organizing your workspace for optimal efficiency, it’s all about aligning your environment with your workflow. The first step is to ask yourself: what are your primary tasks, and how do they mesh with your work style? Are you a creative who thrives in collaborative spaces, or do analytical tasks demand solitude? While open layouts may seem appealing, they can often hinder productivity. Instead, start by listing every function and activity in your workday. Let function guide your design. If brainstorming is frequent, prioritize collaborative spaces. For focused work, create areas that minimize distractions. Remember, your workspace should serve your needs, not just follow trends or aesthetics. Craft a space that empowers your productivity. Also: talk to your team! Take a survey, and you might realize that the coffee corner being larger would have been the best investment if you had known. 2/OPTIMIZE VERTICAL SPACE Your wall space -an oftenoverlooked area- can be a gamechanger for your office setup. Consider installing shelves for storage, utilizing hanging organizers, or even incorporating vertical gardens to infuse a touch of nature into your workspace. These vertical solutions not only help declutter your office, but also provide valuable storage options. By making the most of your walls, you can keep your workspace tidy and organized, while maximizing storage capacity, creating an environment that fosters productivity and creativity. 3/LESS IS MORE: SIMPLIFYING STORAGE SOLUTIONS So, should it be baskets, or should it be bins? Neither- when designing

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your workspace, remember that more isn’t always better, especially regarding baskets and bins. While these storage solutions can be invaluable for organization, overdoing it can lead to inefficiency. It’s crucial to get critical about what you have in hand, and how much excess you are storing. The clutter of too many bins and boxes can hinder quick access to essential items. Instead, focus on creating a storage strategy that prioritizes accessibility and functionality. A wellorganized space should allow you to reach for what you need effortlessly without getting lost amidst an abundance of containers. 4/ VERSATILE FURNITURE While bespoke furniture may seem enticing for its tailored appeal, it’s often more prudent to focus on versatile business equipment. Think of it as an investment in the future

can be repurposed as a standing desk? A conference table that becomes a large-shared desk? This flexibility not only saves you resources, but also promotes a sustainable approach to workspace design, and promotes a growth mindset. 5/THE SHIFT IN OFFICE SUPPLIES: EMBRACE DIGITAL SOLUTIONS When was the last time you used white-out? Switching to digital systems is often a more practical and convenient choice for office organization. (Digital post-it note apps that keep your notes secure, instead of paper ones that fly off whenever you move your computer? Yes, please!). If you’re ready to shift paperwork and tasks to a digital format, how many of your current office supply items will still be relevant or necessary? For example, if you switch to storing files

equipment. Shared stations can serve multiple team members efficiently, reducing redundancy, and streamlining resource allocation. It’s all part of the movement toward leaner, more agile workspaces that embrace the digital age. (Here’s a tip: scan your reference materials with optical character recognition (OCR) to make it easier to find things with your device’s search function, versus rummaging through pages and pages of content!) 6/MOBILE OFFICE ELEMENTS Using movable dividers, rolling chairs, and desks on wheels can truly boost productivity. It showcases that not only can you effortlessly evolve with your team’s needs, but also foster a culture of flexibility and innovation. Your office becomes a dynamic and responsive environment that encourages creativity, teamwork, and productivity,

IN THE WORLD OF OFFICE PLANNING, SIZE ISN’T EVERYTHING. IT’S ABOUT MAXIMIZING UTILITY AND CREATING AN ENVIRONMENT THAT FOSTERS CREATIVITY AND PRODUCTIVITY. BY ASKING THE RIGHT QUESTIONS AND MAKING STRATEGIC DECISIONS of your workspace. Look for items that can easily transition with you as your business expands or your needs evolve. Imagine having furniture that can seamlessly adapt to different spaces and purposes, ensuring that it remains functional even as your office grows. Can a desk be repurposed as a coffee bar in the future? Or a side buffet coffee bar that

digitally, it may eliminate the need for binders, page holders, and/or a holepunch. Similarly, a wall calendar and markers will be made redundant using a digital calendar for scheduling. Bonus, you’ll save money by not having to replace physical office supplies. Moreover, don’t hesitate to adopt a communal approach to larger stationary

ensuring that you stay at the forefront of workplace efficiency. For instance, some things don’t have to be as stationary as previously thought. Create a rolling cart for meetings filled with all your technology supplies to make it easy to host a conference anywhere. (Time for another tip: ensure that you have several plug points across different walls or tables for your new space!)

7/ DECLUTTER REGULARLY Implement a “one in, one out” policy. When a new item comes in, an old one goes out. Regular decluttering sessions ensure that only essential items occupy your limited space. Coming up with a decluttering system can seem daunting, but you can replace that fear with fun routines including a weekly paper shredding party. Another cool strategy is testing all the markers once per month by having each employee write a nice or fun message on the community whiteboard. I would love to see companies integrate a monthly declutter challenge, i.e. if employees collect 30 things to recycle or ditch, they are rewarded in monetary or nonmonetary ways. In the world of office planning, size isn’t everything. It’s about maximizing utility and creating an environment that fosters creativity and productivity. By asking the right questions and making strategic decisions, SMEs can turn their compact spaces into hubs of innovation and collaboration. Before calling in external experts, trust in your ability to understand your team and your business. A thoughtful, space-savvy strategy can lead to an office space that’s both efficient and inspirational. Celia Vrnak is the founder of The Savvy Space, a professional home and life organizing firm specializing in creating streamlined systems that elevate spaces and transform lives. mysavvyspace.com

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1/ REBALANCING PRICING MODELS One of the more significant issues facing the metaverse is the unrealistic return on investment (ROI) expectations that emerged during the hype phase. In the first five months of 2022 alone, more than US$120 billion was invested in metaverse technology and infrastructure. During this surge, renowned brands such as Gucci, Atari, Adidas, and even rapper Snoop Dogg seized the opportunity to buy real estate in the metaverse, enticed by the prospect of simultaneously engaging with millions of customers or fans. Early adopters and investors pumped massive amounts of money into metaverse projects, especially virtual land grabs, often with little justification for their sky-high valuations. However, pricing models must be based on real-world value and utility, not speculation. Rebalancing the industry is essential to reestablish trust, and foster a more sustainable and credible metaverse landscape.

Reality Check Analyzing what’s next for the metaverse b y S A N D R A H E L O U

he whirlwind of excitement that initially surrounded the metaverse has given way to pragmatic concerns. Early iterations from metaverse frontrunners, hailed as the future of the 3D web, have fallen well short of expectations, offering little more than gamified virtual reality experiences with limited real world utility. Now that the hype bubble has burst, it’s time for a reality check. What is the current state of play for this emerging technology, and what does the future really hold? The road ahead may be challenging, but it remains promising. Here are six elements that we need to keep an eye on as we move into the future:

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2/ NEW BUSINESS MODELS THAT BETTER SUIT USERS AND CLIENTS Metaverse builders need to relook at their business models and prioritize understanding their clients and users. Long gone are the days where buying “scarce land” in the metaverse was a thing. Builders and founders need to understand that clients and brands are looking at rebalancing the over inflated pricing models that hit the market. There is a bigger focus on the prolonged vision and strategy rather than the hype train. 3/ PRIORITIZING USE CASES AND FUNCTIONALITIES Show me the strategy! As more brands enter the market across multiple industries and platforms, it’s becoming very clear who has a strategy for growth and who doesn’t. Attention must lie in building strategies for growth with use cases and functionalities rather than purely launching non-fungible tokens (NFTs) and

digital assets with limited to no value for the holder. This has ensured that more people are focusing on uplifting or building Web3-focused loyalty programs. However, for this to happen, we need clearly defined virtual worlds with seamless customer experiences and interactions. 4/ IDENTITY, SAFETY, AND SECURITY: STILL A CONCERN As the metaverse develops, so do concerns about identity, safety, and security. It’s imperative that we construct virtual realms that not only reflect our society accurately, but also foster inclusivity. Anonymity can encourage misleading behavior, and digital spaces must find ways to ensure user safety without compromising privacy. Robust know-your-customer (KYC) verification systems and proactive moderation are essential elements. As the metaverse matures, we will need new governance standards and regulation to protect users and businesses. Building a culture of responsibility and accountability within the metaverse community is equally important. User communities need to play

an active role in shaping these rules. This also applies to intellectual property (IP) and ownership rights which help to maintain integrity in the creator marketplace. A case in point is the dispute between Hermès and Mason Rothschild over the MetaBirkins NFTs, which raised questions about trademark infringements and design integrity associated with the iconic Birkin handbag. This highlights the need for better legal frameworks when navigating the complexities of digital asset ownership. 5/ COMMUNITY AT THE CORE The objective of the metaverse should shift from being an activation that brings quick attention to a brand, to more about opening a new engagement channel between brand and user. The focus on collaboration and feedback loops have evolved and the community is looking for rewards and incentives for their user generated content (UGC) as well as the push in the creator economy. Platforms like Fortnite and Zepetto are making significant breakthroughs. These platforms have evolved from pure gameplay to prioritize

ATTENTION MUST LIE IN BUILDING STRATEGIES FOR GROWTH WITH USE CASES AND FUNCTIONALITIES RATHER THAN PURELY LAUNCHING NON-FUNGIBLE TOKENS (NFTS) AND DIGITAL ASSETS WITH LIMITED TO NO VALUE FOR THE HOLDER.

user engagement, creativity, and community-building. In doing so, they have set new benchmarks for what the metaverse can offer. They demonstrate how user-generated content creates a thriving creative community within the game, and they are paving the way for a more immersive and interconnected metaverse. This shift in platform appeal is a positive sign, and it demonstrates the potential for the metaverse to become a genuine cultural and economic force. 6/ METAVERSE AS A BUSINESS LAYER, NOT JUST AN ACTIVATION Beyond entertainment and gaming, the metaverse will add a new layer of engagement and commerce for businesses. We are already seeing compelling use cases for human resources (HR) onboarding in a shared virtual space, immersive employee training, and virtual collaboration tools that redefine remote work. Companies such as Accenture have harnessed the technology to provide interactive onboarding training, allowing them to improve retention of learnings by 33%. We’re also seeing a growing number of industrial applications, particularly in the auto industry. Manufacturers like BMW are using more advanced virtual reality technology to perfect fabrication plans more efficiently and collaborate across plants. Digital twins can accelerate sustainability and the circular economy at speed and scale, especially for production and maintenance activities. Immersive spatial web technologies are developing rapidly, and the metaverse is simply the Web3 layer that integrates these 3D technologies, and enables virtual marketplaces to flourish. Yes, we are still in the early stages of metaverse development, but its future is bright. The bursting of the hype bubble has brought a much-needed reality check, refocusing attention on what truly matters. It’s time to work together to build a more robust, credible, and sustainable phygital frontier that benefits us all.? Sandra Helou is the co-founder and CEO of MetaMinds Group, a Zilliqa Group company. metamindsgroup.com

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Celebritizing Vs. Celebrating Entrepreneurs Preserving authenticity in a personal brand-obsessed world by AMEL OSMAN

genuine identity requires no announcement. But the moment one feels compelled to proclaim their personal brand, they risk losing the very essence of authenticity that underpins their credibility and appeal. Arguably, there exists no rigid blueprint for cultivating a robust personal brand- the methodology must remain as adaptable as the individual it represents. However, we often see entrepreneurs encouraged to share remotely constructed thought leadership, put together by teams with limited access to their firsthand experiences and perspectives. We see them sent content calendars, with preconceived narratives, to engage on LinkedIn with a pre-defined list of industry stakeholders. They are assigned speaking opportunities

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on peer panels, most of which are recommended based on a rigid set of criteria that rarely evolves or takes into consideration their personality traits and developments of interests. It seems that authenticity falls by the wayside when the focus becomes eagle-eyed on celebritizing entrepreneurs. Once a strong personal brand is identified, distilled, and substantiated, the right opportunities to elevate it naturally come along. There is no need to actively seek them out. When entrepreneurs embrace their true selves, without preconceived narratives shrouded in industry statistics and mundane news jacks, they not only resonate with their stakeholders, but they also cultivate real trust that stands as the bedrock of enduring relationships. A personal brand professional is instrumental in fine-tuning an entrepreneur’s essence, enabling the creation of a personal brand that profoundly resonates with their audience. However, caution is advised when embracing a rigid and systematic approach that’s often imposed on entrepreneurs. This structured process typically commences with extensive evaluations, encompassing personality assessments, strengths and weaknesses analysis, and a thorough exploration of the entrepreneur’s values, beliefs, and passions. While this method offers a structured foundation, it can be viewed as limiting in the realm of personal brand development, potentially hindering the true essence and authenticity of the entrepreneur from shining through. Here’s a list of what I like to call enemies to authenticity:

} Overemphasis on assessment tools Relying heavily on assessments might lead to a situation where the entrepreneur’s personal brand becomes overly dictated by the results of these assessments. It may confine the entrepreneur to a predefined set of traits or characteristics, hindering the natural evolution and growth of their brand. } Risk of stereotyping Comprehensive assessments can also inadvertently pigeonhole an entrepreneur into certain categories or labels, potentially reinforcing stereotypes. This can limit creativity, individuality, and the ability to

break free from conventional molds in personal brand development.

} Potential for inauthenticity Another issue when beginning with assessments is the risk that the entrepreneur might be tempted to present themselves in a way that aligns with the perceived “desired” traits from these evaluations. This can result in a personal brand that feels forced or inauthentic. } Neglecting flexibility and adaptability A rigid structure starting with assessments might also hinder the entrepreneur’s ability to adapt and evolve as circumstances change. Personal brands need to be flexible, capable of adjusting to new experiences, learnings, and shifts in market dynamics. } Missing the organic growth process A structured approach might overlook the organic, real-world experiences that often shape an entrepreneur’s personal brand. Learning through practical ventures, challenges, and interactions with stakeholders is a crucial aspect of building an authentic personal brand. This helps in identifying the unique attributes that define the entrepreneur. A strict, assessment-focused approach may stifle creativity, limit authenticity, and impede the dynamic and adaptable nature that is vital for a successful personal brand, especially in the entrepreneurial realm. Instead, a more flexible and holistic approach that allows for organic growth, real-world experiences, and authentic expression may be more conducive to effective personal brand building. But what about safeguarding your personal brand? Well, only you can be a true gatekeeper for

your brand. So, the next time your public relations and communications team approaches you with an opportunity to speak, or a caption to post, ask yourself the following questions:

} Does it align with my values and principles? Define your core values and principles. Understand what matters most to you personally and professionally. Make decisions and conduct business in alignment with these values, even when faced with challenging situations or temptations to compromise. } Is this an opportunity to tell my unique story? Share your journey, experiences, and motivations authentically. Be open about your struggles and triumphs. Your unique story sets you apart, and it also allows others to connect with the real person behind the brand. Authentic storytelling fosters genuine relationships. } Can I engage with transparency and honesty? Be open and honest in your interactions with stakeholderscustomers, partners, employees, and the community. Communicate openly about your products or services, challenges, and aspirations. Transparency builds trust and credibility- the key elements of an authentic brand. For entrepreneurs, personal branding should not simply be considered a tool to sustain enduring relationships, foster growth, and achieve business results. Instead, the ultimate goal should be to achieve relevance and resonance with a truly distinct authenticity that has your audience anticipating every exchange.

PASSING THE TORCH InstaShop founder John Tsioris steps down as the company’s CEO; Nikola Cabarkapa, former COO, will now lead the Dubai-based online grocery and delivery platform

nstaShop founder John Tsioris is stepping down as CEO of the Dubai-based online grocery and delivery platform. Tsioris will be succeeded by Nikola Cabarkapa, who was previously the COO of InstaShop. Cabarkapa, who has been an integral part of InstaShop’s development since 2017, has held multiple roles during his tenure with the enterprise, and a statement noted that “he is well positioned to lead the company into its next phase.” “It has been a privilege and a truly fulfilling experience to lead InstaShop through its journey of rapid growth and transformation,” Tsioris said. “All these years with such a wonderful team has filled me with memories that will be cherished. I now have absolute confidence in Nikola’s ability to take InstaShop to the next level. His dedication, experience, work ethics, and vision make him a natural choice as a successor.” Meanwhile, Cabarkapa said, “I am honored and excited to take on this new role. InstaShop’s trajectory to this point has been remarkable, and I intend to continue John’s excellent work in leading InstaShop to reach its full potential. I would like to thank John and Ioanna for the support and opportunities over the years, and for their trust throughout this rewarding journey. I am very excited to step into this role, and to continue delivering superior service for our customers.” Tsioris founded InstaShop in 2015 with Ioanna Angelidaki. Under their leadership, the company grew to become one of the most prominent names in the MENA region’s online grocery and delivery industry. In 2020, InstaShop was acquired by Delivery Hero, a global leader in online food ordering and delivery, for US$360 million. Since the acquisition, InstaShop continued to operate as an independent brand under Tsioris and the local leadership team. instashop.com

Amel Osman is a Partner at Instinctif Partners. instinctif.com. November 2023 / E N T R E P R E N E U R . C O M / 51

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Navigating Social Media Amid a Crisis A guide for entrepreneurs b y K AT H A R I N A H I C K E R

n a world of rapid-fire, viral posts, instant share, and quick reactions, mastering social media is a must for any entrepreneur. But what happens when the world around you is embroiled in political conflicts and humanitarian crisis? Now, you’re not just navigating hashtags and emojis– you’re treading on thin ice, where a single misplaced word can send ripples through your professional and personal life. Let’s set the stage. Social media, particularly for entrepreneurs, is a double-edged sword during

crises. On the one hand, it’s a powerful tool to express solidarity, raise awareness, and mobilize support. On the other, it’s a minefield, where a single “lazy” post can backfire spectacularly.

humility, respect, and thoughtfulness. It shows that you understand the gravity of the situation, and are taking the time to process it. So, when in doubt, take a breath- and a break.

THE ART OF SILENCE: WHEN LESS IS MORE In times of crisis, silence can be your most potent weapon. Before you rush to post your thoughts on every twist and turn of the situation, pause and think. Gain awareness of your own emotional response before contributing to the noise. Silence communicates

THE DELICATE DANCE OF DIPLOMACY Now, let’s address the necessity of speaking up. When you do decide to share your thoughts or support a cause, approach it with diplomacy. Be clear, concise, and above all, considerate. Remember, the digital world can be brutal, so choose your

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words wisely to avoid unintentional controversies, misunderstandings, and provocations. Consider this post from an entrepreneur: “This is an absolute disaster! The blame is 100% on X.” Strong, perhaps even accurate, but it’s missing nuance. A better approach would be: “These are challenging times, and it’s essential for us to support one another. Let’s focus on finding solutions that benefit the humanitarian efforts.” Here, you are acknowledging the problem while promoting unity. You are creating value, rather than adding fuel to the fire. EMPATHY IS A SUPERPOWER In times of crisis, the ability to understand the emotions and concerns of your audience is invaluable. Acknowledge the pain, frustration, and fear that people might be feeling right now. Let them know you share these sentiments. For instance, say: “I can only imagine the distress many are going through right now. Let’s stand together, and work toward a resolution.” Here, remember, you can say your piece, but keep the conversation respectful and open-minded. Encourage different viewpoints, but stay firm in your values. So, use statements like: “I recognize there are varying perspectives on this issue. I’m open to discussing and learning from diverse viewpoints.” This way, you’re fostering dialogue, instead of conflict. TIMELINESS AND RELEVANCE Being timely is also crucial. While remaining silent initially is wise, when you decide to speak, ensure that your message is relevant. Share information that truly matters and contributes

positively. For example: “Here are resources and ways we can help those affected by the crisis.” Your message thus becomes not just noise. Also, consistency and transparency are your best friends. Be reliable, accurate, and transparent in your communication. Finally, before you hit that ‘post’ button, ask yourself these questions: is it respectful? Is it relevant? Is it empathetic? Will it promote unity? Your words hold immense power, and with great power comes, you guessed it, great responsibility. THE STRENGTH OF ACTION Of course, it’s not just about what you say; it’s also about what you do. Actions speak louder than words. If you genuinely want to make a difference, roll up your sleeves, and get involved. Share your contributions and efforts to inspire others to join in. Whether it’s fundraising, volunteering, or support initiatives, showing your actions on social media can be a powerful catalyst for change. HANDLING BACKLASH WITH GRACE Backlash is almost inevitable, especially when discussing sensitive topics in times of crisis. The key to handling negative reactions is to remain poised and empathetic. If you receive negative comments or criticism, don’t react impulsively. Take a step back, assess the feedback, and respond calmly. Address concerns, offer clarification, and, if needed, apologize when you’ve made a genuine mistake. Criticism can be an opportunity for growth and learning. The most important thing: don’t post and hide. Once you took a stance, it’s your time to listen. As an entrepreneur, you’re not just representing your business; you’re representing yourself and your values. Your social media presence is an extension of your personal brand. How you navigate these choppy digital waters will shape your personal and professional reputation, but it will also contribute positively to the resolution of these turbulent times that we find ourselves in. So, be mindful, be empathetic, and be bold in your pursuit of constructive social media communication.

Making Change Happen The talent that will bring Saudi Arabia's Vision 2030 into focus b y M O H A M A D T U R K

audi Arabia’s job opportunities and openness to international talent are at a historic high. The Kingdom has seen the strongest increase in employment in almost five years, as companies look to add to their ranks in response to economic growth. Central to this is economic diversification, which is currently underway at all levels.

The Kingdom has underscored the desire to diversify its oil-dependent economy through its US$700 billion sovereign Public Investment Fund (PIF), which will create a healthy foundation for businesses to thrive. Investments are funneling into new sectors including space, defense, entertainment, sports, tourism, and culture. The industrial sector, propelled by manufacturing, energy, and infrastructure, is a vital space that is rapidly developing, with certain areas witnessing exponential growth. This is notably observed among mining, defense, aviation, transportation, maritime, and agriculture sectors.

} Total industrial investment reached $38.5 trillion in December 2022, powering the operations of more than 10,500 factories. For instance, the automotive industry is booming. Lucid Group’s first international manufacturing plant in the Kingdom aims to produce some 150,000 vehicles per year. In the aviation sector, the Kingdom has pumped $30 billion into its new flag carrier Riyadh Air, which plans to serve 100 destinations by 2030. Defense and agriculture are areas similarly primed for growth. Home to one of the fastest growing defense sectors in the world, the Kingdom maintains its position as the dominant player in the MENA market, with defense accounting for around 9% of its gross domestic product

Katharina Hicker is the Managing Director of Castleforbes Communications, a boutique public relations (PR) consultancy specializing in communication strategies across the Middle East, Europe, and the United States. She is also a communications coach, with over 15 years of Fortune 500 experience. With leadership roles at Google, Careem, and McDonald’s, Kat excels in coaching executive speakers and guiding professionals on their journey to enhance their communication skills, and propel their careers to new heights. castleforbescommunications.com November 2023 / E N T R E P R E N E U R . C O M / 53

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building and education in areas of deep tech such as artificial intelligence (AI), internet of things (IoT), digital transformation, and prototyping. Leaders in emerging fields have an important role to play in ensuring that these and other critical skills continue to develop beyond the realm of education.

AGILE LEADERS WANTED

(GDP). Saudi Arabia is aiming to be among the world’s top 25 defense players by 2030 through Saudi Arabian Military Industries (SAMI), an entity wholly owned by the PIF. SAMI is expected to play a key role in localizing 50% of Saudi Arabia’s total government defense spending.

} Meanwhile, as the largest agricultural market in the Gulf Cooperation Council (GCC) region, the Kingdom is expected to register a compounded annual growth rate (CAGR) of 4.9% in its agricultural sector, with major expansion underway in multiple segments, as well as incentives from the Ministry of Environment, Water, and Agriculture to expedite Vision 2030 goals. Additionally, mining in Saudi is on track to triple its contribution to GDP by 2030, mainly led by Saudi Arabian Mining Company. To boost investment, the government has also implemented a range of incentives, such as tax exemptions, land grants, and streamlined licensing processes.

IMPORT AND UPSKILL Economic diversification is thus driving demand for foreign talent with new skills and valuable industry-specific expertise. The barriers to integrating expatriates into the economy have been greatly reduced. As the Kingdom expands and ventures into new sectors, companies are increasingly looking for subject matter experts from abroad with strong track records in their respective spaces, especially for positions where industry expertise is critical. Even at the C-suite level, global and cross-cultural exposure is highly sought after. 43% CEOs in the Saudi Arabia have cross-border experience compared to those in the Asia–Pacific APAC (41%) region, while the global average is 36%, according to Heidrick & Struggles’ Route to the Top 2022 report. Expat talent can add value to organizations through learnings from mature industries and markets as well as diverse leadership experience. This helps companies, sovereign funds, and governments sail past the “test and learn” stage to deliver faster, more sustainable results. The aim is for these expatriates to transfer best practice to help the Kingdom achieve the objectives of Vision 2030, as well as cultivate a new generation of homegrown talent. In addition to hiring internationally, the Kingdom is investing in upskilling local employees, and creating new job opportunities for young Saudi Arabians to create a steady stream of talent. For instance, King Abdullah University of Science and Technology (KAUST) and the Saudi Industrial Development Fund (SIDF) are providing training for local manufacturers to enhance capacity 54 / E N T R E P R E N E U R . C O M / November 2023

The industrial landscape in Saudi Arabia has become extremely competitive. With the ongoing push from the government to deliver on a wide range of projects, the private sector is experiencing pressure to hire the best talent in the sector. Against this backdrop, there are specific skillsets that are highly sought after among leaders in the space. Agility is a crucial skill that helps accelerate growth for businesses. Given the current pace of expansion and development, there is a demand for CEOs who can adapt fast to change, strategize for multiple eventualities in the face of uncertainty, and deliver results in a shorter period of time than ever before. Leaders must be able to learn from mistakes, and rally quickly in the face of failure. The ability to bounce back quickly is necessary for the organization to adopt what worked, and avoid what did not in the future. Change management is another salient skill for leaders in Saudi Arabia. CEOs cannot rely solely on predicting industry changes; they need to understand how to effectively act on that knowledge. To sustain success, leaders must begin by establishing the future objectives of their organization, taking stock of existing strengths they can tap into, and identifying areas that require improvement. To shift mindsets and scale organization-wide transformation, they should also create a framework and structure to facilitate the necessary changes, provide motivation, and engage in effective communication to drive this transformation, and lead by example.

} Passing on necessary skillsets to the Saudi workforce, and helping organizations develop proper succession planning will ensure that businesses build resilience for long-term success. While all leaders should understand the practicalities of the job, exemplary leaders know how to build and nurture the next generation of leaders in the workforce, and effectively implement succession planning in a systematic and sustainable way within the organization. Developing successors means imbuing the ability to lead through influence, drive execution, and create possibilities and innovation, as well as an ownership mindset. Another important factor for success is the ability to navigate the cultural landscape and fit into the market without losing focus on the company’s innovation objectives. This calls for a tactful approach and a level of ease -and tolerance- in working with a variety of unfamiliar stakeholders, including the board, which often comprises Saudi nationals, regulatory bodies, and government entities. This quality does not come naturally to every leader; identifying those who possess it will be key to realizing the multiple visions encapsulated in Vision 2030. Mohamad Turk is a Partner in Heidrick & Struggles’ Dubai office and a member of its global industrial practice. heidrick.com

November 2023 / E N T R E P R E N E U R . C O M / 55

Presented by

INNOVATION AWARDS

2023

Sponsored by

THE RECAP

Tech Innovation Awards 2023 ON OCTOBER 3, 2023, AT SOFITEL THE PALM, Entrepreneur Middle East staged the Tech Innovation Awards 2023, which recognized individuals and enterprises that have made a mark in the region’s tech industry. A production of BNC Publishing, the media house behind Entrepreneur Middle East, the event, which was hosted by Tom Urquhart, was sponsored by du, and organized in association with in5, Fluidmeet, Idealz One, and Blacklane. Designed to recognize the best of the region’s technology and innovation-focused endeavors, these awards celebrated outstanding teams and individuals who embrace new opportunities, and lead the charge in the dynamic world of technological innovation. The trophies were presented to the winners by Wissam Younane, CEO of BNC Publishing, Rabih Najm, Managing Director of BNC Publishing, and Jareer Oweimrin, founder and Executive Director of Fluidmeet.

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#ENTMEAWARDS

TECHAWARDSME.COM

Crypto Innovation of the Year Phoenix Group Best Data Analytics Solution Nybl Best Payment Solution nol Pay Best F&B Tech Solution Jalebi Best E-Commerce Solution IQ Robotics Best Tech Solution For Banking Lune Technologies Best Data Solutions Platform Reputation House Best Ride Hailing Platform Blacklane Best Digital Transformation ACWA Power Best Fintech Innovation Foodics AI Fintech Innovation of the Year Finamaze HR Software of the Year Emirates HR SmartCity Solution of the Year Urbi Cybersecurity Solution Of The Year DataPatrol Fintech Solution of the Year Qashio CleanTech Solution of the Year Archireef Blockchain Innovation of the Year Islamic Coin HR Tech Company of the Year Kabi Accessibility Innovation of the Year Bonocle Electric Vehicle Innovation of the Year Tembo E-LV Legal Tech Company Of The Year App4Legal Healthtech Startup of the Year Instapract Media and Entertainment Startup of the Year Kapturise Foodtech Company of the Year Jahez SME Tech Company of the Year Sanoflow WISSAM YOUNANE, CEO, BNC Publishing

Trading Platform of the Year EFG Hermes One Tech Solutions Provider of the Year Zain Tech Ecosystem Enabler Of The Year Dubai Internet City

WINNERS of the Tech Innovation Awards 2023

November 2023 / E N T R E P R E N E U R . C O M / 57

Presented by

INNOVATION AWARDS

2023

CRYPTO INNOVATION OF THE YEAR Phoenix Group

SMARTCITY SOLUTION OF THE YEAR

Urbi

BEST DATA ANALYTICS SOLUTION

Nybl FINTECH SOLUTION OF THE YEAR

Qashio

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#ENTMEAWARDS

TECHAWARDSME.COM

BEST DATA SOLUTIONS PLATFORM

Reputation House

AI FINTECH INNOVATION OF THE YEAR Finamaze

BEST PAYMENT SOLUTION

nol Pay

HR SOFTWARE OF THE YEAR

Emirates HR

November 2023 / E N T R E P R E N E U R . C O M / 59

Presented by

INNOVATION AWARDS

2023

HR TECH COMPANY OF THE YEAR Kabi

BEST F&B TECH SOLUTION Jalebi

BLOCKCHAIN INNOVATION OF THE YEAR

Islamic Coin

BEST E-COMMERCE SOLUTION IQ Robotics

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#ENTMEAWARDS

TECHAWARDSME.COM

TECH SOLUTIONS PROVIDER OF THE YEAR Zain Tech

BEST RIDE HAILING PLATFORM

Blacklane

HEALTHTECH STARTUP OF THE YEAR

Instapract

ECOSYSTEM ENABLER OF THE YEAR Dubai

Internet City

BEST TECH SOLUTION FOR BANKING

Lune Technologies CYBERSECURITY SOLUTION OF THE YEAR DataPatrol

November 2023 / E N T R E P R E N E U R . C O M / 61

Presented by

INNOVATION AWARDS

2023 FOODTECH COMPANY OF THE YEAR

TRADING PLATFORM OF THE YEAR EFG

Jahez

Hermes One

CLEANTECH SOLUTION OF THE YEAR Archireef

SME TECH COMPANY OF THE YEAR Sanoflow

ELECTRIC VEHICLE INNOVATION OF THE YEAR

Tembo E-LV

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#ENTMEAWARDS

TECHAWARDSME.COM

BEST DIGITAL TRANSFORMATION ACWA Power

BEST FINTECH INNOVATION Foodics

MEDIA AND ENTERTAINMENT STARTUP OF THE YEAR Kapturise

LEGAL TECH COMPANY OF THE YEAR App4Legal

ACCESSIBILITY INNOVATION OF THE YEAR

Bonocle

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

→ Mark Nutter

I M A G E C R E D I T E M I R AT E S H R

founder and Chariman, Yomly

Redefining Value As Emirates HR officially rebrands itself to Yomly, founder and Chairman Mark Nutter is getting set for his UAEbased enterprise to take on global markets b y A A L I A M E H R E E N A H M E D

November 2023 / E N T R E P R E N E U R . C O M / 67

Q&A

→ Yomly offers

HR software and payroll management across the GCC as well as globally.

hen British serial entrepreneur Mark Nutter first made his way from the UK to the UAE in 2014, he was already the founder of a human resources (HR) and employee management software firm that had clients in 600 companies across the UK and Europe. But soon after landing in the UAE, Nutter was presented with a compelling choice: either rebuild his platform from scratch to match the shift towards cloud technology adoption at the time, or sell the company to a UK-based enterprise that was listed on the Financial Times Stock Exchange 100 Index. Nutter chose the latter, believing it to be the right option from a tech-perspective, while secretly hoping that he could do with some free time on his hands. “But it didn’t take me long to start getting bored, which led me to look for a new venture,” Nutter says. “The obvious place to start was evaluating the HR space across the GCC. There seemed to be three distinct issues: companies were either using US/European platforms, and trying to work around the missing functionality needed for this region; dated legacy on-premise solutions that had been built for the region, but they had poor user experience; and still using Excel spreadsheets, and managing everything manually.”

Those observations eventually led to the launch of Emirates HR, a UAE-based HR and payroll platform designed specifically for the UAE and wider GCC region, in 2018. Built as a cloud-based platform, Emirates HR adopted a subscription-based revenue model to offer services that help GCC-based companies manage employee visas, no objection certificates (NOCs), document management, lunar calendar leave, as well as integration with wage protection systems. “Our target market is companies with 250+ employees, to companies with 50,000+ employees,” Nutter explains. “If you employ people across the GCC/MENA region, run multiple payrolls in and want an HR platform to engage with your employees, then our platform is for you!”

} Five years on, Emirates HR is flying high as a business- but it has also undergone a change in its identity. In October 2023, Emirates HR was officially rebranded as Yomly, and it is easy enough to understand why. After all, at the start of this article, 68 / E N T R E P R E N E U R . C O M / November 2023

if you took a moment to wonder if the company you were reading about had anything to do with a UAE-based airline, then you’re not alone. As it turns out, it was precisely this confusion that initially laid the groundwork for the name change. “When we first launched, we wanted a name that clearly showed we were an HR platform for this region, and the name Emirates HR has served us incredibly well,” Nutter says. “But the first time the name became an issue was after signing a global airline as a client. This airline didn’t want their employees using a platform that said ‘Emirates’ for obvious reasons, so very early on, we allowed our clients to rename the platform. As we started winning companies outside the UAE, the name was often queried as well. Initially, we promoted across the GCC with domains such as Bahrain HR, Kuwait HR, etc. but this strategy didn’t demonstrate that we were a platform catering to the entire region. So, back in 2020, we started the search for a new name.”

} It was then around this time that Yomly became a fierce contender in the race for a brand new name for the company. “Being a tech company, we wanted a short name, which was available as a .com domain, and, if possible, could reflect our roots as a UAE startup,” Nutter says. “What attracted us to Yomly was that ‫يوم‬ (pronounced “yom”) is the Arabic word for day, which is a large part of what we try to focus on: helping you and your employees manage their day. So, in 2021, we

↓ The Yomly Team

WE DON’T ENVISAGE COMPETING IN THE US OR EUROPE, BUT WHAT WE WANT IS TO BE ABLE TO OFFER OUR CLIENTS IN THE GCC/MENA REGION A PLATFORM THAT CAN WORK ACROSS THE WORLD TO ACCOMMODATE ALL THEIR EMPLOYEES.

launched Yomly in all the countries outside the UAE, and retained the use of Emirates HR locally. The new name has been well received, and so, we decided at the beginning of 2023 to complete the full transition, and become Yomly.”

} And with this new name has come new and renewed goals for the startup- and these fall in the realm of international expansion. “Yomly’s HR platform can be used in any country in the world, and we currently have users in 80+ countries,” Nutter explains. “For payroll, we operate in

nearly all the MENA countries, and we are adding new countries monthly. We have seen tremendous growth in the last year, which has boosted our expansion to the global market, catering to companies on an international scale. Additionally, as part of the rebrand, we are also moving into a 17,500 sq. ft. office across two floors within Business Central Towers in Dubai. This is a big commitment for the business, and it should allow us to eventually accommodate over 350 employees.”

} Here, Nutter says that scaling internationally had always been on the cards for the company. “The plan was always to be able to offer the platform globally, but with a focus on providing functionality for the UAE first,” he says. “We don’t envisage competing in the US or Europe, but what we want is to be able to offer our clients in the GCC/ MENA region a platform that can work across the world to accommodate all their employees. When building the platform, our aspirations were always to have a global reach, and, as such, the HR and payroll

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

Q&A

engines were built using tools that allow us to onboard new regions and countries quickly and easily, without the need to re-code/ develop.”

} According to Nutter, Yomly’s ability to assimilate any given country’s HR and payroll models onto its platform with zero coding efforts is one of the startup’s strongest differentiating factors. “Another key area that sets us apart from local and global competitors is that we have been built from the ground up, based on security and performance,” Nutter says. “Whilst most local competitors focus on small and medium enterprises (SMEs) and a multi-tenanted architecture, we segregate every client’s database to ensure the integrity of our client’s data. From the start, we have been certified as ISO 27001 (a global information security management standard), and we follow strict protocols. And for large multi-country clients, our biggest differentiating factor is cost and speed of implementation. We can save clients a significant amount against global database management platforms such as SAP and Oracle, whilst also significantly reducing the time it takes to onboard, especially when it comes to bespoke rules and configuration.” } But at the crux of all these efforts, of course, is Yomly’s underlying vision to simply negate the mundane and administrative aspects of HR- something Nutter and his team remain committed

→ Emirates HR

was rebranded as Yomly in October 2023. The new name i ncorporates t he Arabic word

‫يوم‬

(pronounced “yom”) to reflect how the enterprise aims to help companies and its employees manage their day.

to achieving as Yomly’s presence grows around the globe. “One of the areas we are focused on is creating intelligence around workflows, and looking, where possible, to reduce unnecessary management and admin time,” Nutter explains. “A simple example is the auto-generation of requested letters, where an employee makes a request through the mobile app. The Yomly platform will then decide if it can be generated without the need for human approval based on predefined criteria. This can also work for holiday/ sickness/expense approvals - for example, if I book one day off with enough notice, have the entitlement, and none of my colleagues are off on the same day, the platform can approve and notify the relevant people, rather than delays being caused by waiting for approvals.”

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} Yomly’s dedication towards digitizing HR operations earned it the Best HR Solution Of The Year award at Entrepreneur Middle East’s Tech Innovation Awards for two consecutive years in 2022 and 2023. “We also achieved a huge milestone at the beginning of this year, having successfully implemented HR and payroll services to a global entity managing 6,000 employees across 12 countries in the MENA region, allowing them to move away from a very expensive Oracle platform,” Nutter adds. “Following this milestone, we are now implementing the payroll platform for a prestigious school group across 16 countries throughout the MENA region. This group is set to be our largest client to date.” For all of the achievements Yomly can boast of today, Nutter directs his gratitude,

first and foremost, towards his startup’s clients. “Winning clients who love the platform has always been the easy part; the challenge has always been delivery at an enterprise level,” he says. “We have been very fortunate to have patient clients, who believe in the vision of the business, and understand that we are developing the platform as fast as we can, whilst trying to keep disruption to existing clients at a minimum. With that, our goal for Yomly over the next 6-12 months is to establish ourselves as the premier HR and payroll platform for SMEs and enterprise clients across the MENA region. Our aim is to help clients move away from expensive legacy systems, and benefit from the latest technology, improving the way they engage with their employees. And we’re confident we can make that happen!”

Q&A

Unlocking Success Ayaz Afandi, Managing Partner, Novum Information Technologies discusses how his startup’s move from Azerbaijan to Dubai has laid the groundwork for its international expansion b y A A L I A M E H R E E N A H M E D

While it is today a part of the UAE’s booming digital ecosystem, Novum Information Technologies (Novum) was founded in Azerbaijan in 2016 as a data analytics and reports automation company. “Back then, we were a team of only three people,” Ayaz Afandi, Managing Partner, Novum, recalls. “From there, we evolved into a full-scale information technology (IT) service provider, focusing on development of enterprise-level data warehouses with business intelligence-driven reporting, as well as software development services.”

→ Ayaz Afandi, Managing Partner, Novum Information Technologies

72 / E N T R E P R E N E U R . C O M / November 2023

Novum’s primary goal, therefore, is to transform complex data into a useful and digestible form for businesses. While most of the startup’s initial years were spent in Azerbaijan, it opened an office in Dubai in 2021 with hopes to expand its services to the global market. But even before this geographical move, only a year into its launch, Novum found itself getting recognized by tech giant Microsoft. “In 2017, we initiated a partnership with Microsoft, and dedicated ourselves to growing and learning by developing our competency in multiple streams within Microsoft Cloud, such as artificial intelligence (AI), data analytics, and independent software vendor (ISV)

DEDICATION IS THE ONLY KEY TO SUCCESS, NO MATTER WHERE YOU ARE IN TERMS OF REGION AND CONSTRUCTIVE APPROACH, BUT ONE OF THE MOST IMPORTANT THINGS TO BE MINDFUL OF WHEREVER YOU ARE IS CULTURE.

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

solutions” Afandi says. “Novum then became a Microsoft Gold Partner in 2019, and later evolved into Solution Partner in Data and AI and Digital and App Innovation, which is the title we currently hold.”

}According to Afandi, the lessons learnt through being affiliated with Microsoft have helped shape Novum into the entity it is today. “Currently, our services include providing consulting for digital transformation, which include but are not limited to data warehousing, business intelligence tools/reporting, and custom software development based on tailored requirements,” he says. “In our offerings, we use services/applications from Microsoft, as well as our own custom-build solutions. Using this approach, we can advise not only established and mature companies for their digital upgrades or shifts, but also companies that have no advanced IT solutions, on how to build things from scratch.” But Afandi is quick to add that his enterprise’s ability to look deep into what its clients require -on a case-bycase basis- makes Novum much more than just a regular tech enterprise. “We are not like those traditional IT companies that only focus on solution sales, or deliver only what customers want, or think is suitable for them,” he continues. “We help to work on requirements, plan IT budgets for our clients, adjust licensing costs, and try to be as flexible as possible in order to support their daily operations and payments. We believe looking into the needs of clients, and understanding their business is the most important factor for success.” }But while Afandi is confident such an approach can help Novum grow internally and externally, he remains

acutely aware of the knowledge gaps that first need to be filled in order to fulfill his enterprise’s vision. “We are working on expanding our services for digital transformation consulting beyond what the traditional services offer, but what the market currently suffers from is that there are always lags between consulting and the implementation of those consultations,” he says. “When you get into the actual work, you face different challenges and obstacles that were not considered or assessed. This then increases tension on the customer side. This also creates complications when customers want certain things, but they do not have a solid foundation to build it.”

}A big reason for this glaring gap, Afandi says, is the tendency among businesses to rush into digital transformation journeys without first understanding the technologies behind them. “For example, certain companies want to build data warehouses, without having proper enterprise resource planning (ERP), or even capturing data at an ERP level,” Afandi explains. “Building a data warehouse in such a situation renders it useless even if it is executed properly. With the next era of AI and machine learning (ML) coming in, there are many companies that want to build AI and ML models without incorporating proper historical data and data warehouses. Sometimes, they just rush into the trend, and then realize that certain required elements are not there. Unfortunately, some IT companies still push for such things, and the consequent failure leads to mass detachment, or trust issues with partners and customers. I would therefore advise business leaders to carefully consult with proper companies, look into references, and really understand the technological and data

needs first before taking any decision on such matters.”

}But while paying attention to the technological infrastructure has been one aspect of Novum’s operations, there’s been equal importance given to the human element of business as well. And according to Afandi, being based in the UAE has proven to be the ideal location to marry those two approaches. “Dedication is the only key to success, no matter where you are in terms of region and constructive approach, but one of the most important things to be mindful of wherever you are is culture,” Afandi says. “If you work in the UAE, you have to be able to understand different cultures. as the country is very much multinational/multilingual. The ability to communicate and interact on a daily basis with Emiratis, for instance, can be a very big advantage, and it can help you understand how things work in the UAE. Personally, I have been friends with many Emiratis and exposed to the culture for quite a long period, and I’ve always found them to be very welcoming and supportive people to be around. So, the ability to understand cultures is something that I consider a very big add-on value to success.” However, Afandi makes it clear that startups need to be patient whilst seeking results. “For any business, on an average, it could take up to three years to understand the market, and to be able to achieve anything,” Afandi says. “And despite all the points I’ve mentioned earlier, the main thing for success is that you have to deliver! The work and performance must be there; otherwise, there is no room for success. No matter what you do, or how you do it, this is ultimately the ultimate key to being successful- if you can’t deliver results, then the above listed points are just mere add-ons.” novum.tech November 2023 / E N T R E P R E N E U R . C O M / 73

Growth

Unlocking Opportunities Six lessons to learn from a UAE-based company's expansion into Greece by LARA OLIVEIRA

t Ogram, our vision is to pioneer “the new workforce” across the globe- fast. After successfully servicing 1,300+ active monthly clients with over US$8 million paid out to over 80,000 flexible workers across the UAE, we are now making our dream a reality. This year, we completed our first international expansion to Greece- and there’s more to come.

Greece is a country that ranks highly on many people’s travel wishlists, and not only as a holiday destination. For Ogram, there were many strong business reasons underpinning our choice. This summer alone, a reported 80,000 jobs went unfulfilled in the Greek hospitality sector, indicating a major untapped opportunity. Also, we see many similarities and familiar challenges between Greece and the UAE, such as how to digitize a nascent, underserved market, and capitalize on first-mover advantages. Reflecting on our journey so far, here are the top six lessons that we learned as a UAE-founded company expanding into Greece:

1/ GET READY TO SHAKE A LOT OF HANDS. In the modern

world of email, WhatsApp, and Zoom, it may surprise you to know that Greeks love in-person meetings. To do business here, get ready to meet a lot of people in person. Customers and clients want you to go to their offices, and they want to come to yours- and, of course, to schedule these meet-ups by phone! We learned this the hard way. Our first office was based in a suburb of Athens, a 15-minute drive from the nearest metro station. As a staffing platform offering a technological solution to finding part-time gigs, we had not anticipated that the people signing up for work would also want to come and meet us. But the office was

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

difficult for them to access, which prompted us to relocate to a new location just steps away from a metro station in order to support our goal of building customer trust in a new market. 2/ FIND A LOCAL PARTNER YOU CAN TRUST. Doing business

in Greece is 99% about building relationships. For a business to succeed here, you need a face, someone who understands the ins and outs of the culture, and the Greek way of doing business. We at Ogram were fortunate that fate would bring us Georgios Kalafatis, a Greek native who had built up an impressive career in London, to head up

our global expansion plans and Greek operations. One of the first major hurdles we faced -and this was our first taste of Greek bureaucracy- was getting our license to operate. Here, Georgios was meticulous in working out all the legal details, and chasing up progress relentlessly, in-person- we had discovered that if you don’t call in every day, someone else might get prioritized ahead of you. In addition, the Greek legal landscape is constantly evolving. The Greek government recently passed a groundbreaking new law in support of more flexible work

THE GREEK MARKET SERVES AS OUR ENTRY POINT INTO THE LARGER EUROPEAN LANDSCAPE, AS OGRAM EMBARKS ON ITS EXPANSION JOURNEY ACROSS EMEA

conditions that allows anyone to work for more than one employer at a time. Now, not only will a local partner save you huge amounts of money and time, they’ll also help you navigate our next tip. 3/ EMBRACE GREEK HOLIDAYS AND TRADITIONS. Once you open up

your Greek office, with your Greek partner, and employ your first Greek employees, the next step is to embrace the fact that you are in Greece. In addition to phone calls and handshakes, you’ll soon learn that punctuality is a loose concept (everyone is late), most office work comes to a grinding halt for the entire month of August (it’s true), it’s important to add all the Greek public and religious holidays to your calendar, and to pay close attention to the ones that get announced by the government at the very last minute! When Ogram co-founder and CEO Shafiq Khartabil first heard that most Greek offices close for the month of August, he couldn’t quite believe it. It felt counterintuitive for everyone to shut down for so long in the busy summer season. However, while the total number of client meetings dropped in August, our total revenues more than doubled. How? By switching our focus from new client acquisition, to client satisfaction and retention, this resulted in more orders from our existing client base.

4/ ADAPT YOUR STRATEGY TO THE LOCAL MARKET. Both the UAE and

Greece have a thriving hospitality sector, but they’re not built the same. Hotels in the UAE are large and mostly corporate-owned, while

in Greece they are smaller and dominated by family-owned businesses. When working with family-run shops, you need to adapt your strategy to understand their values, their loyalties, and again, invest in building a more personal style of relationship. As a technology company coming from abroad, we soon realized that we would first need to earn our clients’ trust. We set about doing so with in-person meetings, test pilot deployments, financial incentives, such as special first-time discounts, very creative problem-solving, and making sure that our customer service professionals understood the importance of checking in with each and every client to ensure their needs are met. 5/ DON’T COMPROMISE ON YOUR TEAM. When it comes to hiring, we

did not anticipate the challenges of building a team in Greece. Typically, the best employees are already employed, many of them on a permanent basis, and so, they’re not actively looking for a fresh challenge. From our experience, mostly fired or dissatisfied employees responded to our job ads, where most did not even meet our basic requirements. But once we tapped into our local network, we discovered that referrals are much more effective than job postings. We have now built a solid team of seven and growing, all through personal recommendations. Everyone went through the same rigorous selection and interview process, but the ones that came referred had solid references, better resumes, and were more enthusiastic about our company mission.

6/ EVERYTHING IS POSSIBLE. Finally, while Greece may seem a bit disorganized at first, you will soon learn that patience and persistence go a very long way. Greeks can be pessimistic by nature, using the word “impossible” all too lightly. Impossible, when said out loud, most often just means that someone doesn’t want to do something, or they simply don’t know how to. When there is an urgent need, exceptions are made, and while the procedures can seem illogical or cumbersome, you just need to follow them. Greece marks the initial phase of our broader, EMEA expansion strategy. “The Greek market serves as our entry point into the larger European landscape, as Ogram embarks on its expansion journey across EMEA,” Khartabil says. “Greece has a longstanding tradition of embracing flexible work within the hospitality industry, and now, we are committed to elevating it to a more structured and efficient level through our technology-driven platform.” In the near future, Ogram has major plans to venture into additional markets, prioritizing regions characterized by a robust hospitality sector, a significant reliance on flexible labor, and a competitive average hourly wage. We’ve learnt a lot through our expansion into Greece- and those lessons will certainly come in handy as we head into new markets. Onward and upward!

Lara Oliveira is a freelance copywriter specializing in content services for B2B. With a background in content marketing across software-as-a-service and tech companies, she is passionate about helping companies grow with high quality content and research-led messaging. ogram.co November 2023 / E N T R E P R E N E U R . C O M / 75

Ecosystem

↑ Darwazah Center for Innovation Management and Entrepreneurship has partnered with Stichting SPARK to offer a program that helps to scale up late-stage startups.

Enabling Growth Here’s how a new collaborative project aims to support startups in Lebanon and the Middle East by DR. BIJAN AZAD

ecent data from the World Bank found that only 15% of late-stage startups and small- to medium-sized enterprises (SMEs) on a global scale have the capacity to innovate and grow beyond their immediate market. This is because these enterprises have a skills gap creating challenges in crucial areas such as strategy, human resource management, finance, marketing, sales tactics, negotiation, and effective product design and

management. Additionally, small firms frequently struggle to secure vital bank loans or investments in contrast with larger more established businesses. What complicates life for them is that access to finance is often dependent on making the above improvements. Before the financial crisis of 2019 and the COVID-19 pandemic that came after, Lebanese startups had been thriving. They were known to have presented groundbreaking innovations across every aspect of business.

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Unfortunately, only a few of these startups have survived the pandemic as well as the economic meltdown, and they now need to drastically improve their management capacity in order to continue innovating and scaling up their ventures. With these challenges in mind, the American University of Beirut’s (AUB) Suliman S. Olayan School of Business (OSB) is helping to support these Middle Eastern startups with a new initiative.

} The OSB’s Darwazah Center for Innovation Management and Entrepreneurship has partnered with Stichting SPARK, a leading Netherland-based youth-oriented economic development international non-governmental organization (NGO), to offer a program that helps to scale up late-stage startups. Together, these entities have created the AUB-SPARK Scaling-Up of Startups Program (SSS). A pillar of our past work at the Darwazah Center has been to intimately understand and solve the scaling-up pains of late-stage startups.

We have successfully helped key firms overcome their growth barriers in Jordan, and now, we proudly roll up our sleeves to help late-stage startups in Lebanon with the support of our partner SPARK, as well as the funding by the European Union (EU). But how exactly will this partnership help Middle Eastern startups? Well, the SSS program consists of four main stages that will take place over the course of a year: STAGE 1/ Select 10 highgrowth potential, late-stage startups through a systematic outreach, recruitment, and selection program. These startups were competitively selected from 65 applications, based on their growth potential, and their management’s readiness to work towards scaling up their growth. Half of these companies are founded or managed by women, half have a social purpose, and 60% are tech-based. STAGE 2/ Complete an extensive assessment of the startups’ critical needs for capacity building to help them scale up. STAGE 3/ Translate the needs of these startups into a customized management capacity-building program. STAGE 4/ The late-stage startups will attend capacitybuilding workshops as well as tailored one-on-one mentoring/advising sessions. Following on from this, each will develop its own innovative venture scalingup and growth plans.

} Once the startups have completed each of these stages, they will begin to put

their plans into action. The SSS Program will continue to offer support to the firms, helping them raise funds to become more investmentready. Partnering with SPARK is thus an excellent opportunity for the Darwazah Center, OSB, and AUB to tap into our practical venture building and scaling up know-how to strengthen the local startup ecosystem for innovation, and increase employment opportunities in Lebanon. Each startup has a different goal. One of the startups participating in the program is L’artisan du Liban, a company sourcing traditional Lebanese artisan products locally and globally. “We are taking part in the SSS Program, because we want to reinvent ourselves,” said Nathalie Kordahi, General Manager, L’artisan du Liban. “One of the challenges of having a heritage is to keep the brand perception the people have of us, but also be able to speak to the younger demographic. We need the help of this program to make sure that we are doing the right things to be able to scale up.”

} Another startup taking part in the SSS Program is Moodfit, a crowdsourcing interior design firm, whose co-founder and CEO, Tarek Jaroudi, has a special connection with the Darwazah Center. “Moodfit first ‘saw the light’ here at AUB in the same classroom, back in 2015,” Jaroudi revealed. “Just as we made our first million dollars in revenue and reached the UAE market, we are now

↑ Nathalie Kordahi, General Manager, L’artisan du Liban

↑Tarek Jaroudi, co-founder and CEO, Moodfit

JUST AS WE MADE OUR FIRST MILLION DOLLARS IN REVENUE AND REACHED THE UAE MARKET, WE ARE NOW READY TO EXPAND FURTHER,

ready to expand further, and we are now looking forward to entering the KSA market. This is why we are here, hoping to have a bit of technical knowledge and tools to help us scale, and avoid downfalls along the way.”

} The benefits of a scheme like the SSS Program are clear to the participants, who expressed an eagerness and excitement to be part of it. One such startup is Sarah’s Bag, a premium brand women’s bags and accessories maker. Manal Moawad, Brand Manager, Sarah’s Bag, said, “We are looking forward to scaling up our business while keeping our luxury brand, maintaining our handicraft culture, and continuously supporting underprivileged women.” Programs like SSS offer many benefits to startups, which extend far beyond the initial year of support. An example of this is the ability to network with other entrepreneurs, through

workshops and seminars– connections that will benefit the startups as they grow. On top of this, the program sets the late-scale startups up to achieve 2x or 3x in growth, revenue, profit, market share and employment in the next three to five years. By supporting these startups, the program is thus helping Lebanon -and the Middle East as a whole- to become renowned as a focal point for entrepreneurship, inspiring future entrepreneurs, and leading to sustainable economic development and job creation. Dr. Bijan Azad is an Associate Professor at the Suliman S. Olayan School of Business (OSB), American University of Beirut, as well as the Director of Samih Darwazah Center for Innovation Management and Entrepreneurship. aub. edu.lb/osb

November 2023 / E N T R E P R E N E U R . C O M / 77

In The Loop/ → Hosam Arab, co-founder and CEO, Tabby

Say Hello to the MENA’s First Fintech Unicorn

AE-based shopping and financial services app Tabby has raised US$200 million in equity financing in a Series D round led by US-based independent investment management firm Wellington Management. Additional investors in the round included Bluepool Capital, a Hong Kong-based investment management firm; STV, a Saudi Arabia-based venture capital (VC) and private equity entity; Mubadala Investment Capital, the asset management arm of UAE-based Mubadala Investment Company; PayPal Ventures, a VC and private equity platform and the investment arm of US-based PayPal; and Arbor Ventures, a Singapore-headquartered global fintech-focused VC.

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

With this Series D round, Tabby’s company value has crossed $1.5 billion, making it the MENA region’s first fintech unicorn. This milestone has come just ahead of the startup’s planned initial public offering (IPO) in Saudi Arabia. Tabby currently has 10 million users and works with over 30,000 brands including 10 major retail groups in the region. With its flagship buy-now-paylater (BNPL) offering currently managing over $6 billion in annualized transaction volume, the new funds are expected to cater to the increasing demand for this particular service. “Tabby set out with a purpose to reshape financial services, one that’s fair and responsible, and with this investment, we can advance our mission

across Saudi Arabia and the UAE,” Hosam Arab, co-founder and CEO of Tabby, said. “We’re very happy to have Wellington Management lead this round given their deep expertise in financial services.” Commenting as an investor in Tabby, Abdulrahman Tarabzouni, founder and CEO of STV, said, “Tabby created a new industry and is transforming the way people consume and pay across the MENA. Hosam and team built an iconic enterprise that is a reference model in terms of both discipline and disruption; two things that are hard to crack in-tandem. We are excited to see Tabby become an integral part of Saudi’s fintech landscape, nurturing growth, and empowering the broader economy.” tabby.ai

I M A G E S C O U R T E S Y TA B B Y

With a US$200 million Series D round, the company value of UAE-based Tabby has crossed $1.5 billion

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