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August 2024 THE ROAD TO SUCCESS/ Liquid Havas co-founder and CEO Sachinn J. Laala P.55 #DRIVENBYWOMEN/ Emirati Women’s Day 2024 P.32 IMPACT WITH INTENTION/ Elder Square founder Tamara Binladin P.15 Dr. Lal Bhatia/ ACT BALANCING IS MARRYING SUSTAINABILITY AND PROFITABILITY WITH HIS TWO NEW VENTURES, DAVID & GOLIATH FARMS AND DAVID & GOLIATH CARBON TRADING THE CHAIRMAN OF HILSHAW GROUP P.26
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Contents/August 2024 P.26 Balancing Act HILSHAW GROUP Chairman DR LAL BHATIA Meet the entrepreneur addressing climate change through sustainable (and innovative) business models P.32 #DrivenByWomen For EMIRATI WOMEN’S DAY 2024, Entrepreneur Middle East and AW ROSTAMANI GROUP’S ARABIAN AUTOMOBILES Company is putting the spotlight on four female achievers from the UAE. FEATURES → Fahima Falaknaz is the UAE’s first female boxer. 3 August 2024 / ENTREPRENEUR.COM /
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10 / ENTREPRENEUR.COM / August 2024 47 Strategic Unprofitability MEYDAN FREE ZONE’S ANISHA SAGAR explains how long your business can be in the red for. 50 From Hostility to Healing Author DAVID ROSS offers a game plan for how to lead when angry mobs come knocking at your door. ‘TREPONOMICS IN THE LOOP Contents/August 2024 55 The Road to Success LIQUID HAVAS co-founder and CEO SaCHINN J. LAALA shares the story of how he scaled his Dubai-based startup to an acquisition by French communications network Havas. 74 Driving Finance Forward 24 Fintech gets set for its inaugural edition in Riyadh in September 15 Impact With Intention Having founded ELDER SQUARE, a daycare center dedicated solely to the UAE’s elderly, TAMARA BINLADIN is spearheading purposeful change within the nation’s diasporic communities. STARTUP SPOTLIGHT BUSINESS UNUSUAL EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES EDITOR Aalia Mehreen Ahmed aalia@bncpublishing.net DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net DIRECTOR OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS Fida Chaaban, Máire Morris, David Ross, Anisha Sagar, Mina Vucic SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue COMMERCIAL ENQUIRIES sales@bncpublishing.net ENTREPRENEUR.COM Access fresh content daily on our website All Rights Reserved 2023. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 EntMagazineME Entrepreneur-me → SALAAL HASAN founder of Ahya.
THE ART OF ELEVATION OMNIYAT.COM
12 / ENTREPRENEUR.COM / August 2024 Editor’s Note/ Editor’s Note/ MIRROR IMAGE If you don’t care, neither do we T here are certain things in life that I’m fine with being mediocre at. For instance, I’ve never been good at sports, and my ineptitude in this domain is something that I’ve come to terms with, thanks to a realization that I’m not particularly keen on this field anyway. So, while I have the utmost respect for those who are athletically inclined, I know that I am (and have no qualms about being) woefully lacking in this arena, and so, when teams are being put together, I’m completely okay with being picked last. There’s a lot of debate on the internet about the validity of being accepting of mediocrity. On one side are those who deride the “tyranny of excellence” (BBC), arguing that “mediocrity is a far better fate than misery” (TIME). However, there are also those among us who question the point of doing anything without aspiring for excellence in it—as it so happens, this is something that I’ve personally mused about. In the world of entrepreneurship, founders that aim for perfection with whatever they put out are often decried for their efforts, with the notion that “done is better than perfect.” Of course, sometimes, it’s just easier to do the bare minimum, and to relax in the leisure that’s afforded to us afterward. At the end of the day, it perhaps all comes down to the value that you personally attribute to everything you set out to do—however, I’d urge caution when deciding how to direct your energies, as that will almost certainly be mirrored on you. For instance, if you, as a founder, do not care about how you present your offering, then I’d argue that you shouldn’t have a problem with potential customers not giving you any notice either. Sure, it’s totally fine for you to not care about what you put out, but then, don’t complain if the rest of us don’t give it any time of day either. Similarly, if you’re okay with pitching a sub-par product or service to a client, well, why shouldn’t they find another provider with standards more to their liking? So, when it comes to deciding between accepting mediocrity or pursuing excellence, it’s worth remembering that choosing the path of least resistance, while perhaps a win for the short term, can lead to catastrophic consequences down the road. As entrepreneurs, remember that your customers are a famously fickle bunch, and mediocrity masquerading under the guise of prudence or practicality might not be received (or forgiven) as well as you may hope it will be. After all, let’s not forget: you get out what you put in. Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net
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15 August 2024 / ENTREPRENEUR.COM / Impact With Intention Having founded Elder Square, a daycare center dedicated solely to the UAE’s elderly, Tamara Binladin is spearheading purposeful change within the nation’s diasporic communities by AALIA MEHREEN AHMED ← Tamara Binladin is the founder of Elder Square, a UAE-based senior community and health daycare center that enables seniors from all walks of life to better manage their health, while also creating connections. IMAGES COURTESY ELDER SQUARE
16 / ENTREPRENEUR.COM / August 2024 B/The Big Idea W hen one listens to Tamara Binladin explain why she launched Dubai-based senior community and health daycare center Elder Square, it becomes quickly evident that she intends for the place to be a quiet sanctuary of comfort and care tucked away in the middle of a buzzing city. And much of that sentiment stems from Binladin’s personal observations on how a shift in socioeconomic factors has slightly ostracized the UAE’s elderly, particularly those who are a part of the plethora of diasporic communities in the nation. “If you look at the Middle East, the elderly, especially in religion and in culture, are the pillars of the community,” Binladin says. “But with our fast-paced lives, and how things have changed literally in one generation, from our parents’ generation to our generation, where you have both the husband and the wife working, and the kids are out of the house longer due to after-school activities, the elderly have become marginalized. The cities have developed so fast, but not for them. Every corner you turn around and you look at, there’s something new for kids, but there’s nothing new for the elderly, except clinics, healthcare, hospitals. So, this community has been neglected. And overall, I noticed this as a trend in general, and then as I dug deeper and as I did my research, Dubai is actually becoming a place that needs something like Elder Square the most, because of the large expat community. You see, in all the other countries, the governments take care of their nationals. But here in Dubai, we’re mainly expats here. So, who’s taking care of the elderly among the expats here?”
17 August 2024 / ENTREPRENEUR.COM / require the elderly to live away from their families, but in the UAE, if a senior member is here, then it’s not because they want to be away from their family; it’s because the family wants to live with that elderly individual,” she notes. “That therefore erases the nursing home business [model]. The daycare model, on the other hand, satisfies the needs of two streams of the elderly in Dubai: the first of these are the ones that are more or less okay, because they come from a healthy lifestyle, but they just can’t be left home alone. So, they need a place that will just look after them with light medical supervision. The second—and this comprises a lot of the elderly that come in—are the seniors who absolutely require medical care, and this is the group that Elder Square targets, and, I think, benefits the most. The people that need the psychology consultations, the homeopathy consultations, the ones that need the physiotherapy on a regular basis—this is for whom the programs and the activities are primarily designed for.” SO, HOW ARE THE ACTIVI- TIES AT ELDER SQUARE curated to help the elderly that require regular medical attention? “We have, for example, where other daycare centers or nursing homes abroad will have a simple morning yoga stretch, else we have our physiotherapist lead a group physiotherapy session, so it’s a slightly more medically-designed activity,” Binladin explains. “Or, for example, one of the activities that we do is story and memory-telling led by a psychologist. It’s not just sitting down and just talking about a story; it’s led by a psychologist. And because the way the center is designed is, where the daycare is downstairs, and the clinic is upstairs, the elderly can go in for their sessions as they need, and they don’t have to go to a separate location to take care of themselves. So, it’s quite }} AS THE UAE’S FIRST DEDICATED HEALTHCARE CENTER FOR INDIVIDUALS AGED 60 AND ABOVE, ELDER SQUARE IS IN LINE WITH DUBAI’S AMBITION TO BECOME A GLOBAL HEALTHCARE HUB. EVERY CORNER YOU TURN AROUND AND YOU LOOK AT, THERE’S SOMETHING NEW FOR KIDS, BUT THERE’S NOTHING NEW FOR THE ELDERLY, EXCEPT CLINICS, HEALTHCARE, HOSPITALS.” IT WAS AS A DIRECT ANSWER to this question that Binladin launched Elder Square in March 2024 in Dubai’s Jumeirah 1 neighborhood. Built with a mission to elevate the quality of social life and healthcare for individuals aged 60 and above, the center offers a myriad of services, including regular health check-ups, medication management, as well as immediate access to a team of medical profession- als including physiotherapists, nutritionists, orthopedic specialists, general practitioners, and nurses. But do not mistake Elder Square for a nursing home—in fact, Binladin is emphatic about that being something she was strictly against creating—but for good reason. “Nursing homes “ → Having built her venture as the UAE’s first dedicated healthcare center for individuals aged 60 and above, Binladin has ensured that Elder Square is in line with Dubai's ambition to become a global healthcare hub.
18 / ENTREPRENEUR.COM / August 2024 B/The Big Idea convenient for them, especially because transpor- tation may be an issue. The elderly usually need a companion with them; they just don’t go to doctors by themselves. As such, it’s kind of like a 360-degree, comprehensive approach with us saying, ‘Come spend your time with us, and we’ll either help you aid with your aging, or help you fix your problem(s).’” HOWEVER, ENABLING SUCH INDEPENDENCE from the elderly doesn’t mean that their primary guardians aren’t a part of the bigger picture at Elder Square. “We definitely encourage full involvement from the caregivers,” Binladin says. “Because for the caregivers, whether it’s the nurse taking care of them at home, or their own children, the seniors are going through a phase of their life that they’re learning to deal with, and so are their caregivers! So, it’s very, very crucial, especially for the wellbeing of the elderly, that their children know what’s happening in their life. They’re not just a grumpy old person, because they’re a grumpy old person. They may have chronic pain, or they are depressed when they lose the ability to do the activities that they could have done normally just maybe a few years ago. There’s also frustration and grief when a spouse dies. You know, we sometimes forget that our parents too have attachments to their spouses. So, at Elder Square, we have a monthly events calendar, where we aim to do support groups for the caregivers to include them in the treatment plan for their seniors.” NOW, WHILE THERE IS CLEARLY a lot of goodwill driving Elder Square’s operations, it mustn’t be forgotten that the center is still, at the end of the day, a business. As the sole founder of the venture, this fact is obviously not lost on Binladin—but the entrepre- neur has also taken certain measures to not let profit- ability take centerstage. “Yes, Elder Square is very much a business but one that has a lot of good intentions underneath it,” Binladin says. “But when it comes to the elderly in Dubai, first of all, after a certain age, insurance either doesn’t cover their cases, or the insurance process is simply outrageous. So that’s why I make use of a cash-based model; I don’t take insurance. And I don’t see myself changing that any time soon. This ensures that the patient is actually getting what they pay for at the center. So, this is number one. Number two is that our prices are affordable. Now, is it a business? Yes, it is, and I am making profit. But is it outrageous? Am I milking the patient for every instance? That’s the thing I wanted to avoid, and so, this is where I’m kind of, like, ‘I don’t want to sell something that they don’t need to them.’” TO ENSURE THAT SHE STAYS TRUE to this philosophy, Binladin kickstarted the venture with WITH A RANGE OF ACTIVITIES TAILORED TO DIVERSE INTERESTS, ELDER SQUARE OFFERS A VARIETY OF ACTIVITIES RANGING FROM STIMULATING DISCUSSIONS, POTTERY CLASSES, KARAOKE, BOARD GAMES, AND LEISURELY WALKS. ↓ Located in Dubai, UAE, ELDER SQUARE provides a secure and nurturing environment designed for senior adults to maintain their independence, while also offering them a variety of activities for them to participate in.
“ the plan that Elder Square will offer its services for three days a week, for either half a day, or a full day. But that plan quickly fizzled out—and it was largely due to the diverse needs of the seniors in Dubai and the wider UAE. “They either want a flexi-pass or a monthly pass,” Binladin says. “So, the flexi-pass is for the ones that are not so ill, or don’t need a lot of medical care. But then, sometimes, they could just be a little tired one day, and opt not to go [to the center]. And then, you have the ones that want to get a monthly package— they’d get, let’s say, access to a doctor consultation at the beginning of the month, and then weekly check-ins to see progress. So, while I initially thought the model would be one-dimensional, it’s completely changed, because the thing about my target market is they come from all different back- grounds. In Dubai, if you take two 80-year-olds, one from a certain nationality, one from another, they are completely different, because of lifestyle and expectations and so on. So, I’m really getting to see something really wonderful, and such a broad spectrum of the elderly in this city.” FOLLOWING THIS AP- PROACH, in just over six months since its launch, Elder Square has already seen the admission of over 60 elderly people from Dubai and the wider UAE. And so far, the response has been positive, Binladin says. “Honestly, every single time the clientele come in, I hear not just from them, but also from their children, guardians, and caregivers about how happy they [the elderly] are to come,” Binladin reveals. “They get dressed up for this, and they want to come. Whether there’s a lot of people on a given day or not, they want to show up anyway. One lady said that her father wanted to come to see his new friends at the “thing,” i.e. our center. All these little things kind of just show me that I’m on the right track, and that this is definitely something that the community needs.” SUCH FEEDBACK has also been a heartening reaffirmation of the reason why Binladin named her venture Elder Square in the first place. “It was actually a very, very long process to name Elder Square, because the idea started off as just something along the lines of a social club,” Binladin says. “But a social club implies you’re either in or out, and I didn’t want that. I didn’t want that feeling to be part of Elder Square. A square—like a piazza, like a riad, like a center—is where everyone from the community comes and gathers. So, some people just sit around, or they play backgammon in the square, they can have their coffee, or they have a little catch-up gossip session with their friends. That is where the Square in the name comes from.” BINLADIN ADDS HERE that this is the sentiment that she hopes to make use of as a baseline for her venture’s growth and development in the future. “To be honest, I absolutely love what Elder Square is right now,” Binladin says. “I’ve learned a lot in the past six months about the seniors in Dubai, what they want, and so on. I think that the current model and structure is exactly what we need for the moment. So, I don’t think I will be changing that in the next two years at least; I think this will really deliver what the market needs right now. Long-term wise, I don’t imagine myself turning Elder Square into one of those large facilities with 150 people—no, that then becomes something different. This is kind of like a little square, where people of a given community come to. And then in another district in Dubai, we can have another Elder Square, where people of that community go to. That’s how I see this happening for the next two to three years; I just want to see more little Elder Squares pop up and expand throughout the city.” HONESTLY, EVERY SINGLE TIME THE CLIENTELE COME IN, I HEAR NOT JUST FROM THEM, BUT ALSO FROM THEIR CHILDREN, GUARDIANS, AND CAREGIVERS ABOUT HOW HAPPY THEY [THE ELDERLY] ARE TO COME.”
20 / ENTREPRENEUR.COM / August 2024 CUTTING GREENHOUSE EMISSIONS might seem like a cumbersome undertaking for most SME leaders out there, but Rana Hajirasouli has found a way to ease their efforts in this regard—her UAE-based climate technology startup, The Surpluss, helps SMEs reduce their greenhouse gas emissions profitably. “The Surpluss is a B-Corp certified climatetech solution with a digital web platform that helps SME businesses classify their excess resources, from byproducts/waste, to knowledge, and surplus space, and capitalize on it by finding companies nearby who want it,” Hajirasouli explains. "SMEs can use our diagnostic framework, and then be matched with other companies nearby that have a use for it, increasing resource efficiency, decreasing waste, and boosting profits.” The Surpluss solution is aligned with the United Nations Sustainable Development Goal 12 (responsible consumption and production) as it bridges digitization, climate science, and circular THE SURPLUSS thesurpluss.com 20 IMAGE COURTESY BRULÉE BEAUTY B/Sustainability W ith the aim to nurture the next generation of innovators in the MENA, the Mega Green Accelerator program is a new initiative that aims to support entrepreneurs and startups developing solutions to both regional and global sustainability challenges. An initiative by PepsiCo, one of the world’s largest food and beverage companies, SABIC, a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia, and 12 other strategic partners, the Mega Green Accelerator, in its inaugural 2024 edition, selected eight startups to participate in the program, which received over 300 submissions from companies working on innovative solutions focused on either advancing the circular economy, transitioning to clean energy, or mitigating climate change through technologies to improve water use and agricultural processes. The program will see these eight companies receive mentorship from industry experts, as well as market access to scale their innovative solutions over the course of the six-month initiative, which will end with one company being awarded US$30,000 in funds to further its growth and development. Here’s our showcase of four of the companies in the Mega Green Accelerator; the remaining four will be presented in our September 2024 issue. astrolabs.com/ themegagreenaccelerator Meet the MENA startups in the Mega Green Accelerator program that are developing disruptive solutions to pressing sustainability challenges by TAMARA PUPIC For a Greener Future → RANA HAJIRASOULI is the founder of The Surpluss, a UAE-based climate technology startup that helps SMEs reduce their greenhouse gas emissions profitably. IMAGES COURTESY SURPLUSS
21 August 2024 / ENTREPRENEUR.COM / economy to deliver a methodology that simplifies resource exchange to reduce emissions, profitably. In addition to an experienced, female-majority team, The Surpluss boasts of an impactful advisory board that includes experts from Kalundborg Symbiosis, an eco-industrial park in Denmark, Zurich, a Swiss insurance company, MasterCard, a global payments giant, Shell, a British multinational oil and gas company, The Rockefeller Foundation, a US philanthropic medical research and arts funding organization, and NetHope, a consortium of over 60 leading global nonprofits. Hajirasouli says that, together with her team and advisors, she acts upon a belief that technology can be used as a force for good, "and can enhance, rather than inhibit, internal operational processes.” While the Surpluss team aims to reach 50,000 companies in the UAE by the end of 2024, its members have, so far, generated more than US$2 million through exchanges on its platform. "Our sector- agnostic approach makes us unique to our competitors, because it allows for both vertical and horizontal integration of our simple web app that is accessible to smaller suppliers, customers, and internally within an organization, transcending management boundaries,” Hajirasouli explains. "Previously, such platforms focused on a production-first approach, taking up time and effort of research and development teams, which slowed progress to commercial viability of procuring or selling locally. Our platform is easier to master compared to complex software as a service (SaaS) or enterprise resource planning (ERP) systems, integrates seamlessly with company operations, and closes the inefficiency gap, allowing companies to grow efficiently with minimal emissions.” The Surpluss’ solution is also not limited to any one vertical, which helps avoid liquidity problems and stagnant materials. "Additionally, our no-commission model results in a low churn rate of 4%, and our science-based approach ensures organizational compatibility within geographically close companies,” Hajirasouli adds. "We offer affordable annual memberships with subsidized pricing models that provide return on investment within three weeks. While competitors have reached 4,000 users in nine years, we have exceeded this within the first year through strategic partnerships to secure critical mass.” Of course, such results didn’t come easy—The Surpluss has had plenty of hurdles along the way. "One of the challenges we face is a lack of interest in sustainability and the misconception that it is a high capital expenditure undertaking,” Hajirasouli shares. "Another significant challenge is the slow response from the major market players, which can delay progress due to decentralization of decision- making processes.” It is therefore Hajirasouli’s hope that taking part in the Mega Green Accelerator program will offset these obstacles. “We expect that the program will provide us with mentorship, access to key decision makers within their partnership network, and exposure to the right stakeholders, helping us overcome these challenges and scale our impact,” Hajirasouli adds. "We appreciate that this is an accelerator specifically designed to solve big industry challenges, giving us an opportunity to learn and shift our focus where it matters to solve actual industry challenges, with profit in mind.” Looking to the future, she aims to continue to focus on growth for The Surpluss through relevant partnerships while also enhancing the platform’s features. "By 2025, we aim to enter new markets beyond the GCC region, and establish strategic partnerships with key industry players for our product expansion plans to service new industry verticals, such as banking,” Hajirasouli concludes. 'TREP TALK Surpluss founder Rana Hajirasouli shares her tips for entrepreneurs in the sustainability domain }Love the problem you’re solving "Don’t get hung up on the solution, but love the problem. It will help avoid the valley of death, and find a solution that works for the key customers in mind." }Always be open to be coached "Startups face multiple externalities, such as economic conditions, regulatory changes, and if the startup teams are not agile to respond quickly and be eager to learn, it can result in premature failure." }Invest in your team "The founding team is a make or break, and the pace of this startup life is not for everyone. Invest in upskilling, and prioritize attitude over skills, because skills can be learned; attitude cannot." WHILE COMPETITORS HAVE REACHED 4,000 USERS IN NINE YEARS, WE HAVE EXCEEDED THIS WITHIN THE FIRST YEAR THROUGH STRATEGIC PARTNERSHIPS TO SECURE CRITICAL MASS.” “
22 / ENTREPRENEUR.COM / August 2024 AHYA IS THE FIRST CONSOLIDATED CLIMATE SOFTWARE AND ARTIFICIAL INTELLIGENCE VENTURE GLOBALLY.” IMAGE COURTESY AHYA S/Q&A AHYA ahya.ai “AHYA IS THE FIRST CONSOLIDATED CLIMATE SOFTWARE AND ARTIFICIAL INTELLIGENCE (AI) VENTURE GLOBALLY,” declares founder Salaal Hasan, who leads a 20-strong team at his startup to help enterprises achieve net-zero with accuracy, transparency, and environmental robustness. Hasan proudly points out that since its launch in 2023, Ahya has gone on to scale its operations to the UAE, Saudi Arabia, and Pakistan, where it works with partners ranging from multinationals, financial institutions and export businesses. However, Hasan admits it wasn’t easy to get to this point. “The biggest challenge when building a climate-tech business was incentivizing a behavioral change in enterprises to move beyond corporate social responsibility (CSR), environmental, social, and governance (ESG), and focus on climate change as a core pillar of their business, which starts with a basis of measurement for what you intend to change,” he points out. Ahya’s operating system (AhyaOS) is an AI-powered operating system that allows enterprises to measure, analyze, reduce, and report greenhouse gas (GHG) emissions. Besides overcoming all potential limitations caused by a lack of data, it also allows for internal and external collection, and provides a single platform for managing an enterprise’s sustainability data. AhyaOS, in turn, makes use of a digital closed–loop voluntary carbon marketplace called Tawazun, which allows enterprises to buy, sell, and trade voluntary emission reductions (i.e. carbon offsets) for emissions that cannot be reduced or avoided. Tawazun thus tackles market access and fragmentation challenges faced by MENAP enterprises, and it also allows them to generate revenue, while providing critical climate financing to global projects. When it comes to industry recognitions, Ahya was among the candidates shortlisted for the TechSprint award, a global initiative aimed at promoting innovation in scaling sustainable finance and combating climate change staged by the Central Bank of the UAE, the Bank for International Settlements, the Emirates Institute of Finance, and the Presidency of the 28th edition of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28). The company has also since gone on to be nominated for the 2024 editions of the global environmental award called The Earthshot Prize, as well as the Zayed Sustainability Prize, which is the UAE’s “ 'TREP TALK Ahya founder Salaal Hasan shares his tips for entrepreneurs in the sustainability domain } Think long-term "Solving climate change and building a sustainability business is a long journey, which will require immense patience, and the ability to educate those around you, whilst constantly learning and iterating. Short-term pessimism and long-term optimism is key, always focusing on conservative approach to assumptions, whilst focusing relentlessly on growth." }A unified approach is key "Getting businesses to think beyond the bottom-line requires them to have an incentive, and financial institutions and consumers must play their part with lower financing rates for sustainable projects, and higher pricing/ premium demand for green products. Our generation will not circumvent the unavoidable truth- climate change is a problem that can only be solved through a unified approach." → SALAAL HASAN is the founder of Ahya, a Saudi Arabia-based climate software and artificial intelligence (AI) venture that helps enterprises achieve net-zero with accuracy, transparency, and environmental robustness.
23 August 2024 / ENTREPRENEUR.COM / global award for sustainability and humanitarianism. Despite such achievements, Hasan says that the lack of funding remains one of the main challenges for MENAP startups like his that are focused on the sustainability domain. “Ever since COP28, there have been a lot of policies and directives in Saudi Arabia and the UAE focused on sustainability, but there has been a lag in domestic venture markets and risk capital that is available to venture funds to support this,” Hasan says. “With the high inflation rates and global markets still waiting for a correction, venture funds in the US and the European Union (EU) have yet to take the leap of faith on MENAP climatetech.” Zooming into Saudi Arabia, Hasan notes that while the country has unlocked a lot of funding for startups, the majority of it is directed only towards fintech and e-commerce ventures. “The fact that sustainability is part of the first pillar of Vision 2030 has yet to lead to specialized venture funds and more focus on this space in Saudi Arabia,” he says. “Our approach has been to publish our opinions on key sustainability policies and problems to solve in our markets, collaborating with government and academia. If Saudi Arabia is to achieve its national determined contribution (reduction target) of 278 million tons of carbon dioxide per annum, then climate-focused funds and programs that look inward in the country, and not invest only in foreign markets, are an economic need.” In such a landscape, Hasan believes that there is a need for localized specialized funds to step up and take the lead—and he’s seeing evidence of that happening as his startup participates in the Mega Green Accelerator program. “The Mega Green Accelerator is tackling this in working with leading capital allocators in Venture Souq, Dubai Future District Fund, Shurooq Partners, and others,” he points out. “Yet, the thrust must come from sovereigns and family offices, as the time for a market correction towards sustainability and a green premium on sustainable products is running out.” To that end, Hasan points out that the Mega Green Accelerator is playing a critical role in providing a platform for regional entrepreneurs to demonstrate climate change as an innovation opportunity that every business should be proactively working on. With regards to Ahya’s future plans, Hasan says that the startup is now getting ready for the commercial launch of its core products, AhyaOS and Tawazun, by the end of 2024. “This is backed by strong partnerships with US and EU players, including artificial intelligence-giant Nvidia, carbon registries, emission factor databases, and cloud service providers, as well as local partnerships with sovereign funds and financial markets,” Hasan adds. “We plan to grow to 50 full-time employees by next June, especially in Saudi Arabia. We are on track to achieve a triple growth in revenue, over the coming year with 67% recurring revenue, working with 60 enterprise clients across the MENAP.” MRÜNA mruna.com BEIRUT-BORN STARTUP MRÜNA—WHICH IS NOW BASED OUT OF DUBAI—is the company behind BiomWeb, a project that promotes a decentralized, tech-oriented network of nature-based wastewater treatment systems. “At Mrüna, we are addressing the critical issue of sewage infrastructure, which is prohibitively expensive for real estate developers,” says Ziad Hussami, co-founder and CEO of Mrüna. "Even in modern regions like the UAE, some neighborhoods remain disconnected from the sewage network, and rely on diesel-hungry trucks to collect their wastewater, leading to 270,000 trips per year in Dubai alone.” Hussami explains that while mechanical systems for water reuse exist, they are costly, complex, visually unappealing, and require dedicated space, whereas the Mrüna solution aims to provide a more affordable, efficient, and aesthetically pleasing alternative for wastewater management, reducing reliance on traditional sewage infrastructure and extensive truck trips. Plus, its uniqueness lies in Mrüna's design philosophy, which is grounded in the belief that there is no waste in nature. "Our pioneering solution for sustainable wastewater management leverages decentralized nature-based sanitation infrastructure,” explains Hussami. "The BiomWeb system treats wastewater through a series of tanks inspired by natural aquatic habitats, producing reusable water for irrigation. Key features include smart components, such as the smart holding tank and windmill, ensuring energy efficiency and reliability. Additionally, the integration of an internet of things system aids in continuous monitoring and data reporting, streamlining asset management for optimal performance." }} → ZIAD HUSSAMI is the co-founder and CEO of Mrüna, a consulting and distribution company specializing in the sale of services and products contributing to urban resilience.
24 / ENTREPRENEUR.COM / August 2024 Mrüna's comprehensive "drain to drip irrigation" service includes the manufacturing, installation, and commissioning of its BiomWeb system onsite. "This service covers the treatment of wastewater, the provision of clean water for irrigation, and detailed data reporting, ensuring full transparency and efficiency in sustainability efforts,” Hussami explains. "By addressing the substantial market of sewage trucking, valued at approximately AED100 million in Dubai alone, we aim to offer a more sustainable and cost-effective solution." As such, Mrüna has initially attracted the attention of temporary site offices, like construction sites and informal settlements, but Hussami is now strategically expanding the company's clientele to incorporate existing properties like hotels, mosques, and similar establishments. "Looking ahead, our long-term goal is to collaborate with developers on master planning for comprehensive, sustainable sanitation solutions that reimagine future infrastructure,” Hussami adds. Today, the Mrüna team counts 15 employees, split between Dubai and Lebanon, and it includes four co-founders from diverse professional backgrounds. Since Mrüna was founded in 2020, it faced a number of obstacles from the outset, including the COVID- 19 pandemic and the economic crisis and currency devaluation in Lebanon, which they managed to overcome with the support of United Nations Children's Fund (UNICEF) for deploying their systems in informal settlements around the country. However, the Russian invasion of Ukraine in 2022 resulted in further complications for the company. "Because some grants earmarked for Lebanon were redirected to Ukraine, impacting our funding," Hussami explains. "Moreover, we have grappled with manufacturing and supply chain disruptions. Our production is based in Lebanon, and we ship to the UAE, but direct shipping to the KSA remains a logistical challenge. Additionally, introducing a new, environmentally friendly technology has required considerable effort to gain acceptance. Shifting from traditional treatment systems to our green, decentralized solutions is a significant transition for many. Overcoming these barriers involves continuous awareness and demonstration of the long-term quality/cost benefits of our sustainable approach.” This is why the support of the Mega Green Accelerator is crucial for Mrüna, with Hussami believing that it will offer his company a unique opportunity to scale its sustainable solutions, access crucial funding streams, optimize its supply chain logistics, and forge partnerships with industry leaders driving the initiative, like SABIC and PepsiCo. Hussami’s future plans for Mrüna are thus plentiful, which includes expanding its service installations in Abu Dhabi and Dubai to broaden the company's footprint in the UAE market, while also establishing a presence in Saudi Arabia. "Furthermore, we're progressing with proof of concepts for SABIC and PepsiCo, aiming to collaborate closely with SABIC to develop our solutions using their advanced materials science knowledge to investigate new manufacturing methodologies and incorporate recycled materials to reduce our carbon footprint,” Hussami adds. “Additionally, we're exploring a partnership with PepsiCo to implement our services for water replenishment, leveraging their expertise in sustainability initiatives.” Looking at the scene for startups in the sustainability domain in the UAE, Hussami views it as being distinctly positive. "If your company is offering a more sustainable alternative to business as usual, your time is now,” Hussami says. "The world is conspiring to help you succeed. Corporates are climbing onto the the corporate sustainability band wagon, and sustainability key performance indicators have become a fundamental part of doing business. Most importantly, banks and lenders are providing incentives for to shift to sustainable practices, and to qualify, businesses have to justify their declarations to third-party auditors and demonstrate real results. Greenwashing is still a concern, but customers are increasingly seeking measurable and verifiable results. And that is good news for those who can provide both. There is more money out there flagged for sustainable projects than there are viable projects to fund. Regulators, investors, and corporates are conspiring for us to succeed in ways that did not exist a few years ago." }Invest in your team "Build a team that is committed to your mission and equipped with the skills needed to innovate and adapt in a challenging environment." }Build strategic partnerships "Collaborate with local stakeholders, including government entities, industry leaders, and research institutions. These partnerships can provide valuable resources, funding opportunities, and market insights, helping you navigate challenges and scale your impact effectively." }Understand the local landscape "Complying with local laws and leveraging available incentives can facilitate smoother operations and growth for your business." }Never give up "The path to developing sustainable solutions may be challenging, but perseverance is key. Stay resilient and determined in pursuing your goals, overcoming obstacles, and making a positive impact, despite the difficulties." }Enjoy the journey "Celebrate milestones, learn from setbacks, and cultivate a passion for sustainability that fuels your journey toward creating meaningful change." IMAGES COURTESY MRÜNA'S B/Sustainability 'TREP TALK Mrüna co-founder and CEO Ziad Hussami shares his tips for entrepreneurs in the sustainability domain
P-VITA "WE ARE EMPOWERING ADVANCED MOLECULAR TOOLS to unlock the hidden value in millions of tons of agricultural waste, turning it into a treasure trove of essential raw materials,” says Mohamed Tarek, co-founder of P-Vita, an Egypt-based biotechnology hub that specializes in producing natural raw materials for cosmetics, pharmaceutical, and food and beverage industries from plant-based material. P-Vita was founded to contribute to solving the world’s heavy reliance on chemical raw materials, which causes a significant environmental impact, while natural alternatives were often prohibitively expensive. On top of that, MENA-based businesses have been crippled by the lack of manufacturing of both chemical and natural raw materials, resulting in the increase of costs, long delivery times, and delays in shipments up to nine months. "Through our cutting-edge research and development in molecular biology, leveraging the power of artificial intelligence and deep technology, P-Vita has cracked the code on this challenge,” he says. "We’ve developed an approach that can unlock the hidden value in millions of tons of agricultural waste, and that is how we are manufacturing natural and cost-effective raw materials for cosmetics, food and beverage, and pharmaceutical industries from plant-based solutions through innovative and patented technologies.” With a 10-strong team at P-Vita, Tarek is thus on a mission not only to fill the gap in the MENA markets for raw materials, but also to transform the global supply chain with its natural and sustainable products at competitive prices. But he acknowledges that when being on this path, regulations often pose a significant challenge. “It is because we are doing something new in the MENA region,” he explains. "The other challenge is that raw materials in Egypt and MENA markets are in high demand, and most companies face a lot of importing issues.” That said, he expects the Mega Green Accelerator program’s network of experts to provide insights and guidance to validate his company's market approach, and to help it to grow and scale over the Middle East, starting with making a pilot project with PepsiCo which will see P-Vita produce raw materials for the food and beverage sector. "The Mega Green Accelerator, connecting us with potential industry partners for licensing, distribution, and co- development opportunities, may provide guidance on navigating the regulatory landscape and complying with relevant standards, and also they can give access to potential investors and mentors who can help us secure funding for scaling up production and commercialization,” he adds. To date, P-Vita has seen a lot of national and international commendations for its work, which include securing the Environment Challenge Winner award at the 2023 Hack for Earth competition staged by Swedish telecommunications company Ericsson and the 28th edition of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28). It also won second place at the international startup competition, Underdog Tech Award, in 2023, and it was also recognized for its efforts in the 2024 Youth Challenge staged by the United Nations Children's Fund (UNICEF). Since P-Vita's initial development was bootstrapped by its founders, Tarek says that the grants the company secured from these competitions proved to be much-needed support. “These grants helped us to make a small laboratory,” he says. “We have now opened our first fundraising round with an aim to scale all our operations." P-Vita thus has big plans for the future, including expanding their team, and building a manufacturing facility to increase its production capacity in order be able to work with more corporations. “We plan to conduct pilot projects with potential customers to demonstrate the effectiveness and cost-benefits of our technology,” Tarek concludes. linkedin.com/company/p-vita 'TREP TALK P-Vita co-founder Mohamed Tarek shares his tips for entrepreneurs in the sustainability domain }Find your niche "Think out of the box, and find your passion and the right area in which you want to innovate." }Be determined and persistent "For sure, you will face tens and hundreds of challenges and problems, but it's about how are you going to face your problems—you should position your challenges in a correct way, and use them to support you more." ↑ Mohamed Tarek is the co-founder of P-Vita, a Cairo-based biotechnology hub that specializes in producing natural raw materials for cosmetics, food and beverage, and pharmaceutical industries from plant-based material. management, and marketing solutions. IMAGE COURTESY P-VITA
26 / ENTREPRENEUR.COM / August 2024 DR LAL /BHATIA IS MARRYING SUSTAINABILITY AND PROFITABILITY WITH HIS TWO NEW VENTURES, DAVID & GOLIATH FARMS AND DAVID & GOLIATH CARBON TRADING by TAMARA PUPICACT BALANCING THE CHAIRMAN OF HILSHAW GROUP
27 August 2024 / ENTREPRENEUR.COM / → DR. LAL BHATIA is the Chairman of Hilshaw Group, and the founder of David & Goliath Farms and David & Goliath Carbon Trading.
28 / ENTREPRENEUR.COM / August 2024 W hen asked for his opinion on the UAE’s current business conditions, Dr. Bhatia describes it as an entrepreneur’s playground that has been developed thanks to it being carefully nurtured by the Vice President and Prime Minister of the UAE and Ruler of Dubai, H.H. Sheikh Mohammad bin Rashid Al Maktoum. “It has been built up into a stellar environment that is rife with potential and talent,” Dr. Bhatia adds. “This has allowed for initiatives, such as the national plan ‘We the UAE 2031,’ to blossom and breathe new life into economic diversification, fostering growth in sectors like technology, tourism, finance, and renewable energy. Adding onto that, the UAE’s geographical positioning opens up for a more strategic gateway to markets in the Middle East, Africa, and Asia. Most would consider competition within the UAE to be a weakness; however, I believe that it is a reminder to us all to strive to be better than our best. In a country as diverse as the UAE, the top tip for any up-and-com- ing entrepreneur will be to have an ear to the ground and focus on where demand is growing, to focus on and identify niche and novel concepts, and take the market by storm.” N ot far from Dubai is the Emirate of Ajman, and that is where Dr. Bhatia has now launched two new ventures, David & Goliath Farms and David & Goliath Carbon Trading, which are eco-investment projects aimed at championing more ecologically-friendly agriculture in the UAE, and, perhaps more importantly, developing a sustainable business model for addressing climate change. Now, to grasp the main premise governing these two enterprises, one needs to first understand the concept of carbon credits (permits that allow their owner to emit a certain amount of greenhouse gases, which can be purchased from governments or other businesses), as well as the concept of carbon offsets (rewards for reducing emissions, such as for investing in a reforestation project, which can then be sold to entities wishing to offset their own emissions). In essence, carbon credits and carbon offsets reduce greenhouse gas emissions by creating a market for emissions reductions, and the first of Dr. Bhatia’s new ventures—David & Goliath Carbon Trading—is all set to become the leader in this niche. “ What we are doing is carbon trading,” Dr. Bhatia explains. “And our method to its madness are forward contracts [a customized contract to buy or sell an asset at a specified price on a future date]. Like the biblical hero David, we have armed ourselves with a secret weapon: carbon credits. We equipped ourselves with an arsenal of powerful tools—a scientifi- cally verified sustainability study, robust market-making strategies, pioneering forward contracts, and an }} → Having started his entrepreneurial journey in Calcutta, India, Dr. Lal Bhatia has gone on to become a prominent business figure in the UAE, advisor to royalty, and a trusted supporter of startup founders navigating the complexities of entrepreneurship. Shams Business Centre D r. Lal Bhatia, Chairman of Hilshaw Group, a Dubai-headquartered multi-family office with projects in investment management, real estate financing, and development funding, is no stranger to daring greatly. Having started his entrepreneurial journey in Calcutta, India, he has gone on to become a prominent business figure in the UAE, advisor to royalty, and a trusted supporter of startup founders navigating the complexities of entrepreneurship. Knowing that Hilshaw Group has, under his helm, become a global brand that develops sustainable real estate projects from Kazakhstan to Kenya, it is safe to say that Dr. Bhatia has found his success in Dubai. But he has one regret though. “What would I do differently? Well, I would’ve come to Dubai much earlier!” he says. ” IMAGES COURTESY HILSHAW GROUP
29 August 2024 / ENTREPRENEUR.COM / IMAGES COURTESY SHAMS “What would I do differently? Well, I would’ve come to Dubai much earlier!”
}Always begin with an end in mind "Keep an unwavering focus on your destination or objective, but do it with the agility to adapt to different routes to get there, if needed." }Cast a wide net for advice "In fact, follow a set of mentors that inspire you—one person cannot have all the answers that you need.” Hilshaw Group Chairman Dr. Lal Bhatia’s shares his tips for entrepreneurs 'TREP TALK 30 / ENTREPRENEUR.COM / March 2022
31 August 2024 / ENTREPRENEUR.COM / IMAGES COURTESY HILSHAW GROUP unwavering commitment to making carbon trading accessible to all.” Of course, the proof of the pudding is in the eating—and Dr. Bhatia is only too happy to show how David & Goliath Carbon Trading is standing out in this space. “We have reached the milestone of raising US$5.53 million through the sales of carbon credits via forward contracts, and that has further cemented our belief that sustainability and profitability are in fact not mutually exclusive,” Dr. Bhatia says. “Thus, the missing piece to the green puzzle was David & Goliath Carbon Trading, which aims to empower both small and large startups to harness the power of carbon credits and sustainable financing through facilitating forward contracts.” N ow, let’s take a look at Dr. Bhatia’s other new venture, David & Goliath Farms, which has a two-fold role to play in the sustainability arena. For starters, it is envisioned to cultivate exotic and rare produce through its hydroponic and vertical farming systems, enhancing the ecological footprint of agricultural operations in the UAE. At the same time, its sustainable practice serves as a vehicle for earning carbon credits via carbon offset for David & Goliath Carbon Trading. Dr. Bhatia projects that the carbon offset capabilities of David & Goliath Farms can earn them 15,000 metric tons of carbon dioxide annually. Having secured this spring of future carbon credits, David & Goliath Carbon Trading can thus confidently offer to sell them via forward contracts. “In essence, as Hilshaw Group was in the business of procuring funds for various businesses and projects through alternative sources such as carbon credit futures, David & Goliath Farms has therefore become a small manifestation of the business strategy we’ve been championing for the past many years,” Dr. Bhatia adds. D r. Bhatia also points out that carbon trading offers an alternative financing route for young businesses. “Startups from several sectors are eligible to get support from David & Goliath Carbon Trading, including those from the agricultural, hospitality, real estate, transportation, and supply chain space,” he says. “We believe that the impact of your projects is measured not by their scope, but by their contribution to a sustainable future. Whether you’re cultivating crops, manufacturing goods, or delivering services, the potential to sequester greenhouse gases opens doors to both environmental and economic benefits.” Having thus tried and tested this philosophy of looking past traditional methods of conducting business, and setting scopes for a sustainable and greener future, Dr. Bhatia now has big plans for the future. “Our plans for 2024/2025 is to align with the UAE’s vision for 2031, as well as to enable at least 10 organizations to employ forward contracts, and secure seed funding through this more sustainable form of alternative financing, all while contributing to a greener planet. Looking towards the future, our resolve is stronger than ever. We envision a world where sustainable practices are the norm, where every business, no matter its size, has the power to make a difference, and can have a monumental impact,” Dr. Bhatia concludes. → Born from a vision to level the playing field, both of Dr. Lal Bhatia’s new enterprises--David & Goliath Carbon Trading and David & Goliath Farms—embody the spirit of the underdog overcoming insurmountable odds. WHAT WE ARE DOING IS CARBON TRADING. AND OUR METHOD TO ITS MADNESS ARE FORWARD CONTRACTS [A CUSTOMIZED CONTRACT TO BUY OR SELL AN ASSET AT A SPECIFIED PRICE ON A FUTURE DATE]. LIKE THE BIBLICAL HERO DAVID, WE HAVE ARMED OURSELVES WITH A SECRET WEAPON: CARBON CREDITS.”
#DrivenByWomen For Emirati Women's Day 2024, Entrepreneur Middle East and AW Rostamani Group's Arabian Automobiles Company is putting the spotlight on four female achievers from different walks of life in the UAE who, with their unique capabilities and contributions, are essentially driving the future of the nation. Under the banner of #DrivenByWomen, these ladies will offer a peek into the precepts and principles that have guided their personal journeys to success; plus, by finding common ground between them and some of the finest automobiles under the banner of AW Rostamani Group's Arabian Automobiles Company, they will also seek to distill their own particular driving forces, and how they can be harnessed by other Emirati women wanting to follow in their footsteps. awrostamani.com POWERED BY
34 / ENTREPRENEUR.COM / August 2024 #DrivenByWomen I AM ALWAYS DRIVEN BY THE IDEA THAT I CAN LEARN MORE, EXPLORE MORE, AND CONTRIBUTE MORE TO THE WORLD, AND I THINK THAT CURIOSITY IS WHAT GOT ME SO FAR. “ ”
35 August 2024 / ENTREPRENEUR.COM / FATIMA ALKAABI F atima Alkaabi was only 14 years old when H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, presented her with the title of the youngest Emirati inventor at the UAE Pioneers Award ceremony in 2015. Today, Alkaabi is a 22-year-old woman with 12 inventions to her name and a job as a network engineer, but the reason for her enterpris- ing attitude remains the same now as it was then. “My driving force is curiosity,” Alkaabi says. “I am always driven by the idea that I can learn more, explore more, and contribute more to the world, and I think that curiosity is what got me so far.” That said, Alkaabi is emphatic about the integral role that the UAE has played in her securing all of the laurels she has racked up. “Everything I’ve done has been influ- enced by the support that I got from my country and my government,” she says. “So, I’m very grateful, because I won’t be able to be here, academically or personally, without their support.” Now, for all those Emirati girls and women out there wishing to follow in Alkaabi’s footsteps when it comes to going after their goals, she has a singular— but significant—piece of advice to share with them. “Just trust yourself,” she says. “Put yourself out there, and believe me, you’ll figure it out someday, and you’ll achieve what you want to achieve.” → Fatima Alkaabi is pictured here with the Infiniti QX50, which effortlessly balances timeless design with innovative technology. Commenting on why she picked the Infiniti QX50 for herself, Al Kaabi said, “I thought it was very simple yet classy, and that's the vibe that I'm personally go for! Plus, it fits my needs, and it looks chic, and so, I thought that it’d be perfect for me.”
36 / ENTREPRENEUR.COM / August 2024 FAHIMA FALAKNAZ H aving made headlines as the UAE’s first female boxer when she participated in the 2019 Asian Boxing Confederation Champi- onship in Thailand, Fahima Falaknaz’s achievements are proof of the power of grit and determination when going after one’s goals—however, she’d like us all to remember that it all started because she decided to simply take a chance on herself. “My message always is to take that first step,” she says. “It’s very important to take some kind of action. Whenever you take that first step, the opportunities will come, and doors will open for you.” These are the kinds of insights one can expect at a program that Falaknaz runs today called Mindful Children, which helps kids to build their confidence and resilience through the sport of boxing. However, it is also indicative of the importance Falaknaz places on lifelong learning—as she put it: “For me, it’s all about self-development. I always make sure that I’m learning something new every day.” FOR ME, IT’S ALL ABOUT SELF-DEVELOPMENT. I ALWAYS MAKE SURE THAT I’M LEARNING SOMETHING NEW EVERY DAY. “ ” → Fahima Falaknaz is pictured here with the all-new Nissan Z , which has been billed as an approachable sports car for the modern age. And given her background as a sportsperson, it’s not hard to understand why Falaknaz found this vehicle—with an unmatched 50-plus year heritage and a global fan base—to be a match for her own persona. “Being an athlete, I like sports cars, and I think the Nissan Z represents me. It’s sleek, it’s strong, and it’s fast, especially on the curve–I like driving on the curves!” Falaknaz laughs. #DrivenByWomen
37 August 2024 / ENTREPRENEUR.COM /
38 / ENTREPRENEUR.COM / August 2024 EVERY DAY, MY PASSION FOR LEARNING AND CREATIVITY DRIVES ME FORWARD. “ ” #DrivenByWomen
39 August 2024 / ENTREPRENEUR.COM / W hen one talks with AlDhabi AlMheiri, it can be difficult to not be bowled over by all of the achievements she has racked up at only 10 years of age. For starters, she is the founder of Rainbow Chimney, an online bookshop, retail store, and publishing house in the UAE that specializes in children’s books and toys. In addition, this Emirati entrepreneur is a Guinness World Record holder too- in 2023, when AlMheiri was eight years old, she became the youngest female person in the world to publish a bilingual book series. Given her accomplishments, one cannot help but be curious about what’s driving AlMheiri to do all that she has done and continues to do, and to that question, she replies with a wisdom beyond her years. “Every day, my passion for learning and creativity drives me forward,” she says. “Though I am young, I have discovered how valuable knowledge is. It helps me face my challenges, seize opportunities, and grow. This realization motivates me to seek new ideas, under- stand different viewpoints, and think creatively. Embracing this mindset enriches my understanding of the world, and empowers me to make important contributions. I also love sharing this enthusiasm with other kids and some- times even grownups around me!” ALDHABI ALMHEIRI ← AlDhabi AlMheiri is pictured here with the Patrol Nismo, an icon of the region that is the perfect combination of heritage and prestige with purpose. As for why AlMheiri chose the Patrol Nismo as her ride of choice, she says that she sees a lot of herself in the vehicle. “I think the Patrol Nismo is basically my type!” she says. “I think it is bold, stylish, adventurous, and reliable.”
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41 August 2024 / ENTREPRENEUR.COM / D r. Eng. Suaad Al Shamsi has the honor of being forever known as the UAE’s first ever female aircraft engineer; however, she admits that there were a fair share of detractors and naysayers on her path to realizing this particular achievement. These include those who were dismissive of her ambitions, while others seemed eager to bet against her as she worked toward her goals. But Al Shamsi didn’t let such cynics and sceptics bring her down. On the contrary, they only served to fuel the ascent she has since seen in her career trajectory (her resume now includes stints at globally renowned aviation and engineering companies like Airbus, Boeing, and others), and they remain an impetus for her even today. “I think what drives me every day is [the notion that] I don’t want a new generation of women to face whatever I faced previously,” Al Shamsi says. “That drives me to show people they can do what [they may be told] they cannot.” This, therefore, is the sentiment that underscores her message for women in the UAE today. “Chase your dream,” Al Shamsi declares. “I do believe that if you can dream it, you can achieve it… You need to understand that you are capable. There’s no rulebook in the world that says you cannot do some- thing just because you’re a woman.” DR. ENG. SUAAD AL SHAMSI I DO BELIEVE THAT IF YOU CAN DREAM IT, YOU CAN ACHIEVE IT. “ ” ← Dr. Eng. Suaad Al Shamsi is pictured here with the Infiniti QX80, a luxurious, full-size sports utility vehicle that comes equipped to adapt to every facet of one’s life. When asked why she picked this particular vehicle for herself, Al Shamsi replied that the first car she ever bought was an Infiniti, with her ride on the QX80 proving to be as solid and luxurious as she remembered it to be.
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Tune In → /Apple AirPods Max B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado.by TAMARA CLARKE ← Picture This /Honor 200 Pro The Honor 200 Pro takes portrait photography on smartphones to new heights with a host of cutting-edge artificial intelligence (AI)-powered features, such as AI Portrait Engine, AI Shadow and Light, AI Optical enhancement, and AI Enhanced Night Portrait. The device features a triple 50MP studio-level AI portrait camera setup including a 50MP portrait main camera, a 50MP portrait telephoto camera, and a 50MP portrait selfie camera. Together, they work to analyze and capture every scene, even under challenging lighting conditions. Powering the Honor 200 Pro is the industry-defining Snapdragon 8s Gen3 AI chipset, which offers incredible performance across a range of everyday tasks. From streaming media, to intense gaming sessions, you will experience a smooth and highly responsive interface. Last, but definitely not the least, Honor 200 Pro is equipped with a 5200mAh silicon-carbon battery that can offer up to 61 hours of music streaming on a single charge. To further extend battery life, the Honor 200 Pro uses AI to detect low periods of inactivity and enter a standby mode that saves precious battery life for you, automatically. 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 IMAGES COURTESY APPLE | HONOR 200 PRO | AMAZON Apple AirPods Max bring next level comfort and a premium listening experience as these AirPods sit over your ear—not inside. They boast a breathable knit mesh canopy over your head as well as acoustically engineered memory foam ear cushions. Custom-built drivers for high-fidelity audio with ultra-low distortion, supported by industry-leading active noise cancellation and computational audio through Apple's H1 chips, create unparalleled sound quality. Note here that there’s an Apple‑designed H1 chip in each ear cup that helps block outside noise, adapts audio to the fit and seal of your ear cushions, and makes movie scenes sound like they’re happening all around you. The headphones include six outward-facing and two inward-facing microphones for precise noise cancellation and clear voice isolation. Moreover, spatial audio with dynamic head tracking, on-head detection, and Siri integration gives you effortless control. With up to 20 hours of battery life and five fun two-tone combinations to choose from, AirPods Pro Max give you an immersive and stylish listening experience. Spot On ↑ /Amazon Echo Spot Amazon’s all-new Echo Spot is a new, sleek, and customizable smart alarm clock, featuring a variety of custom- designed clock faces and fun colors. It’s built for the nightstand, with a gradual lighting display that makes it easy to set and view alarms, see the time, weather, prayer time notifications or song titles at a glance. You can also enjoy vibrant sound with its 1.73-inch front-firing directional speaker— simply ask Alexa to play music or podcasts from your favorite providers like Anghami and Spotify. You can also ask Alexa to set alarms on Echo Spot by saying things like, "Alexa, set a weekday alarm for 7am with 90’s alternative.” Or wake up to one of four new custom alarm sounds: Aurora, Daybreak, Endeavor, and Flutter. And, if you want a bit more sleep when your alarm goes off, just tap Echo Spot to snooze. You can also ask Alexa for the weather to see the temperature, along with an illustration—like a sun, a cloud, or even a snowflake—appearing on the screen. The visual display also shows song titles when music plays. To skip songs, simply ask Alexa, or quickly tap the display. There are also buttons on the top of the device to quickly change the volume. Plus, you can also connect Echo Spot to compatible smart home products to set up Alexa Routines to help automate your life. 43 August 2024 / ENTREPRENEUR.COM /
44 / ENTREPRENEUR.COM / August 2024 B/Gear 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 1309 Studios, Boucheron, and L'Artisan Parfumeur. The Executive Selection SNAPSHOTS OF NATURE→ Boucheron Or Bleu Boucheron’s Or Bleu high jewelry collection has been described by the French Maison as Creative Director Claire Choisne’s ode to “the memory of water,” and it’s safe to say that this theme has been vividly captured in all 26 of its pieces. With Choisne being inspired by the waters of Iceland, the Or Bleu collection sees Boucheron push creative boundaries to create pieces that have been likened to “snapshots of nature.” Be it the waterfall-inspired Cascade necklace (which, by the way, is the longest ever made in Boucheron’s ateliers), or the Ciel de Glace rock crystal bracelet (a nod to the ice caves of Iceland), the Or Bleu pieces serve as naturalistic impressions of the color, texture, flow, reflections, and transparency of water, while also cementing the Maison’s place as a visionary in high jewelry. boucheron.com
45 August 2024 / ENTREPRENEUR.COM / IMAGES COURTESY 1309 STUDIOS| BOUCHERON| AND L’ARTISAN PARFUMEUR. AN OLFACTORY ADVENTURE ↑ L'artisan Parfumeur A Fleur De Pêche L'Artisan Parfumeur's A Fleur de Pêche stands as a testament to the French house’s commitment to bold compositions and unconventional combinations. This eau de parfum, a masterful creation by Antoine Maisondieu, captures the true essence of the peach, delivering a fragrance that is both vibrant and unexpected. From the first spritz, A Fleur de Pêche envelops you in the luscious scent of peach flesh, its yellow and zesty tones perfectly balanced with the brightness of bergamot and the warmth of sensual rosewood. As the fragrance develops, the heart note unveils a sweet, floral, and fruity blend, enhanced by a touch of calone, evoking a salty breeze that adds a refreshing twist. The base notes linger on the skin, reminiscent of the soft, velvety texture of peach skin, intertwined with the woody depth of patchouli and the creamy richness of tonka bean. artisanparfumeur.com 1309 STUDIOS’ THE 11TH ODYSSEY ↓ The 11th Odyssey is the title Qatar-based ready- to-wear label 1309 Studios has given its latest collection, which pays tribute to the complexity and strength of womanhood. Inspired by the visionary designs of Ghada Al Subaey, the silhouettes of this collection pay homage to the timeless essence of femininity, defined by both grace and boldness. Each garment tells a story of resilience and empowerment, capturing the spirit of the modern woman who navigates the complexities of life with poise and confidence. Just as narratives unfold with twists and turns, these garments intertwine fabrics such as silk, chiffon, and crepe to capture the multifaceted nature of womanhood, with each piece in this collection inviting women to embrace their true selves and celebrate their unique narratives. 1309studios.com EDITOR’S PICK
47 August 2024 / ENTREPRENEUR.COM / Strategic Unprofitability Understanding how long your business can be in the red for by ANISHA SAGAR For any entrepreneur or small business owner, the question of profitability is central. There are count- less examples of startups that were unprofitable for years before hitting it big, and studies have shown it’s quite common for a new business to take two years to become profitable. But how should you measure it for your particular business? And what happens if those two years become three, or four, or more? Because for many, being unprofitable is not only very worrying, but it also puts a timer on how long your business will remain feasible.
48 / ENTREPRENEUR.COM / August 2024 So, in this article, I’ll discuss how unprofitability can be workable if it’s approached strategically, the warning signs to look out for when there is a genuine problem, and I’ll elaborate on my view, which is that even when there are red flags, there are things you can do to mitigate it. Let’s get started. LOOKING OUT FOR RED FLAGS/ How to know when unprofitability is okay—and when it’s not A prolonged period of unprofitability is often seen in companies even with a very strong business plan. The goal in these cases is to dominate the market, often through aggressive investment in technology, marketing, and infrastructure. For example, in 1999, even though Amazon was showing US$1.6 billion in revenue, it didn’t turn a profit until 2003—nine years after it—now one of the “Big Five” American technology companies—was founded. As such, those investors and stakeholders familiar with these strategies understand that initial losses are just a part of achieving long-term gains. But here is where we need to be very careful, as the distinction between strategic unprofitability and real financial trouble is crucial. To my mind, these are the factors to consider: MARKET POSITIONING AND GROWTH Is your company growing its market share? Companies that manage to continually expand their user base and market presence—despite being unprofitable—are generally on the right track. REVENUE TRENDS Are revenues increasing year-over-year? While you still may not be profitable, consistent revenue growth indicates a demand for the company’s product or service. BURN RATE How quickly is your company spending its cash reserves? A manageable burn rate, aligned with future funding rounds or revenue milestones, can indicate a healthy business—even if it’s not yet profitable. PATH TO PROFITABILITY Does the company have a clear and realistic path to profitability? This is key. Investors and stakeholders need to see a strategic plan detailing how and when the company intends to turn a profit. As an entrepreneur, you also need something to aim for. Now, let’s look at the other side of the coin. While accepting long periods of unprofitability, one still need to be wary of warning signs that one’s company might be in trouble. These can include a pricing strategy that isn’t working, a product that isn’t viable, or perhaps you’re not attracting the right kind of customers, or your relationship with money is flawed. Here’s a look at a few of these key considerations in more detail: STAGNANT OR DECLINING REVENUE If your company’s revenue is stagnant or declining, it may indicate a lack of market fit or competitive pressure. HIGH CUSTOMER ACQUISITION COSTS If the cost of acquiring new customers outweighs the lifetime value of those customers, your business model may be unsustainable. LACK OF INNOVATION Companies that fail to innovate or adapt to changing market conditions may find themselves unable to compete effectively, leading to prolonged losses. POOR MANAGEMENT Ineffective leadership and a lack of strategic vision can be a real issue for any company, regardless of its market potential. THE PROFITABILITY PROBLEM/ Underlining the “staying power” of your organization Let’s take a moment now to focus on how potential investors may see your company. Any investor will look at both profitability and growth. Your job is to ensure that the red flags we have discussed are not present, and that your focus on growth and market dominance is not hampering profitability. It all comes down to what Investopedia calls the “staying power” of your organization. In short, this is how well your company can keep operating without making a profit. The question about how much capital your business needs in order to keep going will be asked—because the longer this period, the BY UNDERSTANDING THE NUANCES OF STRATEGIC UNPROFITABILITY, WHAT RED FLAGS TO LOOK OUT FOR, AND HOW TO MITIGATE THEM, BUSINESSES CAN NAVIGATE THOSE CHALLENGING EARLY YEARS, AND THEN HAVE THE POTENTIAL TO ONE DAY ACHIEVE LONG- TERM SUCCESS.” ‘T/Pro ROAR META SPACE
49 August 2024 / ENTREPRENEUR.COM / longer it takes to become profitable. Investors will also want to assess how determined you are to make your enterprise a success. Frederick W. Smith came up with the idea of an overnight- delivery company in 1962—in fact, he drew up the idea while still a student at university. Nine years later, he founded FedEx. And it was four years after that before it made a profit. In those in-between years, Smith did everything he could to keep the business going, which included trying to gamble his way to liquidity in Las Vegas (definitely not advised for any budding entrepreneur!), before finally raising $11 million through more orthodox methods. But what he demonstrated throughout was a willingness to stick with it, and to see his idea through to the end. That said, if you do find yourself no longer strategically unprofitable, and are slipping into red flag territory, what can you do? Let’s run down a quick checklist: DON’T RELY TOO MUCH ON DEBT While debt can be a useful tool to finance your growth and innovation, it can also be a double-edged sword that can harm your financial health. Debt increases your interest expenses, reduces your cash flow, and limits your flexibility. If you borrow too much money that you cannot repay or refinance, you may end up defaulting on your obligations, and losing your assets. DON’T IGNORE YOUR COMPETITORS While unprofitable companies may have a first-mover advantage or a unique value proposition, they may also face fierce competition from other players in the market. Some of your competitors may be more profitable, more efficient, or more innovative than you. If you don’t keep up with your competitors, you may lose your market share, your brand recognition, and your competitive edge. DON’T NEGLECT YOUR STAKEHOLDERS While unprofitable companies may have a loyal fan base or a visionary leader, they may also alienate some of their stakeholders if they don’t deliver on their promises or expectations. If you don’t treat them well, you may face lawsuits, boycotts, strikes, or fines. Therefore, you should always respect and engage with your stakeholders. Sometimes, a single moment proves to be a turning point. The sports network ESPN was founded in 1979, but it wasn’t until the mid-1980s that it became profitable. The turning point? Support from American brewing company Anheuser-Busch, who signed—at the time—one of the biggest advertising contracts in history. So, knowing the difference between acceptable unprofitability and genuine financial trouble is crucial for investors and entrepreneurs alike. But even though companies like Amazon and Uber (the American ridesharing company took 15 years to get into the black) demonstrate that extended periods of unprofitability can lead to monumental success, it’s vital to continually assess key business metrics and market conditions. By understanding the nuances of strategic unprofitability, what red flags to look out for, and how to mitigate them, businesses can navigate those challenging early years, and then have the potential to one day achieve long- term success. Anisha Sagar is the driving force behind marketing and communications at Meydan Free Zone. A highly experienced strategist, she excels in general marketing, loyalty programs, strategic partnerships, and operational efficiency, with a track record in boosting revenue at the various companies she has worked for. Anisha’s skillset is comprehensive, backed by a bachelor’s in technology, an MBA in strategy and project management, and certifications in digital marketing, influence and negotiation, and martech. Her visionary approach led to the creation and execution of a 360-degree marketing strategy for Meydan Free Zone, focusing on brand visibility, market penetration, and customer engagement. This involved developing a robust framework for branding and market- ing initiatives backed by in-depth market research, compelling sales materials, and effective advertising. meydanfz.ae WHILE DEBT CAN BE A USEFUL TOOL TO FINANCE YOUR GROWTH AND INNOVATION, IT CAN ALSO BE A DOUBLE- EDGED SWORD THAT CAN HARM YOUR FINANCIAL HEALTH.”
50 / ENTREPRENEUR.COM / August 2024 T rust is crucial to all organizations, whether they are in the private, public, or not-for-profit sectors. It is vital for organizations to be trusted by those who have a stake in their plans and actions, both internally and externally. For organizational leaders, trust is one of their most important currencies, and it is necessary for many reasons including: To ensure an organization successfully creates the value it is seeking, in line with its purpose, vision, and strategy. To keep the workforce engaged and productive. To attract and retain staff. To gain agreement or support from external stakeholders, such as communities, to undertake work that may impact upon their personal or professional lives. To protect the brand and its reputation. However, many organizations and, indeed, their leaders don’t give enough attention to trust, which is an oversight in an era where leaders are scrutinized more than ever, and the potential for scandals, outrage, and conflict are high. One critical message I hope you take away from this is to never underestimate how challenging it is to remove an organization from a scandal or stakeholder conflict. They are draining episodes that can last for months or years. They create unwanted attention not just from stakeholder groups or individuals, but also from regulators, your teams, and the media. After all, there are many ways that conflict is now facilitated. Thanks to the connectivity provided by the internet, stakeholders are nowadays more coordinated, more sophisticated, and more demanding in their expectations of organizations. There is also what the Norwegian “father” of peace practice, Johan Galtung, referred to as fault lines, which, when overstepped, or when one group benefits over another, lead to conflict. Fault lines include race, generation, gender, religion, and even the impacts of development on the ‘T/Skillset How to lead when angry mobs come knocking at your door by DAVID ROSS From Hostility to Healing IF LEADERS HAVE NOT GIVEN MUCH ATTENTION TO PROTECTING ORGANIZATIONAL TRUST, NOW IS THE TIME TO REFOCUS. TRUST IS EXTREMELY EASY TO LOSE, BUT VERY DIFFICULT TO REBUILD.”
51 August 2024 / ENTREPRENEUR.COM / natural environment. As we experience frenetic and uncertain change worldwide, and people become fearful of what their future may look like, it is only natural for that fear to be expressed in anger towards organizations, where stakeholders do not believe that actions are being made with their best interests in mind. The second critical message is that the ultimate root causes of why these conflicts are occurring lie deep within organizations. Company culture and behavior towards stakeholders has not kept pace with a time of such seismic change, and they are the real reasons why scandals and conflicts continue unabated. So many corporations, particularly hierarchical businesses, have a deeply embedded story that values control. This includes controlling staff, processes, and stakeholders, as well as seeking to control outcomes, even when great anger is being directed in their direction. The third important message is that the “mobs” are often very reasonable in what they are seeking. While the organization at the center of a scandal or conflict often has a laser-like focus on meeting the needs of its shareholders, the aggrieved often feel that that their dignity has not been paid due respect. Actions, strategies, and operational efforts have often been imposed upon them without considering their worth, the worth of their communities, or the natural environment. So, if leaders have not given much attention to protecting organizational trust, now is the time to refocus. Trust is extremely easy to lose, but very difficult to rebuild. COMMAND IN CRISIS/ The common great leader mindset where I lead and you follow, and unquestionably so, is now fraught with peril, particularly when the mob of aggrieved people are, metaphorically, knocking at the door. And when they have arrived at your door, people skills and emotional intelligence are what organizations must call on. Here’s what that could look like: Focus on the worth of the people, even if they are vocal in their anger towards you. Really listen, and don’t get defensive. Start reflecting on how your organization could have impacted upon them. This is always a tough task, because it means looking at an issue from another’s perspective, even when the situation is heated. Be transparent and open to other perspectives, because that is where opportunities lie. Never hide bad news—someone will always find out— and things will get worse. Be respectful and caring. If your organization has made mistakes, own them, and genuinely apologize. Try to find common ground, rather than operate at the extremes. You may not agree with the assessment of the scale, or the intensity of the impact, but don’t diametrically oppose the assessment. Meet them halfway. Calmly collaborate with the affected as there is potential for innovation. Now, when the aggrieved have eventually left, don’t forget what your organization has caused. Conflict can reappear if long-term plans are not made to improve relationships and rebuild trust. Organizations need to embed long-term dignity and collaboration into the way they do things. The following strategies can help in this regard: Develop an innovative culture that values the involvement of employees and stakeholders. Reflect on what a bold shift in culture means for your organization’s vision, purpose, and strategy. Determine what training employees will need, what systems or processes are required, and what the structure of the organization will look like. Assess what gaps need to be filled in expertise, experience, and mindsets across your board, executive teams, and as core competencies across the organization. As a leader, what will your legacy be? Maintaining a corporate culture indicative of the 20th century, struggling to remain afloat? Or, having the courage to shift direction, confront the stormy waters of the 21st Century, and develop a culture that will thrive in uncertainty? David Ross is an international strategist in volatility, uncertainty, complexity, and ambiguity (VUCA) , organizational peacemaker, founder of Phoenix Strategic Management, and author of Confronting the Storm: Regenerating Leadership and Hope in the Age of Uncertainty. THANKS TO THE CONNECTIVITY PROVIDED BY THE INTERNET, STAKEHOLDERS ARE NOWADAYS MORE COORDINATED, MORE SOPHISTICATED, AND MORE DEMANDING IN THEIR EXPECTATIONS OF ORGANIZATIONS.”
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55 August 2024 / ENTREPRENEUR.COM / The Road to Success Liquid Havas co-founder and CEO of Sachinn J. Laala shares the story of how he scaled his Dubai-based startup to an acquisition by French communications network Havas by TAMARA PUPIC ↑Sachinn J. Laala is the co-founder and CEO of Liquid, a Dubai-born retail ideas company renowned for transforming how brands connect with consumers at retail touchpoints.
56 / ENTREPRENEUR.COM / August 2024 S/Q&A I magine building a new road, and you’re trying to understand whether that road is going to lead to anywhere, or if you will simply end up nowhere.” This is how Sachinn J. Laala describes the beginnings of Liquid, a Dubai-born retail ideas company renowned for transforming how brands connect with consumers at retail touchpoints, which he co-founded with fellow advertising professional Colman Sheil. In Laala’s case, his road led to his homegrown brand getting acquired by French communications network Havas in May 2024, and, in the process, getting rebranded as Liquid Havas—all of which serves as the ultimate validation of the business idea that he and Sheil pursued when they launched their enterprise in 2016. “Dubai is a city that thrives on retail, but back then, it didn’t have a retail-focused agency,” Laala recalls. “So, Colman and I decided to set up an agency purely focused on commerce, whether it was e-commerce or whether it was below the line retail, in-store retail. At that stage, because there were no other agencies doing that, people didn’t understand the true potential of it. The truth is that there were bigger fish to fry for bigger agencies, so they were not worried about this part. Also, no other agency had scaled it up enough to show to a big agency that there was money in there.” B ut by helping clients present their brands across all retail channels in ways that resonated with shoppers, Liquid grew from its humble origins to an enterprise that boasted of a team of over 100 experts that work with some of the world’s biggest fast-moving consumer goods (FMCG) clients like Nestle, PepsiCo, Beiersdorf, and Procter & Gamble. However, Laala credits his enterprise’s growth to a handful of clients that gave Liquid a chance in its early days. “The first year, I met 35 clients,” Laala recalls. “We started working with five. It was a bit unnerving, because clients were like, ‘Who are these two random guys who are showing up? They have no name backing them.’ So, it was a bit challeng- ing, but that’s why this region has proven that while a name is important, it is not the end of it. If you have the right service and the right offering, they are willing to take the risk to work with an unknown agency as long as its product is good, which a lot of other locations might not allow you.” IMAGES COURTESY LIQUID HAVAS ↑Liquid Havas is a part of Havas Market, which falls under the umbrella of Havas Media Network.
57 August 2024 / ENTREPRENEUR.COM / O ver the years, Liquid perfected its offering—which Laala describes as a combination of science, art, and instinct—that entails a strong element of insight and analytics to understand target shoppers’ journeys from beginning to end, including their search behaviors, touchpoints, and understanding of catego- ries. Then, as his startup started to enjoy double- digit growth, Laala began contemplating whether Liquid was ready to go global. “I think you can grow on your own, as double-digit growth, for four, five years,” he says. “At some point, you will find it harder to grow at the same speed. We had global clients who were ready to work with an agency in the Middle East, even though it was a little further away [from them], but they still found that we could help them scale their businesses. That gave us the confi- dence that, yes, what we are offering is good on a global scale, and that we should be able to explore this further. Then, I thought that I could go to the UK or to Europe, and find the same level of expertise, but that wasn’t the case. In the end, we felt that a global acquisition would help us take our offering further.” A lthough Laala started having acquisition discus- sions in 2022, he says that he had been preparing for it since 2019, which was when he brought an experienced Chief Financial Officer on board to organize his business in line with global standards. “Then, we said, ‘Okay, who we would like to talk to and see if they would be interested in acquiring us?’ And then two, ‘would we be able to add the right value to their business?’ So, that was the starting point of the discussion,” Laala says. “We started having chats externally, and in this regard, my advice to other entrepreneurs would be not to get a mergers and acquisitions (M&A) consultant rightaway, because they promise a lot of things. It’s better you reach out to your network, because you need to be in control of the conversation. No one else will be a better salesman of your business than you.” I n 2023, Havas, one of the world’s largest global communications networks, reached out to Laala with an aim to add Liquid to its fully integrated model that covers all communication activities for brands and businesses. Havas has three business units, i.e. Havas Creative Network, Havas Media Network, and Havas Health & You, which function through more than 70 offices in over 100 countries around the world. In the e-commerce domain, the French communications giant has created Havas Market, a dedicated partner for e-commerce businesses, which is now available in 30 markets around the globe. And today, Liquid—in its new avatar as Liquid Havas—is a part of Havas Market, and falls under the umbrella of Havas Media Network. L ooking back on how the acquisition came to be closed, Laala says that it was a long process that brought quite a few lessons with it, especially when it comes to pursuing negotiations with a number of potential acquirers. “Until it’s in writing, it’s not done,” he shares. “Sometimes you might miss the boat while you’re waiting for someone, because that person has assured you that it will happen. And it’s not like the person doesn’t want it to happen, but that, for instance, their global management is not ready for it [acquisition] at that moment. Every acquisition has a lot of people involved, and who might not be ready at what time, you don’t know.” For that reason, Laala decided not to stop any potential acquisition negotiation until receiving a letter of intent from any one of potential acquirers. “Once a letter of intent is in place, then you have to be patient, because the due diligence }} THIS REGION HAS PROVEN THAT WHILE A NAME IS IMPORTANT, IT IS NOT THE END OF IT. IF YOU HAVE THE RIGHT SERVICE AND THE RIGHT OFFERING, THEY ARE WILLING TO TAKE THE RISK TO WORK WITH AN UNKNOWN AGENCY AS LONG AS ITS PRODUCT IS GOOD, WHICH A LOT OF OTHER CITIES MIGHT NOT ALLOW YOU.” ← Liquid Havas co-founders Sachinn J. Laala and Colman Sheil.
58 / ENTREPRENEUR.COM / August 2024 takes time. There are two touch points of due diligence, legal and financial, and you would think that for a company that’s not globally owned, due diligence should be simpler, but it’s not. And rightfully so, because if you’re a global company, you have a system and process put in place, and when you’re acquiring a certain company, you’re also acquir- ing their reputation, you’re acquiring their clientele, you’re acquiring their people. So, you need to be sure that they’re doing the right thing today legally, morally, and so on. Then, you need to allow your lawyers the space and time to function. Overall, if someone tells you there’s a year between the start and finish of an acquisition deal, they’re being reasonable. Patience is key.” N ow, being at the helm of Liquid Havas has opened a new chapter for Laala, but he says that his day-to-day life remains the same. “I think the job is only half done, because commerce still is very under-appreciated, especially in a region where we love retail,” he says. “Plus, Dubai is never happy. How many times have you looked at a redevelopment in Dubai and said, ‘That was already good. Why do we need to do it better?’ But the truth is we indeed can do it better.” Dubai’s commitment to constant improve- ments, Laala adds, is needed in its entrepreneurial ecosystem as well, and he suggests offering more assistance and support to entrepre- neurs. “Being an entrepreneur has been a superb journey, but I now know that entrepreneurs really need help,” he says. “Anyone who becomes an entrepreneur needs a person saying, ‘If you need anything, just call.’ It’s a very lonely journey, because you can’t talk to your employees. You can’t really tell them, ‘I’m having a bad day.’ You have to show a strong front. Because there’s no leadership above you, you have to figure it all out on your own, and hope that you’re making the right decision. So, helping an entrepreneur to some extent will give me a lot of satisfaction to say, ‘Hey, don’t worry, you’re not alone. Tell us, how can we help you?’” S/Q&A }Ambition comes at a price "People love ambition, but they fear the hard work that goes around it, and there's no escaping. The reality is, if you have reached the top, you have made a lot of self-sacrifices, you have spent a lot of weekends, you have missed a lot of birthdays, anniversaries, your personal life has taken a backseat to fulfill that ambition. Be ready to put in the work behind it. You can't run away from the grunt work, hoping that it will fall in place by some miracle, because it won't." }An idea without execution is useless "While a lot of ideas float around, a lot of people have a lot of good ideas on a daily basis, but the execution is not there. They don't focus on how do they bring it to life. They somehow lack that persistence that’s need—when it's not working, they drop it, thinking that the business idea is not good enough. But, in fact, it is good enough, and so, can you be persistent enough to make it work? Sooner than later, it will happen. Might not happen tomorrow morning, but in time, it will. You just need to give it enough time to make it work." }Focus on what you are offering "A lot of times entrepreneurs are tempted to move away [from their core offering] a little bit, and try to make additional money rather than keep their eye on the ball. That’s the one part that we have learned, and that allowed us to remain true to what we had to offer. We were persistent and consistent with what we offered, so it was very clear that, if a client came to Liquid, then they're coming for these reasons." }Stick to your plan "The moment you start tinkering your journey to reach an end destination, there's a problem, because that destination goal post keeps changing. Follow the journey. The destination will arrive." Liquid Havas co-founder and CEO Sachinn J. Laala shares his tips for entrepreneurs 'TREP TALK → Liquid Havas boasts of a team of over 100 experts that work with some of the world’s biggest fast-moving consumer goods clients like Nestle, PepsiCo, Beiersdorf, and Procter & Gamble.
60 / ENTREPRENEUR.COM / August 2024 S/Q&A W hen Salla was founded in 2016 in the Saudi Arabian city of Makkah, it had been conceptualized as a platform that simply automated the process of selling products on social media channels. Over the years, however, that initial iteration of the tool was converted into an e-commerce platform that enabled merchants to build online stores without code and also offered smart, easy- to-use payment, shipping, inventory management, and marketing solutions. In fact, it is this idea that inspired the startup’s name as well—you see, Salla in Arabic( )سلةsimply means “basket.” “We chose a descriptive and simple name, but the name isn’t everything- it is your product that will make the name unique and recognizable,” notes Nawaf Hariri, founder and CEO of Salla. IMAGES COURTESY SALLA Salla salla.com/ Here’s a selection of the companies enrolled in Saudi Unicorns, a national program in the Kingdom of Saudi Arabia that helps high-growth tech companies reach unicorn status by AALIA MEHREEN AHMED IN FOCUS ↑ Nawaf Hariri is the CEO and founder of Salla, an e-commerce enablement platform that enables merchants to build online stores without code, while also offering smart, easy-to-use payment, shipping, inventory management, and marketing solutions. Saudi Unicorns is a program provided by the KSA Ministry of Communications and Information Technology (MCIT), National Technology Development Program (NTDP), and the Mohammed bin Salman Foundation (Misk) to enable and nurture successful and established tech companies to reach unicorn status. Offering a comprehensive range of services and resources, including skill-building workshops for founders, facilitating connections with investment funds, as well as providing access to a global network of industry experts, Saudi Unicorns has been instrumental in finetuning the business models (and journeys) of a number of scaleup firms in the Kingdom. For more info, visit saudiunicorns.net WHAT IS SAUDI UNICORNS?
}“Today, we are extremely proud that Salla merchants have sold over SAR21 billion worth of products, and currently more than 55,000 thousand individuals, small and medium brands, and well-established enterprises trust us to help them run and grow their businesses. Our philosophy is plain and simple: We remove the hassle, high cost, and expertise of setting up and scaling infrastructure for your commerce. We want merchants to focus on their craft of creating products and selling them, knowing that they have a solid partner in Salla that addresses their sophisti- cated needs in an ever- changing commerce landscape with easy to use and personalized solutions at their disposal as they wish and see fit.” }With its promise to be able to create an online store within mere minutes, Salla has already positioned itself as a go-to solution for brands and entrepreneurs who are looking to digitally transform or expand their ventures. The platform accepts payments from over 79 nations worldwide, supports more than 40 languages, and also offers shipping to major global destinations by connecting a given store to more than 160 local and international shipping/courier companies. But According to Hariri, Salla’s most unique selling point lies in its offering of a very simple and comprehen- sive solution for its mer- chants. “They [our mer- chants] trust that we will implement what is best for their needs and ensure it [the entire process] is extremely intuitive,” Hariri adds. “Our merchants’ customers enjoy a great shopping experience as well. All of this is driven by two values: being customer- centric and innovative. At Salla, we simply do what is right even if we have to redefine the standards. }It is with this value-first approach, that Salla’s revenue comprises two primary streams: subscrip- tion solutions, and Mer- chants solutions. “We offer four primary subscription plans: Basic, Plus, Pro, and Special,” Hariri explains. “Each plan is tailored to different business sizes and requirements from individual and small startups to large enterprises. On the other hand, we make significant revenue from other solutions we provide to our merchants. This encompasses shipping solutions, payment solutions, fees from third party apps, and vetted service providers. Collec- tively, both revenue streams provide tremendous value to our customers, and ensure a sustainable model that fuels our growth and profitability. As a result, we are more empowered to serve our mission of opening success doors for our merchants, and enabling them to leave a lasting impact.” }In the years since it launched, Salla has seen its team grow to nearly 500 employees, and it was also able to raise a US$130 million pre-initial public offering (IPO) investment round in March 2023 that was led by Investcorp, a Bahrain-based alternative investment firm, Sanabil Investment, a sovereign wealth fund wholly owned by Saudi Arabia’s Public Investment Fund (PIF), and STV, a KSA-based venture capital (VC) firm. “This investment propelled us forward in our ongoing mission to open opportuni- ties and empower individu- als as well as small and medium enterprises (SMEs) to start and expand their businesses both within }} 61 August 2024 / ENTREPRENEUR.COM /
62 / ENTREPRENEUR.COM / August 2024 and beyond Saudi Arabia,” Hariri adds. “We thus remain committed to delivering innovative and customer- centric solutions that simplify and enhance the e-commerce experience for our merchants.” }Of course, to deliver such solutions, the Salla team has had to stay vigilant of the constantly changing landscape it functions in, and the key to that lay in the choosing to innovate only when there was an absolute requirement for it, says Hariri. “Innovation is one of the core values in Salla’s work culture, but we believe that innovation in Salla does not stand apart from authenticity,” he adds. “Innovation stems from necessity, and in a company like Salla, we use genuine needs that come from the challenges of the market, and the pain points of our merchants as fuel for innovation. Therefore, we remain innovative, as long as we look to the ground before looking to the sky.” It has been this principle that, in effect, has underscored Salla’s participation in Saudi Unicorns as well- as Hariri lists how the program has helped the company pick and choose the right areas to further finetune. “Being among the leaders of the region, sitting with great minds and different mindsets from the ecosys- tem, and participating in different activities related to the digital economy, and adding to the national values and achievements has been wonderful,” Hariri says. “An introduction to the xto10x Program [an India-based startups program that helps with scaling and expansion] was one of the most valuable synergies we gained and built out of the program, which led to amazing enhancement of our leaders’ mindsets, which reflected our overall operations and daily activities, including the relations of our teammates at all levels.” }Salla’s journey at Saudi Unicorns has also helped Hariri and his team revisit why they chose to start this company in the Kingdom in the first place. “We are Saudis, and we know Saudis well,” Hariri declares. “We understand our needs and pain points. We believe that Saudi Arabia’s visions are ambitious, and that’s why we found that the best place you can serve is your homeland. The first people who deserve your product are your extended family: the Saudis.” But none of this is to say that the company has restricted itself to the Kingdom’s borders either. Regional and global expansion is certainly on the cards, but Hariri notes that it is something that will need to be dealt with precision. “Since we base our product designs on the actual needs of people, individuals, SMEs, and enterprises, we target actual needs and expand to meet them,” he says. “And so there will be a lot of homework to do before we think about expansion. There would be a cultural issue regarding new market localization alongside the technical problems we strive to solve. No matter how great your technical solution is, it will not be successful unless it is accepted by the culture you are aiming to expand into. We are aware of this, and we take it into account in our expansion studies. Addition- ally, participating in international events through the Saudi Unicorns program has helped us to be recog- nized in the market and become an attractive organization for talent domestically, regionally, and internationally too.” }For the foreseeable future though, Hariri has a clear set of goals he hopes to first achieve within the Kingdom itself. “We aspire to be a listed Saudi tech company, bringing together the best Saudi talents, and leading a unique journey in creating a global Saudi product,” Hariri says. “Whatever this phase may be called, we are heading towards it, God willing. In March 2024, we closed a pre-IPO funding round, and now, as we continue to scale domesti- cally, we are moving towards more sophisticated and intelligent products, and we aim to attract the best talents to mature the product to better meet the expectations of the Saudi market. Of course, we are considering expansion, but we are studying the markets carefully. We still believe that the Saudi market holds many opportunities and surprises!” IMAGES COURTESY SALLA S/Q&A INNOVATION STEMS FROM NECESSITY, AND IN A COMPANY LIKE SALLA, WE USE GENUINE NEEDS THAT COME FROM THE CHALLENGES OF THE MARKET, AND THE PAIN POINTS OF OUR MERCHANTS, AS FUEL FOR INNOVATION.” → Offering multiple payment options, merchants can use the Salla platform to receive and manage online payments securely, and they can also receive their payouts in as little as one day.
63 August 2024 / ENTREPRENEUR.COM / Noon Education/learnatnoon.com/ }“Noon is a student-first company that is obsessed with crafting learning experiences that deeply connect with students, engage them, and inspire them in many ways,” says Mohammed Aldhalaan, co-founder and CEO of Noon. “Founded in 2013, Noon was inspired by a deep-seated belief in the transformative power of education, and the need to bridge educational gaps through technology. The primary challenge we address at Noon is the lack of access to high-quality teachers, which we found to be the most critical component of the learning journey. Traditional educational systems often struggle to provide students with teachers who can effec- tively engage and inspire them, especially in chal- lenging subjects. This issue is personal to us, as my co-founder and I faced it ourselves during our school years. Our goal is to overcome this challenge by leveraging technology to connect students with star teach- ers, ensuring that every student has the opportunity to excel academically.” }A little over a decade since its launch, the Noon platform is today accessed by over 14 million students (from kindergarten level to Grade 12) across six countries in the Middle East and South Asia, with a significant presence in Saudi Arabia, Egypt, Iraq, and Pakistan. Note here that the platform has taken additional measures to cater to the varied educational curriculums of each country it operates in. “Noon operates on a hybrid education model that combines in-person and remote learning experi- ences, all enabled by our educational platform,” Aldhalaan explains. “The first of our two main offerings is thus the Noon Online Courses—these are online, live courses taught by star teachers, and delivered in a highly engaging way with peers. The key focus is to help students prepare for major, critical life-defining exams, and standardized tests. Our second offering is the Noon Hybrid Learning Experi- ence, which includes a hybrid setup where students are provided with a highly interactive, group-based learning environment in Noon-affiliated schools, labs, and centers that connects them with star-teachers through the Noon Platform.” }Perhaps one of the greatest advantages that has come with the advent and rise of edtech services is the democratization of education. And in its mission to “reimagine education,” Noon has ensured that its platform is accessible to students in both urban and rural settings. Aldhalaan highlights how this has been a significant point of focus for the company’s opera- tions by means of a story— one that has had a profound impact on him and his team. “There was a high school girl from a remote province in Pakistan who faced a significant chal- lenge: she had no access to tutoring centers, which are essential for preparing }} H uddling together with some of your classmates after class hours to understand a concept better—often because the subject teacher hasn’t been able to simplify the topic—is an experience that might be familiar to many students. But what if there was a way to not only do this digitally, but also have a capable teacher guiding a given student group? That is precisely the premise on which edtech platform Noon Education (Noon) was built. ↓ Noon Education co-founders Mohammed Aldhalaan (left) and Dr. Abdulaziz Alsaeed (right).
64 / ENTREPRENEUR.COM / August 2024 THE PRIMARY CHALLENGE WE ADDRESS AT NOON IS THE LACK OF ACCESS TO HIGH-QUALITY TEACHERS, WHICH WE FOUND TO BE THE MOST CRITICAL COMPONENT OF THE LEARNING JOURNEY.” S/Q&A for critical exams in the country,” he narrates. “Struggling and desperate for help, she sent us numerous emails, asking us to include her province’s curriculum in our offerings. Initially, this was not a priority for us. However, our team noticed that she had taken the initiative to register herself as a teacher on our platform, and she was teaching lower-grade students to support other girls in her community, who also lacked access to educational resources. Inspired by her determina- tion and dedication, our team made the extraordi- nary decision to forgo their Eid holiday break to launch our services in her province, just a few weeks before her exams. This act of commit- ment did not go unnoticed. Later, we were honored by the Minister of Education in Saudi Arabia for our efforts. The girl’s persever- ance paid off, and she excelled in her exams, eventually securing admission to a reputable college with the major of her choice.” }All of Noon’s endeavors in reshaping the education landscape have reaped beneficial results for Aldhalaan and his 150-em- ployees-strong team thus far. “Our revenue has grown threefold since 2021, and we continue to see massive growth driven by the need for quality teaching,” Aldhalaan reveals. “We have raised US$52 million so far from notable funds and strategic investors, includ- ing $41 million in a Series B round. With a compound annual growth rate (CAGR) of approximately 85% since 2021, our potential and value in the long term are immense, aiming to reach significant scale and operational maturity to publicly list the company in a few years from now. We have taught 14 million students, had thousands of teachers and mentors, and are planning to address 120 million students in the region and beyond in the future.” }In achieving such impres- sive statistics, and in Aldhalaan’s confidence to aim for even bigger numbers, the CEO says Noon’s unique selling propositions must be credited. The first of these differentiating factors is simply Noon’s ability to combine online and traditional teaching methods within its hybrid education model. That said, all of this has only been achieved—and can continue to grow—because of Noon’s commitment to leverage the best of what technology has to offer, Aldhalaan adds. “We have invested heavily in our technology, creating a digital infrastructure that supports personalized and effective learning journeys,” he says. “We are also well-positioned to capture the artificial intelligence (AI) wave, having all the necessary infrastructure and requirements in place. Our extensive data on national curriculums, millions of students, and billions of learning activities further enhance our capability. Moreover, our extensive network of top-tier teachers and partnerships with educa- tional institutions gives us a competitive edge. The market potential is enormous, with Saudi Arabia alone representing a $50 billion market. Worldwide, the potential is even greater. Our recent shift to hybrid learning has thus unlocked these traditional markets, and enabled us to address the critical need for high-quali- ty teaching, giving Noon a fair chance to become the region’s first decacorn—a private company valued greater than $10 billion.” }To reach decacorn status, however, Noon will first have to pass the milestone of becoming a unicorn—an achievement that it is already working towards thanks to its participation in the Saudi Unicorns initiative. “Joining the Saudi Unicorns program has been a transformative experience for Noon,” Aldhalaan says. “Operating in an environ- ment that champions entrepreneurship and offers robust support has been crucial for our success. The program has connected us with high-growth startups, investors, and strategic partners, shaping Noon’s trajectory positively. We were particularly honored by the visit of the Minister of MCIT; his engagement IMAGES COURTESY NOON EDUCATION
opened doors to strategic partnerships. During his visit, he honored our top teachers, leaving a lasting impact on them, and sponsored our generative artificial intelligence (GenAI) education strategic initiative. His support has greatly en- hanced our brand and amplified our story, solidifying our presence in the industry.” }Partaking in the Saudi Unicorns program has also brought to the forefront Noon’s direct contribution to the Kingdom’s Vision 2030 goals. “The vision’s focus on educational reform, technological innovation, and private sector involvement seamlessly aligns with Noon’s mission and offerings,” Aldha- laan explains. “Vision 2030’s emphasis on increasing private school enrollment by welcoming the next million students into the private education sector, coupled with its aim to enhance educational outcomes, has inspired us to seize this opportunity, and contribute to the transformative educational landscape.” But one mustn’t mistake Noon’s results and future goals as a reflection of a linear growth journey. Having launched in 2013, just four years following what was called the “edtech boom” in 2009, the company has seen its fair share of ups and downs, particularly in the attitudes expressed towards edtech itself. }“One of the most challenging phases of our entrepreneurial journey at Noon was navigating the post-COVID-19 land- scape,” Aldhalaan recalls. “As the initial surge in demand for online learning began to wane, we faced a significant shift in sentiment toward online education. Many students and parents grew weary of online learning, and expressed a strong desire to return to traditional in-person education. Nonethe- less, this challenge pushed us to innovate, and introduce our hybrid learning model, which has since proven to be a massive success. The hybrid model combines the best aspects of online scalability and in-person engagement, effectively addressing the shortcomings of purely digital or traditional methods. Additionally, being part of Saudi Unicorns, we have been fortunate to have the program help us in further positioning our brand effectively, enhancing our market visibility.” }As such, Aldhalaan believes this current model is one that stands Noon in good stead for further expansion too. “As we look to the future, Noon is excited to take bold steps forward in expanding our impact and reach,” the CEO declares. “Noon’s hybrid learning model is designed to be adaptable and scalable, making it well-suited for international expansion. However, for now, our immediate focus is on the launch of our first full morning school track in Saudi Arabia this fall, utilizing our successful hybrid learning model. This marks a significant milestone in our journey, demonstrating our commitment to revolutionizing education through innovative approaches. Following the successful launch, we plan to scale our hybrid model to additional schools across Saudi Arabia and beyond. Our goal is to establish a network of Noon schools that offer high-quality, technology-enhanced educa- tion, addressing the diverse needs of students.” Almatar /almatar.com/ 65 August 2024 / ENTREPRENEUR.COM / W hen Aimen Saleh Basalamah launched Almatar as a traveltech platform in 2019, his end-goal was simple—it was to eliminate the many flight booking hassles travelers in Saudi Arabia face, and to follow it up with a seamless and user-friendly way to plan a trip. And looking at the Almatar website today, it seems like Basalama has been able to achieve just that- with the homepage clearly demarcated into a “travel mate” section that helps users to first book hotels and flights at the best prices and deals, another section that highlights top destinations and hotels to explore, and a third section that helps users decide on payment options as well as how to plan a trip. }} ↓ Aimen Saleh Basalamah is the co-founder and CEO of Almatar, a traveltech platform that aims to simplify the travel experience in Saudi Arabia.
66 / ENTREPRENEUR.COM / August 2024 }“We noticed a gap in the market for a platform that could handle all travel needs, from booking flights and hotels to planning entire trips,” says Basalama, who is also the CEO of Almatar. “We thus wanted to address the inconvenience travelers faced by providing a solution that makes travel planning and booking easier for Saudis. We recognized the need for a comprehensive platform that could streamline the process of booking flights, hotels, car rentals, and holiday packages. At Almatar, our mission is therefore to simplify travel planning, make traveling and booking easy, and make it accessible and enjoyable for everyone in Saudi Arabia as well as the wider GCC. We prioritize customer satisfac- tion, innovation, and integrity in everything we do.” }In the five years since its launch, the Almatar team has already grown to over 500 employees, with its operations extending beyond the King- dom to Egypt and India as well. And its results so far have paved the way for further geographical expansions, reveals Basalama. “Currently, Almatar serves thousands of users monthly, with a robust infrastructure capable of scaling further,” Basalama notes. “Our long-term potential lies in our ability to continuously innovate and expand our service offerings, positioning ourselves as a leading travel platform in the region. But having seen substantial revenue growth year-over-year, we have ambitious plans to take Almatar global. Our initial focus will be on expanding within the GCC region, followed by Southeast Asia and Europe. Our state-of-the-art platform is well designed to be scalable and adaptable, allowing us to cater diverse and changing needs of travelers worldwide. With deep industry insights, we thus look forward to providing our diverse customers with personalized travel experi- ences, and establish Almatar as a trusted name in the interna- tional travel world.” }As a testament to the startup’s commitment to address varying travel require- ments, the Almatar platform’s booking options are already open to all types of travelers, ranging from corporate professionals who want seamless business trips, to leisure tourists looking for convenient and affordable travel solutions. “Our unique selling point is the user-friend- ly nature of our platform, coupled with personalized recommendations driven by artificial intelligence,” Basala- ma adds. “We are future- focused, and we offer a seamless experience that covers all aspects of travel planning in one place, and on one app. We focus on our customer satisfaction, and we believe we can achieve significant market penetration and loyalty. Our commitment to innovation, keeping customers first, and our convenience sets us apart, making us potentially reach unicorn status.” }Such is the mindset with which Basalama and his team at Almatar have begun their journey at Saudi Unicorns as well—an experience that he says has already helped in finetuning his venture’s operations. “The Saudi Unicorns program has provided us with valuable mentorship, resources, and networking opportunities that have significantly contributed to our growth,” he says. “The biggest benefits include access to industry experts, strategic guidance on scaling opera- tions, and the opportunity to connect with potential investors and partners. These elements have been pivotal in refining our business model, and expanding our reach. One example has been the imple- mentation of a technological infrastructure, which was a direct result of the strategic advice we received from the experts and mentors. This change has significantly improved our service delivery and operational efficiency. Additionally, the program’s mentorship helped us refine our customer acquisition strategies, helped us focus on our service, and this has led us to substantial increase in our user base.” }Here, Basalama notes that the support received through Saudi Unicorns has also allowed him and his team to better navigate the complexi- ties of growing a business as well. “For us, the most challenging phase was the initial stages of scaling our operations—managing rapid growth while maintaining service quality, meeting potential partners, and user satisfaction, was a significant hurdle,” he says. “However, the mentorship and resources provided by Saudi Unicorns were instrumental in helping us overcome all these chal- lenges. Their support has enabled us to become more efficient with our processes and technologies which has facilitated smoother scaling.” And now, as Almatar continues to strengthen its position in the Kingdom’s travel market, it is regional and international expansion that is the next point of focus for the company. “Our next steps involve expanding our offerings and entering new markets within the GCC region,” Basalama declares. “We also aim to focus on improving our mobile platform and integrating more personalized travel experiences for the Saudi audience and for GCC residents to cater to the diverse needs of our users. As a result, post-Saudi Unicorns, we hope to establish strategic partnerships, explore new market opportunities, and continue innovating our platform to provide an even better user experience. Our plan is to take our services global by leveraging our advanced technology and deep understanding of diverse travel needs. Whether it’s streamlin- ing travel bookings or offering personalized travel experi- ences, we’re committed to making Almatar a go-to platform for travelers world- wide.” AT ALMATAR, OUR MISSION IS TO SIMPLIFY TRAVEL PLANNING, MAKE TRAVELING AND BOOKING EASY, AND MAKE IT ACCESSIBLE AND ENJOYABLE FOR EVERYONE IN SAUDI ARABIA AS WELL AS THE WIDER GCC.” S/Q&A
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68 / ENTREPRENEUR.COM / August 2024 HANANE BENKHALLOUK ON LEADING WITH HUMANITY by BY MINA VUCIC In the dynamic world of business and entrepreneurship, success is often defined by one's ability to adapt, innovate, and lead with purpose. In the third episode of our Paradigm podcast series, Entrepreneur TV Middle East got to explore these themes through the entrepreneurial journey of Hanane Benkhallouk. The founder and Executive Director of Sustain Leadership Consultancy, Benkhallouk embodies all the right qualities of a leader as an award-winning entrepreneur. Her boutique firm specializes in strategic leadership, innovation, and culture transformation, making her a pivotal figure in the UAE's business landscape. SUSTAIN LEADERSHIP CONSULTANCY FOUNDER AND EXECUTIVE DIRECTOR A Multifaceted Journey Benkhallouk is a renowned multi-industry consultant with an impressive breadth of expertise. With over 18 years of professional experience, she has held senior managerial positions in Fortune 500 companies, government, and non-profit organizations across diverse industries such as financial services, real estate investments, retail and franchise development, and global markets within Europe, the US, and the MENA region. Since moving to Dubai in 2005 from New York, where she graduated with an MBA in marketing and finance, Benkhallouk has made significant impact. Her belief that “we don’t build businesses; we build people, and then people build businesses” has been the driving force behind her leadership style. This value was further cultivated during her ” 68 / ENTREPRENEUR.COM / August 2024
69 August 2024 / ENTREPRENEUR.COM / THE RUNDOWN }EMBRACE CULTURAL DIVERSITY Diverse cultural experiences can significantly enhance leadership skills and foster innovation within organizations. }HUMANIZE BUSINESS Creating a supportive and inclusive workplace is crucial for long-term success and employee well-being. }MOTIVATING TRIGGERS Entrepreneurs often have pivotal moments that inspire them to start their ventures, driven by a desire to create impactful solutions. }HOLISTIC LIFE BALANCE Viewing life balance as a holistic concept is essential for achieving sustainable success and overall well-being. }LEADERSHIP IN CHANGE Effective leadership is vital for navigating organizations through periods of change and uncertainty, fostering resilience and adaptability. 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 tenure at the Mohammed Bin Rashid Al Maktoum Foundation for Knowledge, where she was respon- sible for innovation and entrepreneurship programs across the Arab world. The Foundation’s vision to develop the knowledge and human capabilities of the Arab world inspired her career shift towards nurturing leadership talent, transformational change, entrepreneurship, and innovation. Benkhallouk aspires to drive positive impact by contributing to the MENA region’s transition to an innovation and knowledge-based economy. She strongly believes that the best and most successful businesses are both human-centered and long-sight- ed. A business’s culture isn’t defined by its products or services but by the people who innovate, imagine, and create for its sake. Benkhallouk is a practitioner of neuro-leadership, Theory U of change, systems thinking, organic agility, and leadership in the artificial intelligence (AI) domain, all of which she studied at world-renowned institutes and universi- ties. Today, at Sustain Leadership Consultancy, Benkhallouk leads a team of diverse expert consul- tants specializing in strategic management, innova- tion, and culture transformation. Her clients include major multinationals, local players, and SMEs. Sustain Leadership’s approach focuses on aligning business aims and goals with practical strategies, sustainable processes, and innovative mentalities. Over time, high-level development will help foster stronger teams, an increasingly innovative and diverse workforce, and a more adaptable agile business. P a r a d i g m Scan these QR codes to check out the full Paradigm episode. 69 August 2024 / ENTREPRENEUR.COM /
70 / ENTREPRENEUR.COM / August 2024 BANKIM BRAHMBHATT LEADING THE CHARGE IN TELECOM INNOVATION by BY MINA VUCIC Bankim Brahmbhatt, President of Bankai Group, is a distinguished leader whose profound experience in telecom product development, marketing, product management, business development, and corporate strategy has positioned him at the forefront of the industry. His journey from a telecom engineer to the CEO of a global telecom enterprise highlights his exceptional business acumen and relentless pursuit of innovation. Brahmbhatt’s career is marked by his commitment to leveraging cutting- edge technologies to transform the telecommunications landscape. Under his leadership, Bankai Group has achieved significant milestones, positioning itself as a key player in the global telecom market. His forward- thinking vision and strategic initiatives have not only propelled the company’s growth but have also set new benchmarks in the industry. BANKAI GROUP PRESIDENT AND CEO 70 / ENTREPRENEUR.COM / August 2024
THE RUNDOWN }TRANSFORMATIVE LEADERSHIP JOURNEY From a telecom engineer to the CEO of a global telecom enterprise, Brahmbhatt's career highlights his exceptional business acumen and relentless pursuit of innovation. }PIONEERING ADVANCED TECHNOLOGIES Brahmbhatt's leadership transcends conventional strategies, positioning Bankai Group as a key player in the global telecom market through the integration of cutting-edge technologies. }COMMITMENT TO CONTINUOUS LEARNING Emphasizing a culture of creativity and adaptability, Brahmbhatt encourages his team to embrace innovation, crucial for sustained growth and competitiveness in today’s dynamic business environment. }INVALUABLE INDUSTRY INSIGHTS His deep understanding of market trends and customer needs, combined with robust technological solutions, offers invaluable guidance for entrepreneurs and industry professionals. }GLOBAL RECOGNITION AND INFLUENCE As a sought-after speaker and active contributor to industry forums, Brahmbhatt shares his visionary insights and expertise, earning him widespread recognition and numerous accolades. 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 A Driver Of Success A strong advocate for continuous learning and development, Brahmb- hatt encourages his team to embrace innovation and think beyond traditional paradigms. His emphasis on fostering a culture of creativity and adaptability has been instru- mental in driving the company’s success. He believes that in today’s dynamic business environment, staying ahead of technological advancements is crucial for sustained growth and competitive- ness. Brahmbhatt’s insights into the telecom industry are invaluable for entrepreneurs and industry professionals alike. He underscores the importance of understanding market trends, anticipating customer needs, and implementing robust technological solutions to stay competitive. His approach to leadership is characterized by a deep understanding of the industry’s intricacies and a commitment to delivering excellence. In his episode on Paradigm, Brahmbhatt shares his insights on the evolution of telecommunica- tions, drawing from his experience to inspire and guide entrepreneurs in today’s fast-paced business landscape. His leadership approach transcends conventional strategies, making him a pioneer in integrating advanced technologies and driving operational efficiencies within the telecom sector. Brahmbhatt’s ability to navigate the complexities of the industry and uncover innovative solutions has earned him recogni- tion and respect worldwide. Brahmbhatt’s journey is a testament to the transformative power of innovation and strategic leadership. His dedication to advancing the telecommunications industry and his ability to inspire others with his visionary insights make him a pivotal figure in the business world. Through his experiences and advice, Brahmbhatt continues to inspire the next generation of leaders to embrace innovation, drive change, and lead with purpose. P a r a d i g m Scan these QR codes to check out the full Paradigm episode. 71 August 2024 / ENTREPRENEUR.COM /
72 / ENTREPRENEUR.COM / August 2024 S/Ecosystem Harrods, Harvey Nichols, and Galeries Lafayette. Having established myself as a thought leader in the fashion and retail industries globally, here are my lessons on how to turn your passion for fashion into a profitable business. LESSON ONE/ BUILD YOUR BRAND IDENTITY Your brand identity is the cornerstone of your business. It defines who you are, what you stand for, and what sets you apart from the competition. This includes your brand’s name, logo, and overall aesthetic, as well as your core values and mission. Consistency in your brand’s identity will help you establish a strong presence in the market and foster loyalty among your customers. As a rise of locally talented fashion brands has emerged from the desert, there is now a thriving market for fashion entrepreneurship. Fashion incubators, such as The Greenhouse by Chalhoub Group, and fashion institu- tions, like Esmod Dubai, are all indications of how the region is nurturing the fashion industry as well as its blossoming talent. Of course, having a dream is one thing, but turning this passion into profit is another. Fortunately, the fashion industry is driven by creativity and innovation, with passion at the helm. As the founder and CEO of Morris Global Consulting (MGC), I work with clients ranging from emerging designers to established international brands such as Turning Passion Into Profit Five lessons that can guide your entrepreneurial journey in the fashion industry by Máire Morris T hey say that if you do what you love, you’ll never work a day in your life. In truth, even when working for a passion, it is still work—albeit far more rewarding. It remains a journey of trial and error on the path to success. The GCC, and the UAE especially, fosters a culture that encour- ages turning passion into profit. According to the Global Entrepre- neurship Monitor (GEM) report shared in February 2024, the United Arab Emirates was ranked first globally for the third consecutive year, recognizing it as the best place worldwide to start and conduct new business. Living in the region, it seems as though everyone possesses an entrepre- neurial spirit, ready to seize new revenue opportunities from the standard day-to-day.
73 August 2024 / ENTREPRENEUR.COM / LESSON TWO/ KNOW YOUR DEMOGRAPHIC (AND WHAT THEY WANT) Understanding your target audience is crucial. Fashion trends can be fleeting, but your brand needs to stay true to what makes it unique. Conduct thorough market research to understand your demographic’s preferences, needs, and pain points. This will allow you to tailor your offerings to meet their expectations, while maintain- ing your brand’s distinct identity. LESSON THREE/ MAKE A PLAN In entrepreneurship, planning is essential. This is not a time to wing it. Develop a compre- hensive business plan that outlines your goals, strategies, and the steps needed to achieve them. Your plan should include market analysis, marketing strategies, financial projections, and an operational plan. A well- thought-out plan will serve as a roadmap for your business and help you stay focused and organized. LESSON FOUR/ ALWAYS KEEP AN EYE ON FUNDS For a new business, it is crucial to have the funding in place before you begin your project. The biggest reason that small businesses fail is that they run out of funds to effectively market and grow their business. I have seen this happen more times than I would like to remember. Listen to the experts, if they are telling you it’s going to cost a certain amount to develop, produce, and market your products, please believe them, as the right experts will know where the downfalls happen; so, pay attention. This doesn’t have to be limited to personal investment, but it can also include angel investment, crowdfunding, grants, and strategic partner- ships, and later venture capital. By having the budget readily available, it will provide financial stability, and enable you to weather any economic uncertainty if managed correctly. LESSON FIVE/ FOCUS ON DESIGN AND MANUFACTUR- ING Get expert help with design and technical product development. No factory worth its weight will work with you without correct product development. Put time into creating products that fill gaps in the market, not just copies of other products already on the market. Copycatting is not going to do your brand any good—always think long- term. Do something different that consumers are looking for but can’t find, and then you will be the market leader—not just another brand that is trying to copy someone else who already has majority market share. Then comes manufacturing. We live in a world where information is easily available online, but if you don’t know what to look out for when dealing with manufacturers, then you are already in trouble. One single mistake can cost tens of thousands of dollars, so again, get advice from experts who are experienced and specialized in this area. At the end of the day, remember that this journey may be challenging, but with passion and perseverance, success is within reach. Entrepreneurship in fashion requires a blend of creativity, strategic planning, and financial acumen. By building a strong brand identity, understanding the demo- graphic, making detailed plans, and securing diverse income streams, it can turn passion into a profitable business. Let passion be the guide through the rough patches, and always remember why you decided to go on this journey. If money is your only motivation, it won’t provide the fuel required to keep going when times get tough. Believe in what you are doing, and ignore the naysayers. If it were easy, everyone would do it. Keep your focus, trust your vision, and let your passion lead the way. Máire (Mo) Morris, the dynamic founder and CEO of Morris Global Consulting, has established herself as a thought leader in the fashion and retail industries globally. Starting her career as a fashion designer and product developer, she quickly transitioned into business consulting, specializing in the building and expansion of premium and luxury brands. With a passion for both creativity and business, Morris has become a world-renowned industry advisor, speaker, and moderator, working with clients ranging from emerging designers to established international brands such as Harrods, Harvey Nichols, and Galeries Lafayette. Morris is a visionary leader, dedicated to driving innovation and excellence in the fashion business consultancy industry. As such, her journey is a testament to her passion, resilience, and unwavering commitment to making a positive impact. morrisglobalconsulting.com LISTEN TO THE EXPERTS, IF THEY ARE TELLING YOU IT’S GOING TO COST A CERTAIN AMOUNT TO DEVELOP, PRODUCE, AND MARKET YOUR PRODUCTS, PLEASE BELIEVE THEM, AS THE RIGHT EXPERTS WILL KNOW WHERE THE DOWNFALLS HAPPEN;
74 / ENTREPRENEUR.COM / August 2024 T he inaugural edition of 24 Fintech, a KSA government- backed fintech exhibition and summit, will take place in the city of Riyadh from September 3-5, 2024. The event, which is expected to happen annually, is hosted by the Financial Sector Development Program (FSDP), a program by Saudi’s Council of Economic and Development Affairs (CEDA) that is catered towards Vision 2030; Saudi Central Bank (SAMA), a government banking services platform; Capital Market Authority (CMA), a government entity that regulate and develop Saudi Arabia’s capital market; and Insurance Authority (IA), the Kingdom’s official the insurance regulator. 24 Fintech is also co-organised by Fintech Saudi, a platform that promotes and supports KSA’s fintech industry, and Tahaluf, a Saudi-based global events management company that is a collaborative venture between Informa PLC, the Saudi Federation for Cyberse- curity, Programming and Drones (SAFCSP), and the Events Investment Fund (EIF). Scheduled to take place at the Riyadh Front Exhibition and Conference Centre, the three-day event will combine both an exhibition and a summit, with the latter expected to feature over 175 hours of expert-led content. The exhibition, on the other hand, will showcase a week-long series of events— including industry gatherings and brand activations—from September 1-6, 2024. Created with a mission to put a spotlight on Saudi Arabia’s global fintech ambitions as well as its commit- ment to becoming a tech-driven interna- tional financial powerhouse, 24 Fintech has a singular objective at its crux: to become the most influential and impact- ful fintech business event, platform, and community across Asia, Europe, and MENA. “Our vision is to drive forward finance by bringing together essential stake- holders and propelling practical, worldwide transformation in alignment with the economic development agenda laid out in Saudi Arabia’s Vision 2030,” said Annabelle Mander, Senior Vice President of Tahaluf, in a statement. According to initial estimations by Tahaluf, more than 26,000 attendees, 300 exhibitors, 80 fintech startups, and over 200 investors are expected to be a part of the conference. Additionally, over 200 international industry experts--many already confirmed to be from globally established firms such as Standard Chartered, Citi Group, Barclays, HSBC, S&P, Arthur D Little, Swift & Ripple, and the Monetary Authority of Hong Kong--will be speaking at the event to address relevant industry topics such as how to navigat- ing the immense technological changes that impact financial operations, right from infrastructure provision to client servicing. The 24 Fintech event will thus convene regulators, financial services profession- als, policy makers, investors, and academics, while simultaneously offering a platform for global industry stakeholders to start conversations on how to create a collaborative fintech transformation. 24fintech.com In The Loop/ Driving Finance Forward 24 Fintech gets set for its inaugural edition in Riyadh in September