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December 2021 Entrepreneur.com 9 7 7 2 3 1 1 5 4 1 0 0 8 > WHEN STARS COLLIDE/ Sharjah Entrepreneurship Festival P.46 ENABLERS OF SUCCESS/ Super apps can be beneficial for startups P.62 THE YEAR THAT WAS/ Lessons learnt through the course of 2021 P.22 THE GROUP CEO OF YAS HOLDING IS BETTING ON THE UAE AS HIS ABU DHABI- HEADQUARTERED ENTERPRISE EMBARKS ON YET ANOTHER CYCLE OF GROWTH P.16 MURSHED AL REDAINI
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6 / ENTREPRENEUR.COM / December 2021 Contents/December 2021 ON THE COVER AND THIS PAGE Photography by Farooq Salik P.16 Pursuing Progress Murshed Al Redaini, Group CEO of Yas Holding, is betting on the UAE as his Abu Dhabi-headquartered enterprise embarks on yet another cycle of growth. by TAMARA PUPIC P.22 The Year That Was Reflections/ 2021 Entrepreneurs reflect on lessons and experiences in 2021. by ABY SAM THOMAS P.46 When Stars Collide A recap of the best moments of Sharjah Entrepreneurship Festival 2021. by PAMELLA DE LEON P.54 Reinterpreting Luxury A new generation of Royal Oak Offshore premieres in 43mm Swiss Haute Horlogerie manufacturer Audemars Piguet is releasing a new Royal Oak Offshore line in 43 mm with 5 models honed from titanium, 18-carat pink gold or stainless steel. FEATURES ← BINANCE FOUNDER AND CEO CHANGPENG ZHAO “We -Binance- are here to stay. And we are serious about building a lasting brand.” P.15 → JAMAL WICK AND AMJAD BARAKAT, co-founders, Innovision Holding P.36
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8 / ENTREPRENEUR.COM / December 2021 59 Making Change Happen Feeling burnt out? Adib Samara shares what you can do to can reclaim your life. 62 Enablers of Success Super apps aren’t the threat that startups might imagine them to be- in fact, they may actually be able to fuel their emergence and growth. 66 Strategy Bites As part of a series of insights and inspiration from some of Saudi Arabia’s most notable business execs, LIRA Strategy Partners founder and Managing Director Raffaella Campagnoli talks to Jay Rosen, CFO, The Red Sea Development Company (TRSDC). ‘TREPONOMICS EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net CREATIVE LEAD Odette Kahwagi design@bncpublishing.net MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net STARTUPS SECTION EDITOR Pamella de Leon pamella@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS Seema Al Mansoory, Fida Chaaban, Ihsan Eid Salhia, Adib Samara, Dr. Fardad Zand 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 2021. 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 Contents/December 2021 71 Stronger Together GCC-based doctor booking platform Meddy gets acquired by Nigeria-based healthtech startup Helium Health. 73 Joining Forces US-based property technology company Propy enters into a joint partnership with Saood Al Ghurair to create Propy MENA. 74 Realty, Redefined Tech startup hapondo aims to revamp the way people in Qatar search for a new home. 76 In Focus A roundup of up-and-coming startups you should be keeping an eye on. STARTUP SPOTLIGHT ↑ FOUNDED BY SALWA RADWI, NUQTAH plans to become the de facto platform for the Saudi and MENA digital creative economy. P.30 EntMagazineME Entrepreneur-me
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12 / ENTREPRENEUR.COM / December 2021 Editor’s Note/ THERE HAVE BEEN MANY TIMES during this year at work, when I found myself sweating it out to make sure something that we are doing and releasing to the world is up to a certain degree of quality, and someone or the other would see all of this and then make a comment along the lines of, “Why are you stressing yourself out so much on this? Nobody cares!” This kind of critique -if one can call it that- has always been a puzzling one for me to unpack. First, because, well, why wouldn’t anyone care- doesn’t the quality of work matter? And, second, how can one not care when it’s their name attached to something that may well be seen as sub-standard, or just plain shoddy? Those of you who are enthusiasts of what you do, you’d get what I am going for here- you’d know if some thing isn’t the best shape of the work you could put out, and you can be certain that you will not be satisfied if you were to cut corners. Now, I agree that it’s both unfair and impractical to set extremely high benchmarks on everything that comes our way in our lines of work. But on the other hand, I fear for a world where there are no standards to aspire to, and in which doing the bare minimum is considered to be enough. The answer to this conundrum lies in, of course, finding a balance between the two extremes. Yes, perfection may well be the enemy of progress, but that isn’t an excuse to not strive for excellence in whatever you set out to do. There’s a definite value to doing something right, and the best way you possibly can. And no, there’s nothing wrong in caring about how you do things that really matter to you- in fact, I’d go as far to say that the sheer amount of effort you put in because you care makes you the absolutely right person for the job, as opposed to anyone else. Having said all this, a key thing to remember here is to not let yourself be paralyzed by the yardsticks you measure yourself with. And the only way to do that is to be clear, at the very outset, about the things you want to put your energy toward. As we get started on a new year, and with it, the resolutions and goals we want to work toward in this period, I’d suggest making the effort to be clear about the work that drives you, and then go on to put in all the work that you feel is necessary to make it happen. And if someone tells you that nobody would care about the effort you’re making, then know that’s absolutely not true- you care, and that alone is worth working hard for. Good luck, and happy new year. Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net It’s Still Okay To Care The standard that you set for yourself is the only one that matters
14 / ENTREPRENEUR.COM / December 2021 P epsiCo, in partnership with the UAE Ministry of Climate Change and Environ ment (MOC CAE), has launched its first MENA edition of the Greenhouse Accelera tor program to support entrepreneurs or startups with breakthrough packaging technology and circular economy solutions, keeping sustainability at its core. The program was launched at a ceremony that had the participation of government officials, including H.E. Mariam bint Mohammed Saeed Hareb Almheiri, UAE Minister of Climate Change and Environment. Almheiri noted her support for the program, saying, “We are delighted to support the PepsiCo Greenhouse Accelerator: MENA Sustain ability Edition that leverages innovation to optimize resource utilization, reduce waste, cut down on green house gas emissions, and promote environment-friend ly and sustainable produc tion. This way, it helps to address the key priorities in our fight against climate change, one of the most pressing challenges facing the world.” Eugene Willemsen, CEO, Africa, Middle East and South Asia, PepsiCo, said, “At PepsiCo, we believe great solutions can be built and launched through open innovation and collaboration with changemakers, and we look forward to supporting, mentoring, and connecting small startups that have big ideas to the resources they need to help create a more sustainable tomorrow.” The PepsiCo Greenhouse Accelerator: MENA Sustain ability Edition welcomes companies from the MENA region that are working on accelerating environmental sustainability in the food and beverage industry. Concepts can be new products, technologies or services that help to reduce, recycle or reinvent packaging. Initially launched in Europe in 2017, followed by North America in 2019, and now in the MENA region, the program has received much global success. In this edition, the program is seeking for innovations across three areas: environ mentally sustainable packaging alternatives, packaging reduction and recycling options, and sustainable recycling behaviors. The theme for the 2021- 2022 PepsiCo Greenhouse Accelerator: MENA Sustain ability Edition will be sustainable packaging and circular economy solutions, followed by other priorities in later programs, to help achieve a sustainable food system. PepsiCo will choose and support 10 companies to be part of the program. During the six-month program, participants will receive support in the form of a $20,000 cash grant, one-on-one mentorship via access to PepsiCo’s experts, market activation advice, and business opportunities. At the program’s closing event, a panel of judges will award one winning company an additional $100,000 in funding to further accelerate its growth, and an opportu nity to extend its partnership with PepsiCo to further expedite its growth. In addition, the MOCCAE will offer participants of the program with technical and strategic mentors, outreach into local and regional networks, and attendance of key MOCCAE stakeholders at events. Interested in joining this global, mentor-led accelera tor program? Apply online now before January 10, 2022 and for more information, please visit the website: greenhouseaccelerator.com/ middle-east-and-north-africa- accelerator-program PEPSICO LAUNCHES GREENHOUSE ACCELERATOR IN MENA TO SUPPORT STARTUPS TACKLING SUSTAINABLE PACKAGING AND CIRCULAR ECONOMY SOLUTIONS Innovators Welcome ↓ UAE Ministry of Climate Change and Environment & PepsiCo In The Loop/
16 / ENTREPRENEUR.COM / December 2021
17 December 2021 / ENTREPRENEUR.COM / by TAMARA PUPIC THE GROUP CEO OF YAS HOLDING IS BETTING ON THE UAE AS HIS ABU DHABI- HEADQUARTERED ENTERPRISE EMBARKS ON YET ANOTHER CYCLE OF GROWTH MURSHED AL REDAINI PURSUING PROGRESS ← FOLLOWING 15 YEARS SPENT IN THE UAE ARMED FORCES, Murshed Al Redaini has blazed a trail across a number of executive positions, including a stint at C4 Advanced Solutions (now under the EDGE Group, an umbrella technology company for the defense industry), before taking the lead at Yas Holding, an Abu Dhabi-headquartered investment company with a business portfolio spanning nine sectors, 7500 employees, and more than 60 operating subsidiaries.
18 / ENTREPRENEUR.COM / December 2021 A s the world gets ready to welcome a new year, Murshed Al Redaini, Group CEO at Yas Holding, is unwavering in his view that the UAE is all set to see a period of unprecedented business growth, and those who remain focused on the job at hand will be the ones to gain from it. It’s a conclusion that Al Redaini has derived from a wealth of knowledge and experience that sets him apart from his peers- following 15 years spent in the UAE Armed Forces, he has blazed a trail across a number of executive positions, including a stint at C4 Advanced Solutions (now under the EDGE Group, an umbrella technology company for the defense industry), before taking the lead at Yas Holding, an Abu Dhabi-headquartered investment company with a business portfolio spanning nine sectors, 7500 employees, and more than 60 operating subsidiaries. “Under the guidance of our Board, we aim to transform the company into an agile, innovative, and progressive organization in the coming years,” Al Redaini declares, before pointing out his pride for having served the UAE in both a military and a business capacity. “Both of these experiences have taught me that hard work and resilience, combined with a very structured approach, are at the core of the results that I have achieved. Teamwork and leadership also must go hand in hand. Ensuring that you are supported by a strong leadership team, and surrounded by a strong pool of talent, is also a key factor.” O ver the years, Yas Holding has grown into a preeminent invest ment company that has relied on acquisitions and invest ments to expand into a number of sectors that include food, agriculture, healthcare, education, aviation, real estate, technology, services and others, as well as markets like Serbia, Morocco, Mauritania, Ethiopia, Sierra Leone, Indonesia, Malaysia, and Egypt. Through out 2021, Al Redaini explains that his team has been focused on strengthening the Group’s core sectors through consolida tion and expansion. “We have seen several of our companies achieve cost optimization, which led to our renewed focus on these areas in order to increase the market share,” he says. “We have also been investing in acquiring new companies that complement our existing value chains. Plus, we are seeing good traction in businesses that operate in the critical sectors of the economy, including food, healthcare, ← ONE OF THE OFFERINGS THAT FALLS UNDER YAS HOLDING’S NEBRAS EDUCATION GROUP OF ENTERPRISES is its platform, LearningSpace, which is working on transforming education by enabling personalized learning journeys.
19 December 2021 / ENTREPRENEUR.COM / education, technology, and others.” As for the COVID-19 pandemic, Al Redaini credits the supportive and enabling environment created by the UAE’s leadership for helping businesses like his to tide over the crisis. “As a matter of pride, Yas Holding was very active during the early days of the crisis, working on delivering products and services to the country, to avert shortages,” Al Redaini adds. Going forward, Al Redaini says he will be looking to grow the Group’s healthcare, food and agriculture platforms. In addition, he believes that the Group’s technology-facing enterprises are also primed for rapid growth in key sectors in the next few years. “For instance, in edutech, we will continue to build innovative digital ecosystems that power education along lifelong journey pathways within large communities,” he adds. “Speaking more generally, our team is always busy identify ing and incubating new investment initiatives that expand our current product range or potentially increase capacity and market share in our core verticals.” While reiterating that Yas Holding is always on the lookout for solid businesses that complement its existing focus sectors, Al Redaini mentions a few of the group’s success stories. In the food sector, it is its ultra-fresh dairy company Marmum, which, he says, is rapidly growing a loyal consumer base. Meanwhile, in the space of edutech, he points to Yas Holding’s Nebras Education group of enterprises, whose platform, LearningSpace, is working on transforming education by enabling personalized learning journeys. Moving into the healthcare industry, Al Redaini turns our attention to Global One Healthcare Holding, whose operations span biopharma, manufactur ing, medical supply chain, hospital and clinic manage ment, healthcare technology, and occupational health and wellness. “Following the onset of the global pandemic and unprecedented pressures on the healthcare system, the industry faced huge challeng es, but also a growth poten tial,” Al Redaini notes. “Plus, our nation’s strategic focus on this sector has been a key driver for Yas Holding’s expan sion and recent acquisitions. We are interested in three different healthcare verticals- pharma and biotech value chain, hospital and patient care, and global health-tech focusing on artificial intelli gence and telemedicine invest ments.” In line with that, Yas Holding completed three strategic acquisitions in 2021: Gulf Inject, Geltec Healthcare FZE, and WellPharma Medical Solutions. “Those serve to reinforce the UAE’s ambitions on self-sufficiency in this vital sector,” Al Redaini explains. “Furthermore, they add stability to our group’s wide distribution and supply chain model that penetrates across multiple channels, reaching customers, clients and consumers in the country, and beyond.” W hen asked for his perspective on the MENA entrepre neurial ecosystem, Al Redaini describes it as an ideal launch pad for any aspiring entrepre neur. “The flurry of progres sive regulations and financial support in the recent years clearly underline the importance that the UAE leadership has provided to this field,” he says. “The UAE is leading the way in this respect with a focus on innovation, new technology, skill development, and so on.” ← MARMUM WAS BOUGHT BY YAS HOLDING’S ELITE AGRO IN 2017, with the latter having significantly invested in farming and processing infrastructure to build the GCC’s most modern dairy farm and plant. “AS A MATTER OF PRIDE, YAS HOLDING WAS VERY ACTIVE DURING THE EARLY DAYS OF THE CRISIS, WORKING ON DELIVERING PRODUCTS AND SERVICES TO THE COUNTRY, TO AVERT SHORTAGES.” }
20 / ENTREPRENEUR.COM / December 2021 For all of these reasons, Al Redaini states that Yas Holding’s doors are always open to entrepreneurs in the region whose businesses align with the group’s growth plans across key verticals and focus areas, such as technology, precision agriculture, and supply chain innovation. “One example of a startup business that we have invested in is our acquisition of Farmbox, a farm-to-table specialist e-commerce grocery business, which is now an award-winning platform stocking a highly specialized range of organic and fresh farm produce,” he adds. W ith Yas Holding being a 100% Emirati-owned business, Al Redaini and his team are naturally committed to the ongoing development and success of the UAE. In addition, Al Redaini considers that the country has already placed itself at the forefront of growth in the region. “Our country also has a successful track record of building some of the world’s most loved businesses, in particular across the e-commerce and tech space, with recent capital raising rounds paving the way as examples for others to follow,” he says. Starting a business in the UAE is therefore something that he strongly recommends, especially in the areas of technological and digital platforms and services, artificial intelligence, automation, digitization, and apps. “When starting a business, it is important to ensure that you have a well articulated product or service offering, and a clear target audience whose needs you will meet, in addition to the pains you will address,” Al Redaini says. “Keeping costs under control, managing cash flows, and raising funds for growth are all critical for survival in the longer term.” With the UAE continuing to attract talent who will spearhead growth across the region, he is confident to advise that now is a good time to start a business in the UAE. “As we emerge from the pandemic, customers and clients are looking for solutions that allow them to retain the agility and resilience built up during the last few challenging years, whilst captur ing growth and new revenue streams that are emerging,” Al Redaini concludes. KEEPING COSTS UNDER CONTROL, MANAGING CASH FLOWS, AND RAISING FUNDS FOR GROWTH ARE ALL CRITICAL FOR SURVIVAL IN THE LONGER TERM. ← IN THE HEALTHCARE SECTOR, Yas Holding has interests in three different healthcare verticals: pharma and biotech value chain, hospital and patient care, and global health-tech focusing on artificial intelligence and telemedicine investments. } Think laterally, and focus on the details. "I’ve learned that no question is too small or irrelevant to ask. By asking simple questions, opportunities can be accelerated, as it often provides an opportunity to challenge the situation." } Focus on people. "Build a solid bench of talent, and support your team by clearing the path for them. As a CEO, I see myself as an enabler." } Be open to changes. "It is important to monitor all aspects of your venture's health to make sure adjustments can be made in as agile a manner as possible. Learning and adapting as a team to these challenges as they occur will better prepare you for unforeseen challenges that are yet to occur." } Control costs, and feed growth. "Invest in infrastructure that will lower costs over time and automate processes. Focus on the areas of growth that leverage existing knowledge hubs or the infrastructure that enables the exploitation of your enterprise's complete value chain and market share, whilst keeping operations and future investments lean and efficient.” } Build core competencies as well as transferable skills and knowledge. "As we have a number of core skills, competencies, and sector capabilities, we are agile enough to respond to challenges as well as emerging opportunities across multiple verticals by focusing on innovation and technology as core skillsets." Yas Holding Group CEO Murshed Al Redaini’s tips for entrepreneurs THE EXECUTIVE SUMMARY
THE YEAR A s we come to the close of 2021, there’s a frantic energy that I see in the entrepreneurs and businesses around me- they are almost desperate to end the year on a strong note, and thus sort of ensure that they are kicking off 2022 on a solid footing. And who can blame them? While the worst of the COVID-19 pandemic is likely (we hope) behind us, and despite our businesses coming back on track, the trauma of the crisis is still fresh in the minds of most, and we’re all still feeling that pressure to make up for the lost time. But descending into such a frenzy at the end of a year often means that they are not taking the time to ponder over what they have done over the last 12 months- there’s no recollection of accomplishments made, nor any thought given to lessons learnt. Now, dear reader, this is something we at Entrepreneur Middle East would like to discourage you from doing- and this particular feature is our attempt to encourage you to pause, look back on the year gone by, and see how your experiences in 2021 can help shape your future in 2022. Our hope is that these insights from a variety of voices in the MENA business ecosystem will both inform and inspire you to engage in some active reflection of your own, and then use it to manifest your dreams for 2022. Here’s to a great year ahead! 22 / ENTREPRENEUR.COM / December 2020
THAT WAS REFLECTIONS /2021 by ABY SAM THOMAS 23 December 2020 / ENTREPRENEUR.COM /
24 / ENTREPRENEUR.COM / December 2021 hen asked how she’d describe her entrepreneurial endeavor to those who may not know it, Goshá founder Natalia Shustova replies by saying that she runs a designer floral studio, but she also quickly adds that the definition of her enterprise isn’t set in stone either. After all, it’s a business that has been developing and diversifying ever since it launched in the UAE in October 2020, and according to Shustova, its evolution is still ongoing. For the Belarus-born entrepreneur, this is clearly one of the most appealing aspects about running Goshá, whose name is inspired by that of her partner in the business, floral designer Gurgen Yeritsyan, aka Gosha. While the company first came into prominence with its one-of-a-kind floral arrangements, Goshá has been making waves more recently for its work in making memorable events and experiences for a roster of clients that includes luxury fashion labels like Gucci, Cartier, and others. While Shustova readily admits that she didn’t have much more than a passion for flowers when she started Goshá, it’s quite apparent that it’s her artistic vision and creative direction that is powering all of what the company does today- in fact, it bears all the hallmarks of the style and sensibility that has made her one of the most influential figures on the Middle East’s social media scene. “As a brand, we’ve become strong enough for people to recognize us whenever they see our flowers,” Shustova says. “And as somebody who has worked with luxury fashion for a long while, I think that’s a big achievement.” Having started with a team of three (Shustova recalls it as having been made up of herself, Yeritsyan, and her personal assistant, and that “two of us had absolutely zero idea how to deal with flowers”), Goshá now has nearly 40 people working between its two studios, with the first one located in Dubai’s Al Quoz neighborhood, and the other at the Edition hotel in Abu Dhabi. Shustova has nothing but words of praise to say of her experience starting up Goshá in the UAE- as she put it, “The best thing about doing business in this country is that nothing is impossible!” As for the road ahead, Shustova believes that Goshá is on its way to becoming an emporium, and given that she has already received requests for the business to be franchised and even acquired, she’s eager to build on its promise and potential. “I’m looking forward to continuing our growth and innovation journey in 2022,” Shustova says. “Look out for us going international and expanding our product portfolio. I also anticipate a valuation event for our business in the third quarter of next year.” While she hasn’t decided whether she wishes to use the enterprise’s positive cashflow to fuel its further growth, or involve external parties as investors or partners, it’s a given that Shustova isn’t going to stop until she conquers the world with Goshá. As for where her indefatigable spirit comes from, Shustova credits it to her upbringing. “I was born in Belarus, but my character was shaped in Siberia… Going to school in minus 50 degrees, walking for 50 minutes, that’s a character builder, trust me- the only thing that would stop me from going were bears,” she laughs. Natalia Shustova FOUNDER, GOSHÁ W
25 December 2021 / ENTREPRENEUR.COM / }Aim big. “When I launched Goshá, I prohibited the words ‘flower shop’ from being used anywhere against my business. I always said that I'm building a flower-centric brand that will go international, and it'll spread around different categories, from ceramics to design and more.” }Brag a lot. “When you're proud of what you do, when you talk about what you do with so much love and passion, people want to be associated with that- they want to be associated with success and happiness. People want to be associated with the entrepreneurial journey of somebody who made it from scratch. Honestly, I got so much support from people, just because they wanted to be a part of my success story.” } Invest in your people. “As an entrepreneur, your people are the only real differentiating asset you have as a business, and as such, it’s worth your while to make them feel as a part of your growth.” “The best thing about doing business in this country is that nothing is impossible!” PHOTOGRAPHY ANASTASIIA SYDORENKO 25 December 2021 / ENTREPRENEUR.COM / REFLECTIONS /2021
26 / ENTREPRENEUR.COM / December 2021 Luma Makhlouf CO-FOUNDER, HL FOODS fter the chaos that the COVID-19 crisis put Dubai’s F&B industry through in 2020, the sector was hoping to get some much-needed respite this year, and that wish came true for HL Foods, an enterprise founded by Luma Makhlouf and Haider Al Assam that includes popular homegrown food brands like Maiz Tacos and Good Burger in its portfolio. “My biggest highlight of the past year was finding light at the end of the tunnel, and realizing we might not only be okay, but we are also flourishing as a whole,” Makhlouf says. “2020 left us with so much uncertainty and instability that we, along with many others, didn’t know what our future would look like, if we would even make it. Our first Maiz Tacos restaurant in Dubai’s Jumeirah Lakes Towers neighbor hood had only been open for a few months before the COVID-19 lockdowns began, so we were not off to a great start, but because of the great feedback of our newly launched brand, Good Burger, we were able to bounce back, and grow an amazingly loyal community of foodies.” In an ecosystem that’s almost bursting with F&B concepts, the following that Maiz Tacos and Good Burger have garnered in Dubai is certainly worth cheering, with it also being the key factor fueling their development and growth. Maiz Tacos, for instance, started out as a food truck before graduating into a brick-and-mortar restaurant. Meanwhile, Good Burger came into being as an alternate concept operating within Maiz Tacos amid the outbreak of the COVID-19 crisis, and now, it’s gearing up for its own dedicated space in Dubai. “I have learned so much in the last year about myself, what really matters to my business,” Makhlouf says. “I have learned that although your path might look different than many others in the business, you can still achieve your goals and remain true to your core values. My husband is my business partner, and we always wanted to remain boot strapped and as organic as possible, a real family business. At times, we didn’t know if that was truly scalable, but now here we are, opening up two new branches, and looking forward to launching more exciting brands that we are really passionate about. If you stick to your plan, keep perfecting your product, and invest in a strong team, it is certainly possible to grow your small food brand in Dubai.” }Taking a step back and slowing down is not always a bad thing. “We don’t always get the chance to slow down, and really think of what we want to focus on, or truly feel strong about. If the last year has taught us anything, it’s that in those times, magic can be created!” }The power of saying no. “We all know or can imagine how challenging it can be to run and scale a business, so the power of being able to say no to opportunities that could be either distracting or unfit can reduce serious stress levels and maintain boundaries.” }Your business values matter. “We have thankfully been able to stick to the values and culture we put in place from day one and keep them at the core of all major decisions, such as only using 100% fresh ingredients, or remaining very close to the brands to still be the face of the business, no matter how much we grow. I personally believe that these values will help you stay focused, and ensure you remain on track to growing your business, just as you intended in the first place.” A REFLECTIONS /2021
27 December 2021 / ENTREPRENEUR.COM / Omar Al Gurg }This is your business- so, listen to your gut. “The reason I started Modu was because of a gut feeling I had, and the way I make creative decisions is by trusting my gut. I sometimes spend lots of time thinking about a particular decision, only to realize that my instinct probably had the best option to begin with.” }There will be some days that are slow, and some days that are fast- don't let either day put you off. “Sometimes, there are days that have nothing to do with Modu, and other times, I have weeks that have everything to do with it. It's a cycle, and the most important thing to remember is that there's always going to be something to work on.” }Believe in what you do, because if you don't, nobody will. “If you can't convince yourself that what you're doing is right, then how can you convince others?” mar Al Gurg characterizes his design brand, Modu Method, as being suited “for people that like a little quirk,” and it’s thus to his credit that one cannot deny the touch of whimsy that he has infused into the furniture pieces he has created under the banner of his UAE-born label. Consider, for instance, “Spike,” a wooden hanger that allows users to move its pegs anywhere on the piece, or “Gene,” which doubles up as both a stool and a side table, while also providing space for storage, should the need arise. Playfulness therefore seems to be an integral aspect of the Modu brand, but that doesn’t take away from the pragmatic nature of its pieces either- and that’s perhaps indicative of how Al Gurg has gone about his own entrepreneurial journey as well. “One of my biggest highlights this year includes me leaving a job I was learning a lot from, and starting Modu with no clue where it would take me,” Al Gurg confesses. “I had no prior knowledge of how I could run a business properly; however, I did come specifically from a design background, with some critical thinking skills that I learned from the family company. It has only been around a year and a half since Modu started taking shape, and the more it grows, the more I learn.” Modu was one of the brands showcased at the UAE Designer Exhibition at this year’s edition of Downtown Design, held as part of the 2021 instalment of Dubai Design Week. Al Gurg’s pieces were -arguably- among the most eye-catching pieces at the event, with him recounting the entire experience as having been a rather fruitful one. “I think Design Week helped push Modu in the direction of growth,” Al Gurg remarks. “It has been an adventure, but it’s finally starting to be at a pace that is exciting.” 2022 thus promises to be an eventful year for Modu, and Al Gurg is already geared up for the ride ahead. “The part I am most excited about in the new year is to be able to form a community,” he reveals. “I hope to be able to help influence people in a direction, where they can be socially active, while they’re getting their work done. The more the brand grows, the more I feel a sense of community and support that grows along with it. The new year should be filled with plenty of events and opportunities that Modu hopes to create, all through a platform that encourages coming together and having discussions that can turn into something greater. I aim to turn the brand into an entire lifestyle that will have products, yet also help encourage convenient living.” O FOUNDER, MODU METHOD REFLECTIONS /2021
28 / ENTREPRENEUR.COM / December 2021 or a company whose mission is to be “the global platform for luxury fashion,” Farfetch has been steadfastly adhering to this goal in 2021, and its efforts in this regard have certainly borne fruit for the enterprise this year. “I am truly impressed with the resilience of the luxury industry, which, after an unprecedented period, is already back to growth, with an even stronger foundation,” says Edward Sabbagh, VP, Marketplace, Farfetch. “I am very proud that Farfetch was a close partner for both retailers and brands in this time, delivering strong growth to our sellers, and as a result, doubling our gross merchandise value in the last 24 months.” Much of the success Farfetch is seeing now can be drawn back to savvy decisions made by the business in the past, one of which was its 2019 acquisition of the Milan-headquartered New Guards Group, an enterprise that includes world-renowned fashion brands like Off-White c/o Virgil Abloh, Palm Angels, Alanui, and others in its portfolio. “One of the core strategies behind the transaction was to create a pipeline of original content and exclusive collaborations that would drive buzz and a significant halo effect to increase the engagement of our global customers around the Farfetch brand, and ultimately drive more organic traffic,” Sabbagh explains. “In early October, we launched the first brand jointly created by Edward Sabbagh VP, MARKETPLACE, FARFETCH F → FARFETCH'S Ramadan 2021 edit
29 December 2021 / ENTREPRENEUR.COM / New Guards Group and Farfetch, There Was One (TWO), which is a line of elevated wardrobe essentials with sustainability built in and longevity in mind, borne from our marketplace data insights.” Keeping a close eye on customer trends is thus clearly what has guided Farfetch’s moves in this industry so far, and it doesn’t look like that strategy is going to change any time soon- indeed, it’s this focus that will be fueling the platform’s evolution in the future as well. “More and more, customers are expecting their shopping experiences to be really connected, whether they are shopping online or in-store- and this is where our ‘Luxury New Retail’ strategy comes in,” Sabbagh says. “We’re reimagining the luxury retail experience through the use of technology to create seamless, connected customer journeys that blend the best of online and physical shopping. We have a vision for the evolution of luxury retail: to drive the transformation of the entire industry by creating a truly personal and personalized shopping experience that doesn’t separate the online and offline, but brings the two harmoniously together to connect with the customer– wherever they are.” And this proposed future bodes well not just for Farfetch’s customers, but for its partners as well. “When our customers shop on Farfetch, the items arrive from one of 700+ boutiques in one of 50 countries around the world, or from the stores of our many brand partners, altogether representing over 3000 designers, mostly small and unique creators of fashion,” Sabbagh notes. “I look forward to seeing this network grow.” }Invest in yourself. “No matter how prepared we are in leading our businesses and teams, we will always face unexpected and/or uncontrollable events that will test us as leaders. Dedicating time daily on improving my mental and emotional health has been my best investment to deal with the unknown. Personally, it’s been about meditation, controlled fasting, and exercising, which have all become part of my daily routine, but there is no universal playbook here. My experience above is more about the ‘why,’ rather than the ‘how.” }Stay incredibly curious. “Experience is important; learning from one’s own successes and failures is very powerful. This said, with the rapid evolution of technology, trends, consumer expectations etc., relying on experience can sometimes be the wrong approach to decision making, or can be a blocker to innovation. There are countless ways to ensure we always stay ‘ahead of the curve,’ as a business and from a personal perspective, I find curiosity to be the common denominator in all of them.” “In early October, we launched the first brand jointly created by New Guards Group and Farfetch, There Was One (TWO), which is a line of elevated wardrobe essentials with sustainability built in and longevity in mind, borne from our marketplace data insights.” REFLECTIONS / 2021 → THERE WAS ONE IMAGES COURTESY FARFETCH
30 / ENTREPRENEUR.COM / December 2021 ← NUQTAH, the Kingdom of Saudi Arabia’s first and leading NFT marketplace, closed their Pre-Seed round led by Shorooq Partners and joined by strategic angel investors. The Company founded by Salwa Radwi plans to become the de facto platform for the Saudi and MENA digital creative economy. ith the non-fungible token (NFT) market estimated to be worth more than US$7 billion by JP Morgan Chase in November this year, the space is proving to be a draw for entrepreneurs from around the world, and that includes Salwa Radwi, the founder and CEO of Nuqtah, a business that proudly declares to be Saudi Arabia’s first NFT marketplace. Having recently closed a pre-seed round led by Shorooq Partners, Nuqtah, which was also part of the Sanabil 500 MENA seed accelerator program, aims to be “the ultimate environment” for creatives in Saudi Arabia. Besides offering a space for them to sell their artworks in a safe and secure manner, it also aims to enable a new breed of art collectors. “We are currently witnessing the revolution of what is known as the internet, not only with blockchain technology, but ownership of virtual assets through NFTs,” Radwi says. “With the fast-paced growth of the world wide web, we are now recreating historical content for our future generations to see… The creative works we leave behind as a society will define how future generations understand us, and that is a crucial responsibility. What better time to do so than now, in the midst of the Saudi creative revolution, right from the pulse of one of the most creative economies the world has ever seen. How’s that for leaving a mark!” Radwi’s excitement about Nuqtah and the future in general can be disconcerting for those of us who are still cautious about entering the NFT space, given that it still remains largely untapped territory, and as such, can come across as a rather scary, risk-filled domain. But Radwi urges us to embrace such fears, and boldly venture into this market- the rewards are worth it, she says, citing the “if it doesn’t scare you, it’s not big enough” school of thought to make her point. “Something about coming out of a pandemic has made us all a little too risk-centric, I believe,” Radwi says. W Salwa Radwi FOUNDER, NUQTAH }Never underestimate the power of being genuine. “We live in a day where we scroll and double tap on engineered lifestyles, where we introduce ourselves by where we work, and not who we are as individuals. When you are true to yourself, only then will people believe in what you do, only then is it genuine enough to be worthy of advocacy, or that double tap.” }Values first. “When we are constantly being surrounded by noise, it can be pretty easy to lose our grounds. Sticking to the values our families and friends have instilled in us since day one is the only way you can ensure prosperity. It is those same values that keep your team happy, grow your business, and keep the door for blessings open.” }“Being ready” is overrated. “We’ve all heard of passion being a main driver, and 'finding just the right niche' being a key factor to kicking off as an entrepreneur. Although they are crucial, here is a message to all individuals who have had their ideas locked away in drawers, awaiting the right moment to bring them out: there is no right moment. Bring out those notebooks, and pitch it to the right people, to those who believe in you, and believe in your cause. Do it now, do it scared, and do it well. That is the fastest way of bringing alive your midnight thoughts, and catapulting your journey as an entrepreneur.” “The passion to make a change, the drive to innovate in completely new spaces, and the instinct to deflect comfort has been a key factor in most of my business and personal decisions lately, resulting in access to doors and opportunities that I would not have imagined. If I had one key takeaway to give others from my experiences in 2021, it would most definitely be to do it because it scares you. If it doesn’t, it’s not worthy of your time. Being a female entrepreneur in Saudi Arabia, intersecting blockchain technology, NFTs, and creativity in a region that is newly flourishing these industries, scary and excited are definitely my main two favorite feelings!” REFLECTIONS /2021
31 December 2021 / ENTREPRENEUR.COM / Mohammad A. Baker DEPUTY CHAIRMAN AND CEO, GMG }Be resilient, purpose-led, and agile. “The last few years brought unique challenges to the world. But as an entrepreneur, if you’re resilient and keep your purpose at the forefront of your mind, you’ll be able to navigate anything that comes your way. Additionally, you must keep your finger on the pulse of the market, and be prepared to challenge the status quo. As a business leader, you must be prepared to evolve with changing situations.” }Support your ecosystem. “No business can work in a silo for long. One thrives by collaborating and contributing to the success of a broader ecosystem of partners, public entities, institutions, and more. At GMG, we have introduced more than 120 brands into our markets. We know firsthand that investing in their success has paved the way for our success.” }Be people-centric. “Ultimately, no business can succeed without its employees. At GMG, we imbibe our value of winning as one family, and we believe in the power of investing in and nurturing our talent.” hile GMG is today known for being a UAE-born global company retailing, distributing, and manufacturing a portfolio of leading international and homegrown brands across the sport, food, and health sectors in 12 countries across the Middle East, North Africa, and Asia, one needs to remember that the enterprise didn’t come into being like that- in fact, it was a single butcher’s shop founded by Abdul Aziz Hassan Baker in 1978 that expanded into the diversified, Dubai-head quartered family-owned business that it is today. It has been a spectacular transforma tion, no doubt, and that appears to be the spirit with which Deputy Chairman and CEO Mohammad A. Baker led an overhaul of the business earlier this year. “In October 2021, we were incredibly proud to embark on a new corporate strategy that included a restructur ing of our existing business units, the unveiling of a new brand identity, and a new purpose-centric vision for GMG to inspire people to win in ways that make the world better,” Baker explains. “With the objective to promote healthier and more active lifestyles, our new business verticals are GMG Sports, GMG Food, GMG Health, and GMG Consumer Goods. This business shift -and others during the year- came in part from a recognition that communities and govern ments around the world are striving to progress sustainable development goals, which are often anchored in personal well-being.” Baker is clearly keeping a close eye on the forces shaping business today, and that’s exactly what is governing his plans for GMG in the new year. “What I’m looking forward to the most in 2022 is exploring business opportunities across new product categories, markets, and sectors, strengthening our e-commerce capabilities, and growing our food manufacturing vertical,” he reveals. “We are particularly excited about the latter, as our plan is that by 2022, GMG will have six dedicated product lines under one roof: meat, seafood, herbs, salt, spices, and cold cuts, including butchery and marination.” According to Baker, such moves are in line with GMG’s new vision and values, which are also setting the stage for its next chapter of growth. “We are now laser-focused on improving people’s lives through active living, nutritious food, and good health,” Baker says. “We will continue to look at acquiring new international brands, developing homegrown concepts, entering new markets in 2022, and growing our existing partnerships. We will also reap the benefits of recent internal restructuring, including the establishment of new vertical divisions and reporting lines to optimize performance, and explore new synergies.” And underlying all of these efforts will be GMG’s ethos as a business, which, Baker points out, is all about believing that nothing is not achievable, and working hard to capitalize on every opportunity that presents itself. “Let me take you back to the end of 2020– the business sentiment was low, and markets were down,” Baker recalls. “But we saw an opportunity and took a bold step by entering the Asian market, and acquired the popular Royal Sporting House brand. When we see an opportunity, we go after it– this is in our DNA, this is the drive that keeps pushing us to evolve, to be the change, and to be a trusted partner.” W “When we see an opportunity, we go after it– this is in our DNA, this is the drive that keeps pushing us to evolve, to be the change, and to be a trusted partner.” REFLECTIONS /2021
32 / ENTREPRENEUR.COM / December 2021 → NAKSHA IS AN AWARD-WINNING DUBAI BASED F&B STARTUP. The concept, which is a part of the London School of Economics’ LSE Generate Accelerator program, was launched at the peak of the pandemic, and is now scaling internationally. s one of the homegrown brands that graduated from the Spinneys Local Business Incubator program in the UAE in 2020, gourmet meal kit provider Naksha Collections has probably had a more accelerated path to market than most other food brands. In fact, Nisha Ramisetty, who co-founded the business with Sam Williams, says that the concept turned from being a rough idea the duo scribbled between themselves to an actual product on supermarket shelves in just three months. “It was a rapid journey by any standards, let us alone Sam and I, who are first time entrepreneurs and had no experience in the F&B sector,” Ramisetty says. “Following this intense initial phase, 2021 has given us the opportunity to extend our roots, strengthen our processes, and explore ways to diversify, innovate, and expand the Naksha business model.” Naksha’s gourmet meal kits pay homage to cuisines from different parts of the world, with each of them containing both the specialist ingredients and instructions a customer would need to prepare that particular dish. Naksha currently offers 12 different meal kits as part of its portfolio, with the past year seeing the introduction of a Caribbean-inspired collection, as well as a Middle East-inspired baking line. “This story shows a few things,” Ramisetty says. “First, that we are eager and ambitious, despite being small; second, that the product concept we have pioneered has real potential and is gradually attracting more and more users; and third, that we have been able to learn, adapt, and make the changes necessary (to our products, our operations, our marketing, etc.) to grow the businesses relatively quickly.” The past year has also seen Ramisetty and Williams work on building a direct connection between themselves and their customers. “In 2021, we have worked hard to get to know customers, solicit feedback, explain how the concept works, and take note of what they want to see in future products,” Ramisetty explains. “Markets have been a big part of this, and Dubai’s vibrant market scene has given us the chance to engage directly with customers in an informal environment, i.e. without having to resort to tedious surveys, etc. We have recently started selling our gourmet A Nisha Ramisetty CO-FOUNDER, NAKSHA COLLECTIONS
33 December 2021 / ENTREPRENEUR.COM / meal/baking kits directly to customers online, and this will also fortify our relationships and help us tailor our products even more closely to customer preferences.” It’s this foundation that the co-founders have put in place for Naksha that they believe will help propel the business even further in 2022, with the pipeline including more than just new offerings in its portfolio. “We are currently exploring various very exciting opportunities to take Naksha’s gourmet meal and baking kits to new markets,” Ramisetty reveals. “We have been approached by interested parties in other countries who, having seen our product on shelves in Spinneys and Waitrose in the UAE, are keen to bring them home, confident that our concept of hassle-free exotic home-cooked food will find a hungry consumer market. We agree- statistics show that since the beginning of 2021, the number of people cooking at home and demand for ‘world food’ has increased substantially in North America, Europe, and many parts of Asia, and there is no reason why something that has worked well in the UAE can’t be transferred to other markets.” Naksha’s expansion into new markets is something that Ramisetty and Williams are clearly very excited about, as they knew, from day one, that their business wouldn’t be restricted to within the borders of the UAE. “The UAE is a fantastic place in which to start a business, because it is a country of entrepreneurs, and entrepreneur ship is ingrained quite deeply into culture,” Ramisetty notes. “However, Naksha is ambitious, and even when we started, we didn’t see ourselves being limited to a single country. Taking our products to new markets will be a challenge, of course, and a lot of hard work will need to be invested. But we believe it will, in the long term, make Naksha’s operations more efficient, forcing us to tighten our supply chain, sharpen our distribution mechanisms, turbo-charge our marketing, and maintain a laser focus on our core brand identity.” Ramisetty is thus hoping that Naksha will soon serve as an example of a UAE-founded startup that is thriving on the international stage. “There is no reason why the UAE shouldn’t be a leader when it comes to exporting cutting-edge F&B products and ideas, given how dynamic the local market is,” she declares. “As we take our concept to new places, we want Naksha to be a testament to the dynamism of the UAE, and to inspire consumers around the world to recognize UAE brands for their creativity and innovation.” “We are currently exploring various very exciting opportunities to take Naksha’s gourmet meal and baking kits to new markets.” } It is okay to be a work in progress. “As a startup, not everything is going to be perfect. (If it feels perfect, then something has probably gone wrong!) To succeed, you must be open to erring, learning, and improving. We have experienced this directly, and it has made Naksha a better brand. Our recipes, packaging, marketing, and more have all gone through numerous iterations, each version building on the last. The products we are launching now are very different to those we first launched in 2020, and we think they are much better. Had we been set in our ways and refused to evolve, these better products would not be here today.” }Be clear in your intentions from the start. “Starting and running a business is not something you do in solitude. You share the journey with an ensemble cast of buyers, suppliers, collaborators, business partners, investors, and customers, all of whom are critical to the story in different ways. To succeed over the long term, it is essential to be honest, transparent, and inspiring from the outset, so that your whole value chain understands and buys into the vision of your brand, and the big picture you are working towards. Even if you’re just a baby brand today, you can show them where you expect to go in the next five years, and if the vision is persuasive, you will be able to count on them as long-term partners, rather than just ships in the night.” }Keep things simple. “We started Naksha, because we, ourselves, wanted to use the product. This was the ‘a-ha’ moment at the origin of our journey. We realized that the product was useful, easy-to-understand, and different to anything else available on the market. However, because no one else had thought of it, we had an opportunity to make it ourselves. So, we did! In 2021, we have had several opportunities to branch out in unrelated directions, and we considered all of them, but we made the wise decision to keep our eyes focused on the fact that we have an extraordinarily powerful core idea, and that our goal should be to develop that, rather than succumb to distractions. If you start up a successful business, there will always be opportunities to do whacky new things later, but our advice in the first couple of years is to keep it simple, focus on what you do best, and to follow your instincts.” REFLECTIONS /2021
34 / ENTREPRENEUR.COM / December 2021 hen Gabriela Cury decided to launch Intellect Coffee in the UAE in October this year, she knew that her homegrown coffee brand would be entering a rather saturated market, but her belief in the strength of her product -which has been made to cater to the specific tastes of the MENA region’s population- is what led her to confidently embark on this endeavor anyway. And don’t forget that Cury has more than 10 years of experience working in this sector as well- that was certainly something that came to her aid as she went about her entrepreneurial pursuit in a world that’s slowly but steadily making a recovery from the brunt of the COVID-19 crisis. “Leading the launch of a brand-new coffee brand that encapsulates all I know about coffee has been the highlight of my 2021,” Cury says. “It has been the greatest challenge in my career, not only for my involvement in product development, but also for putting together a launch strategy under such different circumstances, which required loads of innovative thinking.” Besides its signature Prima, Crema, and Quattro blends, Intellect Coffee’s portfolio also includes specialty coffee editions hailing from Brazil, Colombia, Guatemala, Ethiopia, and other nations. According to Cury, the products are indicative of the unique experiences she has had building a career in this field, which include everything from conversations with baristas and producers, to trips made to coffee plants and trade shows. And these are the aspects that Cury thinks will allow Intellect Coffee to carve out a niche for itself in the market at large- and it’s something she expects to see happen in the near future as well. “2022 will be a great year, since we will start seeing the results of our marketing efforts, and most importantly, the real feedback from our first-year clients,” she says. “From a business point of view, if you have invested more in the product than the marketing, you will see the results. The word of mouth and customer satisfaction will compensate the marketing scales. The coffee supply industry in the UAE is quite saturated, and we are trying to take the right approach by collaborating with key players to help us stand out.” But that’s not all- Cury is keeping an eye on the long term when it comes to deciding how Intellect Coffee will develop and grow in the months and years to come. “A major thing that we aim to cascade to all coffee consumers is that coffee is soon to be considered as valuable as gold, since demand for it is expected to double by 2050,” Cury says. “The problem is that suitable land to grow coffee will decline, and we, as part of the supply industry, have a mission to help ease up the situation. Helping coffee farmers adapt to changes, like developing new coffee species that are more tolerant to climate change or pests, is critical to be sustainable.” But while the future may present challenges like these, Cury isn’t letting it dampen her enthusiasm for the same, given how 2021 unfolded for her. “This year has taught us adaptation,” she declares. “And now, it’s time to prosper again.” }Things always seem more significant in your head. “Don’t take things personally. No matter how good your product is, it will never be as big in your client’s head. Remember that you are sharing the market with other brands.” }Learn to keep calm and carry on . “You cannot control everything. You need to stay prepared for unknown, even nasty, surprises. If the show of the year for which we have been preparing for months got cancelled, it’s not the end of the world. Sometimes, we have to simply let go.” }Results are what really matter, not time-measured productivity. Like any autonomous individual, managing your time and working at a pace that is appropriate for you is how businesses should operate. Working from home amid the lockdowns caused by the COVID-19 crisis have taught us that it is about getting things done, and not how long it takes.” Gabriela Cury FOUNDER, INTELLECT COFFEE W REFLECTIONS /2021
35 December 2021 / ENTREPRENEUR.COM / ounded by Tushar Jiwarajka in Mumbai in 2009, Volte Art Projects is an enterprise that has been steadily building up its presence on the Indian subcontinent’s cultural landscape, with it representing and working with a number of celebrated artists like Wim Delvoye, William Kentridge, Sheba Chhachhi, and others. So, when Jiwarajka announced in July this year that he was shifting Volte Art Projects’ headquar ters to Dubai with an 8000 sq. ft. gallery space at Alserkal Avenue, it signaled the start of a new chapter for the business, while also showcasing the appeal of the UAE’s art scene in a global context. “I’ve seen the region’s art scene grow exponentially in the past decade- hubs for contemporary art organizations have emerged, major institutional projects have come to fruition, and a community of collectors has developed,” Jiwarajka said. “Combined with the UAE’s proximity to Europe, Asia, and the Americas, a gallery here therefore seemed the next logical step for us.” Volte Art Projects kicked off its innings in the UAE with an exhibition titled Sublime Convergence, which was described as one that united “themes of nature and time through art and technology,” featuring works by artists from Europe, South Africa, India, and the US. According to Jiwarajka, the response to Volte Art Projects’ offerings in the UAE has been especially promising, with him seeing the new location in the country set to serve as a base from which he and his team can launch global art projects. “The response in the first two months have been incredibly encouraging with several sales and enquiries, as well as strong support from the government of the UAE,” Jiwarajka reveals. “There are a number of exciting plans we are currently in discussion about with the government, and we look forward to realizing large-scale and monumental projects by artists celebrated for their pioneering spirit of innovation, pushing boundaries, and harnessing latest technologies.” F Tushar Jiwarajka }Be bold, and put your best foot forward. “Project confidence in what you do, so that you can move forward and achieve greater things.” }Build relationships, and the rewards will follow. “We work closely with both regional and global institutions, and we are proud to announce that some of our represented artists are now included in the collections of large museums, including a recent Tate Modern acquisition of work by Indian artist, Nalini Malani. It is through the consistent and careful cultivation of our relationships with our partners that we were able to build the necessary trust to achieve these successes.” FOUNDER, VOLTE ART PROJECTS REFLECTIONS /2021
36 / ENTREPRENEUR.COM / December 2021 he MENA region has seen quite a few of its homegrown enterprises get acquired by companies from abroad; however, it’s relatively rare to see the opposite happen, and that in itself is a strong argument to be made for why the latter needs to be celebrated as much, if not more, as the latter. As such, UAE-based Innovision Holding’s announcement in November this year that it had purchased Brunch & Cake, a F&B concept born in 2010 in Barcelona, Spain, is deserving of applause on its own- but there’s more to this story than just that. You see, Brunch & Cake had been first brought to the MENA region as a franchise in the UAE in 2019 by Flip International, an F&B consultancy under Innovision Holding. Starting with an outlet in Dubai’s Wasl 51 neighborhood, the brand’s warm and welcoming vibes made it a hit rather quickly, with it soon opening a second location in the Emirate at The Pointe in Palm Jumeirah in 2020, followed by a third branch in Abu Dhabi in 2021. Wins like these are thus what paved the way for Innovision Holding’s “reverse acquisition” of the Brunch & Cake brand globally, and extensive expansion plans are already underway for the same. “By moving from franchisee to owner, I am truly proud of the teamwork and effort that was put into acquiring this brand, which has become a staple of the UAE scene,” says Amjad Barakat, co-founder, Innovision Holding. “This past year, my team and I devised a clear agenda to pinpoint exactly how we were to commence with our expansion plans, and we have gone on to do so without a hitch.” ↓ JAMAL WICK AND AMJAD BARAKAT, co-founders, Innovision Holding CO-FOUNDER, INNOVISION HOLDING Amjad Barakat T
37 December 2021 / ENTREPRENEUR.COM / }Look out for the long term. “As an entrepreneur, thinking ahead of the market situation is key. The COVID-19 crisis was the perfect time to plan, grow, and make riskier moves. Taking chances during a climate of high growth all around is far more difficult. The ability to plan and look ahead to a more profitable timeline, while maintaining a tight grip on current circumstances and the wellness of not only your employees, but your own frame of mind, is all part of the entrepreneurial spirit.” }What you believe, you can achieve. “If you believe and manifest a future in which you succeed, then you will do so. Trust your instinct as a businessperson and choose to move forward with your vision. This is my ethos as an entrepreneur.” }Culture eats strategy (always). “Create an environment of optimism, and your team will not bring in the negativity of the climate to work. This is vital in maintaining a cohesive and thriving work culture.” Brunch & Cake currently has 10 outlets open around the world, and the brand expects this number to rise to 15 by the end of next year. “As we were able to finalize the acquisition in 2021, 2022 will be a big signing year,” Barakat reveals. “We will have our vision of Brunch & Cake solidified in 2022, with further global expansions into markets like London and India. We have been planning milestone launches in both Saudi Arabia and Egypt in 2021, and 2022 will see them come to life.” According to Barakat, Brunch & Cake’s first location in Saudi Arabia is expected to launch in Riyadh in September next year, with more to follow across the country later on. “Our launch in Egypt is also very important,” Barakat adds. “The potential for brands like Brunch & Cake is slowly but surely increasing in Egypt. 30% of the market in Egypt is middle class, which is our target market. This indicates a growing space for premium casual dining. It is not yet common in Egypt, and we are excited to make our mark in the market by being the first. This will enable us to come in with an edge, as the first movers in this field and remain memorable to locals. Egypt is currently considered a virgin market, which I find to be quite advantageous for us.” But it’s not just the MENA region that Barakat and his team are eyeing- a statement from the company had noted its interest in markets like Switzerland, Hong Kong, and Singapore as potential locations for Brunch & Cake in the coming years. “2022 will set the tone for the next five years,” Barakat declares. “All eyes will be on Brunch & Cake, as it becomes a household name in numerous countries.” “We will have our vision of Brunch & Cake solidified in 2022, with further global expansions into markets like London and India. We have been planning milestone launches in both Saudi Arabia and Egypt in 2021, and 2022 will see them come to life.” → BRUNCH & CAKE Wasl 51, Jumeirah REFLECTIONS /2021
38 / ENTREPRENEUR.COM / December 2021 hile 2021 did see the hospitality industry inching out of what has been a rather crippling period owing to the COVID-19 crisis, Tim Cordon, Area Vice President for the Middle East and Africa (MEA), Radisson Hotel Group, says that the year was still quite a challenging one, but an eye toward the long term is what helped his enterprise get past all of the hurdles in its way. “I am proud that we never lost track of our goals and stayed committed to our ambitious five-year development plan, which includes the mission to be recognized as one of the top three hotel groups in the world,” Cordon says. “Our strategy and ambitions ensure we are top of mind to our guests, team members, owners, and partners, especially as we expand across the MEA region. For me, it has been wonderful to see the teamwork and dedication in all our hotels in the region, and remind me that the hospitality industry is all about people, from our teams to our guests.” Global trends reshaping the hospitality industry are thus what rank highly on Radisson Hotel Group’s radar right now, with one example being its recent Hybrid Solutions offering. While its Hybrid Rooms concept combine the facilities of a state-of-the-art office with the comforts of a superior hotel room, Hybrid Meetings and Events are aimed at merging the best of virtual and in-person gatherings. “In addition, in 2022, I believe there will be a greater focus on sustainability than ever before as the world looks into a greener future,” Cordon adds. “At Radisson Hotel Group, we recently launched, as Tim Cordon SENIOR AREA VICE PRESIDENT FOR THE MIDDLE EAST AND AFRICA, RADISSON HOTEL GROUP W the first hotel group in the world, Carbon Negative meetings. This means that we will automatically off-set the carbon footprint for every single meeting and event worldwide, at no cost to delegates or organizers, the carbon footprint to ensure that every meeting has a positive impact on the environment.” Here in the MEA region, Radisson Hotel Group has been steadily growing its presence here through the last couple of years, and it’s a pace that Cordon believes will be characteristic of the business for the foreseeable future as well. The UAE remains a key market for the company, with its immediate pipeline including the first Radisson beach resort, Radisson Resort, located at Marjan Island in the Emirate of Ras Al Khaimah, and its first property on Dubai’s Palm Jumeirah. “The tourism sector in Dubai continues to grow and flourish as a result of the Emirates’ remarkable vision of creating a world-class destination for entertainment and culture,” Cordon notes. “We are excited to contribute to this growth, with the UAE remaining a key market for us, with a robust pipeline of hotels scheduled to open within the next 24 months.” }Always look ahead– there are always new opportunities that will arise. “The hospitality industry is constantly evolving, and it is essential to respond to consumers' changing behaviors, which is necessary for the recovery of the hospitality sector. Organizations will need to reimagine the customer experience, and re-engage with customers to build and maintain their trust. At Radisson Hotel Group, we launched a new brand as a result of the pandemic: Radisson Individuals, an affiliation brand, allowing independent hotels and small chains to become part of the global Radisson Hotel Group platform and benefit from international exposure, with the freedom to maintain their unique style and identity.” }Always keep tabs on customer needs in our current circumstances. “Safety is a priority for everyone, and we can all accept that travelers worldwide will continue to be much more aware and careful. We've implemented the highest possible safety and hygiene protocols across all our hotels in partnership with SGS, one of the world's leading auditing and commissioning companies, who have assured us that the protocols we have in place can ensure a safe stay for all of our guests.” REFLECTIONS /2021
39 December 2021 / ENTREPRENEUR.COM / FOUNDER, RE:SET Aakanksha Tangri was a momentous year for Re:Set, an enterprise that the founder Aakanksha Tangri bills as “an online resource of tools and stories around education, parenting, gender, inclusivity, mental health, and well-being.” For starters, the year saw Re:Set cross a million visitors to its platform, and this achievement has now gone on to lay the foundation for its further growth and development. “The insights from our engaged users have been instrumental in extending our products for 2022,” Tangri explains. “Being a non-technical founder, it has been exciting to work closely with our new technical team members. It has been a steep learning curve for me, as we started working on expanding into different verticals, and I had to deep dive into everything from product development and design, to the tech side of things and understanding audience behavior. Having found the product-market fit in 2021, the key lesson has been to put my business development hat on, and work on the frontlines with clients. One has to keep focus, but also roll with the punches. As they say, the show must go on!” It’s a similar kind of tenacity that characterized several of Re:Set’s initiatives through the course of 2021. For one, as parts of the world found themselves badly hit by the second wave of the COVID-19 pandemic, Tangri and her team ensured Re:Set provided people in these affected locations access to resources that would help safeguard not just their physical health, but their mental well-being as well. “We stuck true to our values of helping people through difficult times, and creating a safe space for difficult conversations,” Tangri recalls. “I am proud of our team who navigated these tough times and showed resilience. As a young entrepreneur, this was unchartered territory for me, and I am grateful for the timely mentorship and guidance offered from my network.” The same ethos governed another of Re:Set’s projects in the UAE, which saw it partner with the New York University (NYU) Abu Dhabi’s Office of Social Responsibility to provide bespoke and multilingual mental health and COVID-19 resources for their expat domestic staff and contract workers, whose families and friends back home were dealing with the impact of the pandemic’s second wave. Such efforts, and the positive feedback Re:Set received for them afterward, have cemented Tangri’s plans for the platform in the new year. “As we see our efforts to normalize mental health conversations pay dividends, 2022 is all about giving more do-it-yourself tools and autonomy to students and professionals to work on mental health, beyond therapy,” she says. “Our North Star remains to make mental health accessible and inclusive to all.” 2021 }Take risks, and get out of your comfort zone. “When the buck stops with you, you may be scared to venture beyond your comfort zone. But by taking risks, and putting ourselves out there, we embrace growth, and set ourselves up to unlock our true potential, and what we’re capable of.” }Failure makes you stronger. “Being an entrepreneur certainly isn’t easy, and it takes a special person to start something of their own. It’s a journey riddled with challenges, but also one of immense satisfaction and success. You will fall as you tread this path, but the learnings from the times we stumble offer us perspective, and make us resilient as we forge ahead in our career.” }Hire people smarter than you. “This is key, because a good entrepreneur is always self-aware of their shortcomings, and learns how to surround themselves with people who have strengths in the areas they are weak. Don’t be afraid to hire someone smarter than you. You have to learn to set your ego aside.” REFLECTIONS /2021
40 / ENTREPRENEUR.COM / December 2021 ver since it launched in 2015 as an annual film festival dedicated to showcasing Palestinian cinema in the UAE, Reel Palestine has played an integral role in sharing a variety of perspectives about and stories from Palestine to the world at large, and this year’s instalment of the event -its seventh edition so far- proved to be no different. “The energy at our 2021 festival was amazing,” declares Nadia Rouchdy, co-founder, Reel Palestine. “I’m always blown away by the community we’ve built over the last few years. We worked mostly from home in 2020 and in isolation, so when the festival took place in January 2021, it was such a treat to see people coming together, discussing the films they saw, how it changed their perspective, and how it created empathy and awareness on topics they hadn’t yet been exposed to.” While this year’s event had to take a multitude of safety measures into consideration to safeguard attendees from the COVID-19 pandemic, Rouchdy is glad to note that none of them took away from the essence of the Reel Palestine mission. “What I loved about 2021 is that even though the world threw us so many challenges, we were still able to bring Palestinian stories to the forefront, and explore an ever-ranging world of characters, narratives, and relationships, in a way that isn’t done through traditional media,” she explains. “We don’t show one narrow perspective, but instead many different perspectives. Every year, I am proud that our team and partners are able to do this.” CO-FOUNDER, REEL PALESTINE E }Perseverance is key. "The main quality I recognize our team for is perseverance. We have a small and mighty team that has delivered seven film festivals, shown over 170 films, and hosted two international collaborations. We have pushed through years without any sponsors, and we’ve continued to be passionate about Palestinian film for eight years now since our inception. We’ve evolved and grown, but we’ve always kept the core elements of what makes us proud of who we are: being a community- led and community-driven festival coming from the grassroots, and delivering what our community needs. We’ve pushed through difficult times, and we’re proud to be able to continue the work we do.” }Always, always, always have open conversations with your team. “We make it a point after every film festival, and every year, we reassess our passion, our capacity, and the mental space we can each give to the platform in the next 12 months. These conversations are sometimes very emotional, but they are honest and truthful to what the team is feeling. The work we do can also be highly emotional, and this year has been heavy for many in this space, so we also make sure we keep the concept of burnout at the top of our mind, and make sure we always hold space for open and transparent conversations.” }Tell your story and network as much as you can. “It’s sometimes easy to assume people know what you do, and why you do it. But this year has been a lesson in making sure that we keep advocating for our festival and the pop-up events we put out, in order to make sure we’re always finding collaborative spaces and partners to help further our mission.” Nadia Rouchdy REFLECTIONS /2021
41 December 2021 / ENTREPRENEUR.COM / or The Luxury Network International Global CEO Fares Ghattas, his biggest achievement in 2021 was launching The Luxury Network Academy, which he says is the the world’s first e-learning platform centered around luxury, with it offering those keen to join this exclusive and lucrative sector the tools that they need for success. “The platform offers learners the flexibility to do this from anywhere, and at their own pace, two very important aspects due to the current global situation,” Ghattas says. “Learners get exclusive courses comprised of videos created by iconic professionals, who share the inner workings of their craft. Through many different perspectives, learners will develop critical tools to help them appreciate and contextualize their area of interest. Staying up-to-date with trends and constantly enhancing and developing one’s knowledge is more crucial than ever in these times of global downsizing.” The Luxury Network Academy is now live, with it hosting a variety of courses that feature renowned experts in the luxury field like Sascha Lilic, Tom Meggle, Judi James, Shanyan Koder, William Hanson, and many others. “The courses are designed to allow the learners to gain a valuable in-depth understanding of their chosen topics,” Ghattas explains. “These exclusive videos are created to be impressive, informative, inspirational, and impactful.” According to him, the topics that the Academy explores are especially important in an industry which, while requiring extremely high standards, is also facing the brunt of challenges like downsizing, global unemployment, and never-ending quality pressures. In light of these circumstances, Ghattas believes that The Luxury Network Academy has an important role to play in ensuring talent continues to flow into this sector. “People who are willing to learn must have access to do so, at affordable costs,” he says. “Our objective is to make the impossible possible for anyone with an internet connection to be granted the opportunity to enhance their skills, and to be able to learn from the greatest certified masters in the luxury industry.” It’s this impact that Reel Palestine has had in terms of shifting perceptions and facilitating conversations around the Palestinian cause that make it an enterprise worth watching in the MENA region’s cultural space. While it was, until very recently, run by people on a 100% volunteer basis, Rouchdy reveals that changes are now underway in terms of how the enterprise is structured. “From an organizational perspective, I’m really excited to be pivoting the business from a purely volunteer basis, to a hybrid model that blends paid staff and volunteers,” she says. “Initially to keep our costs low, we delivered this festival on a volunteer basis, and bootstrapped our budget like crazy. But as time went on, we realized that in order to keep the quality high and to deliver on our mandate, we need to invest resources into hiring staff who can dedicate their time and energy to make sure that every festival, and all our ongoing events outside of the festival, maintain momentum and consistency, and that we increase our capacity to bring on board more like-minded partners, and elevate our mission of bringing independent Palestinian cinema to the UAE.” Reel Palestine is now gearing up for its 2022 edition, with Rouchdy saying that its film program promises to be an exciting one. “My co-founder, Dana Al Sadek, has put together an eclectic mix of feature films, documentaries, experimental shorts, and more that will be screened at Reel Palestine,” Rouchy reveals. “The program is the core of our festival and supported by our programmatic partner, Cinema Akil, and we will also host talks, Q&As with directors, launch a Palestinian sound archive and mix tape, and much more.” At the same time, the restructuring of the business behind the scenes promises to make the new year an especially noteworthy one for Reel Palestine. “2022 will be a pivotal year for Reel Palestine,” Rouchdy says. “We’re investing in internal resources to bring our best foot forward, our team is growing, and we want to provide even more digital and physical spaces for our community. We’re looking to bring in more creative partnerships, and increase our overall yearly presence outside of the festival.” REFLECTIONS /2021 }Learn from your experiences- regardless of whether they were good or bad. “Is 2021 a year to forget, or to remember? I am sure we all agree that 2020 and 2021 were the strangest years we’ve ever encountered, but it was a year of changes in how we work, learn, and interact, as social distancing guidelines have led to a more virtual existence, both personally and professionally. We all now understand that something out there can change the course of humanity and life, as it was not a war, not an earthquake, not politics, but something invisible to the human eye. At the same time, there is good news as far as our health is concerned. From lifestyle changes to better eating habits, people are using this time to get healthier in many areas. These lessons are deeply personal and differ in each household. Still, they speak of an experience shared worldwide. My best wishes go to all businesses who have taken action and planning for the recovery to shape the future of their industry. My last wish for the new year is hoping that the COVID-19 pandemic will help us achieve more meaningful goals, for our families, for our countries, and for everyone around us.” GLOBAL CEO, THE LUXURY NETWORK INTERNATIONAL Fares Ghattas F
42 / ENTREPRENEUR.COM / December 2021 ↓ HYPERSPACE CCO Rama Allen and COO Desi Gonzalez with founder and CEO Alexander Heller
43 December 2021 / ENTREPRENEUR.COM / uilding physical entertainment venues for a digital world: that’s how Dubai-based HyperSpace describes what it does as “a future forward experiential attractions developer.” Founded by Alexander Heller in 2020, the company claims to be the first in the world to build physical attractions that are blockchain-enabled and extended reality-native, with it making use of cutting-edge emerging technologies, spatial compute layers, real life virtual effects, and non-fungible token (NFT) projects to create these purpose-built parks. Think of them as physical front ends to the metaverse, with visitors to these venues making use of the devel oped technologies to access everything from surreal istic playgrounds and immersive neighborhoods, to virtual production stages containing holographic super cars and high-end digital fashion. All of this may sound remarkably futuristic, but its realization may be happening sooner than you may think- after all, this year saw Heller and his team were able to secure US$11 million in equity and development seed funding to create what they call immersive entertainment attractions for a social media and metaverse generation. “2021 saw HyperSpace go from a single person operation to a team of 25 full-time employees and 17 full-time contracted employees, saw us move into our first offices, raise $11 million of seed funding, and sign contracts on over 140,000 sq. ft. of space with some of world’s leading property developers,” Heller says. “In a world where blockchain, spatial computing, digital identity, and growth in the gaming and social media sector took meteoric steps in 2021, HyperSpace has rooted itself in building towards a future where these trends find place in the amusement attractions industry.” And this is why the upcoming new year promises to be especially exciting for HyperSpace as an enterprise. “HyperSpace will move from concept to reality in 2022,” Heller declares. “Our business requires a significant amount of capital to make the turn to a revenue-generating business, and this will happen in 2022. We will be closing a significant Series A funding in the first month of the year, and move through production, software, and content development through Q2 2022, when we will bring out our first product to market at Wafi Mall (AYA, a 40,000 sq. ft. immersive experience), followed by Dubai Mall in Q3 2022 (House of Hype, a 100,000 sq. ft. immersive experience).” Now, Heller and his team are aware that they are operating in a space that’s moving extremely quickly- but they remain confident that their work will speak for itself when their first venues open in the new year. So, just keep your eyes on HyperSpace- all signs point it to being worth the wait! }Be grateful for those who choose to work with you. “When working with extraordinary individuals who are willing to follow your vision, you work for them, they do not work for you. I was blessed to have an extraordinary group of individuals from around the world, working at pinnacle of the experience design and emerging technologies space, uproot their lives to join HyperSpace in Dubai. This is the greatest complement of my vision, the greatest asset to the company, and the key reason why we will succeed. As a founder, you need to keep them believing every day that they backed the right leader.” }Find the right backers. “Surround yourself with investors who are willing to pick up your phone five times a day, and help you grow your business. Be open for close oversight, and know that good investors are partners, not just means to you executing your ideas and vision.” FOUNDER, HYPERSPACE Alexander Heller “2021 saw HyperSpace (...) raise $11 million of seed funding, and sign contracts on over 140,000 sq. ft. of space with some of world’s leading property developers.” B REFLECTIONS /2021
44 / ENTREPRENEUR.COM / December 2021 aving seen success by bringing BBLUNT, one of India’s leading hair salon brands, to its first international location in the UAE in 2013 as The Hair Crafters Company, Ruchika Singhal is no stranger to making it big in the beauty industry, and the development and growth of her own brand, The Grove Salons, which she launched in 2017, serves as further proof of her natural instinct for this domain, as well as her strong business acumen. While Singhal, who used to have a career in the tech industry, entered the beauty domain as a relative outsider, she has proven herself to be a leader in the field today, and it’s this combination of innate talent and work experience that has allowed her to navigate her enterprise away from the negative repercussions of the COVID-19 crisis. “‘Look good, feel good’ is the mantra of salons; we touch and feel to make it possible,” Singhal explains. “Post COVID-19, our biggest challenge was to regain the trust of our customers to visit our salons, and confidently experience their ‘me time.’ Our customers have become much more informed with health and environment taking centerstage in everyone’s life; hence, the services we provided had to be efficient, sustainable, and bespoke for our customers. We started with an inside-out approach to meet the changing demands, and we realized a paradigm shift in our business model over the year.” According to Singhal, one of the key steps she took in this regard was to ensure that her employees felt connected and experienced a sense of belonging with the company- there are tangible benefits to having an inclusive workplace, she says. Keeping the standards of its offerings as high as possible, while also providing services that especially catered to customers in their current circumstances also helped with keeping the business afloat. “Quality, as a brand ethos, helped us establish renewed trust with our patrons,” Singhal says. “That also led us to witness repeat business and reliability from our locally based clients.” Looking toward the future, Singhal expects her industry to be looking at sustainability more closely in 2022, and that will see her business actively looking for organic and vegan haircare and skincare products to offer its clientele. “My personal excitement comes from the fact that technology is playing a big and bigger role in the beauty industry,” Singhal adds. “I am looking at significant improvements in customer touchpoints for my business, be it with the enablement of online appointment scheduling, accepting new and online payment methods, as well as an e-commerce store that is now live.” Singhal is also following the buzz around artificial intelligence (AI) in the world today, which she believes can have a major impact on her line of work as well. “In 2022, AI shall be a game changer for the beauty industry,” she predicts. Ruchika Singhal FOUNDER, THE GROVE SALONS }Go with the flow- be agile. “Nothing is permanent. Things can change anytime, be aware of the dynamics, and adapt faster to the changing situations to be able meet your business goals.” }Focus on the positive, and stay true to your values. “Having encountered several occasions to compromise on core values of the business for a possible gain, it can put anyone in a dilemma. Knowing the core values of the business, and sticking to one’s conviction, have been my key drivers for a sustainable and surviving business.” }Develop skills today that will serve you in the future. “While these times have forced businesses to adapt in order to survive, it’s also given us the opportunity to be more creative and innovative in our approach to customer experience- skills that will no doubt serve us well into the future.” H REFLECTIONS /2021
45 December 2021 / ENTREPRENEUR.COM / “Even with 40,000 cars on invygo, we are still unable to keep up with demand.” }Focus on customer obsession and retention. “Tech businesses must look beyond pure sign-ups, and look at how they can have repeat customers. At invygo, we constantly listen to our customers, while using data and machine learning to create truly personalized experiences for them.” }Build a team of “cultural co-founders”. “We have a very high bar for recruiting, and we always want people better than us. In being very exclusive, invygo hires people who truly believe in changing how the region accesses mobility options. A company’s first 150 colleagues must be ‘cultural co-founders.’ They should directly shape the culture and way of working, while also having an equal voice in the business. This ensures that businesses are holding themselves to the highest performance levels always.” }Give back to the ecosystem. “Through our entrepreneurial journeys, we must remember to always give back. At invygo, we support efforts to upskill local talent as well as various entrepreneurship programs. We have a strong belief that the ecosystem will thrive only if we give to it, and we are committed to doing just that.” s per Eslam Hussein, 2021 has been an exceptionally strong year for invygo, the Dubai-headquartered car subscription app that he co-founded in 2018. In fact, he says that the business has grown 9x since April 2020, which has led to its leadership position being solidified in the car subscription market of the Middle East, North Africa, Pakistan, and Turkey (MENAPT). And all signs point to the company seeing further growth in the months and years to come. “Even with 40,000 cars on invygo, we are still unable to keep up with demand,” Hussein admits. “And that is why we are working in overdrive with our partners to ensure that customers always get the exact car they want.” The success invygo has seen so far is a testament to the potential of the car subscription market, which, globally, is expected to reach US$12 billion by 2027. Here in the region, the sector may still be nascent, but Hussein expects it to see an explosion of growth in the near future. “Because financial inclusion is not widespread in our region, the ability to access a high-quality car is limited for the wider population,” Hussein explains. “Car subscription is making mobility more inclusive than ever before. The opportunity to not be tied down to traditional car ownership (and the various costs that comes with it) is fast making subscription the preferred option for drivers.” All of this paints a rather rosy road ahead for invygo, and Hussein is hopeful that the company’s offering will have a positive impact on the region as well. “Access to cars can create unparalleled opportunities for people and econo mies, and through the flexibility of subscription, the net benefit for the region will be significant,” Hussein says. “Today, subscription is already part of the mainstream in Europe and the US, and we are excited about what it can unlock in the MENAPT region.” CO-FOUNDER, INVYGO Eslam Hussein REFLECTIONS /2021 A
46 / ENTREPRENEUR.COM / December 2021 WHEN STARS → NAJLA AL MIDFA, CEO, Sheraa 46 / ENTREPRENEUR.COM / December 2021
COLLIDE A recap of the best moments of Sharjah Entrepreneurship Festival 2021 by TAMARA PUPIC J udging by the enterprising and creative talent convened by the Sharjah Entrepreneurship Center (Sheraa) for the 2021 edition of the Sharjah Entrepreneurship Festival (SEF) in late November, it is reasonable to believe that, in 50 years from now, entrepreneurship will serve as the main pillar of the UAE’s post-oil economy. And the talent needed to make this vision a reality will find a home at Sheraa, said CEO Najla Al Midfa, in her opening keynote at SEF 2021. “In a world of doubters, let us be the first believers,” she said. “As a community, we don’t fail when a business ceases to exist. We fail when we stop believing in our entrepreneurs.” HELD AT THE EXPO CENTRE SHARJAH, the fifth annual edition of SEF was staged under the theme of “When Stars Collide,” with the two-day event organized in partnership with the ICT Fund, an initiative of the Telecommunications Regulatory Authority and the Digital Government of the United Arab Emirates, Sharjah Media City (Shams), Alef Group, and the Sharjah Commerce and Tourism Development Authority. More than 4,000 people attended the event, which had 55 business lead- ers, experts, influencers, and cultural figures from around the world leading nearly 60 activities comprising keynotes, panel discussions, work- shops, and more. }
48 / ENTREPRENEUR.COM / December 2021 A nd Alserkal will be different. It is Given the UAE’s 50th National Day in December this year, the first session on the SEF 2021 stage looked into how entrepre neurship could help secure the country’s future for the next 50 years, and more. On this panel discussion, H.E. Dr. Ahmad Belhoul Al Falasi, UAE Minister of State for Entrepreneurship and SMEs, pointed out his entity’s goals in this regard, which is “to create a platform for the ecosystem, by the ecosystem, as well as to bring students in schools and universities into the system to increase the funnel of founders in the region.” Dr. Al Falasi, who spoke alongside Wamda Capital Executive Chairman Fadi Ghandour and Careem co-founder Magnus Olsson in a conversation moderated by Enhance Ventures Founding Partner Alper Celen, also noted that the ministry had an aspira tional target of the UAE having 20 unicorns by 2031. “Our overarching goal is to work with entrepreneurs to help them overcome barriers and ensure their progression across different stages of the journey,” he said. “We work on enabling entrepreneurs to make the transition from micro- to small or small-to-medi um enterprises to maximize their potential.” According to Ghandour, the UAE’s startup ecosystem has already changed the face of the country’s economy. “The startups here are building the future of the country’s next 50 years, but there are entrepreneurs in the government too, individuals who are challenging the status quo, looking at ways of doing things better,” he said. “The existence of a Ministry of Entrepreneurship in the UAE testifies to this.” Meanwhile, Careem’s Olsson noted that due to the support being offered to businesses in the UAE today, “entrepreneurs can now focus on the problem they are solving, and not on having to to build the rails underneath.” He added, “The startups here are taking on the challenges of solving local problems, but very soon, the UAE will be the hub that comes up with solutions for addressing global challenges.” However, Ghandour stressed the need for more support from an investment standpoint. “I urge national investors, and especially family-run businesses, to stop being conservative, and reinvest their funds here,” he said. “The UAE’s ecosystem is thriving and happening– this is where you can make your money grow.” SEF 2021 also played host to a number of globally renowned entrepreneurs this year, one of whom was Michael Acton Smith, co-founder and co-CEO of “the world’s first mental health unicorn,” Calm. In a conversation with Venture Souq Founding Partner Sonia Wey muller, Smith shared a few of the key lessons he learned over the course of launching and running Calm. “When we started building what we called ‘the Nike of the mind,’ we first bought our domain name (calm.com), and that speaks volumes about the importance of the brand name,” Smith said. “Another good lesson from building Calm was to use public relations (PR) and influencers not only to talk about our business, but to make the topic of mental health more acceptable in the society.” This theme was also the highlight of another panel discussion at SEF 2021, which had Tuhoon co-founder Dr Naif Al Mutawa, FlexiPark co-founder Craig McDonald, Emirati Olympic weightlifter Amna Al-Haddad, and Wamda Editorial Director Triska Hamid exploring how entrepreneurs can go about safeguarding their mental well-being while building their businesses. “Entrepreneurship can get very addictive, and sometimes, you need to step back and rethink it,” Al Mutawa noted. A nother of SEF 2021’s standout sessions was led by Pauline Nguyen, co-founder of the world’s most awarded Vietnamese restaurant, Red Lantern, who is known to be one of Australia’s most impactful speakers and developmental coaches. In her keynote, Nguyen dove into the topic of personal development, which she said is always derived out of a personal disruption of sorts, as well as a personal introspection that such an endeavor demands. According to Nguyen, this is the process one must undergo in order to attain success, be it in a personal capacity, or a professional one. “Mastery in business is about mastering influence, because people will always follow a calm, composed, and confident leader,” Nguyen said. “In that process, spiritual ity should be considered as physics that is yet to be explained. So, we don’t have business problems, but personal problems that reflect on business. Today, I believe, we are in the crisis of spiritual ity, in both business and life.” “Our overarching goal is to work with entrepreneurs to help them overcome barriers and ensure their progression across different stages of the journey.”
49 December 2021 / ENTREPRENEUR.COM / T he stars of the recently released documentary, Beyond the Raging Sea, Egyptian adventurers-cum-entrepre neurs Omar Samra and Omar Nour used their time at SEF 2021 to draw parallels between the journey of entrepre neurship and their 2017 attempt to cross the Atlantic Ocean on just a light boat. “Just as in a risky adventure, you need to take that leap of faith in your business journey without often having the requisite experience,” Nour said. “We had no previous rowing experience before the Atlantic expedition, but what we did have was plenty of heart, and the wish to raise awareness on the plight of refugees who flee on sea.” Samra added that while the beginning of their journey across the Atlantic was an exciting phase, it wasn’t too long before they had to contend with the realities of the journey they had embarked on. “We were slumped over in exhaustion every day, with problems and complexities thrown at us that are akin to an entrepreneur’s journey while building their businesses,” Samra explained. “The beauty of life, and in entrepreneurship, lies in the highs and lows, but that is where uncertainty, loss and failure also resides. Your failure can be extremely public, but the key thing is to just start your journey, regardless of results.” This year’s edition of SEF also had a variety of speakers from the MENA region testifying to the entrepreneurial landscape in which they operate in. In a session looking into the legacy of Careem, one of the region’s most successful startup success stories, Tarek Fouad, Head of Growth at Shurooq Partners, moderated a discussion featuring former and current employees at the unicorn, including Bassel Al Nahlaoui, MD – Mobility, Careem, Wael Nafee, partner at Raed Ventures, and Asma Alyamani, Head of Product at Mamo Pay. } THE BEAUTY OF LIFE, AND IN ENTREPRENEURSHIP, LIES IN THE HIGHS AND LOWS, BUT THAT IS WHERE UNCERTAINTY, LOSS AND FAILURE ALSO RESIDES. YOUR FAILURE CAN BE EXTREMELY PUBLIC, BUT THE KEY THING IS TO JUST START YOUR JOURNEY, REGARDLESS OF RESULTS. ↓ Egyptian adventurers and entrepreneurs OMAR SAMRA AND OMAR NOUR, who are the stars behind the recently released documentary Beyond the Raging Sea IMAGES COURTESY SEF
50 / ENTREPRENEUR.COM / December 2021 “The biggest impact it has had on the ecosystem is bringing the belief that you can build a startup on this scale and level,” Nafee said. “There are many ways you can help build a startup and establish its mission and values. Already knowing the hustle, I moved to my current role, because I want to help more startups to do that.” Meanwhile, Alyamani advised other founders that “recreating the success system and culture (for any startup) is cool, but also complex, so emulating it [the Careem culture] is a great challenge.” For his part, Al Nahlaoui noted that there is no end in sight when it comes to Careem’s work in the ecosystem. “At our heart, we are still about helping people with our solutions,” he said. “This region has 700 million people, and we still consider ourselves to be at the beginning of our journey.” Y outh from the MENA region also had a significant presence on the SEF stage this year, with the audience getting to hear from names like actor and singer Rashed Al Nuaimi, poet and scholar Afra Atiq, pastry chef Sahar Al Awadhi, Manar Al Hinai, co-founder, Sekka, Hayat AlHassan, co-founder, Sweech, Maria Sobh, co-founder, The Concept, Ihsan Al-Hayek, Regional Manager – MENA, Dapi, and many others on the first day of the event. Trending topics in the ecosystem also found a place at SEF 2021, one of which had Hussein Wehbe, entrepreneur and former government advisor, Elias Tsikhlakis, MD, eyewa, Abdul-Rahman Risilia, founder and CEO, ARC Talent, and Saeed Al-Nofeli, Director, in5, engaging in a discussion about attracting talent to the region’s startup ecosystem. In another session, Morrow Collective co-founder Anna Seaman, Jumy co-founder Anthony Mon teard, Republic MENA Managing Director Anwaar Almah meed, Cheeze CEO Simon Hudson, and artist Amrita Sethi came together for an illuminating chat that was aimed at demystifying the concept of the metaverse. T he second day of SEF 2021 started with a panel discus sion moderated by Kyma co-founder and CEO Farida El Agamy, which dove into the facets that make a great CEO. The three panelists -Nisreen Shocair, CEO, YOOX Net-a-Porter Middle East, Amir Farha, founder, COTU, and Mohamad Ballout, co-founder and CEO, Kitopi- agreed that empathy should be a key trait of any successful leader, especially in the times of crisis. “When the COVID-19 pandemic hit, my initial reaction was not ‘This is an amazing opportunity for online business,” but ‘How do I take care of our people?’” Shocair said. “We did that by creating a buddy system and opened helplines, since everyone was working remotely and needed an infrastructure of support, particularly for their mental wellbeing. Our team members felt they were protected by the company, and, as a result, surpassed their targets.” RUNNING A BUSINESS CAN BE LIKE PARTICIPATING IN A CHAMPIONSHIP, YOU WANT THE BEST TEAM PLAYERS AND CONTINUALLY FOCUS ON BUILDING MOMENTUM. BUT, DURING THE COVID-19 CRISIS, WHAT WE [SOMETIMES] SAW AROUND US WAS A LACK OF EMPATHY, AND WITHOUT EMPATHETIC LEADERSHIP, YOU CANNOT GET ANYWHERE. ↓ MOHAMAD BALLOUT, co-founder and CEO of Kitopi, NISREEN SHOCAIR, CEO of YOOX Net-a-Porter Middle East, AMIR FARHA, founder of COTU, and FARIDA EL AGAMY, co-founder and CEO of Kyma
51 December 2021 / ENTREPRENEUR.COM / Ballout echoed this sentiment by pointing out that leaders of organizations need to learn to not be egoistic, and instead allow themselves to be coached. “Running a business can be like participating in a championship, you want the best team players and continually focus on building momentum,” he said. “But, during the COVID-19 crisis, what we [sometimes] saw around us was a lack of empathy, and without empathetic leadership, you cannot get anywhere.” S EF 2021 also saw Ali Tabrizi, the filmmaker behind the hit Netflix documentary, Seaspiracy, take part in a panel with Majid Al Futtaim-Holding Chief Sustainability Officer Ibrahim Zu’bi and Seafood Souq co-founder and CEO Sean Dennis on building a changemaker mindset when it comes to topics around the environment and sustainability. Meanwhile, serial entrepreneur Anas Bukhash, the inter viewer behind the hit talk show, ABtalks, delivered a talk that offered a game plan for people wanting to figure out how they can go about building a meaningful life for themselves. Another session had Tahmima Anam, author of The Startup Wife, discussing why an overhaul of gender dynamics is needed in our current startup landscape. “We are hardwired in our brains to see men as visionaries and not women in leadership positions in the tech culture,” Anam said, in an on-stage conversation with Entrepreneur Middle East Editor In Chief Aby Sam Thomas. “To reclaim our power and our space, women must firmly believe that their presence in leadership positions is beneficial to the entire ecosystem. Women leaders are good for society, and it also makes good economic sense to have women at the helm.” Discussions on the startup space continued with Maha Al Fahim, Founder, High Water Venture Partners, Ahmad Al Naqbi, CEO, Emirates Development Bank, Samer Choucair, Director, CE-Creates, and Noor Shawwa, Managing Director, Endeavor UAE, sharing their insights on the myriad of financing options that entrepreneurs can and should tap into while building their businesses in the region. Another session had Sarmad Al Zadjali, co-founder, Mughamer, Fatima Showaiter, founder, Ark Coffee, Maryam Bin Al Shaikh, Manager, Sharjah Business Women Council, and Najla Al Ansari, founder, Not A Space, look into the particular benefits of launching a business in Sharjah, as opposed to anywhere else. The Emirate was also highlighted by Aida Muluneh, founder and Director of Africa Addis Foto Fest, who noted how it was a place that understood and appreciated the value of culture. In a conversation that was centered on the creative economy, Muluneh shared with Mohamed Somji, Director, Gulf Photo Plus, offered ideas on how creatives can ensure the sustainability of their careers by applying business principles to organizing their work. Having said that, she also encouraged them to have a deep-rooted purpose behind what they do- something that has helped her in her own career. “Culture teaches the world who we are, and it has an impact on shifting people’s perceptions,” she said. “Africa is so underrepresented and shown from a perspective that is not documented by us. Through my photography, I want to share with the world my side of the story of my country and my continent.” S EF 2021 continued with its annual tradition of creating a special place for broaching on the topics of mental wellness and self-improvement, with Mindvalley, a learning experience platform founded by Vishen Lakhiani, organizing a number of power-packed sessions at the Mindval ley stage. Lakhiani himself delivered a speech that focused on how people can tap into creative visualizations to ensure their success in both work and life. “Using the power of our mind, we can harness all the positives in ourselves, influence our health, and turn on our creativity, using the right techniques,” he said. This was followed by the highly anticipated talk by Lewis Howes, author of The School of Greatness, who advised the SEF 2021 audience to stop chasing greatness, “because that is when greatness starts chasing you.” He also revealed what people need to figure out if they are to unleash their true potential: “Ask yourself three questions. ‘What do I want? What is my fear? What do I need to heal?’ At the core of these lies the feeling that ‘I am not enough.’ Addressing what is holding you back and taking action to overcome those will help you accomplish greatness.” Howes ended his talk with a nod to the inspiring journey that the UAE has had to reach its golden jubilee this year. “I am inspired by the vision, unity, innovation and creativity that has spurred the phenomenal growth of this country,” Howes said. “50 years ago, this was all just a dream, but a few visionary leaders came together to realize this dream, and committed themselves to make it happen.” This statement marked a fitting end to SEF 2021 as well, which, five years ago, was only just a dream, and now, continues to grow in stature and popularity, year after year. Watch out for SEF 2022! Women must firmly believe that their presence in leadership positions is beneficial to the entire ecosystem. Women leaders are good for society, and it also makes good economic sense to have women at the helm. ↓ TAHMIMA ANAM, author of The Startup Wife, along with Entrepreneur Middle East Editor in Chief ABY SAM THOMAS
52 / ENTREPRENEUR.COM / December 2021 Advertorial/ I t has been a good year for Al Beiruti, one of Dubai’s favorite and most renowned Lebanese restau-cafes. Opening its doors just over 12 months ago with an unmissable façade on Dubai’s Sheikh Zayed Road, it didn’t take long for Al Beiruti to become a city staple and a favorite for many when it comes to Lebanese cuisine and the mesmerizing Levantine café culture. The cuisine, atmosphere, staff, interior design, and more are all factors that contributed in making Al Beiruti a unicorn concept, which, not one year after the opening of its flagship location, is already gearing up for the opening of three more in the next few weeks. The first of Al Beiruti’s three new outlets will be close to home, right here on Dubai’s Palm Jumeirah island and set to open in November 2021. This location, branded Al Beiruti Seaside, will be just that: a waterfront restau-café with pristine views of the Arabian Gulf, as well as stunning and unobstructed views of the world’s largest dancing fountains at The Pointe. Al Beiruti Seaside will offer the brand’s signature dishes such as zaatar hummus and pomegranate kibbeh to name only a few, as well as timeless classics executed to perfection. The second and third outlets, set to open in January and February 2022 respec tively, will take Al Beiruti’s already-legend ary cuisine and atmosphere to Cairo, Egypt. These two locations are the first of several outposts already planned for the bustling Egyptian capital, where the market is broad enough for even more Al Beiruti locations. “Representing Beirut and Lebanon as a whole is the drive fueling our developmen tal plan and the objective is to take Al Beiruti from Dubai to the world” said Samer Zayat, founder of Al Beiruti. “Al Beiruti’s organic and quick growth are testaments to the brand’s strengths, allowing it to grow from a single-outlet concept to a four-outlet concept in a mere 12 months, with at least two more outlets set to open in 2022 alone” added Zayat. Zayat had also marked another milestone earlier this month after being awarded the UAE Golden Visa for his contributions in the investment category in the country. “I am honored to be recognized for my contributions and achievements. This is a classic example of a UAE success story, showing how much an individual can thrive in an environ ment as nurturing and catalyzing as Dubai and the UAE. I am certain that being here and having all that this nation has to offer in my arsenal has helped me, every step of the way” commented Zayat, after receiving the UAE golden visa from official dignitaries. Furthering its regional expansion, the brand is turning its sights regionally and is exploring opportunities in the Kingdom of Saudi Arabia, Kuwait, Qatar and Turkey where it plans to set up shop within two years. On the other hand, Al Beiruti is also gearing up to establish ventures in Europe’s major cities such as London and Paris to name a few. Visit Al Beiruti Seaside on Dubai’s The Palm, opening this November 2021. albeiruti.com AL BEIRUTI RESTAU-CAFÉ ON TRACK FOR GLOBAL EXPANSION PLAN → SAMER ZAYAT, founder of Al Beiruti
53 December 2021 / ENTREPRENEUR.COM / ↑ Stream on Honor 50 / Vloggers can expect to soar to new heights with the new Honor 50 smartphone. It’s packed with powerful features for creators such as a quad camera setup, six multi-video modes that provide easy-to-use settings to shoot and edit in different scenarios, as well as story templates for different styles of videos. You can can simultaneously shoot and switch between front to rear recording, dual-view recording (front/rear), picture in picture, fast-motion recording, slow-motion recording, and single- to dual-view recording modes. The handset comes with a 4300mAh battery that delivers 10 hours and 36 minutes of internet browsing time, 15 hours and 45 minutes of video playback, with a total endurance of 95 hours. Add in its 6X zoom, and you’ll be inching to start vlogging immediately- no time like the present, after all! #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado by TAMARA CLARKE → Be heard Logitech Yeti / Logitech is giving content creators a boost with its new range of Blue Microphones, which include the Yeti, Yeti X, Yeti Nano, Snowball Ice, and Logitech StreamCam. Yeti is a premium microphone delivering crystal-clear audio with Blue Voice software, which offers a suite of broadcast vocal effects and a library of HD audio samples accessible through Logitech G HUB software. It comes with a desktop microphone stand, and it has easy-to-use controls along the front of the device. Notably, Yeti is a side-address microphone, which accepts sound from a perpendicular angle to the mic, as opposed to a front- address mic, which accepts sound form the end of the microphone. Not only does this help with sound capture, it also goes a long way toward helping you maintain good posture while recording. ← Sound off Bose QuietComfort 45 / Bose QuietComfort 45 headphones come with improved noise cancellation for peace and quiet anywhere, as well as a new AWARE Mode to let the world back in whenever you’re ready. The headphones also feature QUIET Mode whereby microphones inside and outside the earcups combine with a proprietary digital chip to sense, measure, and respond to more unwanted sounds in mid-range frequencies. The device is lightweight and folds flat to store in an included compact carrying case. QC45 gives you up to 24 hours of battery life after two hours of charging- meanwhile, a 15-minute boost will give you three hours of playback. The Bose QuietComfort headphones come in two timeless colors, Triple Black and White Smoke, both with a beautiful matte finish. 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 HONOR | BOSE | LOGITECH Tech/
A new generation of Royal Oak Offshore premieres in 43mm Swiss Haute Horlogerie manufacturer Audemars Piguet is releasing a new Royal Oak Offshore line in 43 mm with 5 models honed from titanium, 18-carat pink gold or stainless steel. Reinterpreting Luxury 54 / ENTREPRENEUR.COM / December 2021 Trappings/
55 December 2021 / ENTREPRENEUR.COM / IMAGES COURTESY AUDEMARS PIGUET NEW ERGONOMIC 43 MM CASE The new 43 mm Royal Oak Offshore in titanium, 18-carat pink gold or stainless steel combines the collection’s strong identity with a more ergonomically refined design. The case presents larger polised chamfers on the edges, while the bezel as well as the screw-locked crown and chronograph push- pieces follow a slight curvature for more visual appeal. To the exception of the all-titanium version, the other four timepieces in the collection feature a ceramic bezel for a powerful two- tone contrast. The glareproofed sapphire crystal curved from 6 to 12 o’clock seamlessly fits the curvature of the bezel and completes the overall design. The Manufacture’s trademark alternation of hand-polished chamfers and satin-brushed finishing adorning the case and bezel furthers the watch’s new aesthetic. LATEST INTEGRATED FLYBACK CHRONOGRAPH The new Royal Oak Offshore 43 mm line introduces the Manufacture’s latest in-house integrated chronograph, Calibre 4401, in the Royal Oak Offshore collection. This selfwinding chronograph movement is equipped with a column wheel and the flyback function that enables to restart the chronograph without stopping or resetting it first. Calibre 4401 also features a vertical clutch system that prevents hands from jumping when the chronograph is started or stopped, as well as a patented zero resetting mechanism ensuring that each one of the counter hands is seamlessly reset to zero. The movement’s dedicated blackened 22-carat pink gold oscillating weight and refined decorations, including “Côtes de Genève,” “traits tirés” and circular graining can be admired through the sapphire caseback. The caseback also reveals components usually hidden from view such as the column wheel and the so-called “dance” of the chronograph hammers. With its selfwinding mechanism, 70 hours of power reserve and water resistance to 100 m, Calibre 4401 perfectly complements the Royal Oak Offshore. } S wiss Haute Horlogerie manufacturer Audemars Piguet is releasing a new Royal Oak Offshore line in 43 mm with 5 models honed from titanium, 18-carat pink gold or stainless steel. The new launch represents the first redesign of the Royal Oak Offshore since the evolution of the 44 mm collection in the early 2000s. While keeping the essence of the Royal Oak Offshore’s original characteristics, the case and dial has been tailored to offer aesthetics and ergonomics. These models also introduce the manufacture’s latest integrated flyback chronograph, Calibre 4401, in the Royal Oak Offshore collection. Last but not least, the new Royal Oak Offshore 43 mm is fitted with the Manufacture’s new interchangeable strap system that enables wearers to change straps easily. 55 December 2021 / ENTREPRENEUR.COM /
56 / ENTREPRENEUR.COM / December 2021 SECURE AND EFFICIENT INTERCHANGEABLE STRAPS The Royal Oak Offshore 43 mm line is fitted with the Manufacture’s new interchangeable strap system. The interchangeability system has been directly integrated into the buckle and case’s studs, in perfect harmony with the case’s aesthetic codes. The ease and efficiency of the new system will allow clients to change the straps and buckles of their new timepiece themselves with a quick click and release. The double-push system also grants optimum security when the watch is worn on the wrist. In addition, the interchangeable rubber straps in black, blue, grey and brown hues adorning the different models, as well as the AP pin buckle, are endowed with a new design. SPORTY DIAL WITH REFINED FINISHES The Royal Oak Offshore’s “Méga Tapisserie” pattern adorning the dial, available in shades of black, grey, light brown and blue, has been newly designed to offer enhanced contrast and high-end finishing. The pyramids composing the stamped Tapisserie have been sharpened and connected to one another with a raised criss-cross pattern that adds depth to the dial. The pyramids’ finishing gives a satin effect in an echo to the case’s bold yet refined aesthetic. Extensive programming and numerous prototypes were necessary to reach the perfect balance of sportiness and elegance. The chronograph counters have also been rearranged to improve legibility: the minute counter now appears at 9 o’clock, while the hour counter is positioned at 3 o’clock. In addition, the date window has been moved closer to the inner bezel between 4 and 5 o’clock. The small seconds counter is, for its part, at 6 o’clock. Furthermore, the watch presents the new Royal Oak Offshore logo adorning all new models across the collection. The applied gold AP initials appear without the long-form signature at 12 o’clock. The dial also features more assertive gold Royal Oak hands adding to the watch’s powerful identity. THE MEGA TAPISSERIE / A ROYAL OAK OFFSHORE TRADEMARK Since it hit the world of fine watches in 1993, the Royal Oak Offshore has offered a platform for innovation, seeing a raft of new materials, case sizes, complications, colours and dial designs. In 1999, the Manufacture introduced a bolder guilloché pattern – the “Grande Tapisserie” – in the Royal Oak collection. Although produced with the same engine- turning process as for the Royal Oak and Royal Oak Offshore’s original “Petite Tapisserie” pattern, the base of the pyramids composing the “Grande Tapisserie” almost doubled in size, granting the watch a bolder look. The “Grande Tapisserie” soon followed in the Royal Oak Offshore 42 mm line. In 2001, the Tapisserie pyramids saw yet another reinterpretation within the Royal Oak Offshore collection with the birth of the “Extra-Grande Tapisserie,” later renamed “Méga Tapisserie.” This time, the more massive pattern is no longer engine-turned, but stamped with powerful presses. This dial design was quickly adopted throughout the collection and became a key feature of the more muscular Royal Oak Offshore in 44 mm, which started to appear in 2010 and has evolved in parallel of the 42 mm line ever since. Today, the “Méga Tapisserie” undergoes a new evolution with the release of the 43 mm size. Its criss- cross Tapisserie pattern nods to the powerful yet sophisticated aesthetic of the newly designed case. 56 / ENTREPRENEUR.COM / December 2021 Trappings/
57 December 2021 / ENTREPRENEUR.COM / ENDLESS VARIETY / STRONGLY OFFSHORE The new 43 mm Royal Oak Offshore collection presents two models combining a stainless steel case with a bezel, push- pieces and a screw-locked crown, all crafted in black ceramics. To reinforce the two-tone aesthetic, the push-piece guards have been crafted in sandblasted stainless steel. The first model plays with the case’s two-tone contrast. It is adorned with a black “Méga Tapisserie” dial enriched with rhodium-toned counters and comes with a black interchangeable rubber strap, as well as a second brown interchangeable calfskin strap. The second stainless steel model presents a smoked light brown “Méga Tapisserie” dial with black chronograph counters and inner bezel, matched with a light brown interchangeable rubber strap. The watch is complemented with a second black interchangeable rubber strap. Both models are enhanced by white gold hour-markers, Royal Oak hands with luminescent coating and applied gold AP initials. LIGHT AND STURDY The Manufacture introduces two titanium models hand- finished with satin-brushing and polished chamfered. They are offered with dials in shade of blue or grey, both complemented with white gold hour-markers, Royal Oak hands with luminescent coating and applied gold AP initials. The first model features an all-titanium case with black ceramic push-pieces and screw-locked crown. The blue “Méga Tapisserie” dial and inner bezel are illuminated by rhodium- toned chronograph counters and matched with a blue interchangeable rubber strap. A second black interchangeable rubber strap is included. The other titanium variant is enriched with a bezel, push- pieces and screw-locked crown in grey ceramics. The grey “Méga Tapisserie” dial is enhanced by blue chronograph counters and a blue inner bezel. The watch is complemented with a grey interchangeable rubber strap and a second blue interchangeable rubber strap. POWERFUL CONTRASTS The last model of the collection brings together an 18-carat pink gold case with a black ceramic bezel, both decorated with satin-brushing and polished chamfers. The contrast extends to the push-pieces and crown. The push-pieces and screw-locked crown are crafted in black ceramics and finished with satin-brushing, while the push-piece guards are in sandblasted 18-carat pink gold. The bezel is matched with a black “Méga Tapisserie” dial adorned with rhodium-toned chronograph counters, whereas the pink gold hour-markers, Royal Oak hands and applied gold AP initials highlight the case’s two-tone design. The watch comes with a black interchangeable rubber strap as well as a black interchangeable alligator strap. Running on a selfwinding Calibre 4401, the Royal Oak Offshore is available with an 18-carat pink gold case, titanium grey case, as well as with a blue, light brown or black dial. Whether you're headed to the board room or to your next adventure, you'll certainly find something in this new collection that's worth taking.
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59 December 2021 / ENTREPRENEUR.COM / Making Change Happen Feeling burnt out? Here’s how you can reclaim your life by ADIB SAMARA HAVE YOU EVER WOKEN UP IN THE MORNING, and the first thought that comes into your mind is how can you avoid going into the office today? Do you call in sick- but what excuse will you use this time around? Or should you just go in late, and say you overslept? As you walk into the office several hours into the day, you embarrassingly say something like, “My alarm didn’t go off,” or that “I had some digestive problems,” and you walk straight to your desk to avoid diving deeper into any awkward conversations. You perhaps then spend the next several hours doing absolutely nothing on your computer, but pretending to read emails that you tell yourself you will action tomorrow, just like that Monday diet routine. You then go for a two-hour lunch break, maybe even say you are having a business lunch, and extend it for as long as you possibly can. Do you even go back to the office? Maybe just for a little longer, before you set up another imaginary meeting outside of the office, and then make your way home early to do nothing, but stay on your couch and watch television aimlessly. And then, hours pass, and before you know, it’s groundhog’s day all over again. }
60 / ENTREPRENEUR.COM / December 2021 ALL OF US HAVE BEEN, at one point in time or the other, emotionally drained, unmotivated, or completely burnt out at work. And it’s ok- it’s a natural response as human beings, and one that we all go through. It does not make us unprofes sional, angsty, or even weak. After all, we have emotions, and it’s natural that they impact our lives, either at home or at work. But the important thing to remember is that we shouldn’t let them simmer for too long- instead, we should make it a point to quickly understand the source of the issue. Is it a result of too much pressure at work? Maybe you’re just exhausted? Boredom, perhaps? A situation at home, or in your love life? Or maybe it’s simply not the right job for you? Whatever the underlying reason is, if you ever have a day like the one I outlined above, then you need to sound the alarm. Something needs to change, and that’s either your mindset, or your career. I HAVE HAD AN INCREDIBLE 18 MONTHS, to say the least. I lost my mother to cancer, my grandmother to old age, a friend to COVID-19, and a country I love to violence and corruption. And if that weren’t enough, the emotional trauma of being locked up at home for months during lockdown didn’t help either. Given all that that has happened, heading to work should probably be the last thing on my mind- but today, I wake up every morning energetic and ready for what’s to come my way. Indeed, I look forward to getting up early and conquering the day. I have a sense of clarity. I know I am where I need to be right now. WAS IT ALWAYS LIKE THIS? No, not at all! In fact, there were many days where I wasn’t able to get out of bed- maybe too many. And it isn’t just me- over the past few months, I have spoken to many friends who are experiencing burnouts at work, and have thus either decided to quit their jobs, take long vacations and sabbaticals, or just choose to operate on autopilot. So, how did I manage to turn things around for myself? Well, I’ve realized now that there are four things I did that have allowed me to ultimately change my life for the better: I got a dog, I found my way to the gym, I learned to focus inwards, and I also evolved my perspective on life. Let me explain each of these points in detail. }A dog is indeed man’s best friend There is something that changes your life instantly when another life is dependent on you. For many parents out there, it is their children that give them this ultimate sense of responsibil ity, and fulfilment. For me, it was getting a puppy. I had never grown up with a dog, and I didn’t know what I was getting myself into that day I brought her home. Yes, there are learning curves, and taking care of something as fragile as a life is intimi dating at first. Knowing that she won’t eat if I don’t put food out for her is a frightening thought, and so was the initial idea of having to potty-train her! But the joy you bring her by your very presence, and the unconditional love whenever you get home is a blessing that got me waking up early to walk her, and making sure I come back home from work on time to feed her. It made me more grounded, and it also gave me a lot more time to myself, because I wanted to be at home more. Waking up earlier meant I could have the whole morning to myself, not just to get ready for the day, but to focus on what I needed to accomplish. }A healthy body is a healthy mind Now that I had more time in the morning, I had more time to work on myself. Instead of sitting idle at home, I started going to the gym. At first it felt like a challenge, but soon after, I became excited for it. I lost weight that I’ve been trying to lose for a while, and it made me feel stronger and infused with renewed energy. And that energy carried me forward the rest of my day. This meant that I was more focused in the office, more productive, more positive, and ultimately, happier as well. Working out releases endorphins, the mood regulator chemical that triggers positive feelings in the body, and that has caused a clear shift in my attitude toward each day. Prior to going to the gym, I remember entering the office almost zombie-like, but now, I found myself coming in with a deep-set motivation to get things done. When you feel pumped (literally), it is hard to be down, and by some natural progres sion, you look at your day-to-day situations immediately with a more positive outlook. ‘T/Pro I TOOK IT A STEP FURTHER AND SPENT TIME WITH THE MASAI BETWEEN THE FOOTHILLS OF MOUNT KILIMANJARO AND MOUNT MERU, WHERE I LEARNED OF THEIR CULTURE SAND TOOK PART IN HEALING CEREMONIES.
61 December 2021 / ENTREPRENEUR.COM / }Practice mindfulness: life is in the moment As part of my transformation, I began to realize that I was in more control of my life than I had led myself to believe. With a new positive outlook, I could see things clearer, and I knew I needed a reset or a reboot. In addition to my physical transformation, I needed to clear my spirit, and the emotions that had been clouding my judgement and behavior. I began with introducing yoga and breathwork into my life, and I was surprised by the immedi ate impact. I went to sound emersions, bong meditations, water baths, and several reiki sessions. I took it a step further and spent time with the Masai between the foothills of Mount Kiliman jaro and Mount Meru, where I learned of their culture sand took part in healing ceremo nies. Similarly, within the Sacred Valley of Peru, I learned of the Quechuan culture and other rituals used among various indigenous groups of the upper Amazon. I thus began to see the impact of mindfulness meditation transform not only how I viewed myself, but, more importantly, how I under stood myself in the context of my environment. We spend so much time and energy learning about everything else, but rarely do we focus that same time and energy into learning about ourselves, and discovering what really drives us, motivates us, and fills us with love and joy. To really know oneself is to truly find happiness. We search it for everywhere else, but it only exists within, when we find peace within ourselves. Knowing that changes how you view your life, and what happens in it. }Everything in life happens for you, not to you When you are in more control of your mind and your spirit, you are able to view life with a new light. You understand your circumstances and how you influence your environment better. You no longer play the victim when bad things arise that are out of your control, such as the passing of a loved one. In fact, you begin to ask new questions. It’s no longer “Why do these things always happen to me?” or “Why do I hate my job?” or even “Why can’t I be more successful?” In fact, it is no longer asking why, but asking what or how. The questions thus change to “What can I learn about myself from such a situation?” or “How do I respond better to what’s happened?” or “What can I do to change my circumstances?” You begin to see every situation in life as an opportunity. You are no longer dwelling on the past or fixated on the future, but are now focused on the present. If you are at work and feel under challenged, try to understand the why, so you can create the what or how. Take that as an opportunity to find a new challenge or responsibility. If you feel like your boss doesn’t respect your word, take it as an opportunity to try a different approach to speak to him. You have to understand that you cannot change people or their behaviors, you can only change how to react to them, or how you perceive their reactions. Instead of getting frustrated that you aren’t getting your way, get motivated in trying to find a new path. Turn it into a game, and enjoy the process. Take every situation as an opportu nity to learn something new about yourself, so that you can grow and better yourself. When you start thinking like that, you will never have a bad day in the office every again. You will only have clarity. And with that clarity, you will know if you are in the right place or not, or if you are at a place where you need to be, in order to get to where you want to go. If you are feeling lethargic, depressed, unmotivated, or emotional, you are not in the best position to make any decisions. If you are burnt out at work, it may not necessarily be because of work. You may need to just take a small step back, perhaps even a weekend off, maybe a vacation, or whatever is required for you to reset. Then, go and find something that provides you an ultimate sense of responsi bility, get your body healthy, and your mind strong, so that you that you feel better, and with that, get the clarity you need to make the choices you want. Or is it the clarity you want to make the choices you need? Either way, you aren’t alone. Just keep calm and move on. You got this. Adib Samara is currently Vice President - Global Brand and Marketing at Sweetheart Kitchen. Prior to that, he was at the Director of Business Development at Careem, a UAE-based startup that sold to Uber for US$3.1 billion, where he led partnerships for the brand. He was previously the Head of Business Development at Laundrybox, another UAE-based startup, as well as Salmontini, where he established, structured, and implemented the sales and distribution strategies for the brand. He is also on the advisory board of The Box, and he had a stint as a Sales Advisor for SugarMoo Desserts. Prior to that, Adib spent his career with Nestlé, where he gained solid exposure to various regional assignments in different senior capacities, including sales development manage ment for the Nescafé brand. Adib has a BA in Political Science and a Master’s in International Law. byswhk.com ↑ ADIB SAMARA, Vice President - Global Brand and Marketing at Sweetheart Kitchen
62 / ENTREPRENEUR.COM / December 2021 I believe that most of these consumer behavioural changes will remain with us even when the pandemic is a thing of the past, and hence, startups will evermore need to think about their presence and traction online. They have access to different channels to reach and serve their potential customers online: business websites/ portals, online aggregator platforms, social media, mobile and super apps, among others. Super apps are almost every where these days: WeChat, AliPay, and Meituan in China; Grab, GoTo, and Sea in Southeast Asia; Paytm in India; Careem, Snapp, and Noon in MENA; and Mercado Libre and Rappi in LatAm, among others. A super app offers several services and use cases of interest to its target customers in a single application. This one-stop-shop philosophy implies that customers would only need to install one app, sign up once, add their credentials a single time, and then enjoy multiple applica tions at their fingertips right away, all-in-one. While super apps came to birth to bring convenience and value-for- money to their customers, they may be seen as potential threats to early-stage businesses and online startups. Over time, super apps continue consolidat ing demand, while expanding their service portfolio. On the other hand, they should be able to bring down unit costs, and pass on part of that to custom ers in the form of lower prices. More services and lower prices, complemented with enhanced experience and convenience for customers may be understood as leaving less room for online micro, small, and medium enterprises (MSMEs) and early-stage startups to scale and thrive. ENABLERS OF SUCCESS Super apps aren’t the threat that startups might imagine them to be- in fact, they may actually be able to fuel their emergence and growth by DR. FARDAD ZAND S ince the COVID-19 pandemic hit the world in 2020, many things have changed in the way we live, work, and do business. One stark change concerns the importance of the online space to represent your business and offer your services and products. If being present and selling actively online was simply a choice or a nice-to-have thing for many businesses prior to the pandemic, it has become a critical must- have now. Online sales are taking a larger share of business sales across many industries (the so-called offline-to-online or O2O transition), and without a strong online presence, these businesses would have serious problems to compete and survive post-pandemic. IMAGES COURTESY DUBAI CHAMBER Ecosystem / ‘T
63 December 2021 / ENTREPRENEUR.COM / However, that’s not true; in contrast, I strongly believe that super apps can indeed fuel the emergence and growth of online startups, especially at times such as now that we are coming out of a large-scale pandemic gradually. Let’s start with a stark example. WeChat launched its mini-programs in 2017. These are third-party applications that are developed and run on top of the WeChat platform and provide a wide variety of services and advanced features to its native customers. In just three years, the number of mini-pro grams on the platform grew 5.5x, while in the same period, the volume of transactions on these applications has doubled almost every year, to a point that these mini-programs already attract over 800 million monthly and 400 million daily active users in 2020. I strongly believe that such quantum- leap growth for these apps would have not been feasible without the underlying foundation of WeChat. Let’s see why. 1/ SUBSIDIZING CUSTOMER ACQUISITION COST (CAC) Customer acquisition is probably the priority number one for any internet startup, being B2C or B2B; yet, CAC figures exhibit an upward trend across most industry verticals, meaning it is getting increasingly expensive to acquire new customers in most industries. There are several salient factors contributing to this upward trend, but (hyper) competition in most industries, on top of the multiplicity of channels (online, social, mobile, offline, hyperlocal) through which customers are getting approached and bombarded with ads and campaigns, are surely important contributors to this. With many businesses rushing online throughout the pandemic, the upward pressure on online customer acquisi tion costs will only intensify. } MORE SERVICES AND LOWER PRICES, COMPLEMENTED WITH ENHANCED EXPERIENCE AND CONVENIENCE FOR CUSTOMERS MAY BE UNDERSTOOD AS LEAVING LESS ROOM FOR ONLINE MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) AND EARLY-STAGE STARTUPS TO SCALE AND THRIVE. SOURCE: 2019 SUBSCRIPTION CUSTOMER ACQUISITION COST (CAC) STUDY
64 / ENTREPRENEUR.COM / December 2021 Here, super apps can help new players with their prime magic. They have spent quite some time and millions of dollars to build a healthy and sticky customer pool, and once they open their platform to the broader ecosys tem, all of the third-party tenants get access to their user base overnight, and benefit from the massive network effects they have created- way much faster and cheaper than what they could do/have done alone on their own. This is an indispens able asset for any startup that can boost its scale-up journey massively. 2/ BUILDING FOUNDATIONS If demand generation is critical for early-stage businesses, building a solid, scalable foundation and backend operations is probably not of less importance. Building tech and ops with decent quality and reliability, especially at scale, is neither cheap nor quick in many parts of the world, and particularly so in less mature environments. When expansion to multiple geographies is added to this equation, the situation becomes even more cumbersome for startups, as they need to build teams across different markets, deal/integrate with several local service providers, and comply with multiple regulatory regimes. Share of e-commerce in total retail sales, United Kingdom and United States (2018-2020) Source: Kearney analysis Source: OECD’s elaboration based on data from the US CensusBureau, the Office for National Statistics in the United Kingdom and Eurostat Ecosystem / ‘T
65 December 2021 / ENTREPRENEUR.COM / Super apps have already gone through this tedious journey at scale, and can offer many of these building blocks such as payment, delivery, care, location, analytics, and identity in the form of platform-as-a-service (PaaS) microservices to startups. This would allow startups to focus their team- building, product development, and on-ground operations on their core business (something that they are supposed to be good at), and leave the most of remaining building blocks to their hosting super apps (while benefiting from the economies-of- scale they have captured). This can also accelerate time-to-market (TTM) for these startups, especially when launching in an absurdly new territory. 3/ ENHANCING VISIBILITY It takes a big marketing budget for startups to create sufficient visibility and awareness about their offerings, and to build trust with their target audience. It is even more challenging and costly for them to build a strong brand and reputation that lasts for decades. Partnering with established super apps is a great way for startups to get ahead of their competition and prove that they have already attained the stamp of approval from these giants. This can also improve custom ers’ confidence in these new players and their comfort with sharing their data and credentials with them early on, as the smaller players working with or running on top of the super apps are believed to follow their strict security, privacy, integrity and compliance requirements. Super apps can also create healthy competition in the startup ecosystem in their dominant markets by separating the wheat from the chaff, and picking up the best-of-breed startups that they want to host or part ner with. In return, they help these startups with demand generation, infrastructure scaling-up, and brand building in ways the startups cannot think of or are not capable of. This way, the emergence of super apps in most markets represents a great opportunity for startups to focus on their core competencies, and build long-lasting businesses for generations to come, while they can still choose to operate standalone and run their own channels in parallel as well. In short, super apps can be the ultimate multi-purpose tool, the Swiss army knife in business for emerging startups, all the while turning threats into opportunities for them to boost their offline-to-online transition, post-pandemic and beyond. Dr. Fardad Zand is the Head of Strategy and Super App Incubator at Careem, the everyday super app for the greater Middle East region. A pioneer of the region’s ride-hailing economy, Careem provides a host of daily services that people need to move around, order things, and transfer money in one unified smartphone app. Established in July 2012, Careem operates in over 100 cities across 13 countries, and has created two million income-generating opportunities in the region. Careem became a wholly- owned subsidiary of Uber Technolo gies, Inc. in January 2020. careem.com PARTNERING WITH ESTABLISHED SUPER APPS IS A GREAT WAY FOR STARTUPS TO GET AHEAD OF THEIR COMPETITION AND PROVE THAT THEY HAVE ALREADY ATTAINED THE STAMP OF APPROVAL FROM THESE GIANTS. → DR. FARDAD ZAND, Head of Strategy and Super App Incubator at Careem IMAGES COURTESY DUBAI CHAMBER
66 / ENTREPRENEUR.COM / December 2021 }Could you start by giving us an introduction to The Red Sea Project and its mandate? The Red Sea Project is the world’s most ambitious regenerative tourism project, based on the west coast of Saudi Arabia. Once complete, it will comprise of 50 resorts across 28,000 sq. km. along Saudi Arabia’s pristine coast. The stunning location includes an archipelago of more than 90 islands, one of the few thriving coral reefs in the world, and around 50 dormant volcanic cones. Alongside this, the project area incorporates a diverse ecosystem, with an abundance of flora and fauna. Regenerative tourism is at the heart of The Red Sea Project, with a recognition that nature is the destination’s greatest asset, and it must be developed to protect and enhance the stunning and unique natural beauty around it. The Red Sea Project will set new standards in sustain able development, pioneering a new relationship between luxury tourism and the natural environment. The destination forms an important part of Saudi Arabia’s Vision 2030, an ambition to open the Kingdom to the world, and diversify the country’s economy away from oil dependency. Tourism is one of the key sectors to reaching Vision 2030 goals, and at TRSDC, we have been tasked with leading the way in building a tourism industry that has previously not existed on this scale in the country. The Red Sea Project will showcase the Kingdom’s natural beauty, as well as regenerate the local area and provide economic, social, and environment benefits for generations to come. Offering a diverse array of seamless personalized experiences, The Red Sea Project will encourage visitors to explore the wonders and rich cultural heritage of Saudi Arabia’s Red Sea Coast according to three key commitments: offer access to some of Saudi Arabia’s most important cultural treasures; protect, preserve and enhance the local environment; and set a new standard in sustainable develop ment. }As CFO of one of the largest projects in Saudi Arabia, what can you tell us about your role in supporting The Red Sea Project’s objectives? I have been CFO of The Red Sea Development Company for the past four years. Prior to this role, I worked alongside the CEO John Pagno at another large development in the Bahamas. We have a strong working relationship, and it’s been fantastic to work with him on another large-scale project. My role at The Red Sea Project is unique, relatative to conventional CFO mandates, given my broad background and experience in hospitality and real estate. Aside from driving long-term strategic value by planning, implement ing, managing, and controlling all financial and investment related activities of the company, I also oversee business planning, feasibility, investments, capital markets, strategic partnersihps, investor STRATEGY BITES Insights and inspiration from some of Saudi Arabia’s most notable business execs by RAFFAELLA CAMPAGNOLI S trategy Bites is a series of interviews that LIRA Strategy Partners founder and Managing Director Raffaella Campagnoli is conducting with some of Saudi Arabia’s most notable business executives for Entrepreneur.com. In this edition, she talks to Jay Rosen, CFO, The Red Sea Development Company (TRSDC). Ecosystem ‘T/ ↑ JAY ROSEN, CFO, The Red Sea Development Company (TRSDC).
67 December 2021 / ENTREPRENEUR.COM / relations, accounting, finance, insur ance, and asset management. One of the greatest achievements has been closing a SAR14.120 billion (US$3.76 billion) green loan facility with four Saudi banks. Banque Saudi Fransi, Riyad Bank, Saudi British Bank, and Saudi National Bank acted as mandated lead arrangers. HSBC served as the green loan coordinator on the transaction. The green financing accreditation was awarded due to TRSDC’s market leading approach to social and environmental sustainability and the Red Sea Project’s international recognition as a green project. The financing is the first riyal-denominated credit facility to receive green financing accreditation. This financing adds another level of credibility for our project, as we now have a fully committed capital structure for the delivery of Phase One, and it further demonstrates our ambition to deliver on our environmental, social and governance commitments. }How is development proceeding on the masterplan- did you face any delays as a result of the COVID-19 crisis? We have an exciting year ahead at TRSDC as our focus shifts from design to delivery, and we continue to move forward with our plans to welcome the first guests by the end of 2022. The first few hotels will be completed by the end of 2022 along with our dedicated international airport, with the remainder of Phase One completing by the end of 2023. Phase One of the project will offer 16 hotels and 3,000 rooms across five islands and two inland resorts, as well as commercial, retail and leisure facilities and other infrastructure. We have now completed the horizontal infrastructure enablement of the development including roads, utilities and marine infrastructure, which includes the construction of a 3.3km crossing to Shaura Island, the main hub island. Development has also begun at the Coastal Village, which will be home to around 14,000 people who will work at the destination. Despite the COVID-19 pandemic posing a very real threat to our business, we have made significant progress on the ground. More than 10,000 workers are now onsite, and we have awarded over 600 contracts to date, worth over SAR18 billion ($4.7 billion). We have been able to maintain our workforce onsite safely, which has allowed construction to remain on target. To ensure that everyone had enough space to social distance, we moved a proportion of workers to temporary accommodation outside of our construction village, including four local schools. Many key contracts have been awarded this year, including a substantial contract for the airside infrastructure works to an all-Saudi joint venture ahead of the airport opening in 2022. We also awarded our highest-value contract to date to a consortium led by ACWA Power to design, build, operate, and transfer } WE HAVE AN EXCITING YEAR AHEAD AT TRSDC AS OUR FOCUS SHIFTS FROM DESIGN TO DELIVERY, AND WE CONTINUE TO MOVE FORWARD WITH OUR PLANS TO WELCOME THE FIRST GUESTS BY THE END OF 2022.
68 / ENTREPRENEUR.COM / December 2021 The Red Sea Project’s utilities infrastructure. The contract will cover the design, construction, and operation of the systems providing utilities. Such monumental contracts demonstrate that we’ve still been able to operate normally, despite the turbulence of last year. }What impresses you the most, personally, about the development of The Red Sea Project? What most impresses me about The Red Sea Project is the pristine, stunning, natural surroundings. I was blown away by its beauty the minute I stepped foot at the destina tion. Our unwavering commitment to our funda mental sustainability values means that we haven’t cut any corners when developing the destination, and protecting the natural environment informs every decision we make. An example of this is the marine spatial planning exercise we conducted before finalizing the master plan. In partnership with King Abdullah University of Science and Technology (KAUST), we undertook the largest marine spatial planning simulation ever done. Following the simula tion, we decided that only 22 islands would be developed, leaving 75% of the islands untouched, equivalent to only 1% of the entire destination. Nine islands will be desig nated as special conservation zones to protect the species that live and thrive there. As part of the overarching plan for the destination based on the simulation, we are targeting a 30% net conser vation benefit by 2040m which is being achieved by enhancing biologically diverse habitats like coral, man groves, sea grass, and land vegetation. }Saudi Arabia has opened its borders to tourism now. What message would you send to people who have never visited the country? What most impressed me when I first visited Saudi Arabia was the immense sense of hospitality infused in the Saudi culture. There really is no where else in the world quite like it. The cultural heritage of the region is rich and diverse, and the people welcome you with open arms. The area where The Red Sea Project is being devel oped is notable for its position on the pilgrimage route from Egypt to the Holy Cities of Makkah and Madinah, with visitors able to walk in the footsteps of the ancient traders, and explore the relics left behind. Additionally, we were granted permission to supervise the excavation of a shipwreck within The Red Sea Project area. It’s the largest and most well-preserved wooden shipwreck anywhere in the entire Red Sea, and it highlights a fascinating but little-known part of Saudi maritime history, with the wreck occurring between approximately 1725-1750. There really is so much to see and do, from significant ancient heritage sites that are completely unique to the region, to exploring vast mountain ranges and swimming in crystal clear waters– I’m excited to see the tourism industry boom here, as more people come to explore its wonders. Raffaella Campagnoli is the founder and Managing Director of LIRA Strategy Partners. With over 20 years of experience in strategy consulting in international firms, she was formerly the Managing Director at Accenture Strategy Middle East and Turkey for nine years. Raffaella left Accenture after 13 years at the company, during which she led transformation programs in multiple regions (Europe, US, Turkey, Singapore, Middle East), specialized in strategic planning, operating model transformation, zero based budgeting, digital transformation and innovation, ecosystem strategy. Raffaella has been leading impactful transformations in industries like travel and hospitality, fashion, consumer products goods, and retail, thereby developing a trusted network of partners and experienced professionals. lira.partners WHAT MOST IMPRESSES ME ABOUT THE RED SEA PROJECT IS THE PRISTINE, STUNNING, NATURAL SURROUNDINGS. Ecosystem ‘T/
71 December 2021 / ENTREPRENEUR.COM / Stronger Together GCC-based doctor booking platform Meddy gets acquired by Nigeria-based healthtech startup Helium Health by PAMELLA DE LEON → MEDDY was founded by Haris Aghadi & Abdulla Alkhenji in 2015 and is a Silicon Valley 500 Startups portfolio company. M eddy, a doctor booking platform based in Qatar and the UAE, has been acquired by Nigeria-based healthtech startup Helium Health for an undisclosed amount. Launched in 2015, Meddy has served more than 150 private clients in the UAE and Qatar, and facilitated over 200,000 doctor appointments, while enabling healthcare providers to generate approximately US$130 million in billings. It had also raised $1.8 million in a Series A round, with participation from 212 Capital, Qatar Science & Technology Park, Kasamar Holdings, healthtech angel investor Dharmendra Ghai, Innoway and others. }
72 / ENTREPRENEUR.COM / December 2021 } The acquisition is part of Helium Health’s expansion plan. Founded by Adegoke Olubusi, Dimeji Sofowora, and Tito Ovia in 2016, the healthtech startup provides a suite of services for its healthcare clients, including an electronic medical records solution, a billing and payment solution, and a collateral-free loan product. With a presence in six African countries, the startup helps over 5,000 health professionals, and serves around 165,000 patients monthly. } With the transaction, Helium Health will deploy its technology and healthcare financial solutions across the GCC region. In addition, Meddy’s co-founder and CEO Haris Aghadi, as well as COO Abed Alkarim Khattab, will join Helium Health’s leadership, and play crucial roles in Helium Health’s execution of its GCC strategy and operations. Meddy will also now be known as Helium Doc. } The acquisition has been noted to be especially significant, given that partner ships between West African startups and Middle Eastern startups in the tech ecosystem are relatively uncommon. In a report by TechCrunch, Adegoke Olubusi, CEO of Helium Health, noted how the two startups shared similarities in operations, technology execution, culture and market price points, making it easy for both companies to close the deal in less than four months. “Beyond the actual product and market opportunity, what made this possible was really the composition of the team, how well they executed, [and] the fact that they share a DNA and culture that’s very similar to ours,” Olubusi said in the article. Meanwhile, Aghadi believes that Helium Health’s offering presents an opportunity for some of Meddy’s customers who have faced issues with electronic medical records (EMR). “We were always looking for ways to enhance our product line to provide solutions to solve those problems faced by healthcare providers,” he says. “By combining forces, we will be able to do that… With this acquisition, Meddy will combine its B2C and marketing solutions product line with Helium Health’s clinical solutions- making it the one-stop place for providers to get digital solutions.” } After joining forces, the two entities will now be combining Meddy’s market ing solutions with Helium’s clinical solutions to offer a comprehensive product suite and support healthcare providers in the Middle East and Africa. “We aim for our products to potentially touch the lives of hundreds of millions of people in GCC, Africa, and the greater MENA region,” Aghadi concludes. “This will scale up our impact by a factor of 20-30 times.” ↑ THE BARAKA TEAM IS ON A MISSION to educate, enable and empower first-time investors and those who want to take full control of their portfolio. IMAGES COURTESY MEDDY S/Ecosystem WITH THIS ACQUISITION, MEDDY WILL COMBINE ITS B2C AND MARKETING SOLUTIONS PRODUCT LINE WITH HELIUM HEALTH’S CLINICAL SOLUTIONS- MAKING IT THE ONE-STOP PLACE FOR PROVIDERS TO GET DIGITAL SOLUTIONS. → HARIS AGHADI, CEO and co-founder, Meddy
73 December 2021 / ENTREPRENEUR.COM / U S-based property technology enterprise Propy has partnered with Emirati businessman Saood Al Ghurair, Vice Chairman and Chief Executive Officer of Masafi LLC, NED Properties LLC, Plan B Investments, and Massar Investments, to create Propy MENA, which, based out of Dubai, looks set to become the region’s first blockchain-powered real estate solution. Built with the vision to enable automat ed and self-driven real estate transac tions with smart contracts, Propy is an end-to-end real estate transaction management platform that facilitates real estate transactions online. The company is known for being one of the world’s leading real estate industry innovators in transaction automation using blockchain technology, having successfully minted and auctioned the first real estate non-fungible token (NFT). The Propy NFT Marketplace is based on smart contracts that accept both fiat and crypto payments. A critical facet of the platform is its provision of know your customer (KYC) and anti-money- laundering (AML) protocols for each bidder (as well as the winner) in an auction so as to avoid any violation of legal frameworks. While Propy MENA’s launch is subject to proposed changes in regulations approved by the Dubai Land Department, the amendments are expected to allow the company to use its technology for land and title transfers in Dubai. Besides Al Ghurair, Propy MENA will be represented in the region by Diego Maldonado, who has over 15 years of experience working with international real estate brands such as Savills, Christie’s, Sotheby’s, Engel & Völkers, and many others. Having seen firsthand the complexities and challenges faced by his clients when working on real estate deals is what led Maldonado to partner with and become an ambassador for Propy. Meanwhile, Al Ghurair, who has always held a keen interest in technology in terms of recognizing how unique solutions drive efficiencies within his companies, believes that his partner ship with Propy will be a significant disruptor in the property market. “Technology has developed at a rate that has outpaced the implementation of suitable laws and regulations,” he said. “We are leading this change using the newest blockchain technology, which enable the UAE to compete with overseas markets.” US-BASED PROPERTY TECHNOLOGY COMPANY PROPY ENTERS INTO A JOINT PARTNERSHIP WITH SAOOD AL GHURAIR TO CREATE PROPY MENA Joining Forces “WE ARE LEADING THIS CHANGE USING THE NEWEST BLOCKCHAIN TECHNOLOGY, WHICH ENABLE THE UAE TO COMPETE WITH OVERSEAS MARKETS.” ↑ SAOOD AL GHURAIR, Vice Chairman and Chief Executive Officer of Masafi LLC, NED Properties LLC, Plan B Investments, and Massar Investments ↑ DIEGO MALDONADO In The Loop/
74 / ENTREPRENEUR.COM / December 2021 Realty, Redefined S/Q&A Tech startup hapondo aims to revamp the way people in Qatar search for a new home by PAMELLA DE LEON A s anyone can account, finding a new home can be a long and stressful ordeal. It’s an issue that Abdulla Al-Fadhala, Ahmad Al-Khanji, Haajerah Khan, and Abdulaziz Al-Yazeedi were casually discussing at a dinner too- from the time-consuming process of looking through unrealistic, low-quality photos, to dealing with unknown rental properties costs, finding a new home in Qatar wasn’t easy. This became the premise as the friends-turned-co-founders sought to build hapondo, a homegrown real estate marketplace that helps connect tenants and property buyers with real estate companies in Qatar. With a mission to “make hapondo’s users happy” as its central focus, the team asked themselves, “If we were looking to rent or buy a property in Qatar, what will make the process easier?”
75 December 2021 / ENTREPRENEUR.COM / }As part of the team’s market discovery and visibility study, they talked to potential clients to find out if there was indeed a need for a property portal. Their results proved their hypothesis- Al-Fadhala states, “We found there was no homegrown property portal in Qatar, and if there was something related to real estate, it will be part of a wider classified website that had a property section in it.” He continues, “Real estate companies were excited about the idea of having a homegrown portal, it will give them more flexibility to where and when they will advertise their properties online.” The team got to work by taking a lean startup approach and develop a product that works and serves their clients of real estate companies, as well as users. Of course, they had their own bouts of hurdles too. The biggest challenge, according to Al-Fadhala was being a young team of entrepreneurs and convincing players in the real estate industry about the true potential of the product. “At the start, many people thought that we might be running for a few months and then disappear, but our consistency has definitely helped us,” he says. Being a homegrown venture in Qatar helped, with Al-Fadhala noting that they found that many people in Qatar were keen to use and support local products and services. In addition, in December 2019, the team joined as part of the incubator program of the Qatar Science and Technology Park, a member of Qatar Foundation. The program helped the team with their establishment, business facilitation, and provided access to free offices, services, support, training and access to a network of mentors. Plus, Al-Fadhal says, “If we wanted to enhance our product, we can have access to the product development fund (which can cover 50% of our costs), and tech venture funds.” With a vision to become the leading property rental platform in the region, hapondo’s website went live in March 2020. The portal was niche and listed only rental properties in Qatar. It has since evoked a positive response from online home seekers and real estate brokers alike. The team offered free trials for the first three months to gather as much feedback as possible to improve the product. “We were very flattered by the support, and how much real estate companies loved our product– we had over 10 companies sign up to our services in the middle of a pandemic,” says Al-Fadhala. “This was another strong sign for us that we had a valid business concept.” Besides its niche offering, the team makes it a point to ensure the platform is one that stands out from other players in the ecosystem. Their first objective was to let real estate companies know that the quality of images is a selling point. “We have seen on other property portals that real estate companies were putting their logos as watermarks and on the middle of each property picture,” says Al-Fadhala. “Therefore, we pointed out that if your property has no watermark, then it can rank higher on the search result page. Many of the real estate companies were excited about this concept, which made it our first unique selling point.” The team recently launched its second major development phase, which involves being able to provide all marketing needs for real estate companies. }Another exciting addition to the prop erty portal is its new negotiation feature, which, according to Al-Fadha la, is a first to be launched in any portal in the MENA region. Users can look for a property and negotiate directly on the portal and place their bids. The real estate company will then receive the bid, and decide if they want to accept it or not. “If the real estate company does not accept it, then they would have gathered information about the clients prior to contacting them, such as property type, location, or price, and can propose an alternative similar property,” he explains. “It’s a win-win situation, and by this, we have remained putting our users as our main focus.” Running on a subscription base model, Al-Fadhala explains that real estate companies can list a certain number of properties on the portal, and will then pay a monthly fee. In terms of growth, though the startup is still fully funded by the co-founders, it has grown its customer base and served over 50 real estate companies in Qatar. With only a team of five members, hapondo has over 80,000 monthly visits and ranks among the top 100 websites in Qatar. In addition, the team has gained a lot of attraction from potential investors too, though Al-Fadhal notes, “We are still studying the opportunities before jumping into anything.” To aspiring young entrepreneurs such as themselves, Al-Fadhal advises the importance of putting together a well-balanced team and building a product catered to the market. Describing the startup journey as challenging and definitely not easy, he states, “Use the lean startup approach and create a minimum viable product. If you find your first 10 customers who are willing to pay for your product, then go ahead and scale.” He ends with a reminder not to be afraid of failure: “There will be a lot of people who will tell you that your product will fail, they might be true, but don’t give up too soon,” Al-Fadhal con cludes. “If it does fail, then you will have gained so much experience from the journey, and believe me, no full-time job will ever give you that experience.” WE WERE VERY FLATTERED BY THE SUPPORT, AND HOW MUCH REAL ESTATE COMPANIES LOVED OUR PRODUCT– WE HAD OVER 10 COMPANIES SIGN UP TO OUR SERVICES IN THE MIDDLE OF A PANDEMIC. ← HAPONDO CO-FOUNDERS Ahmad Al-Khanji, Abdulaziz Al-Yazeedi, Haajerah Khan and Abdulla Al-Fadhala
76 / ENTREPRENEUR.COM / December 2021 Krispr/krisprfarms.com/ S/Q&A A roundup of the up-and-coming startups you should be keeping an eye on by AALIA MEHREEN AHMED IN FOCUS F or those of us living in the Middle East, access to fresh, locally produced ingredients is limited, which is why many opt for the next best option: imported ingredients and frozen foods. But did you know that a considerable percentage of nutritional value is actually lost in the imported produce that you find in your local grocery outlets? According to a research by the United Nations Food and Agriculture Organization, different nutrients in the various types of imported food produce deteriorate at different rates. Now, for a coun try like the UAE, which imports 85% of its food products, this could pose grave food security issues in the long run. “Food security is being impacted by three key factors: climate change and water scarcity, issues with traditional agriculture such as soil degradation, agricul tural runoff and pesticide-use, and a large expected future global population of 9.5 billion humans,” explains Khadija Hasan, founder and CEO of Dubai-based indoor farming startup KRISPR. And Hasan’s analysis of the situation reflects what many studies continue to show: imported foods are not the solution. “Imports try to address some of these issues, but produce is often harvested early to withstand extended supply chains and ripened by force,” she explains. “It can therefore be lower in nutritional quality and flavor.” ↓ KHADIJA HASAN, founder and CEO, Krispr IMAGE COURTESY KRISPR
77 December 2021 / ENTREPRENEUR.COM / } To tackle this persisting and pressing problem, Hasan came up with a simple yet effective idea: turning warehous es into indoor farming areas using technology and artificial intelligence (AI). The idea eventually came to fruition, with her enterprise, Krispr, launching in March 2021. “We are developing a way to decouple agriculture from climate, soil, and other factors that have traditionally chained farming,” Hasan adds. “The thesis that one could convert a ware house into farmland by deploying hardware and software was what initially inspired me to explore this field further.” While the startup is still refining its operational pilot located at the Dubai Investment Park, Hasan’s claims of what she and her team have set out to achieve are promis ing. “On the product side of our business model, our unique selling point is that our produce is hyper-local, pesticide- free, has great taste and is nutritious, grown sustainably using less than 80% water with minimal food miles, and available all year round,” she explains. “But from a technol ogy perspective, the ability to farm anywhere and in all seasons, in or near cities, and by using less land, less water, and no pesticides is our biggest differentiating factor.” } KRISPR’s business model is particularly impressive when you take into account that it aligns quite neatly with some of the prominent food security policies in the UAE. Take, for example, the goal of the National Food Security Strategy 2051. As per this, the UAE “aims to achieve zero hunger by ensuring access to safe, nutritious and sufficient food, all year round,” by specifically aiming to adopt agricultural methods that increase productivity and production. But even as KRISPR continues to avail the many advantages of technological advancements, Hasan remains wary that at the heart of all this innovation is the very visceral human connection that is formed through producing food. “On the growing side, innovation and continuous improvement play a key role in everything we do,” she says. “But at the end of the day, though, food is all about human connection.” } With the startup currently in its pre-seed stage, Hasan also sheds light on another human touchpoint pivotal to scaling operations: hiring the right talent. “Our sector is quite new, and the most challenging part for us is to be able to attract the right talent, and the right investment partners,” she adds. “Dubai is a great place to live, and that certainly helps in conversations with potential hires.” That would also explain why Hasan was so keen on KRISPR becoming a part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program in the Emirate. “As a young company, it’s important for us to maintain perspec tive while brainstorming and troubleshooting our problems with others who have walked a similar path,” Hasan says. “The accelerator allows that exchange of ideas, and there are also numerous opportunities for mentorship with subject matter experts.” And given the UAE’s drive to build a sustainable food chain system, KRISPR looks set to positively contribute to this ecosystem as well- it seems to be only a matter of time. W ith people around the world being more conscious about their fitness, they often worry about the looming possibility of unhealthy habits permeating their day-to-day lifestyles. In the absence of proper guidance and mapped out goals, this could become quite the health-related hurdle in the long run. With this becoming a prominent issue in the UAE as well, health and nutrition platform Count’d has come up with a holistic approach towards solving nutritional challenges. According to Fadi Ghaly, co- founder and CEO of Count’d, the inspiration behind launching the startup arose from the need to solve certain pain points he and his team observed in the UAE’s meal plan industry. “We decided to solve those challenges by building a scalable healthy eating platform which offers fresh food, and with lots of variety and flexibility,” explains Ghaly. ↑ COUNT’D CO-FOUNDERS Varun Kapur and Fady Ghaly Count’d /countd.com/ IMAGE COURTESY COUNT'D }
78 / ENTREPRENEUR.COM / December 2021 This is how Ghaly ended up launching Count’d in late 2021, alongside co-founders Ahmed Wasfie and Varun Kapur. “Count’d is a health and nutrition platform that empowers people to eat healthy, lose weight, and achieve their wellness goals,” explains Ghaly. “We leverage data-driven insights to enable behavior change and improve the overall health of our customers. Our services include a healthy meal subscription app, wellness and nutrition coaching, as well as health monitoring and gamification challenges.” It is these three facets of its business model that form the crux of Count’d operations. From a subscription plan that offers three meals a day for a week for AED675, to another plan that offers lunch every day for a week for AED225, there are a variety of options for users to choose from, depending on their schedules, as well as eating preferences and calorie targets. “Our core target market are busy professionals who lack time and creativity but want to eat healthy,” he says. “Primarily, these are the health-conscious people who use a considerable portion of their disposable income on self-care, nutrition and wellness.” But it is also important to note that the pricing for these meal plans isn’t pertaining to food delivery alone- Ghaly explains that his startup’s services have other distinguishing factors as well. “For starters, we offer flexibility in terms of delivery location and timing, and also the option to replace your meals up until 10pm the previous night,” he explains. “We also offer a large variety for every healthy meal options from leading restaurants, and ensure your calories are counted and macros accounted for.” This is where the startup’s next major source of revenue comes into play: health monitoring and wellness coaching. While the Count’d platform enables one-on-one video calls with certified nutritionists, it also offers the option to make use of wearable health devices and fitness trackers to map out your progress and set health goals. In simpler terms, this means that you can simply connect your Apple watch or FitBit to the Count’d app to integrate your readings into the platform’s data. “No more manual entries!” Ghaly declares. “Count’d has been built for the busy working professional and those who want to find a simple yet effective way to eat healthy while having all calories automatically tracked. We also have a software-as-a-service (SaaS) offering in the making for our in-house coaches, nutritionists and dieticians to manage all information on their clients using a real-time dashboard.” Users also have the opportunity to make use of at-home lab tests, which cover over seven different types of blood tests offered by Count’d. Along with all of this, Count’d also hosts gamified challenges with rewards on its platform. “We offer engagement via educational content and gamification strategies on an ongoing basis,” Ghaly adds. “We truly believe we have supreme customer service and an engaging brand that motivates our customers.” S/Q&A OUR SERVICES INCLUDE A HEALTHY MEAL SUBSCRIPTION APP, WELLNESS AND NUTRITION COACHING, AS WELL AS HEALTH MONITORING AND GAMIFICATION CHALLENGES.
79 December 2021 / ENTREPRENEUR.COM / These varied yet integrated offerings are what have allowed the health and nutrition platform to generate more than US$20,000 in revenue in just over three months since its inception. “We are currently raising a pre-seed round of $500,000, and we have also raised from angel investors in the past,” adds Ghaly. But this isn’t all that there is to what Count’d has achieved so far though- it was notably one of the apps selected as partners for the 2021 Dubai Fitness Challenge. The startup has also been making partnerships with impor tant entities in the ecosystem, the most notable being with cloud kitchen management platform Grubtech. “We have completed an integration with Grubtech, and have on-boarded over 700 meals from leading healthy standalone restau rants and cloud kitchens including Ikcon and Kitopi, along with our logistics partners including Careem, Quikup, and Ahoy,” adds Ghaly. Ghaly credits his startup’s participation in the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program for a lot of these successes. “The advisors that the MBRIF team has connected us with have been priceless, in terms of go-to market strategy, tech stack development, and pricing strategies,” he says. “MBRIF has really helped us think through some very difficult questions!” Looking towards the future, Ghaly claims that he and his team will continue to focus on innovating while viewing the business through a consumer-focused lens. “As we look to build out our personalized nutrition offering, a lot of data will be collected, which is where the real innova tion will lie,” he says. “What we have set out to do is not easy. However, where we have reached today is a testament to our commitment to solve these challenges.” Q uarterly or biannual checks for rent and/or school fees are a huge problem for a monthly- salaried person to budget.” In this statement, fintech startup Direct Debit’s founder and Managing Director Ummair Butt encapsulates the sole reason behind the creation of the platform. Launched in 2017, Dubai-based Direct Debit is an online avenue that enables merchants and payers to use a paperless system for recurring payments such as monthly rents, school fees, utility bills, and loan repayments. Butt’s initial statement is perhaps a sentiment that many who depend on month-to-month remuneration share as well. Budgeting for lump sum payments, such as house rents and school fees, using post-dated checks can often be burdensome. But with Direct Debit, users can opt for monthly direct debits, which are easier to account for, instead of using post-dated checks. “The idea behind this originated when I noticed that every September, I had a rather large school fee check, going out with my quarterly rent check,” recalls Butt. “As a monthly-salaried person, that would push me onto using a credit card, and then a further struggle would ensue to bring it all under control. I decided then that a service that aligns monthly outgoing with monthly incoming cash flows will help the general population, as well as merchants and landlords.” Direct Debit /directdebit.ae/ ↑ COUNT’D CO-FOUNDERS Ahmed Wasfie, Fady Ghaly and Varun Kapur → UMMAIR BUTT, founder and Managing Director, Direct Debit IMAGES COURTESY COUNT'D | DIRECT DEBIT }
80 / ENTREPRENEUR.COM / December 2021 Direct Debit’s offerings are fairly straightforward. Using a single log-in on the Direct Debit platform, users can ensure that they pay their major bills and fees in monthly instalments. The log-in can be done directly using the UAE PASS app, which is the national digital identity and signature solution that enables users to identify themselves to government service providers in all the Emirates through smart phone-based authentication. “With checks no longer a security instrument by law, we provide an efficient alternative to both merchants and payers,” explains Butt. “Research also shows that, if allowed to pay monthly, bounced payments reduce by 41%. So, this is a win-win for everyone!” Using Direct Debit, users can also manage and track past payments and plan for future ones. The platform’s user-centric approach is evident in how it sends out email and SMS alerts before every payment’s due date. These online transactions, between user and merchant, therefore form the primary source of Direct Debit’s revenue. “Our business model revolves around making sure cost savings are passed on to merchants who are keen to transform their businesses to digital/paperless and at the same time payers get to pay monthly instead,” elaborates Butt. “The platform will remain free for payers, but merchants will pay per transaction thereby making it a variable cost.” It’s worth noting here that Direct Debit has been backed by the UAE government itself. As a firm regulated by the UAE Central Bank, Direct Debit enables the majority of banks in the UAE to offer consumers a paperless way to manage payment transactions. “We host our system and merchant/payer data in a government-provided private cloud, which means the data on our platform is as secured as of any government entity,” adds Butt. “This also means we are compliant with the Dubai Electronic Security Center. For merchants, we also provide end-to-end automa tion, which includes, but is not limited, to transformation of account receivables or bank reconciliation functions as well as e-contracts.” Indeed, it is this automation service that Direct Debit offers to merchants that provides another source of revenue for the startup. “While the main driver of our revenue remains transactions, we also provide end-to-end automation services that involves integrating merchant’s financial systems to our platform, which, in turn, provide a second revenue stream for us and also enables investment from the mer chant,” explains Butt. Amid all the digital disruptions Direct Debit professes, Butt says the platform has a human component as well. “We will always make sure there’s a phone number available to call, and that there’s someone on the other end to answer for both sides of our marketplace,” he says. “Our partners and users will find us a brick-and- mortar partner.” }Having generated close to AED1 million in revenue so far, Direct Debit is now all set to launch a paperless market place in 2022. Notably, this will also be accessible through UAE PASS. “We have so far raised AED1.5 million in two funding rounds which has helped us develop a market place that will be launched in January next year,” says Butt. “We also aim to be an AED100 million company in the next three years on the back of our regulatory approval and marketplace expansion into Bahrain, Qatar, Saudi Arabia, and Pakistan.” Being selected to be a part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program has thus furthered Butt’s ambitions for Direct Debit. “Since our selection, we have been taken on an amazing journey, which included lots of education and guidance,” he says. “The entire group of fellow startups, mentors, as well as the MBRIF team, now feel like extended family. It is always nice to have family around, and for us, this means MBRIF.” S/Q&A OUR BUSINESS MODEL REVOLVES AROUND MAKING SURE COST SAVINGS ARE PASSED ON TO MERCHANTS WHO ARE KEEN TO TRANSFORM THEIR BUSINESSES TO DIGITAL/PAPERLESS AND AT THE SAME TIME PAYERS GET TO PAY MONTHLY INSTEAD
81 December 2021 / ENTREPRENEUR.COM / ↑ CUPMENA CO-FOUNDERS Mahmoud Tohamy, Abdulrhman Elhalafawy and Mohamed Abdelgawad W ho knew that one could use spent coffee grounds to grow organic mushrooms? Well, Cairo-based agritech and waste management startup Cupmena did- and the company is now proving itself to be a frontrunner in this space. Launched in February 2019, Cupmena’s main line of business is simple: use the vast amount of nutrition available in spent/used coffee grounds to grow different types of mushrooms. “Cupmena has built a waste collection system to collect spent coffee grounds (SCGs) to maximize value by reusing it to develop and empower solutions for the agricultural sector,” explains Abdulrhman Elhalafawy, co-founder and Chief Business Officer of the startup. “We have developed a highly efficient biotechnology and agriculture methodology to cultivate mushrooms using the SCG as the main soil. After that, we also convert the used mushroom soil into organic fertilizers to give the land much needed elements from the coffee ground. We’ve thus built a value- chain to help coffee chains get rid of SCG waste in a safe way to save the environment.” } Cupmena /cupmena.com/ IMAGE COURTESY CUPMENA
82 / ENTREPRENEUR.COM / December 2021 Through this operational setup, Cupmena’s services are also attempting to solve some very concerning issues within the agritech ecosystem. But before delving any further into that, it is perhaps important to understand why the source material is so pivotal to the entire business model in the first place. For starters, there is the sheer volume of coffee that is produced and sold on a global scale. “Coffee is the most consumed beverage in the world, and the world population drinks over 2.25 billion cups of coffee every day,” says Elhalafawy. “That, in turn, produces over 16 million tons of coffee!” According to research by Statista, around 166.63 million 60-kilogram bags of coffee were consumed worldwide in 2021 alone- a considerable increase from the 164 million bags that were consumed in the previous year. In the Middle East and Africa (MEA) region, specifically, there has also been a recent growing trend of consumers opting for specialty coffee stores. To put things a little more into perspective: in Egypt, where Cupemena is based, over 104 million people consumed coffee in 2021 alone. The figures are similarly large for other countries in the MEA as well. } But here’s where these statistics become worrying- and why Cupmena’s operations become particularly significant. With the production of such mammoth quantities of coffee, come large used or spent coffee grounds- the source material that Elhala fawy initially alludes to. These areas are the direct result of brewing coffee and are usually regarded as waste. “Typically, spent coffee grounds are dumped into general waste and sent to landfills where they decompose to produce methane, a green house gas with more than 20 times the global warming capacity of carbon dioxide,” explains Elhalafawy. “Not only that, but it is also a loss of an intensive source of nutrients and energy, as well as a potential source of hazardous pathogens and organic leachates that can contaminate surface and groundwater.” Elhalafawy further explains that leaving these grounds unused and unattended is a lost business opportunity as well. “Throwing away this precious natural resource that still has broad and significant value and applications across several industries is an outrageous act of consumption that perfectly demonstrates the ‘take, make, dispose off’ approach of our current linear econom ic structure,” he adds. With this, it becomes obvious that Cupmena’s services are catering to issues that go beyond just purely agricultural purposes. “If coffee grounds are recycled, valuable organic matter and nutrients can be recaptured as soil fertilizers, mushroom growers, conditioners, and mulch, and the methane it produces can be captured for electricity generation,” explains Elhalafawy. “80% less carbon dioxide emissions can be achieved through this methodology rather than sending grounds to landfill. In this way we will be able to help the environment reduce the SCG’s effects and exploit it in the right direction while also stopping the exploitation of resources.” All of this, according to Elhalafawy, also provides profitable advantages to more stakeholders than one in the overall ecosystem. “We help coffee chains save money on waste disposal costs through our coffee recycling service, and by recycling spent coffee with us, these companies can achieve greater sustainability,” he says. “From a customer’s perspective, they can easily buy high-quality, affordable mushrooms, since SCGs are full of nutrients. About 99% of coffee still exists inside these grounds, so we exploit them to provide top quality mushrooms.” }Some of the major coffee chains Cupmena has partnered with include Costa, Dunkin, 30 North, Amore Perfecto, and Brown Nose Coffee. As for the mushrooms Cupmena produces, they are sold on both a B2C and B2B basis. At this point, you might be wondering: “Why mushrooms?” And Elhalafawy has the answer to that too. “The UAE market imports mushrooms worth US$15 billion every year, the Kuwait market imports mushrooms worth $10.5 billion, and Qatar $4 billion,” he explains. “SCGs minimize our production cycle- it does not exceed six weeks. This gives us a competitive edge over others in the market!” Having collected 141,760 kilograms of coffee waste so far and prevented 17 tonnes of carbon dioxide emissions from entering the atmosphere, Elhalafawy says his startup is about to reach the breakeven point by the end of 2022’s first quarter. “We are also planning to close an investment round by mid-2022 for operational scaling and research and development (R&D) and also to test new markets,” he adds. It’s to further these goals that Cupmena applied to be a part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program. “The GCC market is vast, and we have been planning to start exporting and expanding our operations, “ he says. “But our expertise regarding this area is limited. So, we applied for MBRIF to understand the market more and meet the relevant mentors and investors who could support our plans.” Elhalafawy says that Cupmena’s R&D team is now looking into growing new mushroom strains to offer to the market. “We are also developing new agri-solutions using SCGs for the agricul tural and agritech sectors in Egypt, as well as the wider MENA region,” he says. And with plans to also introduce ready and cultivated mushroom bags for farmers in the region, as well as to sell SCGs as well as used mushroom soil to fertilizer companies, the Cupmena team is optimistic about the months to come. S/Q&A IF COFFEE GROUNDS ARE RECYCLED, VALUABLE ORGANIC MATTER AND NUTRIENTS CAN BE RECAPTURED AS SOIL FERTILIZERS, MUSHROOM GROWERS, CONDITIONERS, AND MULCH, AND THE METHANE IT PRODUCES CAN BE CAPTURED FOR ELECTRICITY GENERATION.
83 December 2021 / ENTREPRENEUR.COM / “Everyday innovations in communication alter our lives, connect people who are worlds apart, and help conquer distances; yet, we are still struggling to overcome differences,” says Eman Khamis, co-founder and Operation Manager of I Hear You, a digitally inclusive mobile application that aims to translate written and verbal communication to sign language and vice-versa. “I Hear You is a translator for sign language, through which everyone can communicate, learn, serve, and be served in sign language. Our core belief is that everyone has the right to be heard and under stood!” }Launched in 2020, with bases set up in both Abu Dhabi as well as Vancouver, I Hear You was conceptualized after one of its co-founders, Mohamed Aboelazm, witnessed a car accident that involved a deaf and mute individual back in 2013. “The man was in utmost distress, as he was asking for help for his family using sign language, but Mohamed had no prior knowledge of it at the time,” elaborates Khamis. “As a result, he couldn’t understand or help him in the way he needed. That experience left him with a deep sense of defeat, and an equal determination for change. He dedicated the next two years of his life to find a way to eliminate this barrier that can hinder the most valuable of human interac tions: communication.” }While the startup is still in the midst of fine-tuning its services, the business model set in place is quite clear. From a sign language keyboard offering and a sign language educational platform to the aforementioned service of translating text and voice messages to sign language, I Hear You is looking to adopt a holistic approach to this issue. “Monthly, annual, and course-based subscriptions for individuals start from US$10,” elaborates Khamis. “These will unlock various sign languages, maps, multiple sign language categories as well as sign language courses.” Khamis further adds that the startup is also targeting corporates that aim to be more inclusive by hiring deaf or hard-of-hearing individuals. “There is an insufficient number of digital platforms that teach sign language, and there is also the existing problem of a low number of deaf people being hired in organizations simply because they have a different way of communication,” she adds. “Our customized packages for corporate and government entities start from $400, and allow corporations to be more accessible by providing their services in sign language, and better connect with deaf community, among other things.” }Currently in its seed stage, the startup has already completed over 50,000 translations and transactions that have impacted the lives of more than 1000 users who use the I Hear You app. “We launched our application last year, and we are currently getting customer feedback and comments to tailor the application to their needs,” adds Khamis. “Through this regular feedback, we are building an artificial intelligence module to enrich the user experience, and add a personal touch for each user. This module will also use a motion capture system to capture the most fascinating user details in order to provide a real and seamless experience presented through three-dimensional animations and avatars.” The business clearly has a lot in the pipeline, and Khamis is quite upbeat about the future of the startup. However, there is one particular societal aspect that she believes still needs to be tread upon with caution. “We have found the right business environment in the UAE to shed light on the need for better sign language communication, but it is changing the perception of people and entities towards the deaf community that is still a difficult path to clear,” she says. That would perhaps explain why the I Hear You team found being a part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program as especially advantageous. “We joined the MBRIF program for the same reason that we decided to launch I Hear You here in the UAE,” Khamis says. “Thanks to MBRIF, we have extended our innovative community and found like-minded peers, increased our exposure to experts and investors, and most importantly, that were aligned when it comes to impacting people’s lives.” With this, it becomes very clear that the I Hear You team has only one ultimate goal in mind: empowering the deaf community to be heard, by making sign language accessible to, and understood by, everyone. A 2019 study by American nonprofit media organization NPR showed that untreated hearing loss is very often linked to loneliness and isolation, particularly for the elderly. Another 2014 study by UK-based charity organization Hearing Link highlighted that 68% of people with hearing loss or deafness sometimes felt isolated at their workplaces. Unfortunately, these emotions have only been exacerbated among the deaf community by a global pandemic that has forced social isolation and increased digital communications. I Hear You /ihearyou.ae/ ↑ I HEAR YOU CO-FOUNDERS Mohammed Aboelazm and Eman Khamis IMAGE COURTESY I HEAR YOU
84 / ENTREPRENEUR.COM / December 2021 I love the above image. I was in the middle of the desert early in the morning, when a herd of camels came together and passed by me. I was so excited to be a witness to this, and therefore captured this image. However, I do remember that before I got to snap this picture, I had almost given up the idea of getting a good photo graph on this particular morning. In fact, I had even thought of packing up, and heading home. But I hung in there, and waited. As 2021 draws to a close, know that if this has been a difficult year for you, we hear you. Just remember one thing: the answer to hope is sometimes so close that if we just hang on a little bit more, we’ll get what we’re after. Have hope, and keep pushing. IHSAN EID SALHIA (perhaps better known as The Guy, aka TG) is the founder and CEO of TG Media Productions LLC. Follow him on Instagram @TGFROMDUBAI. tgmproductions.com The Audacity of Hope Musings on entrepreneurship WORDS & PHOTOGRAPHY by IHSAN EID SALHIA What Inspires Me/ IMAGE COURTESY TG MEDIA PRODUCTIONS
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