Entrepreneur Middle East October 2024 | Blazing Trails

BLAZING TRAILS

Binghatti launched iconic projects, such as Bugatti Residences by Binghatti, Mercedes-Benz Places by Binghatti, and Burj Binghatti Jacob & Co. Residences

ANANTARA SHARJAH RESIDENCES

A NEW CHAPTER OF LUXURY EXPERIENCES BY THE SEA

Bringing luxury seaside living to Sharjah for the first time, owners at the Anantara Sharjah Residences enjoy access to the Anantara Sharjah Resort’s world-class amenities, including an infinity pool, five distinctive restaurants, an Anantara Spa and a state-of-the-art gym. As an investment, owners can enjoy the benefits of a rental management scheme operated by Anantara Hotels, Resorts & Spas, allowing them to maximize their returns when they are not resident in the property.

To register your interest, visit arada.com

LIFE IS A JOURNEY.

Contents/October 2024

FEATURES

P.36

Architect Of Ambition

Muhammad BinGhatti, Chairman of Binghatti Holding, has reshaped the UAE’s real estate landscape by merging architectural innovation with luxury, and has forged partnerships with iconic global brands like Bugatti and Mercedes-Benz while leading a portfolio valued at AED40 billion.

Nestled by the coast of Lusail sits the splendor of Raf es and Fairmont Doha, where luxury is rooted in even the smallest details. Open the doors to mesmerizing hospitality and make memories in a world of sophistication.

SUITE TREAT

Step into a world of opulence when you book a Suite at Raffles Doha.

Experience the added luxury of QAR 750 credit to spend on dining in the hotel, and QAR 500 towards any Spa treatment.

Children aged 12 and below are welcome to indulge in the enchantment of complimentary dining.

Rates starting from QAR 3,500 per night

For reservations, please call +974 4030 7100 or email reservations.doha@raffles.com

BUSINESS UNUSUAL

15 Glamour Genius

By incorporating editorial content and educational tools into her UAE-based online retail platform Nour, founder NIDHI SHARMA is on a mission to reimagine the beauty purchasing journey.

20 The Golden Moment

A look at how some of the participants of last year’s edition of the APP OLYMPICS -an initiative by Dubai Chamber of Digital Economy- have progressed in the last six months.

28 Money Smart

Young entrepreneur ALDHABI ALMHEIRI shares insights on financial literacy for other young entrepreneurs.

50 THE RECAP

The complete list of winners at the LEADERS IN FINTECH AWARDS 2024

↑ NIDHI SHARMA is the founder of Nour, a UAE-based homegrown editorial e-tail platform beauty products online.

‘TREPONOMICS

30 CFO As A Strategic Partner

Royal CFO founder and CEO

MICHAL SOBIERAJ on why (and how) today’s CFOs do far more than just balance the books.

34 Bad Habits

Trade License Zone founder and Managing Partner KARL HOUGAARD shares a playbook on what should be done when companies slip and things start to fall apart.

STARTUP SPOTLIGHT

57 Endless Grit

Having built UAE-based wellness hub FlexoFix in the aftermath of a life-altering injury, Karl Dariane is empowering people to take better control of their overall health.

CEO Wissam Younane wissam@bncpublishing.net

MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net

ART DIRECTOR Simona El Khoury

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REGIONAL DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net

DIRECTOR OF INNOVATION

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

HEAD OF PARTNERSHIPS

Samir Glor Samir@bncpublishing.net

COMMERCIAL LEAD

Anna Chipala  anna@bncpublishing.net

COLUMNIST Tamara Clarke

CONTRIBUTING WRITERS

Fida Chaaban, Devina Divecha, AlDhabi AlMheiri, Michal Sobieraj, Karl Hougaard, Jana Haounji, Mina Vucic

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THE ART OF ELEVATION

CEO’s Message /

CHARTING NEW HORIZONS

Meet the entrepreneurs who are mapping the path to a future-ready world.

In this issue, we celebrate the determination and hard work of those who deliver solutions that not only meet the demands of today but anticipate the needs of tomorrow. In fact, they go an extra mile- they envisage a better tomorrow and create products and services that meet that vision.

Muhammad BinGhatti, Chairman and CEO of Binghatti Holding, is one of them. In only one decade, his vision for Binghatti Holding led him to creating a real estate brand that left its mark on the skyline of Dubai and beyond. “The part I

am most proud of when it comes to our brand DNA is our brand iconicity and recognition. What I mean by that is I am proud to say that today, anyone can recognize a Binghatti building with simply one glance,” BinGhatti said in our cover story this month (P.36).

We also checked on the progress of 18 apps that have been selected for the first edition of the App Olympics competition, an initiative launched by the Dubai Chamber of Digital Economy with an aim to contribute to Dubai’s digital transformation journey (P.20). “Dubai has an ambitious vision and is taking proactive steps to enhance its position as a global hub for technology innovation,” H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said about the competition. “The extensive participation of innovators and digital creatives from around the world in the App Olympics reflects Dubai’s stature as a global hub for research, innovation, and opportunity and a leading city that offers sustainable growth and a high quality of life.”

Entrepreneur Middle East was also proud to recognize the individuals and enterprises that are shaping the future of the MENA region’s fintech ecosystem with its Leaders in Fintech Awards 2024. On pages 50-55 you can learn more about our winners this year- ranging from pioneering financial institutions to cutting-edge innovators in the digital banking space.

I hope that this issue will encourage you to dream big and be bold.

WIssam Younane CEO-BNC Publishing

200,000 +

6,500 + Countries 180 + Tech Executives

Ex h i b it o r s

Glamour Genius

By incorporating editorial content and educational tools into her UAE-based online retail platform Nour, founder Nidhi Sharma is on a mission to reimagine the beauty purchasing journey by AALIA

MEHREEN AHMED

← NIDHI SHARMA is the founder of Nour, a UAE-based homegrown editorial e-tail platform that aims to disrupt and change the way consumers discover and purchase beauty products online.

Innumerable entrepreneurs around the world have started their business ventures solely because they’ve observed industry gaps or loopholes that no one else has tried to address. That was largely the case for Nidhi Sharma when she founded Nour, a UAE-based electronic retail (e-tail) beauty platform, using the observations she’d made during a decade-long career at Vogue India, the Indian edition of the renowned fashion and lifestyle magazine Vogue. During the tenure not only did Sharma become the brand’s youngest beauty director (a title she holds till date), but she also took over the lead in arranging the Vogue Beauty Awards, an annual event that celebrates Bollywood icons who have made significant contributions and impact in the beauty and wellness fields. But in the midst of achieving these personal milestones, Sharma found herself fretting over one very specific issue. “Beauty shopping is broken!” Sharma laments. “It lacks heart. It’s all about the breadth, the thousands of options you have. But it really lacks the depth, the why you need a product.

→ With a decade-long tenure at Vogue India, SHARMA saw firsthand the overwhelming uncertainty women and men face while making a beauty purchase. She thus launched Nour to disrupt and transcend the ‘search and transact’ nature of online beauty shopping by adding a layer of education and entertainment to the customer journey.

I WANTED TO CREATE A SPACE WHERE CONSUMERS COULD NOT ONLY DISCOVER NEW PRODUCTS BUT ALSO LEARN ABOUT THEM IN DEPTH.”

It was in an almost direct response to this observation, that Sharma founded Nour in May 2024 with an aim to disrupt and change the way beauty brands are discovered and purchased. “The vision behind Nour is to disrupt the beauty shopping experience by integrating editorial content, education, and entertainment into one cohesive platform,” Sharma explains. “I wanted to create a space where consumers could not only discover new products but also learn about them in depth. Our legacy is one of empowerment and connection, where every beauty purchase is informed and personalized. We aim to build a community that values authenticity, quality, and diversity, ultimately transforming the way people engage with beauty.”

According to Sharma, offering streamlined editorial information addresses the underlying reason behind the dearth in discoverability of brands: information overload, particularly on the world wide web. “As a former beauty director at Vogue India, I’ve spent most of my life giving beauty advice to my friends, family and colleagues- I saw, firsthand, how overwhelming beauty shopping can be for consumers,” Sharma recalls. “Even with all the social media content clutter, people still don’t know what to buy, they are confused whether it will work for them, whether it’s right for their skin and hair. They need someone to cut through the clutter and help them make the right purchase because beauty shopping, whether it’s online or offline, is like trying to navigate a minefield. I felt a clear need for a more curated, educational, and engaging shopping experience. It was then that I knew I wanted to address this gap by launching Nour.”

Available as a website as well as in an app version (on both iOS and Android), the Nour platform offers users the ability to make informed purchasing decisions across skincare, hair care, makeup and fragrances. Already, it offers products from global names such as NuFace, The Light Salon, Patchology, Laneige, Miller Harris, Zenology and Sachajuan, as well as popular Korean beauty brands such as COSRx, Some by Mi, Peripera and Beauty of Joseon. A “Discover” option is present across all categories on the platform which leads to a further portfolio of selected items. Following this step, when a particular product is clicked on, in addition to details such as pricing and ingredients, there is a special section titled “Editor’s Note” that offers information on what type of consumer the product is best suited to, what times of the day it should be used, and what the expected benefits are. Following this a “How To” section also details out the method of application for a given product.

“Beauty shopping hasn’t been updated in the longest time,” Sharma remarks. “You’re still shopping the same way, online or offline. Our motto is“BUY everything you SEE and SHOP everything you WATCH,” which encapsulates the essence of spontaneous and enjoyable discovery. At Nour, every image, video, and piece of content is shoppable. This approach lets us cut a long purchase journey short and transforms the shopping experience from a tedious task into an exciting exploration. It aligns with our vision of creating a dynamic, content-driven, editorial e-commerce platform where users can seamlessly transition from discovery to purchase, all within a single, immersive environment. Discover, shop, learn, experience- that’s what Nour is!”’

But one mustn’t mistake Nour to be reserved only for those who are already well versed with beauty regimes and brands. For consumers who aren’t particularly enthusiasts of skincare and the like, Nour offers a non-intimidating introduction to this space- an entirely intentional aspect of building the platform, Sharma says. “At Nour, our target audience transcends age and experience,” she declares. “We’ve designed our platform to be equally appealing to a beauty newbie just starting their skincare journey and to a power user with advanced knowledge of beauty. Nour is built for the beauty consumer, regardless of where they are in their skincare evolution. For those just starting out, we offer detailed guides, tutorials, and beginner-friendly product recommendations. Our content is designed to demystify the beauty world, making it accessible and enjoyable. For more seasoned users, we provide in-depth deep dives into brands and products, advanced tips, and access to the best-in-class product curation. Our platform’s versatility ensures that everyone finds value, irrespective of their level of expertise. Our underlying mission at Nour is

to empower customers in their beauty decision-making. By equipping them with the right tools and information, we enable them to take ownership of their skincare routine. Whether you’re a beginner or an expert, Nour is here to take your beauty game to the next level.”

But then, the question arises: who is assimilating this information for the end-users? “As the founder of Nour, I am at the helm of all things content and creative,” Sharma assures. “My role involves personally curating the brands and products showcased on our platform. With over a decade of experience, including conceptualizing and executing the Vogue Beauty Awards, I have had the }}

↓ Within the Nour app, consumers can expect its team of experts featuring and handpicking products that cater to every need and preference.

B/Beauty

opportunity to try an extensive range of products firsthand. This experience allows me to handpick the very best for our users. I work closely with a team of beauty editors and beauty experts to ensure our editorial content is top-notch. Our app’s heart is the “Discover” section, where we highlight top stories, brands, and products. Content is also distributed based on its category, whether it’s skincare, makeup, or hair care, making it easy for users to find exactly what they need. Our goal is to provide an intuitive, educational experience.”

Having set such an operational model in motion, Sharma shares that she has finally realized her dream of “democratizing editorial beauty.” “As editors we get to live a lot of beautifully designed experiences around brands and products and learn about the stories from the founders and the creators,” she continues. “I wanted to bring the same experience to the end user at Nour. Indeed, at Nour, our vision is to disrupt and redefine the online beauty shopping experience by blending editorial content with e-commerce. We stay true to our vision by curating the best products and enriching customer experiences with educational and entertaining content. Our editorial

approach ensures we offer more than just a transactional shopping experience; we provide guidance, validation, and authenticity to help consumers make informed beauty choices. This is a significant departure from the traditional ‘searchbuy-get-out’ model. Additionally, to adapt to industry shifts, we keep a keen eye on emerging trends and consumer behaviors, particularly through social media. For instance, if a new skincare trend emerges, we don’t just stock related products; we also create in-depth content that educates our users about its benefits and applications, ensuring they understand the “why” behind their purchases.”

This, perhaps, is also the right time to explain why Sharma decided to give

her business venture the name that it has today. “The name “Nour” is derived from Arabic, meaning ‘light,’” she says. “It symbolizes enlightenment and guidance—just as light illuminates a path, Nour is designed to guide consumers through their beauty journeys, helping them make informed and confident decisions. In a beauty context, Nour also translates to a radiant glow. The word Nour is not only culturally relevant for this region but also has a deep universal meaning across a lot of cultures—the U in Nour stands for ‘you’!”

And it is in a bid to continue reimagining the online beauty purchasing process for the end user, that Sharma remains hopeful of a positive growth trajectory in Nour’s future. “Funda-

mentally, we are always thinking about how to give our users amazing experiences within our realm,” Sharma says. “We plan on releasing a new feature every quarter, so our users have something to look forward to. From features related to a category (skincare, makeup, hair care, etc.), to adding a layer of gamification and interaction to user experiences, we will continue to disrupt the beauty shopping paradigm. Nour is set to onboard more brands from homegrown to global bestsellers whilst continuously adding new app features and content to foster a continuous engaging experience for all. And as we build our community both online and offline, we are also committed to expanding Nour’s presence in other GCC markets.”

THE GOLDEN MOMENT

SIX MONTHS SINCE DUBAI CHAMBER OF DIGITAL ECONOMY’S INAUGURAL APP OLYMPICS COMPETITION CONCLUDED IN FEBRUARY 2024, WE CAUGHT UP WITH 18 OF ITS GRADUATED PARTICIPANTS TO FIND OUT WHERE THEY ARE NOW!

When the App Olympics was launched by the Dubai Chamber of Digital Economy (DCDE) in October 2023, it was an open call for mobile app developers across the world -regardless of age and experience- to be part of a six-month-long program to hone their skills in this space.

Launched as part of the Create Apps in Dubai initiative, which was announced in March 2023 by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, the program caters towards the goal of transforming the Emirate of Dubai into a leading, global digital hub, and it also aligns with the objectives laid down in the Dubai Economic Agenda (D33).

Over 1,100 applications, countless webinars and training sessions, and one enthralling semifinal later, the debut App Olympics saw four apps walk away with the grand prizes at an awards ceremony held at the Museum of the Future in Dubai. The ceremony was held in the presence of Sheikh Hamdan, who also handed out the awards.

The winner in the Best Youth-Made App category, and also of the Dubai App Of The Year award, was Emudy, a platform that assists students in preparing for the Emirates Standardized Test (emSAT)- a national system of standardized computer-based tests in the UAE to determine entry into universities as well as scholarship applications. The award for the Best Social Impact App was given to The Intern, an app that connects college students with relevant internships and also offers financial management and educational resources. The winner in the

Most Innovative App category was Bareeq, an app that connects users with homemade products from within their communities. And finally, the winner of the Best Advanced App title was Takeem, an app that reduces the time, cost, and other stresses that come with long-term renting of properties.

Each of the four winners received a comprehensive package of services worth US$150,000 that was delivered in collaboration with an international app development software company.

Now, following the success of the first edition, DCDE is all set to launch a second edition of App Olympics this month! To give you a taste of what the competition has offered its past participants, we caught up with 18 participants from the first edition to find out where they are now, how their app development has progressed, and how the App Olympics has been a stepping stone for their business’ success.

↑ H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, with the winners of the APP OLYMPICS competition.

ARTIKO

FOUNDER| Pamela Batiz

Artiko is a platform that plays at the intersection of art and technology. Using advanced AI, Artiko matches clients with creatives, offering a space where artists can showcase their work, collaborate on projects, and discover opportunities in the digital economy. The platform is currently in its beta testing phase, with the MVP nearing completion. With a focus on refining user experience and AI matchmaking, Artiko is positioning itself to become a key player in the creative tech space.

Batiz said, “The AppOlympics provided me with the opportunity to pursue one of my biggest dreams and work hard to bring it to life. The guidance, mentorship programs, and the smart platform was invaluable, along with the support from a DCDE partner,who taught me a great deal about AI tools and solutions for app development.”

She continued, “If you have an innovative mind and a passion for the digital world, or if you’re nurturing a big idea that could become an app, the AppOlympics is a great opportunity. It offers a chance to learn from industry experts, connect with like-minded people, gain visibility, and work hard on something you truly believe in. It’s definitely worth considering if you’re ready to take your ideas to the next level and turn them into reality.”

BAREEQ

FOUNDER| Fatima Ahmed Alshaali

Bareeq connects users with distinctive, homemade products from the local community, making it easy to discover and support local businesses. The app aims to empower home-based entrepreneurs by providing a platform to showcase their products. Currently under development, Bareeq is set to soft launch in 2025, with plans to onboard 50-100 businesses to the platform for free, offering full access to premium features for six months, with transaction fees as low as 5%.

Before joining the App Olympics 2023, Bareeq was only a concept, focused on home-based businesses but lacking formal materials. The competition transformed this idea into a structured project with a pitch deck, design prototype, and comprehensive business plan. It provided the resources and mentorship to secure full funding, allowing Bareeq to move into app development with the goal of presenting its MVP by October 2024.

Alshaali notes, “I gained a truly unique experience through the App Olympics, unlike anything I encountered in previous competitions. The friendly and supportive competition team, along with mentors available for online sessions at any time, made the journey exceptional. The App Olympics introduced us to the entrepreneurial world from a fresh perspective, one that every startup should understand. While I had heard that running your own business is challenging, with long hours and full responsibility, what I learned from this competition is that while it’s not easy, it’s also incredibly fun. The stages, deadlines, and requirements were designed to welcome participants into the entrepreneurial world. I’m grateful for everything I learned, proud to have won, and excited to continue shining with Bareeq.”

BUILDWEALTH

FOUNDER AND TEAM MEMBERS| Eng. Moustafa Allam, CEO; Dr. Eng. Abdallah Allam, CBO; Eng. Mohamed Omar, COO; Mohamed Mashal, CFO

BuildWealth is a digital platform that unlocks personal real estate investment through fractional property ownership. Available as both a website and mobile app, BuildWealth opens the doors to property investment for individuals who want to diversify their portfolios with ease. After rigorous testing, the app is now fully operational and offers a seamless investment experience.

The App Olympics played a crucial role in helping to propel BuildWealth from the MVP stage to a fully tested app available on the App Store. The competition allowed the team to refine its value proposition, identify untapped markets and optimize the user experience.

The CEO of the company, Eng. Moustafa Allam was full of praise for the event, and said, “App Olympics is a crucible for innovation. It’s a platform where the brightest minds in tech converge to push the boundaries of app development.”

He also highlighted the visibility offered by the event and added that competing against other top apps provided an opportunity to benchmark BuildWealth against industry leaders. “In the proptech space, particularly in a dynamic market like Egypt, participating in the App Olympics can be a game-changer. It’s an investment in your company’s future, propelling you towards becoming a global leader in fractional property ownership.”

COACH ASSISTANT

CO-FOUNDERS | Samaneh Eslamifar and Ali Farajnia

Coach Assistant is an AI-powered platform that provides football coaches with data-driven insights and opponent analysis to optimize game strategies and team performance. By automating the manual process of analyzing opponents, it helps coaches make more informed decisions on and off the field.

Before joining App Olympics, Coach Assistant was still in its ideation and initial product design stage. The competition helped accelerate the app’s development towards the prototype stage, with feedback from football experts and early adopters. Currently, the app is in the development stage, focusing on refining its features. Its next milestone is launching the web app for football clubs and coaches in the UAE, and eventually expanding to the Middle East & North Africa region and beyond. They plan to roll out features such as player acquisition recommendations as well.

Eslamifar commented, “Participating in App Olympics 2023 was an inspiring journey. The competition offered incredible mentorship and expert support, and the workshops provided essential learning materials for business and app development. The warm and friendly relations between organizers and participants fostered an environment of growth and collaboration.” Farajnia agreed and commented, “App Olympics is an excellent platform for accelerating app development. It offers hands-on experience, networking opportunities, and invaluable feedback from experts, all within a supportive and competitive environment that can truly propel your app forward.”

CROWDTRANSFER

CO-FOUNDERS | Roger Grossenbacher, President of the Board and CFO; Richard Lauper, Board Member and CPO; and, Leroy Bächtold – Board Member, CEO

CrowdTransfer is a platform that empowers football fans to directly support their favorite clubs through crowdfunding. The app allows users to engage in crowdfunding campaigns that benefit their clubs and enhances the connection between fans and the game.

CrowdTransfer was still in its early stages, operating as an unfinished demo, before it was accepted as part of the App Olympics. The competition provided a unique opportunity to refine the design and functionality of the app. Now the app is live and fully functional, with the team having launched its first crowdfunding campaign on the platform, marking a significant milestone for CrowdTransfer.

Grossenbacher said, “Our experience at the App Olympics was incredibly valuable. The App Olympics is an excellent opportunity for young startups and emerging companies to connect, learn, and grow. It’s a platform that fosters collaboration and innovation, making it a must-attend for anyone looking to make an impact in the tech industry.”

DAPPUNK

CO-FOUNDERS | Tanuj Damani and Patrick Moritz

Dappunk is a social marketplace that allows content creators to sell their content, both publicly and privately, to brands, followers, and fans. Think of it as Instagram meets Shutterstock, empowering creators to monetize their work. Before joining the App Olympics, dappunk was in its early development phase. After participating, the team progressed to the final stages of development and the experience shaped the team’s elevator pitch and helped prepare to launch.

Dappunk is currently in alpha testing stage, gathering feedback from users and conducting performance monitoring. The next big step is to provide early access to influencers and brands before going live to the public. Additional features are in development and will be gradually released post-launch.

Damani said, “Being part of the App Olympics helped us to establish an elevator pitch that summarizes a complex application such as ours. The overall dynamic encouraged us to work under pressure which was a good learning curve.” Moritz added, “App Olympics is a good platform to get your idea off the ground. The structure is very good and also helps you develop your product further and get used to the pitch process.”

EMUDY

CO-FOUNDERS|

Mohamed Al Khemeiri, Mohammed Al Mansoori, Ryan Telles

Created by teenage boys, Emudy is the first-ever EmSAT educational platform, revolutionizing traditional learning models by integrating advanced technologies while remaining cost-effective.

Still in the ideation before joining App Olympics, Emudy then progressed to the development stage through the competition. The co-founders are currently developing the platform in partnership with Builder.AI, and its MVP website will be launched at Gitex in October 2024. The vision is to eventually cover every curriculum in the country while keeping education affordable and incorporating AI for enhanced learning experiences.

The co-founders commented, “We liked and appreciate the support that has been given to us from Dubai Chamber and their partners. We recommend people to participate in App Olympics as the competition will help in developing ideas further and it will open doors to meeting a lot of amazing people, from the spectacular team that is working behind the scenes, to the innovative minds who participate in the competition with their amazing ideas.”

FOOD FOR ALL

CO-FOUNDERS|

Tayyab Choudhari and Maleekjan Choudhari

Food For All is an app dedicated to digitizing the reduction of food wastage while feeding those in need, bridging the gap between surplus food and the hungry.

Before joining the App Olympics, the co-founders were in the ideation stage, and after the event, advanced to the prototype stage.

The next goal is to onboard food banks and restaurants to our platform, with plans to launch a beta version later this year, bringing the team one step closer to reducing food wastage across communities.

Tayyab said about his experience with App Olympics, “App Olympics taught me how apps are built professionally. I met lot of people from whom I learnt many things. All the workshops and pitches were great learning experiences.”

Maleekjan urged others to join the event and noted, “You must participate in App Olympics as it gives a platform to showcase your talent and you will learn a lot about app development and entrepreneurship.”

GENRUS FOUNDER|

Tehzeeb Ahmed

GenRus hopes to revolutionize the tipping experience by offering a modern, cashless way to express gratitude. Simply put, the app aims make generosity easy and empowering for the receiver.

Before joining the App Olympics, GenRus was still in the ideation stage. The competition allowed the concept to be further refined, with a clearer vision and defined business goals. There is now a full-fledged business plan and a basic prototype in place.

Ahmed is now actively searching for a co-founder with experience in the fintech space. Together with the new co-founder, she hopes to refine the project scope, enhance the prototype, and pitch to potential investors. The app is currently about 30% complete and moving steadily through the prototyping phase.

The founder is extremely grateful for the App Olympics experience, and said, “The competition really helped me to refine and define my concept which was literally a seed before I joined. Today I have a full-fledged business plan and a basic prototype in place. Grateful to the competition to have helped me get here.”

She added, “I thoroughly enjoyed the experience, it was a challenging yet a highly fulfilling process. The team from App Olympics and the mentors and consultants were all amazing. The App Olympics grounded my belief that a simple idea can be honed to become something bigger. Regardless of whether you win or not, App Olympics can help you take your idea and get it to a space where you have a full-fledged road map, plus the beginnings of a great prototype – not to mention an amazing pitch deck.”

NDAWI

FOUNDER|

MULSEN

CO-FOUNDERS|

Raafat Khalaf and Abdulrahman Alsaleh

Mulsen is an AI-powered app designed to help users master English through real-time conversations and personalized learning experiences. Before joining the App Olympics, Khalaf and Alsaleh were in the process of building and developing the app. Thanks to the competition, they successfully launched Mulsen on both the Play Store and App Store.

The next milestone involves obtaining a company licence in Dubai, after which they plan to approach investors. With their support, Mulsen’s services will be expanded and reach a broader audience through an intensive marketing strategy. A premium model is also in the works, along with enhancement of free services.

The co-founders said, “Being part of App Olympics has been an amazing experience, surrounded by a supportive community and inspiring mentors who offer constant encouragement. You’re never alone in your journey. It offers a highly supportive environment that opens countless doors for entrepreneurs.”

Fatema Abdulla Al Mehrzi

NDAWI is a healthcare app designed to streamline patient medical record access and improve efficiency for healthcare practitioners and patients across the UAE. Before joining the App Olympics, NDAWI was in the ideation stage, with market research and audience identification underway. The competition accelerated the app’s progress into development, leading to refinement of key features, integration of AI, and establishing partnerships with healthcare authorities.

Development of core functionalities and prioritizing data security is underway. The next milestone is completing development and launching the app with full AI integration, providing predictive health alerts and personalized recommendations for users.

Al Mehrzi said about her time with App Olympics, “The App Olympics was a transformative experience, providing mentorship, valuable resources, and a platform to refine our vision. I have gained new insights into user needs and how to improve NDAWI’s functionality. The App Olympics offers a fantastic platform for aspiring developers and entrepreneurs to turn their ideas into reality. It’s an opportunity to learn, grow, and connect with like-minded individuals while receiving guidance to help your app succeed.”

NUTRALIS PRODUCT SCANNER

CO-FOUNDERS| Maitha Al Yousuf, Mayank Dangi, Yousuf Al Yousuf, Vijaysarathi Kallam

Nutralis Product Scanner provides users access to one of the largest databases of dietary supplements and functional foods or nutraceuticals. By simply scanning product labels, users can get an in-depth analysis and compare products to choose the most suitable one.

Moving from the ideation phase before the competition, the team then onboarded a CTO, and the app is under active development. The competition provided Nutralis with a platform to showcase its mission in the health tech space, refine its pitch, and gain validation from industry experts. They are now working towards launching the app by the end of 2024.

“I highly recommend joining the App Olympics 2024 because it offers a unique platform to validate and refine your ideas with expert guidance. You’ll gain invaluable exposure to industry leaders and the opportunity to push your concept to new heights in a supportive and challenging environment. Whether you’re looking to validate your idea or scale it to the next level, the App Olympics is the ideal platform to accelerate your journey,” said Maitha Al Yousuf.

RAYIK

Rayik is a foodie’s dream, helping users find, rate, and recommend food spots tailored to their unique taste preferences. Before joining the App Olympics, Rayik was in the ideation phase with no clear path forward. The competition allowed Salah to refine her idea, gain crucial insights into the app development process, and turn the concept into a complete prototype ready for production; the app is currently in the development stage.

Salah is now focused on creating partnerships with restaurants and cafés to bring them on board, while working on launching an MVP for user testing and feedback. The goal is to refine features and prepare for a full launch that resonates with food lovers.

The founder said, “Being part of the App Olympics was an unforgettable experience. Not only did I gain knowledge in one of the most important aspects of digital innovation, but I also met and collaborated with brilliant people from all over the world. It was a wonderful journey that I am glad I took, as it also brought me a step closer to achieving my dream.”

She shared advice for other app entrepreneurs: “Don’t worry if you don’t have a well-formed app idea in the beginning. The App Olympics is a transformative experience that will help you shape your vision and push your creative boundaries. You will surely come out with an app ready to take the world by storm. Along the way, you will also connect with brilliant minds that will inspire you and show you new perspectives. Dare to be the next App Olympian!”

SSCHEDULE PLANNER

chedule Planner is a task management app that helps users efficiently organize their time, manage tasks, and stay on track. Everyone from busy professionals to students juggling deadlines, this app simplifies the process of planning one’s day with custom reminders, calendar views, and personalized themes.

Before the App Olympics, Schedule Planner was in the ideation stage. Thanks to the competition, the app’s core features were solidified, and user feedback was incorporated, allowing it to move from concept to early development. The app’s interface was streamlined to be more user-friendly and performance optimizations was made to ensure smooth functionality. The competition provided valuable insights and helped shape the app’s structure, design, and functionality.

Schedule Planner is now fully developed and available on the Google Play Store. Upcoming milestones include AI-powered suggestions for smart scheduling, cross-platform availability, and collaboration features that allow team task management, along with advanced analytics and creating a subscription model.

Alzahmi said, “Participating in the next edition of the App Olympics is a great opportunity for anyone looking to take their app ideas to the next level. It offers a platform to receive valuable feedback from industry experts and users, helping you refine and improve your app. The competition also provides exposure and networking opportunities with like-minded innovators and potential collaborators. Most importantly, it pushes you to challenge yourself, accelerating the development of your app and boosting your confidence in bringing your ideas to life.”

TAKEEM

CO-FOUNDERS | Rakesh Mavath, Richard Hamilton, Pooja Vithlani

Takeem is an app that makes renting as easy as ordering takeout. This all-in-one app allows tenants to rent in minutes instead of days, saving them money while securing rent for landlords, and enabling agents to earn higher commissions. After starting at the ideation stage, Takeem has since moved forward, with app designs completed and the MVP currently being built. Their next steps include going to market with the MVP, engaging with users and stakeholders, and tracking performance metrics to meet their KPIs.

Mavath commented, “Being part of the AppOlympics was like stepping into a startup bootcamp on steroids. It was a whirlwind of ideas, pitches, practice and more practice. But the real value was in the insane amount of growth that happened along the way.” Hamilton noted the broader impact of the event and said, “I’d recommend joining AppOlympics because it’s more than just a competition- it’s a chance to supercharge your startup journey. You’ll gain invaluable experience, connect with industry leaders, and challenge yourself in ways you never thought possible.” And as Vithlani added, “Plus, who wouldn’t want a shot at that $150,000 prize?”

FOUNDER| Salamah Salah

FOUNDER | Maryam Mohamed Rashed Hamdan Alzahmi

THE INTERN

CO-FOUNDERS|

YALLA FARHA

FOUNDER AND TEAM MEMBERS|

The Intern is an AIpowered app designed to connect college students with highly relevant internships while offering financial management and educational resources, creating a real social impact.

Initially, the concept was a set of basic slides, but thanks to the App Olympics, it has now evolved into a full-fledged project with an MVP set to be showcased at Gitex in October 2024.

Currently, The Intern team is building the app with its tech team, with the support of Dubai Chamber, to onboard companies and students with a workable version of the app. The team was also accepted to the In5 Technology Incubator to develop it further.

Nassif is pleased about his time with App Olympics. He said, “The whole thing was a dream from the moment that I found the advert on LinkedIn to get enrolled across more than 1,200 applicants to pass through a very rigorous selection stages- and doing few of them remotely. I strongly believe that it’s a life changing experience under the vision of H.H. Sheikh Hamdan and managed perfectly by Dubai Chamber of Digital Economy.”

El Shafei added, “I would highly recommend this for everyone who has an idea for an app; this is the place and the people who can take your app from zero to 100. You will only need to keep dreaming about where you want to be with your application and trust that App Olympics has been created to cater to passionate and committed app owners.”

Ali Kanaan, Mohamad Afanh, Rami Kanaan

Yalla Farha is an innovative concept, which enhances excitement around special events while reducing stress for users.

Initially in the prototype development stage, the app’s core features and designs were established before entering the App Olympics, with its basic version already in the process of being built. After the event, the team refined the user interface, added new features, and improved overall performance.

Now live and fully operational in the UAE, Yalla Farha is helping people celebrate special occasions with ease, having secured the necessary licensing for company use.

Kanaan said, “The competition of App Olympics provided valuable expert feedback, enabling us to refine our concept and strategically position Yalla Farha for future success. I highly recommend joining App Olympics 2024. It’s a great opportunity to showcase your skills, connect with tech enthusiasts, and turn your app ideas into reality. You’ll learn, collaborate, and make a significant impact in the industry.”

Z WALLET

FOUNDER | Mahmoud Ragab

ZWallet is an all-in-one ecosystem that allows users to buy, store, and spend cryptocurrency in a halal and Zakah-friendly manner.

Originally in the ideation stage, the app has now moved into development and has successfully secured 60% of its fundraising goal. With a growing waitlist of early users, Z Wallet is preparing to give early access to its initial supporters as well as select influencers for feedback before the official launch.

Ragab noted, “Every mentor guided me exactly in the point I needed, from what data I need in the deck, to how to present this data like a superstar and to how to present your fundraising ask in an attractive manner. You would never imagine top CEOs from payment companies, Ecommerce Series B startups and telecom companies waiting for you in the meeting room and giving you an hour of their time to help you build a strategy for your startup. Incredible!”

Bassem Nassif and Emad El Shafei

The App Olympics is all set to return for a second edition- only this time it promises to be bigger and better! Whether you’re a student, tech enthusiast, entrepreneur, or simply someone with a great app idea, this competition is for you. And the best part? You don’t need to have a tech background!

#ICYMI

The App Olympics competition is an app development initiative launched by the Dubai Chamber of Digital Economy, and offers participants a chance to contribute to Dubai’s digital revolution and showcase their creativity on a global stage.

LAUNCH DETAILS

The second edition of the App Olympics will be launched in tandem with not one, but two panel discussions at the Expand North Star, which will take place at the Dubai Harbour from October 13-16, 2024!

PANEL #1 TECH-CHAMPIONS:

Lessons from App Olympics Winners

Time: 12:00 PM – 12:30 PM, October 14, 2024

Location: 10x Stage, Dubai Harbour

Engage in a deeper exploration of the synergy between mobile apps, AI, and human connectivity, with insights from industry leaders at Talabat, CAFU, Amazon Web Services, and Boss Bunny.

PANEL #2 APP OLYMPICS LAUNCH

Panel Discussion

Time: 12:30 PM – 1:00 PM, October 14, 2024

Location: 10x Stage, Dubai Harbour

This panel features App Olympics winners who will share their experiences, insights, and lessons learned from competing in and winning the competition.

WHAT’S IN STORE FOR YOU?

• Compete in four categories for a chance to be one of the four champions.

• A total prize fund of $600,000.

• Extensive support through masterclasses, mentorship, and more to equip you for success.

HOW TO GET INVOLVED

Sign up now at:

https://createapps.ae/ and start your journey to making your app a winner! No tech background? No problem! The App Olympics’ inclusive environment ensures that everyone, from novices to seasoned developers, can find their place and thrive.

Money Smart

Insights on financial literacy for young entrepreneurs (from another young entrepreneur) by ALDHABI ALMHEIRI

Young entrepreneurs need to understand the basics of financial literacy in order to run their businesses successfully. Managing money and cash flow is mandatory to ensure that your business can expand and grow. The following points can guide you to better understand the key concepts of budgeting, saving and cash flow management, and make smart financial decisions for your business.

BUDGETING

A budget is just like fuel for your business. It helps you better understand how much money you are spending and earning in order to generate revenue. Creating a budget should involve listing your income (the money you earn from your business) and your expenses (the money you spend on things like raw materials or products, marketing, and shipping).

For example, if you’re selling a book, your income would be the total sales you make. Your expenses would include the cost of publishing and making that book a real product, in so

many cases if you are reselling a product you should calculate the import fees, and any other business-related costs. By creating a budget, you’ll analyze how much you earn and spend, and that will help you to make better decisions about where to spend and save.

PREPARE FOR THE UNEXPECTED

It’s always better to save a part of your income. It’s always life saving when it comes to unexpected issues in business- perhaps we need more raw materials, fix equipment, or cover unexpected low sales. You can start by putting a small portion of your income, even if it’s 5% into a savings account. Over time, these amounts will give you a safety net for any unexpected challenge in the future. When you secure your savings, this allows you to keep running your business smoothly, even when challenges are in your way or when your business doesn’t go as planned.

MANAGING CASH FLOW: KEEPING YOUR BUSINESS RUNNING

A lot of young people in business struggle when it comes to their cash flow. It is therefore important to understand what the cash flow cycle is in order to manage the business and understand how much you are investing and how much you are earning. Cashflow means the amount of money that comes in your business as an income and out as investment or expense. A positive cash flow refers to

WHEN YOU SECURE YOUR SAVINGS, THIS ALLOWS YOU TO KEEP RUNNING YOUR BUSINESS SMOOTHLY, EVEN WHEN CHALLENGES ARE IN YOUR WAY OR WHEN YOUR BUSINESS DOESN’T GO AS PLANNED.

the amount of money as income more than what you spent as expense or investment. A negative cash flow means that more money has gone out of the business as an expense rather than it coming back as an income. You should keep track of your cash flow in order to make decisions based on how much cash on hand to cover the expenses and keep your business on track and as planned.

INVESTING IN YOUR BUSINESS

Once you start a solid financial foundation, you should consider investing in your business, which means upgrading your equipment, buying new helpful operational tools, production machines,

in order to upgrade your business or make it grow, but it’s important to plan this very well. Make sure that what you invest in will have a positive return which can lead you to more money, if not now then in the long run.

UNDERSTANDING PROFIT VERSUS REVENUE

As you manage your business financially, it’s important to know the difference between profit and revenue.

Lots of people calculate the revenue without considering the expense and they keep adding to their capital from their own pocket without knowing.

For example, if you sell books and you generate money after the bookfair

expanding your product lines, or even investing in marketing your products and brand awareness to reach a wider audience. Investing is very important

ends, that is called revenue. Profit can only be determined after calculating all expenses such as booth rent, freelancers, workers, and transportation.

Let’s say you earn AED10,000 in the bookfair sales but spend AED6,000 on expenses- your profit would therefore be AED4,000. Profit is what truly matters because it’s the money you get to keep after covering all costs. Every young entrepreneur should gain the fundamentals of financial literacy by learning how to budget, save and manage the cash flow. You will understand the financial terms like profit and revenue helps you to better manage your business and run it successfully. Remember, in business the more you gain knowledge and experience the better you prepare yourself for any obstacles.

AlDhabi AlMheiri is a young Emirati columnist, entrepreneur, and publisher as well as a Guinness World Records titleholder. As the founder of Rainbow Chimney Bookstore and Publishing House, she is committed to empowering young writers and promoting cultural diversity through the transformative power of storytelling and publishing. AlDhabi firmly believes in the power of stories, providing children with a chance to express their thoughts, feelings, and experiences through books.

As the author of two books and the publisher of over 52

works by children from diverse backgrounds, AlMheiri’s mission is to promote education, sustainability, financial literacy, and emotional resilience through narrative. Her initiatives, such as “Books from Children to Children,” foster creativity and self-expression among youth while addressing crucial social issues like diversity, inclusion, and emotional well-being.

In addition to her work in literature, AlMheiri is a passionate advocate for children with additional needs, ensuring that their voices are amplified and their unique talents are recognized and nurtured. Her enthusiasm for finance has also driven her entrepreneurial ventures, making her a role model for young aspiring business leaders.

AlMheiri’s commitment to education and personal development is exemplified by her academic achievements. She graduated as a Fellow from Georgetown University’s School of Business in 2024, in collaboration with the US Mission to the UAE, and successfully completed the Entrepreneurship Program offered by Google and the UAE Ministry of Economy. Through her work and vision, AlMheiri is leaving a lasting impact on young people, advocating for a future where education, storytelling, financial literacy, and sustainability are the cornerstones of societal progress. Her initiatives are deeply aligned with the United Nations Sustainable Development Goals (SDGs), reflecting her dedication to creating a better world for future generations.

rainbowchimney.ae

CFO As A Strategic Partner

Today's CFOs do far more than just balance the books.

by MICHAL SOBIERAJ

The last few decades have been characterized by continual transformation. The integration of new technologies, changes in organizational structures, and the increasing demand to maximize efficiency have fundamentally changed how businesses operate. These changes have been felt across all areas of corporate leadership, but nowhere more profoundly than in the role of Chief Financial Officer (CFO).

Once pigeonholed as financial overseers and number crunchers, today’s CFOs do far more than just balance the books. They’ve become integral strategic partners who influence key business decisions and drive innovation. This is especially pronounced in the competitive Gulf region, where rapid digital transformation and the introduction of new financial regulations have pushed their roles beyond traditional boundaries.

}Historical evolution and context Traditionally, the CFO’s remit has centered around two core

functions: managing the organization’s financial processes and ensuring the company’s economic well-being through budgeting, financial reporting, and risk management.

While these are essential to the financial health of any business, they were often siloed from core business strategy and operations. It was just a question of ensuring financial practices met regulatory standards and compliance frameworks.

These prerequisites are still a core part of the CFO’s duties, but now they’re also expected to have greater input in the C-suite agenda and operational leadership.

Bigger challenges and better tools have pushed CFOs to have greater input at the management level and be more involved in driving business growth.

}The growing importance of technology

Today’s CFOs aren’t just financial stewards but also tech innovators. As such, they are increasingly expected to adopt roles that blend financial acumen with technological expertise.

Tellingly, a report by global consulting firm McKinsey revealed that the number of finance leaders who claim responsibility for their companies’ digital activities more than tripled between 2016 and 2021, with nearly two-thirds of finance leaders overseeing these activities, compared to 44% in 2016

The advent of tools like robotic process automation (RPA), cloud-based enterprise resource planning (ERP) systems, and advanced analytics is redefining what it means to lead a finance department.

Operations are becoming more automated. Everything from routine data entry to complex financial analyses can now be done more efficiently, freeing up time to focus more on strategy and how to leverage these insights for better decisionmaking and long-term planning. This doesn’t just improve operational efficiency – it empowers CFOs to deliver more accurate forecasts and robust financial strategies.

Collaboration across departments has also improved, with technology acting as a bridge connecting various parts of the organization. This means that financial strategies are better aligned with overall business objectives.

}The CEO-CFO relationship: A strategic partnership

The relationship between a Chief Executive Officer (CEO) and a Chief Financial Officer (CFO) has become crucial to a company’s success. Often operating behind the scenes, this partnership is key to maintaining harmony within a company, though it’s not always easy to achieve.

At the core of a strong CEO-CFO relationship is the changing nature of their roles. CEOs are no longer just the face of the company; they deal with everything from market fluctuations to new technologies and shifting expectations from stakeholders. This has made them more dependent than ever on their CFOs, who have moved beyond mere budget management to become central figures in strategic planning and performance management.

In fact, a 2021 Accenture report revealed that 86% of CFOs say the frequency and scope of their collaboration with C-suite partners has increased.

This evolution has transformed their relationship from a traditional hierarchy to a collaborative partnership where CFOs are seen as essential strategic advisors. This teamwork is vital because it sharpens decision-making and aligns strategies

across the company. Close collaboration between the CEO and CFO enhances financial management and risk control and ensures strategic plans are implemented effectively.

Studies show that companies where CEOs and CFOs work well together tend to outperform others financially and strategically. Their joint efforts lead to more informed decisions that directly impact the company’s direction and operations.

}Navigating compliance

and sustainability challenges

In the Gulf and particularly the UAE, the role of the CFO is evolving fast as they grapple with new challenges in compliance and sustainability. These days, it’s not just about keeping the books in order – CFOs are also key players in navigating tighter controls around ESG (environmental, social, and governance) and KYC (know your customer) regulations.

ESG has become imperative for businesses in the region, with more companies being expected to adopt sustainable practices. This responsibility has fallen squarely on CFOs, with an industry survey from Accenture affirming that 68% of CFOs say finance takes ultimate responsibility for ESG performance. These have to be weaved seamlessly into financial strategies, whether it’s through managing green bonds or ensuring transparent sustainability reporting. It’s not just about ticking boxes; it’s about aligning with global trends and staying attractive to investors who are scrutinizing a company’s environmental and social impact.

At the same time, the UAE’s robust KYC regulations are front and centre, particularly with the region’s high influx of international business. CFOs are expected to ensure their companies have robust anti-money laundering (AML) and KYC processes in place, and it’s not solely a concern for financial institutions – businesses across all sectors are under increased scrutiny.

Balancing these responsibilities isn’t easy, but it’s crucial. By staying on top of ESG and KYC, CFOs are not only ensuring compliance but also protecting their company’s reputation and positioning it for long-term success. Weaving financial expertise with a strong grasp of these emerging demands is now more important than ever for maintaining investor confidence and ensuring resilient business operations.

}Conclusion and future outlook

Today’s CFOs in the Gulf are no longer just custodians of financial health; they are key enablers of digital transformation and long-term business success.

As companies navigate rapid changes in the region’s economic landscape, having access to this critical role is essential.

Looking ahead, the CFO’s role will likely continue to evolve, with even greater emphasis on driving innovation and ensuring long-term sustainability. For businesses in the Gulf, partnering with dynamic CFOs or fostering their development within the organization could be key to staying competitive and successfully navigating future challenges. Now more than ever, having the right financial leadership is a strategic advantage.

Michal Sobieraj is the founder and CEO of Royal CFO, a company providing CFO services to businesses in the UAE and abroad. He enjoys helping businesses grow and operate more efficiently by leveraging his more than 20 years of diverse experience in finance and entrepreneurship. Throughout his finance career, he has worked in various fields, including corporate finance, guiding companies through the IPO process, equity research, and M&A transactions. He also served for more than five years as Group CFO at major companies across the UAE, KSA, and Qatar

Empowering the Future

As generative artificial intelligence (GenAI) reshapes industries and job roles, the need for upskilling and reskilling has never been more urgent. This transformation is not just about adapting to new technologies but also about fostering a culture of continuous learning to ensure long-term organizational success. HR leaders are at the forefront of this evolution, guiding their organizations through the complexities of workforce development in an age of rapid technological advancement.

HR LEADERS SHOULD PRIORITIZE SKILLS DEVELOPMENT AS A CORE ASPECT OF THEIR ORGANIZATIONAL STRATEGY.”

} The accelerating pace of change

The rise of GenAI and other technological advancements has introduced an unprecedented pace of change in the workplace. HR experts emphasize now the ability to quickly learn and apply new skills coining the term “learning agility” as a crucial element for future success. The traditional model of lengthy training sessions is becoming obsolete, as the shelf life of tech skills is shrinking significantly. This rapid evolution necessitates a shift towards “micro-learning” and integrating learning opportunities directly into daily workflows.

}Global perspectives on reskilling

The urgency of reskilling is not confined to any single region; it’s a global imperative. For instance, Japan is grappling with a shrinking and aging workforce, which is impacting productivity. To address this, the Japanese government has pledged $7.5 billion over the next five years for reskilling programs aimed at revitalizing the workforce. This initiative includes job coaching, education, and job placement services. Companies like Cyberagent are also proactively

reskilling their employees, with dedicated centers focused on transitioning workers into IT roles. On a global scale, the World Economic Forum’s Reskilling Revolution program aims to reskill 1.1 billion workers by 2030. This initiative involves a coalition of businesses and nonprofits working together to address the growing need for reskilling across various sectors. The initiative underscores the universal nature of the reskilling challenge and the collaborative effort required to tackle it.

}The role of HR leaders

In this landscape, HR leaders play a pivotal role in fostering a culture of continuous learning and development. Key strategies include:

}Creating a skills-driven culture

HR leaders should prioritize skills development as a core aspect of their organizational strategy. This involves not only identifying current and future skill needs but also aligning learning opportunities with business objectives.

}Build customized learning opportunities

Leveraging generative AI and other technologies can

Upskilling and reskilling talent in the age of Generative AI by JANA HAOUNJI

create tailored learning experiences. For instance, IBM’s SkillsBuild platform offers modular, industry-recognized credentials aligned with evolving job market needs. This approach ensures that employees receive relevant and actionable training that enhances their job capabilities. Incorporating such training with daily work processes leads to new skills being acquired as well as performance of day-to-day duties. For example, IBM’s AI upskilling development program includes courses on strategic essentials and practical applications, such as marketing or coding, which are directly relevant to employees’ roles.

}Fostering recognition and incentives

Recognizing and rewarding employees for their learning achievements is crucial for motivating continuous skill development. This could include certifications, promotions, or other forms of acknowledgment.

}Allocating dedicated learning time

To integrate learning into everyday work, employers should provide dedicated time for skill development. This approach helps employees balance their

regular duties with ongoing learning.

}Ensuring purposeful alignment

Learning opportunities should be relevant and aligned with the organization’s strategic goals. Curated and diverse learning resources can enhance the effectiveness of upskilling efforts.

}Encouraging knowledge sharing

Creating platforms for employees to share their learning experiences can foster a collaborative learning environment and enhance overall organizational knowledge. HR leaders must also build a resilient infrastructure for learning, one that supports experimentation and embraces the possibility of failure as part of the learning process. Providing access to resources, encouraging feedback, and promoting a growth mindset are essential components of a successful upskilling strategy.

As organizations navigate the complexities of the GenAI era, upskilling and reskilling will be central to maintaining a competitive edge. HR leaders must champion these efforts, driving initiatives that align with the

rapidly changing technological landscape and the evolving needs of the workforce. By fostering a culture of continuous learning and embracing innovative approaches to skill development, HR leaders can ensure their organizations are well-positioned to thrive in the future of work.

Jana Haounji is a seasoned recruiter with diversified experience across different industries, fast-moving and slow-paced, from retail, construction, academia, non-governmental organizations, and recently, startups. She is passionate about human relations, and striving when building connections. Throughout her career, she managed to streamline the recruitment life-cycle in companies she worked at and implemented industry-specific best practices. Jana is a certified HR professional by the Society for Human Resource Management, and she also holds a master’s degree in business administration. Her areas of expertise are in digital recruitment, interviews, and HR in the workplace.

Bad Habits

Even the best companies are capable of letting things slide. Bad habits form, and what was once a successful organization can suddenly become mediocre – or even obsolete. And it’s all too easy to ignore the warning signs. To put it another way, it’s the boiling frog syndrome – by the time the business realizes it, the situation has already become disastrous. It’s too late. We all know the stories of Blockbuster, Yahoo, and Nokia, which were once giants but were quickly reduced to varying degrees of insignificance. In fact, anyone who was a big Skype user only to find themselves glued to Zoom throughout the pandemic can see how quickly a company can get left behind. So what usually goes wrong? What are the most common mistakes companies make that land them in the boiling pot? My view is that it is possible to identify a few key areas that all companies need to watch out for. So, in this article, I’ll discuss this and also show that we can look at some key aspects of human psychology to help give us a better chance of guiding our companies to

continued success and avoiding the pitfalls of slipping into bad habits.

Let’s get started.

}The problem of complacency

When a company achieves a certain level of success, there is a natural tendency to take the foot off the accelerator. In these cases, management can become insulated from the harsh realities of the market. It’s all too easy for departments and individuals to become more focused on protecting their own interests rather than collaborating for the good of the company. This lack of cooperation can lead to inefficiencies, duplication of efforts, and missed opportunities. When management becomes less vigilant about monitoring performance metrics, assuming that past success will just continue, innovation slows as the company becomes more risk-averse, preferring to stick with what has worked before. But what worked before may not work in the future.

Blockbuster’s failure to innovate stemmed from a complacent leadership that overvalued the strength of their

brand and ignored the changing tides – particularly from Netflix, first with shipping DVDs directly to customers’ homes, then streaming. Blockbuster believed their physical stores were enough, but it was a big miscalculation for a brand that had dominated for so long. So, when warning signs are ignored or downplayed, it leads to decisions based on outdated or inaccurate information, ultimately harming the company’s long-term viability.

}Ignoring customer feedback

Successful companies usually start with a strong focus on customer satisfaction. However, as they grow they may start to ignore customer feedback. This can happen when a company becomes more internally focused, prioritizing processes and systems over customer needs. In other words, it becomes more inward-facing. The issue is that ignoring customer feedback can result in products or services that no longer meet customer expectations, leading to a decline in sales and market share.

During the 1970s and 1980s, Commodore was a name on everyone’s lips. But due to management problems and incoming leadership that didn’t understand the world of computers, the company started to trail behind competitors in the PC and Mac markets. In 1993, the business lost US$366 million and filed for

When companies slip and things start to fall apart by KARL HOUGAARD

bankruptcy the following year. This is almost an early prototype for what would later happen to Blackberry and Nokia – two strong companies that failed to innovate, did not listen to customers, and were beaten by the competition.

It’s also worth noting that when companies become overly confident in their market position and abilities, they may dismiss valuable feedback not only from customers but also from employees and industry experts. This can be extremely dangerous, as it can mean the organization stagnates due to a lack of innovation.

}Neglecting employee morale

We briefly mentioned the problem of not listening to employees, but let’s look at that in more detail. Because another common mistake is neglecting employee morale. In the early stages of a company, there is often a strong sense of camaraderie and shared purpose. Total buy-in across the board. However, as companies grow, this can weaken. Management may become distant, communication can break down, and employees may feel undervalued or overworked. This decline in morale can lead to decreased productivity, higher turnover rates, and a loss of institutional knowledge, all of which can severely impact the company’s performance.

}Not taking care of the finances

This is a big one. Companies may start to cut corners in quality control. A company may also take on too much debt based on the assumption that future growth will be enough to cover it. So, short-term thinking can lead to decisions that are beneficial in the immediate future but detrimental in the long run.

Companies might prioritize quarterly earnings over sustainable growth, cut corners on quality, or neglect long-term strategic planning. While growing sales and expanding market presence are important, an obsession with volume can lead to compromises in quality, customer service, and employee

satisfaction. The multinational tech firm Nortel not only failed to innovate as broadband and VoIP technologies emerged but ‘misstated’ its financial position. While this was not immediately uncovered, the company filed for bankruptcy in 2009. Finances must be in order, or things can slip quickly.

}The psychology behind a failing business

Understanding the psychological factors that contribute to business failure is crucial for leaders and managers aiming to avoid common pitfalls. According to the Harvard Business Review, there are several key areas where psychological challenges can undermine a business’s success. These factors often stem from deep-seated personal issues and can manifest in various ways within the workplace. Recognizing and addressing these issues can help individuals and organizations foster a healthier, more productive environment.

Here are some of the critical psychological factors that can lead to a failing business:

· Inability to empathize: Many individuals struggle to see issues from other people’s perspectives, reflecting a lack of empathy often stemming from insufficient childhood guidance. Empathy is essential for effective interactions with colleagues, managers, customers, and competitors.

· Misunderstanding power dynamics: Confusion about the use and value of power is common, with many equating it to abuse. This can result in either avoiding power or misusing it due to fear of destructiveness. Effective leadership requires a balanced and judicious application of power.

· Struggles with authority: Complex feelings about authority can persist from childhood into adulthood. Some individuals continuously defy authority, while others are overly deferential. Balancing respect for authority with independent thinking is a common challenge.

· Negative self-perception: Low

self-esteem, influenced by societal pressures or mild depression, undermines confidence. Building a career on poor self-esteem is like constructing a house on unstable ground. This affects many businesspeople, making it crucial to act effectively while acknowledging personal limitations and setbacks.

The formation of bad habits within companies is a slow and often unnoticed process. Complacency, neglecting employee morale, ignoring customer feedback, and financial mismanagement are some of the most common pitfalls. All these issues contribute to the boiling frog syndrome, where gradual decline goes unnoticed until it reaches a critical point. By then it’s too late.

To combat this, companies must remain vigilant, continuously assessing and adjusting their practices to avoid falling into these traps. Recognizing the signs early and taking proactive measures can help prevent a company from ending up in the proverbial boiling pot.

Karl Hougaard is the founder and Managing Partner of Trade License Zone, where he ensures the company lives up to its brand values, delivering an exceptional customer experience that sets Trade License Zone apart among business setup operators in the region. Karl started his career as a senior manager with Primovie, the Cinema Operations arm of Primedia LTD in South Africa, which saw him relocate to Dubai in 2001 as part of the group’s global expansion plans. During his two-decade tenure in the United Arab Emirates, he owned several businesses and most recently headed up the launch of International Free Zone Authority (IFZA) as Managing Director after leading Virtuzone through accelerated growth as its CEO. Prior to that, he held senior management positions in some of the region’s largest media firms, including ITP Media Group and Dubizzle.com.

BINGHATTI is the Chairman of Binghatti Holding.

OFARCHITECT AMBITION

Muhammad BinGhatti, Chairman of Binghatti Holding, has reshaped the UAE’s real estate landscape by merging architectural innovation with luxury, and has forged partnerships with iconic global brands like Bugatti and Mercedes-Benz while leading a portfolio valued at AED 40 billion. by

DEVINA DIVECHA

In 2014, Muhammad BinGhatti took the reins of Binghatti Holding, a company his father, Hussain BinGhatti Aljbori, founded in 2008. His appointment came with immense responsibility, overseeing a business which operated in highly lucrative real estate sector- but the chairman’s journey to this point has been anything except typical. An architect and designer by trade, BinGhatti – armed with a Bachelor with Honors in Architecture – had always been fascinated by the power of design. “I always had an appreciation for how design influences our lives and the creation of world class brands and products,” he says. For BinGhatti, this passion isn’t just confined to buildings; he believes in its impact across industries such as fashion and even culinary arts. His dream was simple: to create a real estate brand with a distinct architectural identity and design language, much like what can be seen in the automotive industry. “That was my vision for what a real estate brand should be, and that is what I set off to pursue after graduating from architecture school,” BinGhatti notes.

His ambition was to create buildings that were not just a structure but a symbol of art and lifestyle. This vision birthed the idea of amalgamating art into properties, a philosophy that has allowed BinGhatti to launch iconic projects, such as Burj Binghatti Jacob & Co. Residences, Mercedes-Benz Places by Binghatti, and Bugatti Residences by Binghatti. The Chairman explains the strategy: “Binghatti was the first to introduce these global brands to the real estate industry. The idea was to create something that would translate into an extension of the lifestyle that these brands have built in a way that had never been seen before.”

The aim with these projects was to create not just homes, but status symbols that were crafted with the same attention to detail as the luxury products with which they are aligned.

Chatting about the projects, BinGhatti says, “The famous quote by Ettore Bugatti is, ‘If comparable, it is no longer Bugatti’, so when we worked with Bugatti our inspiration was to create something truly incomparable. When you look at a project featuring the only beach in the heart of the metropolitan city and a car lift for residents to park their automobiles within their penthouses, and 182 different layouts, I think that’s the definition of incomparable.”

This was also the case with the partnership with Mercedes-Benz, which helped incorporate the values of mobility, technology and sustainability, while staying true to the Mercedes-Benz design DNA. “We ventured into the idea of designing a building-integrated photovoltaic facade spanning 75,000 square feet and running across the entire rear elevation of the project enabling the tower to generate energy to charge electrical vehicles.” }}

BURJ BINGHATTI JACOB & CO RESIDENCES features stylized elements and dimensions found in Jacob & Co's scrupulous watchmaking process.

He continues, “In the case of Jacob&Co, the boldness of our endeavor to build one of the world’s tallest residential towers, rising more than 500 meters above the ground was an idea that resonated with the values of the horology and high-jewelry brand. Jacob&Co’s motto is ‘Inspired by the Impossible’ and that is exactly

“

BINGHATTI'S COLLABORATION WITH THE WORLD'S LEADING LUXURY AUTOMOTIVE HYPERCAR BRAND BUGATTI to bring the first Bugatti branded real estate project in the world to Dubai.

what inspired a project as technically challenging as Burj Binghatti Jacob&Co Residences.”

Partnering with such high-profile brands is no mean feat, and BinGhatti says that “the main thing we look for in a partnership is synergy”. He continues, “That synergy is found especially with

THE PART I AM MOST PROUD OF WHEN IT COMES TO OUR BRAND DNA IS OUR BRAND ICONICITY AND RECOGNITION. WHAT I MEAN BY THAT IS I AM PROUD TO SAY THAT TODAY, ANYONE CAN RECOGNIZE A BINGHATTI BUILDING WITH SIMPLY ONE GLANCE.”

BinGhatti’s desire to deliver the newest and most sophisticated lifestyle features to its clients, which is precisely what we have done in these branded residences. I believe such a narrative is revolutionary to the real estate industry and what we are doing shall set a global benchmark for branded residences worldwide.”

Despite Binghatti Holding now playing in the major leagues, it had to start somewhere. “I still remember walking into the local authority office with the incorporation papers for Binghatti Properties. It’s been a decade, but it seems like yesterday,” he reminisces.

“Weaving your way through a market with well-established giants that had operated for many years whilst having very limited resources in terms of capital and human resources was not easy at all, but I was highly determined and worked with what I had,” he adds. BinGhatti personally handled everything- from designing the company’s first logo, to building its website and creating an

architectural DNA that set the firm apart.

His relentless drive paid off with initial full-building sales to institutional funds. “The culmination of these deals was a major boost on the capital of the company which enabled our initial growth,” he confirms. Part of this growth involves growing teams for the core operations of the company. “I started with what I thought was absolutely essential for expanding the brand: building the sales and marketing teams. I still remember taking calls with clients personally with my sales team and welcoming clients while closing a few deals in our stands in different property exhibitions. I would sit every single day with the marketing team and plan campaigns to support our sales team.”

In its earlier years, BinGhatti’s success was rooted in two main USPs: iconic architecture and speedy project delivery. “After experiencing considerable growth, I later moved on to expanding other teams that }}

“I STILL REMEMBER TAKING CALLS WITH CLIENTS PERSONALLY WITH MY SALES TEAM AND WELCOMING CLIENTS WHILE CLOSING A FEW DEALS IN OUR STANDS IN DIFFERENT PROPERTY EXHIBITIONS.” “

I BELIEVE GREATNESS IS GREATNESS, THERE ARE MANY PATHS TO IT BUT IT’S ONE DESTINATION WHICH I AM PLEASED TO SAY BINGHATTI HAS ACHIEVED TODAY.”

became a necessity. This included a full-fledge customer relationship management team that catered to clients’ post sales services and a team dedicated for quality control. My focus was the elevation of our product in terms of the introduction of smart systems and quality finishes.”

But BinGhatti’s influence goes beyond aesthetics. He introduced a highly personalized leadership style that he calls “passion management,” where he remains deeply involved in projects across every level. “You could think of me back then as Chief Executive Officer, Chief Marketing Officer, Chief Sales Officer and Chief Design Officer all combined in one” he jokes. This hands-on approach has enabled BinGhatti to lead the company through rapid growth over the last few years. The chairman adds, “I am proud to say that today Binghatti is one of the largest developers in the UAE and the Middle East with a projects’ portfolio worth almost AED40 billion, and a total taskforce of 10,000 employees. In terms of year-on-year growth, we beat our entire 2023 revenue in just the first half of 2024. I think that speaks volumes of the growth and upward trajectory that BinGhatti is experiencing.”

As 2024 draws to a close, Binghatti Holding shows no signs of slowing down.

In this year, the company has announced launches of various projects including the likes of One by Binghatti in Business Bay and Binghatti Hills adjacent to Dubai Hills Mall. The company plans to roll out 12,000 residential units by the end of the year across various market segments and is on track to increase its portfolio to AED 60 billion by the end of 2025. This growth aligns with Dubai’s Agenda 33, which aims to double the economy in the next decade- which marks the city as a lucrative ground for entrepreneurial growth. It’s clear to see that the scion of the family has made the right decisions. “Even in hindsight, I would not do things differently. I believe greatness is greatness, there are many paths to it but it’s one destination which I am pleased to say BinGhatti has achieved today. Despite knowing what I know now, I would not go back and change anything, and I even appreciate the taxing and strenuous times which I think have been essential in shaping the organization we have today and even myself as an individual,” he says. }}

BinGhatti, the architect of the company’s and his own success, had a vision of creating a real estate brand that leaves its mark on the skyline of Dubai and beyond. And it’s fair to say he has succeeded. “The part I am most proud of when it comes to our brand DNA is our brand iconicity and recognition. What I mean by that is I am proud to say that today, anyone can recognize a Binghatti building with simply one glance.”

'TREP TALK

Muhammad BinGhatti, Chairman of Binghatti Holding shares his tips for entrepreneurs starting their own business:

} PURSUE WHAT YOU LOVE

“My first tip for entrepreneurs is find something that you would not mind doing for the rest of your life.”

} CONSISTENCY IS KEY

“Once you find that thing, do it consistently and give it your 110% effort every day, because passion is never enough without consistent action.”

} LIVE AND BREATHE YOUR VISION

“I live and breathe the job that I do. That means if there ever is a vision or project, no matter how big or small, I approach it with an attitude of fixation and relentless obsession.”

Mercedes-Benz Places by Binghatti Property, a 65-floor residential tower in Downtown Dubai, is the German auto giant's first branded property project

“I AM PROUD TO SAY THAT TODAY BINGHATTI IS ONE OF THE LARGEST DEVELOPERS IN THE UAE AND THE MIDDLE EAST WITH A PROJECTS’ PORTFOLIO WORTH ALMOST AED40 BILLION, AND A TOTAL TASKFORCE OF 10,000 EMPLOYEES.”

FUN COMES GUAR ANTEED

#TamTalksTech

Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by

TAMARA CLARKE

Go Big Or Go Home → /

Canon imagePROGRAF TZ-32000

The imagePROGRAF TZ-32000 is again redefining large-format printing with increased speed and precision in sectors such as architecture, engineering, and construction. The 36-inch printer is ideal for printing large volumes of CAD drawings at a speed of 4 A1 pages per minute, the highest printing speed in the imagePROGRAF series. Productivity is further enhanced with a new and improved, easy paper loading process and a Top Delivery Tray (TDT) that stacks up to 100 CAD drawings of various sizes, or up to 10 posters, for continuous printing. The dual roll input allows you to reduce the frequency of media loading, making it possible to switch between two sizes of media automatically for different size printouts, which is ideal for complex CAD applications. Production time is further maximized by faster paper loading and unique hot-swap ink tanks that can be replaced

during operation for uninterrupted printing. TZ-32000 offers encrypted communications and secure PIN code printing with advanced authentication and secure hard drive erasure to ensure safeguarding of data. Whether your business is big or small, TZ-32000 makes large scale printing easier.

Speak Up ← /Sony ECM-L1

The ECM-L1 lavalier microphone feature’s Sony’s renowned audio technology and picks up audio with precision. In addition, it supports plug-in power and can be seamlessly integrated to a wide range of devices equipped with a 3.5 mm microphone input terminal, such as cameras, smartphones, wireless microphones, IC recorders, and computers, making it extremely versatile. Thanks to its pin microphone design, it can be worn discretely around the speaker’s collar or shirt for a professional appearance on camera whilst still picking up clear sound clearly, making it ideal

Acer’s new Nitro Blaze 7 handheld gaming PC delivers lightning-fast performance and efficiency for everyday gaming and entertainment. Powered by AMD Ryzen 8040 Series processors with up to 39 total AI TOPS, it features up to 2 TB of storage, 16 GB LPDDR5x memory and a 7-inch FHD IPS touch display. The device leverages AMD Radeon 780M graphics, and Radeon Super Resolution for real-time graphical upscaling and lag-free experiences. Nitro Blaze 7 slips easily into your bag or pocket for playing time while on-the-go. What’s more, you can effortlessly navigate through the Windows 11 gaming handheld’s library of games thanks to the new Acer Game Space feature, which supports the addition of games from multiple platforms. A hotkey instantly transports players to their game libraries, and the Nitro Blaze’s joystick and directional buttons make it even easier to navigate through the gaming realm with greater precision and versatility. For high-speed connectivity, the Nitro gaming handheld supports Wi-Fi 6E and incorporates various ports for seamless device and accessory pairing including USB4 (Type-C) with fast charging, and a MicroSD card reader to expand storage capacity.

for interviews, documentaries, drama shoots, vlogging and livestreams. In addition, the 2.2 mm diameter cable is resistant to breakage and a locking ring is used at the connection point with the recording device to prevent the connector from accidentally coming loose. Two types of windscreens are included to reduce wind and pop noise: metal and faux fur. For a more discreet aesthetic you can select the metal option, or depending on the shooting scenario, the additional wind noise reduction of the faux fur option is available.designed to complement any space.

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

B/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 Jaeger-LeCoultre, Levi’s®, Azha Perfumes, and RMS Beauty.

PRECISION MEETS LUXURY →

Jaeger-Lecoultre’s 101 Secrets

The latest addition to Jaeger-LeCoultre’s 101 Collection, which seamlessly blends the traditions of high jewelry with the expertise of fine watchmaking, is the 101 Secrets. Housed within the intricate piece of jewelry is, of course, the Calibre 101, the world’s smallest mechanical watch movement. With 98 components, the entire movement of the Calibre 101 measures just 14mm x 4.8mm with a thickness of 3.4mm and weighs just one gram! Owing to the precision required in creating such a small movement, the development of the 101 Secrets watch required hundreds of hours of research and 15 different areas of expertise, combining traditional techniques and new technologies, to perfect the design of the case, the opening and closing mechanisms, the precisely articulated bracelet and the positioning of the gemstones. Made using Platinum 950, which is twice as hard as gold, the 101 Secrets timepiece is laden with 1,028 diamonds. The feature that lends the luxury watch its name, however, is that it offers not one, but two secrets hidden within the watch – the first is the dial itself, which must be revealed to see the time, and the second is the mechanism that activates the dial cover. jaeger-lecoultre.com

OPULENT AND ENCHANTING →/ Azha Perfumes’ Emerald Nebula Collection

UAE-homegrown fragrance brand

Azha Perfumes has unveiled its latest collection: the Emerald Nebula, inspired by the magic and grandeur of Middle East’s heritage. Deeply rooted in the rich heritage of Arabian perfumery, Azha Perfumes is founded by the third generation of perfumer brothers, Omeir and Talha Kalsekar. With its high-quality and culturally resonant fragrances, the brand offers unique fragrances for both him and her. The Emerald Nebula collection, in particular, features delicate florals, exotic woody ingredients to fresh and spicy notes designed to evoke cherished moments and lasting

memories. Some of the best selling scents from this new range include the Arabian Lady, an oriental fruity fragrance that combines a rich base of amber and patchouli with bright notes of apple, peach, and pineapple, and the Oud Al Aswad, a spicy fragrance that has notes of cedarwood, amber, oud, leather, and musk. azhaperfumes.com

↑ DENIM DREAMS Levi’s® Fit For Life Range

Levi’s® latest collection is all set to be every woman’s denim companion! Whether you’re catching up with friends, dancing through the night, or owning your daily grind, the Levi’s® Fit For Life range has an option for every moment. With timeless style and unparalleled comfort, this new collection ensures you’re ready to embrace life’s moments with confidence and ease. Take, for example, its Baggy Jeans with its midrise and a range of straight to wide-leg fits that can easily become a go-to closet staple while also offering that effortlessly cool aesthetic. There’s also the Levi’s® Ribcage

Fit which combines vintage charm and a modern super high-rise. The fitted top block cinches the waist and relaxes at the thigh, creating a leg-lengthening, figure-flattering silhouette. Or you may opt for the 700 High Rise- a pair of everyday jeans, crafted from Stellar Stretch fabric, combining authentic denim character with enhanced comfort. This range of fits is available across all Levi’s® stores in the region. To unlock your unique style and embrace the perfect fit for every aspect of your life, customers can use the Levi’s® jeans guide and denim dictionary! levi.com/global

EDITOR’S PICK RMS BEAUTY’S AUTUMN/ WINTER 2024 ESSENTIALS ↓

With cooler weather fast creeping up on us in the region, chic makeup looks complete with a natural glow and a touch of drama are set to be the order of the day. To recreate these looks at home, here are some top picks for the season by clean, organic and natural beauty brand, RMS Beauty. A celebrity favorite, the brand is loved by everyone from Meghan Markle who cites the Living Luminizer as a firm favorite in her beauty arsenal. Bella Hadid is a fan of the Luminizing Pressed Powder and supermodel Karolina Kurkova uses the UnCover Up Cream as a firm staple. Other fans of the brand include Gisele Bundchen, Miranda Kerr and Zoe Saldana. Offering something for everyone, whatever your taste and style, these products are set to become your go-to for embracing the chic, glowing, and effortlessly polished look that defines Autumn/Winter 2024! rmsbeauty.com

THE RECAP

On September 11, 2024 at Al Habtoor Palace, Entrepreneur Middle East staged the Leaders in Fintech Awards 2024, supported by Numai Real Estate and Fluidmeet, to recognize the individuals and enterprises that are shaping the future of the MENA region’s fintech ecosystem. This edition of this annual event saw a total of 17 awards being presented, with the winners ranging from pioneering financial institutions, to cutting-edge innovators in the digital banking space. The Leaders in Fintech Awards 2024 was thus a celebration

of the solutions and ideas that have, and will continue to, empower the Middle East’s fintech ecosystem

The event also proved to be an indication of the continued growth that the region’s fintech industry is currently seeing, with a report by global consultancy Mordor Intelligence stating that the MENA fintech market size is estimated at US$1.51 billion in 2024, and is expected to grow to $2.4 billion by 2029 at a compound annual growth rate of 9.71%.

Check out the full list of winners at the Leaders in Fintech Awards 2024!

BNC PUBLISHING CEO Wissam Younane

BEST TRADING PLATFORM: EFG Hermes ONE

INNOVATIVE BANKING PRODUCT OF THE YEAR: MASHREQ Neo Next

INVESTMENT COMPANY OF THE YEAR: Century Financial

MOBILE APP OF THE YEAR: Al Ramz

AI-DRIVEN SOLUTION OF THE YEAR: Nybl

PAYMENT SOLUTION OF THE YEAR: Ziina

DIGITAL BANK OF THE YEAR : LIV

BEST BLOCKCHAIN INNOVATION: Tectum Softnote

BEST ENTERPRISE SOLUTION: SAP

EXPENSE MANAGEMENT SOLUTION OF THE YEAR: Pemo

FINTECH INVESTOR OF THE YEAR: Impact46

CONSULTANT OF THE YEAR: The Consultation Center

ECOSYSTEM ENABLER OF THE YEAR: Shorooq Partners

WEALTH MANAGEMENT PLATFORM OF THE YEAR: Emirates NBD

STARTUP OF THE YEAR: ABHI

FINTECH COMPANY OF THE YEAR: Foodics

FINTECH LEADER OF THE YEAR: Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East, and Africa, Mastercard

All images are courtesy © BNC Publishing/ Farooq Salik

FINTECH LEADER OF THE YEAR: Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East, and Africa, Mastercard

FINTECH INVESTOR OF THE YEAR: Impact46

Tectum Softnote

FINTECH COMPANY OF THE YEAR: Foodics

WEALTH MANAGEMENT PLATFORM OF THE YEAR: Emirates NBD

CONSULTANT OF THE YEAR: The Consultation Center

MOBILE APP OF THE YEAR: Al Ramz

BEST TRADING PLATFORM: EFG

Hermes ONE

INNOVATIVE BANKING PRODUCT OF THE YEAR:

MASHREQ Neo Next

DIGITAL BANK OF THE YEAR: LIV

ENTERPRISE SOLUTION: SAP

ECOSYSTEM

ENABLER OF THE YEAR: Shorooq Partners

AI-DRIVEN SOLUTION OF THE YEAR: Nybl

EXPENSE MANAGEMENT

SOLUTION OF THE YEAR: Pemo

Endless Grit

Having built UAE-based wellness hub FlexoFix in the aftermath of a life-altering injury, Karl Dariane is empowering people to take better control of their overall health.

by AALIA MEHREEN AHMED

← KARL DARIANE is the founder of FlexoFix, a UAE-headquartered wellness center and physical rehabilitation clinic that offers a blend of traditional and innovative therapies. Dariane has also been a former Olympic Alpine skier and worked in the hospitality industry as well.

If there is one takeaway from the life of Karl Dariane -a mutli-faceted individual who has crafted successful tenures for himself across athletics, hospitality and, now, as a startup founder- it is that no dream is too big to achieve if approached with discipline, hard work and the hunger to excel. Dariane is today the founder of FlexoFix, a Dubai-based wellness center and physical rehabilitation clinic that offers a blend of traditional and innovative therapies. “My ultimate goal is for FlexoFix to be part of a much-needed change in the healthcare industry,” Dariane shares. “I want to move away from the traditional, reactive model of healthcare where people only seek treatment after they’ve been injured or sick. Instead, FlexoFix aims to pioneer a proactive, preventative approach to rehabilitation and wellness that’s attainable for everyone. I believe healthcare should empower people to understand their bodies, prevent injuries, and live healthier lives.”

Having faced multiple injuries throughout his life, Dariane decided that FlexoFix’s services (and indeed, its very name!) would be built upon the concept of flexology, a practice that improves physical health through targeted stretching techniques that blend modern science with ancient practices. Launched in 2018, the clinic’s services -which include sport medicine, intervention therapies, wellness consulting and performance testing- thus help in enhancing flexibility, reducing muscle tension, and promoting overall wellbeing. “While developing the Flexology protocol that would eventually become the initial core FlexoFix offering, I went through countless trials, constantly learning and adapting to different cases,” Dariane says. “What started as a focus on movement evolved into something much deeper; aligning the body through the muscular chain. Flexology helps correct the activation of muscles and illuminates imbalances that often go unnoticed. In many ways, it reverses the traditional approach of chiropractors. Chiropractors typically adjust the joints to release muscle tension, while I work on adjusting muscular tension to help the joints naturally realign. This distinction is where I saw the potential for flexology and realized how much it could help people like myself, who had been injured and needed to understand why. It’s about resetting the body and gaining a deeper understanding of it.”

But to understand why Dariane was inspired to launch FlexoFix in the first place, it is necessary to take a pause here and rewind to a time when the founder was still a professional athlete- an Olympic Alpine skier (an athlete who competes in Alpine skiing events at the Winter

THE BIGGEST SUCCESS OF FLEXOFIX IS THE REMARKABLE PROGRESS OF OUR CLIENTS’ RECOVERY, ESPECIALLY THOSE WHO PREVIOUSLY UNDERWENT PHYSIOTHERAPY REHABILITATION ELSEWHERE.”

Olympic Games), to be more precise. It was around this time that Dariane also found another area of interest: the food and beverage (F&B) space. “When I was still competing as a skier, I was fortunate to work at a resort located right on the slopes where I trained in Lebanon,” he recalls. “My routine was perfect—I’d train in the mornings and then work at the resort in the afternoons and evenings. I love the hotel industry because it’s all about service, helping people, and creating unforgettable experiences for them. And I love skiing for the adrenaline, the sense of freedom, the peace you feel on the slopes, and the sense of community it nurtures. My passion for both industries shaped who I am today and taught me the value of hard work, discipline, and the importance of meaningful connections.”

↑ Throughout his 12-year hospitality career, Karl maintained his connection to sports, competing actively in squash, weightlifting, and jiu-jitsu. Following a personal injury, he became a qualified personal trainer and specialized in flexology, and eventually launched FlexoFix in 2018.

As is the case for possibly every professional athlete, however, Dariane’s skiing experience was marred by many injuries- this was before it came to a complete halt due to a major injury. “Injuries are an unfortunate reality of competitive sports; they set you back, but you push through to recover as quickly as possible,” Dariane says. “My first injury was a torn meniscus from skiing, and then, during one of my last skiing competitions, I injured my hip. However, the most significant injury for me resulted from a car accident where I broke my sternum. I was bed bound for two months and no exercise for around 12 months, and that was an incredibly tough period. I had to stop sports entirely from 2009 to around 2011. It was a long recovery, and being away from something I loved so much was difficult, but it also pushed me to explore other paths in life and eventually led to where I am today.”

Indeed, following this life-changing injury, Dariane made a move to the UAE to pursue his love for the hospitality industry. It was a decision that saw him hold key positions in the F&B departments of major UAE-based retail companies Azadea Group and Chalhoub Group, among others. But it was during these years that Dariane’s path towards founding FlexoFix was slowly and simultaneously being built as well- and as it happened, it came through a series of observations about how his own injuries were being treated.

“

RECOGNIZING THAT OTHERS MIGHT SHARE SIMILAR STRUGGLES, I CREATED FLEXOFIX TO HELP MORE PEOPLE UNDERSTAND THEIR BODIES AND BENEFIT FROM A DIFFERENT REHABILITATION APPROACH.”

“I’ve actually played and competed in multiple sports, including squash, mountain biking, football, skiing, martial arts, strongman competitions, and CrossFit,” Dariane reveals. “Injuries were inevitable, but I seemed to get injured constantly. The question that stuck with me was: why was I getting hurt so much when others doing the same sports weren’t? I wasn’t the only one pushing my limits in multiple disciplines, yet I seemed to be sidelined more often. Every time I got injured, doctors and therapists would tell me what was wrong. If I had knee pain, they’d diagnose a meniscus tear or an anterior cruciate ligament (ACL) issue. If my back hurt, it was classified as wear and tear from intense training. The usual explanation was that I was overdoing it, that my body was tired. But even with all the guidance on what exercises to do and how to get stronger, I kept getting injured, and I couldn’t understand why.”

When his final “breaking point”, as Dariane puts it, came during the 2017-18 time period, he decided it was time to take things into his own hands (quite literally almost!). “At the time, I blew out my back again, along with multiple other injuries, and that’s when I knew I needed to take action,” he continues. “I had to go back to square one and learn the mechanics of my body from the ground up. I didn’t want to keep going back to doctors for the same answers. So, I studied and qualified as a corrective exercise specialist to deepen my understanding. I sought professionals who truly understood movement and the impact on the body. I worked with ballerinas to learn about mobility and flexibility. I collaborated with bodybuilders to understand how muscles are built and how movement angles matter. I also worked with movement therapists to study recovery and human anatomy. Through all of this, I developed my skills as a flexologist and created my own method of }}

MY VISION FOR FLEXOFIX IS TO INSPIRE OTHER PROFESSIONALS TO THINK DIFFERENTLY, INNOVATE, AND CONSTANTLY PUSH THE BOUNDARIES OF WHAT’S POSSIBLE IN PHYSICAL REHABILITATION AND PREVENTATIVE CARE.”

rehabilitation. I realized that my approach could benefit not only other competitive athletes but also anyone passionate about their health and fitness. Recognizing that others might share similar struggles, I created FlexoFix in 2018 to help more people understand their bodies and benefit from a different rehabilitation approach.”

FlexoFix thus offers all members with a three-base program which includes treatments catered towards self-body awareness, conscious practice, as well as enjoyable treatments.

And these services aren’t reserved only for the athletic and sporty among us either. “Our target market spans everyone from those living low-activity lifestyles to professional athletes,” Dariane says. “Whether you’re someone dealing with chronic pain from sitting at a desk all day or an elite athlete recovering from intense training or injury, we have the expertise and tools to help you recover and thrive. This approach is designed to ensure that you get the exact care you need to perform at your best, no matter your level—be it a casual, active person, the

elderly, children, or a high-level athlete.”

But how exactly does FlexoFix’s rehabilitation techniques differ from traditional/conventional options? “Flexology increases blood flow throughout the body, and I wanted to harness that blood flow to target specific areas and go deeper in ways that couldn’t be done as effectively through manual therapy alone,” Dariane explains. “That’s when I discovered hyperbaric oxygen chambers [a type of therapy that involves breathing pure oxygen in a

pressurized chamber, which allows the oxygen to dissolve into the bloodstream more effectively, promoting faster healing, reducing inflammation, and boosting recovery], which we brought in. As time went on and I worked with more clients, I realized we could push things further. I added vibroacoustic therapy [a technique that uses sound waves and vibrations to promote physical and emotional healing] because I had seen the amount of pain people were coming in with, and I knew this therapy could be a game-changer. Vibroacoustic therapy, combined with pulsed electromagnetic field therapy (PEMF), revitalizes cellular metabolism, reduces stress, and enhances overall recovery. So far, this has proved to be a perfect combination.”

But Dariane’s endeavors to create a one-stop-shop wellness clinic didn’t end here. “It became clear that we needed a physiotherapist and chiropractor on board,” he continues. “As incredible as flexology, hyperbaric oxygen, vibroacoustic, and PEMF were together, I wanted to offer a complete package. That’s what sets us apart! I created a program where clients move through multiple therapies, targeting physical rehabilitation on a whole new level. We believe in using a bespoke combination of traditional and modern treatments to treat people in pain and discomfort, and we have it all. The best part

↑ Located in Dubai’s Business Bay area, FlexoFix offers a holistic approach to rehabilitation that can adapt to individual needs and benefit people of all ages and abilities.

is our team works hand-in-hand on every case. Some clients may need more physiotherapy than flexology or chiropractic sessions, but we customize the approach to ensure every person gets exactly what they need.”

In the little over five years since the clinic’s launch, the greatest source of affirmation for Dariane has been the health results FlexoFix has enabled for its patients. “The biggest success of FlexoFix is the remarkable progress of our clients’ recovery, especially those who previously underwent physiotherapy rehabilitation elsewhere,” he says. “We’ve had numerous cases where clients were dealing with chronic issues, like back pain lasting 12-15 years; despite seeing several practitioners during that time. Through our detailed assessments and personalized, tailored programs, we were able to pinpoint the underlying causes and create solutions that significantly reduced their pain in half the time. Seeing those clients walk out happy and pain-free is what makes our work so rewarding.”

In its journey in growing from “a small 3x4 office into an eight-room clinic with four practitioners,” FlexoFix has also been keen on

creating a more cohesive health and wellness community in the UAE. A recent manifestation of that goal came in the form of a strategic partnership with Smart Salem, a Dubai-based medical fitness center. “One key point that both Amanda Gravitis, Smart Salem’s CEO, and I align on is the concept of ‘pre-hab’preventative healthcare or preventative rehabilitation,” Dariane says. “At FlexoFix, we’ve developed a comprehensive movement analysis assessment that tests everything from mechanics to posture, flexibility, mobility, range of motion, and strength. Smart Salem’s vision also revolves around preventative care, focusing on analyzing people’s health through innovative testing, gut microbiome analysis, food intolerances and hormone analysis and more- and most recently, they’ve developed an Active Lifestyle Package. We’ve integrated our movement assessment into this offering. Together, we’re giving individuals a more complete picture—not just of their DNA and overall health, but also of their movement patterns and potential imbalances.”

Before concluding Dariane’s story and sharing his goals for the future, it

is important to take another pausethis time to understand how, despite facing so many personal setbacks, the entrepreneur was able to tap into an inner place of resilience and grit. “It was a big struggle, and I’ll admit that I let my ego get the better of me during that time [of injury],” he shares. “I didn’t even want to go back to sports. I was tired of constantly being injured and thought it was all over. My spirit was crushed, and I didn’t recognise myself. I went from feeling at the top of my game, in great shape, and with everything going for me to getting injured almost six times in one year. When I finally stopped all sports, it felt like I’d lost a big part of myself, which was really difficult. But during this challenging period, I held onto a dream that helped reignite my passion and give me a new sense of purpose…I wanted to create a space that combined everything I loved—hotels, sports, and wellness. This vision motivated me to help and educate others on how to move better, stay healthy, and recover properly. I threw myself into the project; it was my way of blending my passion for hospitality and health into one cohesive experience.”

And it is precisely with that mindset that Dariane is now gearing up for FlexoFix’s upcoming journey too. “At FlexoFix, we’re building a community of professionals with a passion for continuous learning and exploration. Our team is committed to staying at the forefront of rehab and wellness by studying new methods, adopting cutting-edge technologies, and constantly refining our approach. We aim to lead the way in physical rehabilitation, creating programs that aren’t just about healing but enhancing physical and mental performance. My vision for FlexoFix is to inspire other professionals to think differently, innovate, and constantly push the boundaries of what’s possible in physical rehabilitation and preventative care.”

↑ FlexoFix is a wellness hub where people receive more than just treatment to alleviate pain but are empowered with knowledge and supported with empathy.

COGEF GROUP CHAIRMAN

RIZWAN ADATIA

ON HOW TO LEAD WITH SUSTAINABLE DEVELOPMENT

by BY MINA VUCIC

In the fifth episode of Paradigm we speak with Rizwan Adatia, founder and chairman of the Rizwan Adatia Foundation, a philanthropic entity that works towards improving the quality of life of the most marginalized communities across

Asia and Africa. With his business vision firmly rooted in sustainable development, Adatia's initiatives have catered to areas such as education, vocational training, healthcare, livelihood, as well as disaster relief.

The Rizwan Adatia Foundation has also launched numerous programs aimed at empowering individuals and communities, particularly focusing on women and youth. In this interview, Adatia talks about how his commitment to social change has extended into an active involvement in various global platforms, where he advocates for inclusive growth and sustainable development.

Adatia’s career, however, began in 1986 when he established the COGEF Group, a Mozambique-

In this Paradigm episode, Adatia also shares how his journey from a modest financial background in India to becoming a successful entrepreneur and philanthropist has been a result of not just determination and resilience but also by prioritizing the importance of giving back to society. Adatia emphasises how his commitment to social change has extended into an active involvement in various global platforms, where he advocates for inclusive growth and sustainable development.

THE RUNDOWN

} Rizwan Adatia's Social Commitment: Adatia's involvement in global platforms advocates for inclusive growth and sustainable development, emphasizing his dedication to social change.

} Philanthropic Work: Through the Rizwan Adatia Foundation, he supports marginalized communities across Asia and Africa by focusing on areas such as education, vocational training, healthcare, livelihoods, and disaster relief, with a special focus on women and youth empowerment.

} COGEF Group's Success: Founded in 1986, the COGEF Group, a multinational consumer goods company based in Mozambique, has flourished under Adatia's leadership, now operating in eight African nations.

} Sustainable Development Focus: Adatia's business vision is rooted in sustainable development, which has been integral to the growth and initiatives of both the COGEF Group and his foundation.

} Entrepreneurial Journey: Adatia's path from a modest financial background in India to becoming a successful entrepreneur and philanthropist is marked by his resilience, determination, and dedication to giving back to society.

SCAN THESE QR CODES TO CHECK OUT THE FULL PARADIGM EPISODE.

Mina Vucic is the Director of Production and Multimedia at BNC Publishing. She hosts Paradigm, an Entrepreneur TV Middle East podcast series that delves into the triumphs and challenges on industry pioneers in the dynamic world of business and entrepreneurship. instagram.com/ entrepreneurtvme headquartered multi-national private consumer goods group that operates across retail, distribution, and manufacturing. Under his leadership, the group has seen substantial growth and success, with the entity currently present across eight African nations.

The voice of entrepreneurship around the world

S /Funding

“WE GOT FUNDED!”

UAE-based Cercli’s US$4 million seed round marks Silicon Valley-based Afore Capital’s first investment in the MENA by AALIA

MEHREEN AHMED

CERCLI

CERCLI, A UAE-HEADQUARTERED PAYROLL and employee data platform, has raised US$4 million in a seed round led by Afore Capital, a Silicon Valleyheadquartered pre-seed

venture capital (VC) fund. With this, Afore Capital has made its debut investment in the MENA region, with the capital being allocated from its $150 million fund III, which the VC firm claims to be the largest dedicated pre-seed fund in the market. The seed round also saw the participation of renowned entities such as COTU Ventures, Y

→ AKEED AZMI and DAVID RECHE are the co-founders of Cercli, a UAEheadquartered payroll and employee data platform.

Combinator and Rebel Fund, as well as investors such as Karim Atiyeh (Ramp), Sebastian Mejia (Rappi), Tony Dong (Rippling), Tony Jamous (Oyster), Allison Pickens, the founders and executives from unicorns Kitopi, Careem and other notable MENA-based startups.

Launched in early 2024 by Akeed Azmi and David Reche, Cercli offers a unified platform that enables MENA businesses to hire, manage and pay their global workforce seamlessly. More specifically, the firm helps businesses reduce the cost of compliance that arises due to human errors in this space. This, however, is only the tip of the iceberg of human resources (HR)related issues that Cercli is aiming to address, notes Cercli co-founder Azmi. “MENA is a large complex region, and until you start pulling back the layers you don’t really see the challenges businesses face,” he continues. “Firstly, not only does every country have its own set of laws and regulations, but this is exacerbated based on the entity type and even

nationality of team members, having their own treatment for compliance with labor laws, social insurance and pensions. We still see a number of companies use spreadsheets for saving data, managing employee records, running the payroll process and other critical workflows across a business. Errors are bound to occur due to manual intervention and, worse, this opens the door for fraud and data privacy leaks. Lastly, companies use various disconnected software vendors to manage aspects of their workforce. These isolated softwares don’t “talk” to each other, meaning there is no single source of truth for their most valuable asset - their workforce- often one of the largest expenses on the profit and loss statement.”

It was upon these observations that Azmi and his co-founder Reche decided to create Cercli as a platform that businesses are able to easily comply with the laws in their given jurisdictions and reduce human errors, right from on-boarding employees to off-boarding them. The co-founders then reveal

that much of their initial ideation process was also helped due to their previous personal experiences in scaling and managing teams at Kitopi and Careem, two of the region’s largest unicorns.

“We realized that if the most prominent tech startups faced issues managing payroll, expenses, onboarding etc on spreadsheets and clunky ERPs, then others would likely face the same, Azmi says. “We searched high and low for a program that just worked but couldn’t, which led us to found Cercli to solve exactly this. To validate this, we interviewed more than 30 companies, from Saudi Aramco, one of the world’s largest corporations, to a small mom-and-pop store in Dubai’s Karama area, to understand how they run these processes.”

The co-founding duo’s efforts have certainly reaped quick rewards, having grown by 25%

month on month and paid out over $23 million in clients’ employee salaries across 31 countries.

Another indicator of its growth has been reflected through the reputation of the entities and individuals who have backed the startup in this seed round. In a statement following the investment, Afore Capital co-founder and Managing Partner Anamitra Banerji noted that “this investment is reflective of our recognition of the massive untapped potential of the MENA region, and the possibilities that game changing founders are enabling here. In just a few months, Cercli has not only assembled a solid team of builders and operators, but has attracted marquee customers as well.”

The significance of this milestone isn’t lost on Azmi and Reche. “We are extremely thrilled by the caliber of investors we’ve been able to attract!” Reche