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January 2024 LEVELING THE PLAYING FIELD/UAE- based online marketplace Santra P.69 SHAPING THE FUTURE/Meet the UAE’s Future 100 P.14 MANIFESTING SUCCESS/Transform your professional life P.53 Enterprise Agility Awards 2023 THE RECAP P.58 Hisham Mansour Artificial intelligence is the way forward, according to the entrepreneur behind the MENA’s leading broker CFI CO-FOUNDER AND MANAGING DIRECTOR FUTURE CHARTING THE
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Contents/ January 2024 P.42 Charting the future Artificial intelligence is the way forward, according to CFI co-founder and Managing Director Hisham Mansour, the entrepreneur behind the MENA’s leading broker. P.58 Enterprise Agility Awards 2023 Check out the individuals and enterprises that made an outstanding contribution to the MENA’s business ecosystem in the last year. FEATURES IMAGE COURTESY HISHAM MANSOUR ← Hisham Mansour is co-founder and Managing Director of CFI Financial Group. 3 January 2024 / ENTREPRENEUR.COM /
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10 / ENTREPRENEUR.COM / January 2024 EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net EDITORIAL INTERN Gina Bagnulo 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 Kevin Alderweireldt, Fida Chaaban, Devina Divecha, Danny Kennedy, Megha Merani, Roxie Nafousi, Ryaan Sharif 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 2024. 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 January 2024 33 For The Love Of Shoes With her book, Oh My Gosh, I Love Your Shoes!, British shoe and accessories designer SOPHIA WEBSTER presents her journey as a designer and entrepreneur through 365 sketches of her favorite footwear designs. 38 Geared For Growth ZainTECH CEO ANDREW HANNA on his enterprise completing two successful years in business. ‘TREPONOMICS 69 Leveling The Playing Field UAE-based online marketplace SANTRA is helping home-based businesses and entrepreneurs to thrive in an ever-growing food industry. 74 Shaking It Up Flat6Labs UAE General Manager RYAAN SHARIF on the state of play -and the road ahead- for startups and investment in the GCC. 76 A Silicon Valley For Climate Tech? It Could Well Be The UAE As the UAE transitions to a more diversified economy, New Energy Nexus CEO DANNY KENNEDy notes that it is starting to build financial and other infrastructure for startups and innovators. 53 Manifesting Success Manifest author ROXIE NAFOUSI lists seven steps that can help transform your professional life. 55 Not For The Light-Hearted Bureau Béatrice founder and CEO KEVIN ALDERWEIRELDT shares his viewpoint on the realities of entrepreneurship. STARTUP SPOTLIGHT BUSINESS UNUSUAL EntMagazineME Entrepreneur-me ↑ SOPHIA WEBSTER, British shoe and accessories designer P.33
12 / ENTREPRENEUR.COM / January 2024 Editor’s Note/ Editor’s Note/ H ave you heard about a psychological concept called “learned helplessness”? I became aware of this term only recently, but it essentially refers to a condition in which an individual, after experiencing a number of negative events outside of their control, has learned to believe that they have little or no control over their environment. As a result, they find themselves in an almost constant state of despair, and they feel powerless in the face of any adversity that might come their way. 2023 has now come to an end, and for those of us who have found the past year to be quite a tumultuous one, whether for reasons inherent to yourself, or for factors pertaining to the state of the world right now, I think it’s fair to say that learned helplessness is a phenomenon that we need to be wary of as we step into 2024. And this is especially true for entrepreneurs, whose journeys -while expected to be a rollercoaster ride of highs and lows- can weigh heavily on their spirits when faced with one setback too many. The new year, with its blank canvas, thus offers a chance for a reset- and forging ahead, despite of everything, is almost certainly the best way to combat learned helplessness. So, rather than dwelling on what went wrong with your business plan, how about spending your time figuring out an entirely different revenue stream? Maybe it’s worth looking into a new vertical to pad on to whatever you have been already offering. Or perhaps the golden ticket idea is to be found in an avenue that has been hitherto unexplored. At the end of the day, it’s worth remembering that a founder’s journey is defined not by the challenges they face, but by the tenacity with which they are confronted. I’ve often felt that perseverance and steadfastness aren’t given enough credit as principles that are integral to entrepreneurial successes, but at junctures when learned helplessness has got one questioning one’s abilities, their criticality simply cannot be ignored. Resilience, after all, is not just an abstract concept; it’s a transformative force that can propel us forward. Full speed ahead! NEW YEAR, NEW … VERTICAL? Entering 2024 with a different perspective can propel your startup into a fresh space Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net
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14 / ENTREPRENEUR.COM / January 2024 In The Loop/ Shaping The Future The 2023 edition of the UAE’s Future 100 list is revealed F uture 100, a collaborative initiative between the UAE Ministry of Economy and the Government Development and the Future Office, has unveiled the inaugural list of the top 100 emerging companies contributing to enhancing the competitiveness of the UAE’s future economy’s sectors. The announcement for the Future 100 list for 2023 unfolded during a ceremony held at Dubai’s Museum of the Future in December, which was attended by H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, H.E. Ohood bint Khalfan Al Roumi, UAE Minister of State for Government Development and The Future, alongside senior officials from the winning companies. “We congratulate the 100 companies that successfully made it to the final stage of the initiative’s first edition to become the best 100 companies of the future, possessing pioneering capabilities for growth and healthy competition,” Al Marri said. “We believe this is a turning point that will enable these companies to achieve more sustainable commercial success and access to regional and global markets.” Al Marri added, “In the UAE, based on the vision and directives of our wise leadership, we believe that the private ↑ All the representatives of the Future 100 companies accompanied by H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, H.E. Ohood bint Khalfan Al Roumi, UAE Minister of State for Government Development and The Future sector is a strategic and key partner of the government in development, and we are keen to empower and enhance its contribution on an ongoing basis. We are proud of the support we provide today to the best 100 companies of the future through this initiative.”
15 January 2024 / ENTREPRENEUR.COM / T he UAE Minister of Economy also noted that the Future 100 initiative aims to consolidate the UAE’s position as a preferred destination for future economy companies and new economy projects, especially those related to advanced technology, innovation, and the knowledge economy, in line with the objectives of the “We the UAE 2031” vision. “It confirms our national approach to building sustainable partnerships with the private sector, and reflects the extent of the government’s commitment to providing the best incubating environment for global talent and creative youth, celebrating them, supporting their pioneering projects, and creating an attractive climate for promising businesses in various fields, especially in the future and the new economy sectors,” Al Marri added. }70% of the companies that applied for the initiative are startups, while 30% are in the expansion stage, which reflects the importance of the initiative in highlighting the diverse activities and promising prospects of these compa- nies. The Future 100 thus serves as an example, encouraging various enterprises in the country to benefit from this initiative, WE BELIEVE THIS IS A TURNING POINT THAT WILL ENABLE THESE COMPANIES TO ACHIEVE MORE SUSTAINABLE COMMERCIAL SUCCESS AND ACCESS TO REGIONAL AND GLOBAL MARKETS.”
16 / ENTREPRENEUR.COM / January 2024 In The Loop/ with its development tools and strategies to keep pace with future trends on an ongoing basis. }For her part, Al Roumi underscored the fact that the Future 100 companies possess substantial potential for both global and local growth within emerging sectors, which, in turn, fortifies the UAE’s readiness for the future. }“Future 100 has uncov- ered numerous startups and scaleups venturing into new sectors, receiving over a thousand applications from various targeted sectors over three months,” Al Roumi said. “The initiative provides a robust impetus to expedite the performance of new and future sectors in alignment with the vision of ‘We the UAE 2031’ and the Economic Principles for the UAE, launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, to construct the most dynamic and competitive economy and achieve proactiveness in the sectors of the future. This, in turn, creates novel opportunities for emerging companies operating in new sectors.” The companies that applied to be selected for the first cohort of the initiative came from a wide range of new economy sectors, such as fintech, sustainability, creative industries, health technology, educational technology, agritech, space, and renewable energy, all of which support the UAE’s transition towards the new economic model, which is based on flexibility and innovation. }24% of the companies featured on the Future 100 list specialize in the fintech sector, 17% in sustainability and the environment, 17% in technology, artificial intelligence, web3, cyberse- curity, and e-commerce, 11% in healthtech, 10% in renewable energy, creative industries, biotechnology, and advanced industries, 6% in intelligent mobility, and 5% each in space and edutech and agritech. More than 45 evaluators and experts from various sectors assessed the applications and conducted interviews with company officials based on a set of criteria. These criteria included the ability to innovate in business models leveraging new technologies, the potential of the target market, the ability to reach key customers according to a specific business plan with clear financial data, business feasibility including a strategy for securing future financing, and the impact of environmental and social governance in the UAE and globally. }The initiative also fostered strategic partner- ships, including Majra- Na- tional CSR Fund, and acceleration partners such as the Abu Dhabi Depart- ment of Economic Develop- ment, Emirates NBD, Dubai WE ARE PROUD OF THE SUPPORT WE PROVIDE TODAY TO THE BEST 100 COMPANIES OF THE FUTURE THROUGH THIS INITIATIVE.”
17 January 2024 / ENTREPRENEUR.COM / Future District Fund, Mohammed bin Rashid Innovation Fund, Microsoft, Careem, and FTI Consult- ing. In the community partners category, entities like Sharjah Research, Technology and Innovation Park, Dubai Technology Entrepreneur Campus, Ajman Chamber, Ras Al Khaimah Economic Zone (RAKEZ), Sharjah Entre- preneurship Centre (Sheraa), Hub71, Abu Dhabi SME Hub, Mashreq Bank, Sandooq Al Watan, Khalifa Fund, Middle East VC Association (MEVCA), MEVP, VentureSouq, Astrolabs, Flat6Labs, North Star, the Greenhouse-Chal- houb Group, and Entrepre- neur Middle East played pivotal roles. }These partnerships will offer a myriad of incentives and resources, including the possibility of investing in companies that made it to the Future 100 list, support for accelerating innovation and digital transformation, technical and legal assistance, competitive financing solutions, and workshops on intellectual property rights and trademark protection. Additionally, Microsoft for Startups’ Founders Hub will offer cutting-edge artificial intelligence services and expert guidance to foster innovation and sustainable growth among the com- panes in the Future 100 list. The companies listed in the Future 100 will also get to participate in the upcoming Investopia summit, a global platform connecting investors, business leaders and governments to identify new investment opportunities, drive growth, and incubate future economies globally. future100.ae → A snapshot from the Future 100 partnership ceremony that took place in September 2023, that saw the UAE Ministry of Economy and the Government Development and the Future Office sign 25 strategic partnerships with entities that will support the growth and development of the Future 100 companies. → The awards received by the Future 100 companies during a ceremony held at the Museum of the Future in December 2023. FUTURE 100 HAS UNCOVERED NUMEROUS STARTUPS AND SCALEUPS VENTURING INTO NEW SECTORS, RECEIVING OVER A THOUSAND APPLICATIONS FROM VARIOUS TARGETED SECTORS OVER THREE MONTHS,”
18 / ENTREPRENEUR.COM / January 2024 FUTURE 100 LIST - 2023 2021 2019 2013 2016 2022 2019 2017 2020 2018 2022 2016 2021 2023 2021 2021 2022 2023 2020 2017 2015 2018 2019 2013 2022 2016 FINTECH FINTECH AGRITECH EDUTECH FINTECH EDUTECH EDUTECH SUSTAINABILITY & ENVIRONMENT OTHER / TECHNOLOGY FINTECH HEALTHTECH FINTECH SUSTAINABILITY & ENVIRONMENT FINTECH FINTECH CREATIVE INDUSTRIES SUSTAINABILITY & ENVIRONMENT BIOTECHNOLOGY SUSTAINABILITY & ENVIRONMENT FINTECH AGRITECH CREATIVE INDUSTRIES RENEWABLE ENERGY HEALTHTECH SUSTAINABILITY & ENVIRONMENT ABHI ACX ALESCA TECHNOLOGIES ALMENTOR APPRO AR ENGINEERING ARABEE ARCHIREEF ARROW LABS ASTRA TECH AUMET AURA AYA BARAKA BAYTUKUM CAMB.AI CARBONSIFR CIRCA BIOTECH DEMOCRANCE DESERT CONTROL DESIGNHUBZ DESOLENATOR DIAGNIO DIGITAL ENERGY Financial benefit and wellness solution offered to employees, providing them with early access to their earned wages. A proprietary exchange platform built for the streamlined transaction of environmental assets. AI-enabled turnkey vertical farms and precision agriculture solutions. Pioneering video learning in MENA through the largest library of video-based online learning, across a wide range of subject areas. Banking onboarding platform facilitating instant processing and approvals. Revolutionary Arabic language learning: interactive, engaging, offline, and online tools catering to diverse learning styles. Nature-based biomimicry solution to aid the restoration of degraded coral reefs. Data-driven service delivery management software for critical industries and utilities. AI-driven healthcare data analytics. AI-driven pharmacy procurement automation. Helping businesses sell contextually relevant insurance at checkout. Bringing together the best of Web3 and crowdfunding to bridge climate finance. Upcycling food waste into sustainable aviation fuel using industrial insect farming. Enterprise B2B Software-as-a-Service for insurance in emerging markets. Nanotech solutions transforming sand into soil in 7 hours. Community recycling made easy and rewarding by leveraging AI technology to achieve source sorting. Empowering industries with innovative AI solutions for sustainable and efficient environmental stewardship. SaaS platform empowering eCommerce shopping with 3D & Virtual Try-On AR technologies. First express diagnostics for hormonal health and fertility. The world’s first circular solar desalination system - tapping into abundant sea and sun to produce clean water from complex sources. Regulated crowdfunding platform for real estate investments that enables everyday individuals to co-own properties with as little as AED 5,000. Revolutionary AI-driven platform for ultra-realistic localization and dubbing in over 120 languages. AI-enabled climate-tech platform enabling businesses to easily measure, reduce, and remove their carbon footprint. Revolutionizing investing by making trust, education, and product innovation the corner- stone of every individual’s financial journey. MENA region’s leading consumer technology holding group, creating the world’s first inclusive ultra app with over 150 million users. Immersive technology platform for learning and training, designed to bridge knowledge and skills gaps for both academia and enterprises. CYCLED TECHNOLOGIES MIDDLE EAST In The Loop/
19 January 2024 / ENTREPRENEUR.COM / 2019 2021 2017 2022 2020 2012 2021 2016 2015 2018 2021 2021 2019 2020 2022 2016 2020 2020 2023 2017 2021 2022 2019 2021 2019 DISTICHAIN DOCTOORI CONNECT DRIVU DUVERSE EFUNDER.AI ENERWHERE ESAAL SOLUTION EUREKA.AI EXSURGO FALCON ROBOTICS FARMIN FINFIX FOLOOSI FORTYGUARD FUZE GRACIA GROUP HEROGO HYDRO WIND ENERGY HYVEGEO IFARM JALEBI.IO KEYPER KLAIM KYMA LETSWORK OTHER / TECHNOLOGY HEALTHTECH OTHER / TECHNOLOGY EDUTECH FINTECH RENEWABLE ENERGY FINTECH FINTECH HEALTHTECH SPACE SPACE FINTECH FINTECH SUSTAINABILITY & ENVIRONMENT FINTECH AGRITECH SUSTAINABILITY & ENVIRONMENT RENEWABLE ENERGY SUSTAINABILITY & ENVIRONMENT AGRITECH SUSTAINABILITY & ENVIRONMENT FINTECH FINTECH OTHER / REAL ESTATE SaaS B2B platform automating global trade through an ecosystem of services. Personalizing health journeys through specialized diagnostics and expert coaching. Enabling drive-thru economy for all. A Dubai-born and based company offering turnkey Metaverse & Artificial Intelligence solu- tions to enhance the performance of various sectors. AI-driven digital financing platform for SMEs. Enabling digital transformation using transactional data. AI-as-a-service platform for telecom operators. Chronic pain management evolved through leveraging neuroplasticity. Near-real-time critical insights from space. Flexible workplace savings for SMEs in the MENA region. Urban temperature data solutions, using AI-powered software, offered to B2B markets to enable cooling down cities. Software and APIs to accept payments and manage transactions. Capturing CO2 and greening the desert using micro-algae. AI-enabled SaaS for millions of restaurants, saving billions in unoptimized inventory costs. Rent facilitation platform for Dubai tenants to pay monthly and landlords to get paid upfront. Economically efficient and data-driven indoor farms. Insurance claims payment acceleration solution. An innovative model of future farming, a platform to combine all key players in the sectors of agriculture and sustainability. MENA’s pioneer grocery subscription service reducing food costs by fighting food loss and waste. Harnessing offshore wind in deep waters for power generation with built-in energy storage. Digital asset infrastructure platform, enabling financial institutions to embed digital asset products natively into their apps. AI models for autonomous navigation, data analysis, space missions, and an AI-powered platform that connects any software and/or databases and robotics. Data-driven solar utility company providing clean, reliable energy with modular solar-hybrid mini-grids. SUSTAINABILITY & ENVIRONMENT Cleaning chemicals using chemical and technological innovations to make our products more eco-friendly. MENA’s first offices, meeting room, and workspace membership platform.
20 / ENTREPRENEUR.COM / January 2024 2020 2020 2016 2018 2023 2019 2021 2022 2014 2017 2021 2011 2023 2023 2020 2020 2019 2017 2019 2017 2021 2020 2022 2022 2023 AI-driven transaction enrichment and analytics platform for financial institutions. FINTECH OTHER / LOGISTICS OTHER / TECHNOLOGY RENEWABLE ENERGY SPACE SUSTAINABILITY & ENVIRONMENT ADVANCED MANUFACTURING OTHER / TECHNOLOGY INTELLIGENT MOBILITY HEALTHTECH HEALTHTECH HEALTHTECH HEALTHTECH HEALTHTECH AGRITECH AGRITECH INTELLIGENT MOBILITY SUSTAINABILITY & ENVIRONMENT FINTECH OTHER / E-COMMERCE SUSTAINABILITY & ENVIRONMENT SPACE OTHER / WEB 3.0 SUSTAINABILITY & ENVIRONMENT SUSTAINABILITY & ENVIRONMENT Empowering businesses to digitize their customers’ journey from order to pay- ment to delivery. First automated solar panel factory. Sustainable data storage solutions in space, ensuring efficient and eco-conscious management of information beyond Earth. Sustainable water production inspired by nature. AI-driven B2B one-stop smart office application and legal application. Automating and augmenting large operations through robotics and AI. Combining the best of digital and traditional care along clinical pathways to acceler- ate the diagnosis and treatment of chronic diseases in women. Locally produced ultra-low carbon biofuel made from local waste, immediately reduc- ing the carbon footprint by up to 86% without any engine modifications. A nutraceutical certification institute to certify and claim and rate claims on the content and quality of nutraceutical products. World-class proprietary analytical capabilities will change the way care is delivered to patients with the rarest of diseases. Highly scalable, open-source, decentralized, and secure blockchain-based communication infrastructure. AI-driven personalized human digital twins for predictive and preventive healthcare. Cancer diagnostics and treatment through the power of Artificial Intelligence and machine learning, improving clinical outcomes and reducing costs. A mission-driven, technology-enabled agribusiness focused on year-round, sustainable production of premium-quality fresh fruits and vegetables. Smart food safety and traceability solution. IoT platform connecting the physical world into the digital realm. A global quality-assured trading platform that enables buyers and sellers to efficiently trade recycled plastic. Fully scalable integrated low-code anti-money laundering tool with AI prowess. AI-powered social media commerce platform, enabling retailers and home-based businesses to sell directly on all social media. Tech-enabled trust in pre-owned electronic devices. Innovative Satellite Solutions: Compact, powerful, reliable, enabling groundbreaking space missions with cutting-edge technology. Instilling circular economy practices through technology-enabled interventions. Manufacturing and providing AI-robotic solutions for the retail, hospitality, educa- tion, and health sectors with a new business model. Revolutionary platform creating smart solutions for logistic and storage requirements between businesses and consumers. LOGISTI LUNE TECHNOLOGIES LYVE GLOBAL MAANA ELECTRIC MADARI SPACE LIMITED MANHAT MARSES ROBOTICS MEERANA TECHNOLOGIES MICROPOLIS DIGITAL DEVELOPMENT NABTA HEALTH NADEERA TECHNOLOGIES NEUTRAL FUELS NUTRALIS P4ML PRAVICA PREDICTIV CARE PROGNICA LABS PURE HARVEST QS MONITOR RAZRLAB REBOUND REMITEX REST HERO REVENT SADEEM SPACE In The Loop/
21 January 2024 / ENTREPRENEUR.COM / 2019 2017 2018 2022 2018 2017 2019 2019 2020 2021 2016 2016 2023 2021 2021 2018 2017 2021 2020 2021 2022 2021 2021 2011 2021 Near-real-time EO data and analytics independent of weather conditions. A one-stop-shop financial technology platform for investing and money management. A digital platform for global seafood supply chains, providing efficiency, transparency, and traceability. Impact-driven, data-focused, and tech-enabled company that is diverting food waste from landfills through nature-based repurposing solutions. Global trade compliance management solution, powered by digital commodity passports for automated verification. The leading immersive social video platform. Prevention-focused digital health insurance platform. Leveraging cutting-edge tech and AI, creating revolutionary accessibility tools for society, driven by lived experiences. World’s first credit/debit card sharing platform. The first financial education platform in the UAE. A modern app for families that simplifies discovery and payments for tuition and education-related services. Leading cloud-based telephony system in the Middle East. Digital infrastructure to power private market transactions. First gamified community-based payments app and Mastercard prepaid card exclusively tailored for Gen Z in the Middle East. The first AI-powered platform for dental diagnostics and practice management, offering Dental-as-a-Service. User-centric healthcare journeys for control and empowerment. Family money management and financial literacy app, paired with a prepaid debit card for youth. Delivering on-demand mobility through its digital ecosystem, Udrive is the largest car-sharing platform in the region. Generative AI Platform and AI agents for MENA. Revolutionizing the Metaverse with AI-driven workforce, shaping tomorrow’s digital realms today. Revolutionizing Arabic language analysis with AI-powered sentiment and dialect understanding for unparalleled market insights. Last-mile manufacturing enabling companies to make mission-critical parts where and when they are required. AI-powered external exposure management platform for complete visibility into cyber threats. Advanced electric motorbike with an intelligent rider assist system. AI-powered platform offering retailers same-day shipping through a courier network. SPACE FINTECH SUSTAINABILITY & ENVIRONMENT SUSTAINABILITY & ENVIRONMENT SUSTAINABILITY & ENVIRONMENT CREATIVE INDUSTRIES FINTECH INTELLIGENT MOBILITY FINTECH EDUTECH OTHER / TECHNOLOGY OTHER / TECHNOLOGY FINTECH FINTECH HEALTHTECH HEALTHTECH FINTECH INTELLIGENT MOBILITY OTHER / AI OTHER / AI OTHER / AI ADVANCED MANUFACTURING CYBERSECURITY INTELLIGENT MOBILITY INTELLIGENT MOBILITY SARSATX SARWA SEAFOOD SOUQ SHAFFRA SILA SINTEREX SPIDERSILK SULMI SWFTBOX THE WASTE LAB UDENZ UDRIVE UKTOB.AI VALEO HEALTH VERITY VEROFAX VUZ WELLX WEWALK XARE YABI BY SOUQALMAL ZENDA ZEST EQUITY ZIWO ZYWA
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24 / ENTREPRENEUR.COM / January 2024 T he 28th edition of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) may have wrapped up- but the spotlight still remains fixed on the Middle East, with the UAE at the center, as it emerges as a potential key influencer in the global climate agenda. This focus comes amidst expectations from industry leaders that the summit’s resolutions will spark a new wave of innovation and strategic rethinking across the region. The United Nations (UN) climate conference in Dubai made history last month, uniting nearly 200 nations to adopt a resolution to “transition away” from coal, oil and gas in this decade. The landmark decision on fossil fuels -a first of its kind in the conference’s three-decades- was won after intense debate and considerable resistance from leading energy producers. In The Loop/ Analyzing the impact on -and what’s next for- the Middle East after the UAE’s momentous staging of COP28 by MEGHA MERANI The Next Frontier → “The world needed to find a new way. By following our North Star, we have found that path,” said COP28 President Dr. Sultan Al Jaber during his closing speech. “We have worked very hard to secure a better future for our people and our planet. We should be proud of our historic achievement.”
25 January 2024 / ENTREPRENEUR.COM / ↑ COP28 took place in the UAE in 2023 from November 30 to December 12 at Expo City Dubai. It was a milestone moment for the world to unite around tangible climate action and deliver concrete solutions. ↑ Salaal Hasan is the founder and CEO of Ahya, a unified, artificial intelligence- powered platform for scaling climate action across the MENAP region. Fossil fuels, which are responsible for the majority of global warming emissions, still account for more than 80% of the world’s energy consumption, even amid a steady rise in renew- able energy capacity. COP28 President Dr. Sultan Al Jaber said the deal “delivered a paradigm shift that has the potential to redefine our econo- mies,” but stressed the impor- tance of action over rhetoric, signaling a turning point in international energy policies. “We are what we do, not what we say,” he said. “We must take the steps necessary to turn this agreement into tangible action.” S alaal Hassan, founder and CEO of Ahya, an artificial intelligence (AI)-powered solution for businesses to measure and reduce emissions, said heightened awareness of climate challenges spurred by COP28 opens key opportunities for both policymakers and the private sector. “The private sector must move beyond an outlook of seeing climate change as corporate social responsibility (CSR), and instead adapt from purely capitalist models to green social capital-based enterprises,” he said. To make the shift, he recommends the adoption of “double materiality”, a concept that focuses on reinvesting profits into climate protection and accurately assessing climate risk. As for the road ahead, Hassan predicts the COP28 dialogue will be a major catalyst for climatetech innovation in the region, especially for software startups focused on database management, reporting, and reduction processes for climate initiatives. “Such solutions already exist in the US and European Union, but they are not transferable to the UAE due to cost, support, localiza- tion, and compliance aspects,” he noted. As the region -which has been historically reliant on fossil fuels- piv- ots towards a sustainable future, Hassan also sees potential for Direct Air Capture (DAC) technology for greenhouse gas mitigation. However, he also pointed out that its capital- intensive nature poses limitations in emerging markets. M eanwhile, Shukri Eid, General Manager for the Gulf, Levant, and Pakistan at American multinational IBM, said the urgency to measure carbon footprints, as well as the increasing demand for comprehensive data, including environmental, social, and governance (ESG) reporting, have exerted immense pressure on organizations. “To start, organizations need to establish baselines }} “WE ARE WHAT WE DO, NOT WHAT WE SAY. WE MUST TAKE THE STEPS NECESSARY TO TURN THIS AGREEMENT INTO TANGIBLE ACTION.” → Shukri Eid is the General Manager for the Gulf, Levant, and Pakistan at IBM.
26 / ENTREPRENEUR.COM / January 2024 and develop data-driven strategies- deciding what data to collect, where to store it, and how to manage it for audits, performance assessment, and driving improve- ments,” Eid said. U nfortunately, existing data is often “fragmented, incomplete, or outdated,” Eid noted. But he noted that technologies infused with AI “hold the most promise for climate action,” citing IBM’s collaboration with the US’ National Aeronautics and Space Administration (NASA) on a foundation model for weather and climate. Trained on geospatial information, the model offers a novel approach to tackle climate change. “Unlike traditional AI models, geospatial foundation models can be fine-tuned for diverse applications, from flood detection to fire scars, driving impactful solutions across climate-related challenges,” Eid explained. Closer to home, IBM -which was an Associate Pathway Partner for the COP28 conference in Dubai – has also partnered with Mohamed Bin Zayed Univer- sity of Artificial Intelligence to map the urban heat islands in the UAE. The research involves a fine-tuned version of IBM and NASA’s geospatial foundation model to understand Abu Dhabi’s urban environment and the formation of urban heat islands influenced by local landscapes. At the same time, IBM’s Sustainability Accelerator is fostering innovation in water manage- ment at the University of Sharjah, which is developing a model and application to monitor and forecast water access in the Middle East and North Africa. T he financial sector is also adapting to take the lead in environmental initiatives. Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at global digital payments leader Visa, said that finance and payment players “bear a significant responsibility” in driving adaptation, and that they are essential to bridging the gap between consumers and businesses in instilling sustainable practices. “The imperative for banks extends beyond merely reducing the reliance on cash payments and paper,” she said. “It encompasses providing crucial capital to sustainable businesses, and creating an ANY TECHNOLOGY OR INNOVATION THAT INSPIRES INDIVIDUALS AND BUSINESSES TO AWARENESS AND CLIMATE ACTION HOLDS GREAT PROMISE.” “ → Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at Visa. In The Loop/
27 January 2024 / ENTREPRENEUR.COM / → The Conference of the Parties (COP) is the main decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC). It brings together the 198 Parties –197 nations plus the European Union– that have signed on to the Framework Convention. ← COP28 closed with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance. environment that fosters their growth. Any technology or innovation that inspires individuals and businesses to awareness and climate action holds great promise.” D r. Jaffar cited Visa’s collaboration with sustainability-as-a-service startup Ecolytiq to launch an “Eco Benefits” bundle, in partnership with Mashreq Bank in the UAE and Qatar Islamic Bank in Qatar, as a prime example. The solution leverages payments data to allow consumers to track their carbon footprint per transaction, enabling them to understand the impact their spending behavior is having on the environment, and offers guidance on how to offset their carbon impact. In the UAE, the carbon emissions insights are available to nearly one million Mashreq personal banking customers. “Rather than just offering products and services, we aim to craft experiences that truly benefit our customers,” Faisal Al Shimmari, Head of ESG and Corporate Strategy at Mashreq Bank, said. “These products are designed to promote climate-positive behaviors, while delivering tangible impact for Mashreq customers.” Meanwhile, Mashreq is also actively ramping up ENTERPRISES, WHILST HAVING SUSTAINABILITY DEPARTMENTS, DO NOT HAVE SPECIALISTS RUNNING THEM AND HAVE A GENERAL VIEW OF SUSTAINABILITY AS AN OPERATIONAL EXPENSE OR CSR FUNCTION. THIS CAN ONLY CHANGE THROUGH CONFIDENCE BUILDING, AND SIMPLIFYING THE MACRO REGULATORY CONTEXT its efforts to provide sustainable financing with a goal to reach US$30 billion by 2030, making it among the top facilitators of the UAE Banks Federation’s (UBF) pledge at COP28 to mobilize $272 billion in sustainable finance by the end of the decade. The bank has already facilitated more than 30 deals in sustainable financing since 2021, including structuring and underwriting the recently closed Bapco Energies’ $2.5 billion dual tranche Islamic and conventional term facility, the largest sustainability-linked loan in the region so far. Other projects that have received financing include adaptation-related projects such as water projects in Egypt, the UAE, Qatar, Saudi Arabia and Bahrain. Having noted important gaps in climate finance for decarbonization in the UAE, Al Shimmari called it “a matter of national priority”. This is why Mashreq is set to launch a UAE ESG Ecosystem Government Accelerator, an initiative uniting public institutions and financial private sector organizations to expedite the UAE’s green transi- tion. Meanwhile, as 2024 now gets underway, Al Shimmari noted that UAE climate startups will need to confront regulatory uncertainties and funding challenges, yet promising avenues for }}
28 / ENTREPRENEUR.COM / January 2024 innovation and growth await. “Startups should focus on increasing their technology readiness level through university collabo- rations and market-funded programs, and work on addressing climate risk stress testing, including data availability and governance challenges,” he advised, noting a bright outlook especially for agri- and water-tech sectors. However, Ahya’s Hassan highlighted that the scarcity of capital for climatetech is a major obstacle to progress. “The biggest challenge is that of investors not having the risk appetite or a specialized thesis, due to the need to dive deep into the macroeconomics and regulations, which are distinguishably different from other sectors, as well as the need to see clima- tetech returns on a mid to long term horizon,” Hassan said. “Here, very few investors have a focus on climatetech. And enterpris- es, whilst having sustain- ability departments, do not have specialists running them and have a general view of sustainability as an operational expense or CSR function. This can only change through confidence building, and simplifying the macro regulatory context.” E choing Hassan’s view, Victor Sunyer, Partner at Dubai-based investment firm Nuwa Capi- tal, said that venture capitalists, in line with market conditions, “will continue to exhibit in- creased selectivity and caution.” This cautious approach comes just as UAE-based data platform Magnitt noted a significant global investment growth in climatetech. The sector saw $82 billion in investments in 2022, up 20% from the previous year. In the more nascent Middle East, North Africa, and Turkey (MENAT) market, clima- tetech startups attracted $651 million across 148 ventures between 2018 and 2022. However, Nuwa Capital envisions climatetech as “a fundamental area for growth and investment in the region” over the next few STARTUPS SHOULD FOCUS ON INCREASING THEIR TECHNOLOGY READINESS LEVEL THROUGH UNIVERSITY COLLABORATIONS AND MARKET-FUNDED PROGRAMS, AND WORK ON ADDRESSING CLIMATE RISK STRESS TESTING, INCLUDING DATA AVAILABILITY AND GOVERNANCE CHALLENGES.” In The Loop/ ↓ Victor Sunyer is a Partner at Dubai-based Nuwa Capital.
years, Sunyer said, motivated by the urgency to mitigate climate change impact. “Consumer sensitivity towards responsible behavior adds momentum to this trend,” he said. “We are pursuing investment opportunities in the climate action space, spanning both early and growth stages.” Sunyer also said that the region is seeing “the beginnings of a solid climatetech ecosystem”, also pointing to accelerator programs sponsored by major energy companies directing their focus to energy efficiency and transition. ADNOC, for example, launched a $1 million decarbonization technology challenge last year. Sunyer also noted “heightened enthusiasm” for water management and efficiency post-COP28, as well as technologies focused around low-car- bon foods and locally grown produce, and on reducing building energy consumption. “Given the relevance of the construction sector and the climatic conditions, implementing energy-con- serving measures for buildings is crucial for enhancing overall energy efficiency,” Sunyer said. “Anticipated strides by policymakers in this regard underscore the potential impact.” W ith buildings accounting for nearly 40% of global carbon emissions, Maged Marie, CEO at Egypt-based real estate firm Magnom Properties, emphasized the role of the built environment in global energy transition discussions at COP28. The summit focused on practical solutions to decarbonize the buildings sector, Marie said, describing it as a move to “course-correct.” At the summit, the governments of France and Morocco, alongside the UN Environ- ment Program (UNEP), launched the Buildings Breakthrough, setting a goal for near-zero emissions and climate- resilient buildings by 2030– an initiative Marie lauded as one of the “most important sector-specific outcomes” at the conference in Dubai. “While the speed and scale of urbanization globally has brought manifold challenges to the climate crisis, the buildings sector is also uniquely positioned to be part of the solutions as we move forward on the path of net zero,” Marie said. “At Magnom Properties, for instance, we are tapping into the long-term potential of clean hydrogen to power 75% of the total energy demands of the Forbes International Tower in Cairo, Egypt, designed to be one of the most sustain- able buildings globally.” The Forbes International Tower, a commercial project planned to be constructed in locations including the UAE, Saudi Arabia, and Egypt, will also use solar power, while also incorporat- ing water recycling and smart tech- nologies for efficient use. The tower is set to reduce its carbon footprint by 58%, equivalent to 60 million kilo- grams of carbon dioxide emissions, and it is also targeting Platinum LEED certification. C ommenting on the industry as a whole, Louise Collins, Head of Engineering and Energy for the MEA, and Head of Project and Development Services for the UAE, at real estate services firm JLL, said that sustainability is “high on the agenda” for both local and global businesses operating in the real estate sector. More time, resources, and money are being spent on sustainability, she said, which is expected to continue in the years ahead. According to JLL, 59% of the top 100 office occupiers in Dubai have carbon commitments. Collins said that much of the demand for low-carbon space is coming from international occupiers. But the Emirate faces a unique set of challenges in meeting this demand, she said, including extreme climate conditions, rapid urban development, and high-energy demand buildings. That said, the market also presents unique opportunities. “As Dubai continues to develop rapidly, local government officials and developers benefit from implementing stringent buildings codes and construc- tion practices to ensure buildings are sustainable at the onset– a much }} 29 January 2024 / ENTREPRENEUR.COM / GIVEN THE UAE’S ABUNDANT SOLAR RESOURCES, INNOVATIONS IN SOLAR ENERGY, SUCH AS MORE EFFICIENT PHOTOVOLTAIC CELLS OR CONCENTRATED SOLAR POWER SYSTEMS, ARE PARTICULARLY PROMISING. ↓ Louise Collins is Head of Engineering and Energy for the MEA, and Head of Project and Development Services for the UAE, at real estate services firm JLL. ↑ Maged Marie is the CEO of Egypt-based Magnom Properties.
30 / ENTREPRENEUR.COM / January 2024 GIVEN THE RELEVANCE OF THE CONSTRUCTION SECTOR AND THE CLIMATIC CONDITIONS, IMPLEMENTING ENERGY-CONSERVING MEASURES FOR BUILDINGS IS CRUCIAL FOR ENHANCING OVERALL ENERGY EFFICIENCY. ANTICIPATED STRIDES BY POLICYMAKERS IN THIS REGARD UNDERSCORE THE POTENTIAL IMPACT. easier route than having to go through expensive and complex retrofits,” Collins explained. “Building owners can also capitalize on abundant solar energy potential and leverage smart city technologies.” P eter May, Vice President of Operations at Dubai-based proptech startup Silkhaus, underscored the shared collective accountability for climate action. “Climate action is everyone’s responsi- bility across sectors, and not just that of cleantech businesses,” he said. But startups face challenges, he added, in “avoiding the lure of greenwashing,” and resisting the misconception that purchasing carbon credits is a primary solution. Advocating for a more comprehensive approach, May said companies need to focus on education, optimization, and direct impact reduction. But despite hurdles in the shift to green, May is upbeat about COP28’s long-term effect on Middle East economies. Ultimately, the unprec- edented agreement is encouraging as it aligns with the region’s ambitions to diversify away from oil-dependence, he said. After all, expanding into non-oil sectors -while fostering sustainable practices- is a win-win scenario. Megha Merani is an independent journalist based in Dubai, United Arab Emirates. Her stories have made headlines across a number of publications including Reuters, Associated Press, Entrepreneur Middle East, Bloomberg Middle East, Arabian Gulf Business Insight, Arabian Business, and former local daily 7DAYS. She also produces editorial for govern- ment platforms including the World Government Summit and World Economic Forum’s Annual Meeting of the Global Future Councils. Megha has been a grant winner of the Thomson Reuters Foundation, and she is a member of the Oxford Climate Journalism Network. In The Loop/ A spokesperson from NWTN, a UAE-based electric car manufacturer and green energy provider, forecasted transformative shifts in the regional energy landscape, including an uptick in investments in renewables like solar and wind power, that would potentially lead to the emergence of new renewable tech companies. “Given the UAE’s abundant solar resources, innovations in solar energy, such as more efficient photovoltaic cells or concentrated solar power systems, are particularly promising,” the spokesperson said. “Wind energy, especially offshore wind turbines, could also see significant advancements.” Other promising technologies include green hydrogen produced using renewable energy sources. “It can be used in various sectors, including transportation, industry, and power generation, making it a versatile option for decarbonization,” the spokesperson said. These, along with advanced energy storage systems including batteries and other novel storage technologies, along with smart grid technology, are essential for managing the intermittent nature of renewable energy sources. ↓ Peter May is the VP of Operations at Dubai-based proptech startup Silkhaus.
For The Love Of Shoes With her book, Oh My Gosh, I Love Your Shoes!, British shoe and accessories designer Sophia Webster is presenting her journey as a designer and entrepreneur. by TAMARA PUPIC ← British shoe and accessories designer Sophia Webster will take part in a panel at the Emirates Airline Festival of Literature on Saturday, February 3. IMAGES COURTESY SOPHIA WEBSTER 33 January 2024 / ENTREPRENEUR.COM /
34 / ENTREPRENEUR.COM / January 2024 B/The Big Idea ↓ A distinctive feature of the Sophia Webster brand is that its footwear is crafted with fairytale-inspired details, such as patent leather butterflies, velvet bows and glitter soles.
35 January 2024 / ENTREPRENEUR.COM / I t’s that time of the year when all of us in the UAE start eagerly anticipating the Emirates Airline Festival of Literature, which will be held this year at Dubai’s InterCon- tinental Festival City and the Mohammed Bin Rashid Library from January 31 until February 6. Book lovers will again get a chance to hear from both local and interna- tional authors, which include entrepreneurs who have decided to share their experiences in the business domain with the world at large. One such author you need to keep an eye out for is British designer Sophia Webster, with her promising to talk about her entrepreneurial journey as a shoe designer and business owner; however, unlike many female leaders in busi- ness, Webster will not be talking about self-limiting thoughts. “These are not so much my personal experience,” Webster explains. “My internal voice has always been very loud, and I tend to go forwards with an idea with quite a lot of belief in it, and I tend not to fear failure. I’d say to combat self-inhibiting kinds of feelings, it’s so important to authentically document your story- that way, you have an archive of what you’ve done, and you can 100% own it. No one can take your history away from you.” It should be clear here that it is with this confidence that Webster is sharing her own story in her first book, Oh My Gosh, I Love Your Shoes!, which she’ll be promoting at this year’s Emirates Airline Festival of Literature. The book details how her epony- mous brand became internationally renowned for its unique, creative and uplifting designs, leading Webster to become the first female shoe designer to be awarded the prestigious Vogue Fashion Fund. All of this serves as a unique testament of the self- confidence that Webster obviously possesses- After all, it led her to build a brand that eventually got Taylor Swift, Beyoncé, Oprah Winfrey, Michelle Obama, and the WHEN SOMEONE OPENS UP A BOX OF MY SHOES AND SLIPS THEM ON, I WANT THEM TO SMILE.” I’D SAY TO COMBAT SELF-INHIBITING KINDS OF FEELINGS, IT’S SO IMPORTANT TO AUTHENTICALLY DOCUMENT YOUR STORY, THAT WAY YOU HAVE AN ARCHIVE OF WHAT YOU’VE DONE AND YOU CAN 100% OWN IT, NO ONE CAN TAKE YOUR HISTORY AWAY FROM YOU. “ ↓ Working in tandem with her husband and business partner Bobby Stockley, Webster distributes her brand through over 200 retailers worldwide.
36 / ENTREPRENEUR.COM / January 2024 B/The Big Idea Kardashians among its clientele. But before we dwell into the details of how she built her epony- mous footwear line, Webster recalls a particular moment when her hard work and determination had finally paid off. “After I launched my brand aged 26, I stood in my first selling showroom, and recalled how, just a few years prior, I had been a waitress serving canapes at a Stella McCartney event, aspiring to run my own company like her,” Webster says. “As soon as I knew my shoes had delivered to stores, I made a point of going on Net-a-Porter’s website to scroll down their list of designers, and find my name. There it was, right next to Stella’s! It was a really big moment for me.” After obtaining degrees from the London College of Fashion (Cordwainers’ College) and the Royal College of Art, Webster found herself working for many different footwear companies, and eventually became an assistant designer for British footwear designer Nicholas Kirkwood for two years, before launching her own line in 2012. “Before starting my company, I grew up in the workforce at a time when the fashion industry was unchecked, and hustle culture was the norm,” Webster says. “But owning a business and having responsibilities meant I had to unlearn some of these ways of working during my internships and as a design assistant. I’ve had to think beyond how I, as an individual, could achieve my goals, but also how, collectively, I could do this with my team in a sustain- able way, where things were operationally effective, and my team felt part of something bigger.” The Sophia Webster brand features a diverse range of footwear, from heels to flats, as well as handbags and accessories, and other products, all of which are designed to highlight femininity. “When someone opens up a box of my shoes and slips them on, I want them to smile,” Webster says. “In 2012, when I launched, a minimalist aesthetic was prevalent in fashion. What I wanted to offer was very different: color, story-tell- ing, and, above all else, joy. I think the market was ready for that. As I’ve matured, I still very much aim to bring a smile to my wearer, but I try to make my shoes easier to accessorize. The fun and detail may be in the texture, or embellishment, but much more often now, the color of the shoe will be solid.” }Another distinctive feature of the Sophia Webster brand is that its footwear is crafted with fairytale-inspired details, such as patent leather butterflies, velvet bows, or glitter soles. For Webster, it is her signature Chiara silhouette -a pair of sandals with a 3D butterfly wing- that has cleared a path for her brand towards success. “With aspirations to start my own brand, I knew I had to come up with a really memorable silhou- ette, and when I eventually sold this shoe in super vibrant colors, it went viral on social media, probably because it’s very photoge- nic and Instagrammable,” she explains. “As time went on, we evolved the butterfly wing in all sorts of ways: I designed an angel wing, ballet flats with the wings on either toe, heels, handbags and ‘mini-me’ kids’ shoes with the butterfly motifs. These products have organically amassed a following of their own, and I think that’s because butterflies are hugely symbolic creatures.” }Webster is also known for responding to trends, such as in 2020, when she introduced two new collections to the range with a focus on positive impact and audience diversity. These included the Upcycled collection for which she reused past seasons’ surplus materials to create new shoes, as well as the Extended Sizes collection, which included “THE MIDDLE EAST IS ALSO A VERY IMPORTANT MARKET FOR US, WITH PRESENCE IN LEVEL SHOE DISTRICT, AS WELL AS BLOOMINGDALES AND HARVEY NICHOLS.”
producing a selection of her key styles up to a size EU46/US15.5/ UK13. The latter thus saw Sophia Webster become the first luxury footwear brand to introduce this widely inclusive size range. Talking about the process that goes into building her collections, Webster says that she works very closely with her design and communications teams. “I creatively direct my four designers to build out the shoes, handbags, and kids ranges- usually three drops a season, plus any special projects,” she says. “Around the product, there will be regular discussions with the product development and merchandising teams, while with my comms team, I’m often planning and creating content with them or directing them.” }Working in tandem with her husband and business partner Bobby Stockley, Webster distributes her brand through over 200 retailers worldwide. “I sell globally through my e-commerce platform, and our direct-to-consumer market has grown a lot over the last few years, and it is nearly equal to wholesale,” Webster explains. “Our biggest sales regions are the US, where we’re stocked with Bloomingdale’s, Saks, and Neimans, amongst others. In the UK, we’re stocked with Selfridges and Harrods amongst others. The Middle East is also a very important market for us, with us having a presence in Level Shoes District, as well as Bloomingdale’s and Harvey Nichols.” }In her book, Oh My Gosh, I Love Your Shoes!, Webster illustrates her entrepreneurial journey through 365 sketches of her favorite designs, each evoking its own memories. However, as an entrepreneur and designer, Webster admits that she did face challenging times too. One was through the course of the COVID-19 crisis, when she had to drop the previously well-organized flow of work to one where she was mostly alone, operating from her house. “It was like the early days when I did everything myself,” she says. “In terms of leadership, the pandemic really ramped up our search for purpose, and our sense of gratitude for what we did have. Bobby had already been doing a lot of work on our company culture, and trying to articulate what we were doing it all for, so that our team could feel this too. Operationally, everything was very stripped back, and we took this chance to review how we were doing things, and what we could do better. It was actually a very clarifying time.” }Another troublesome period for Webster happened in 2017, when her father was assaulted and suffered a brain injury, which had “a huge knock-on effect on her business”. She adds, “He has remained in a hospital setting ever since. It goes without saying that the toll on my family has been huge, but in terms of the business, I just wanted to disconnect. I stopped personally posting on my feed, and I didn’t want to do any customer-facing activities. We’d just taken on investment, and I should have been building on this injection, but my mind was elsewhere and Bobby had to steer the business through it.” But while this episode happened six years ago, and Webster has since found her rhythm again, it still carries an important lesson that she wishes to share with fellow entrepreneurs. “Be wary of how quickly things can change,” she says. “These days, I’ve got a different perspective, and I let the little things go much more readily.” IN HER FIRST BOOK “OH MY GOSH, I LOVE YOUR SHOES!”, SOPHIA WEBSTER TOLD HER STORY THROUGH 365 SKETCHES OF HER FAVORITE DESIGNS. 37 January 2024 / ENTREPRENEUR.COM /
38 / ENTREPRENEUR.COM / January 2024 A s ZainTECH, a regional integrated digital solutions provider that is a sister company of Kuwait-headquartered mobile telecommuni- cations provider Zain Group, celebrates its second year of operations, its CEO Andrew Hanna is certainly pleased to look back at the results his enterprise has achieved in this period. “Just over the past year, we’ve achieved remarkable year-on- year revenue growth, which reflects our commitment to delivering exceptional services and solutions,” he says. “Our team has expanded significantly, with over 700 focused information and communications technology (ICT) professionals serving a growing customer base in eight MENA countries and across several industries, including telco, government, oil and gas, retail, and financial services.” GEARED FOR GROWTH ZainTECH CEO Andrew Hanna on his enterprise completing two successful years in business. ↑ Andrew Hanna is the CEO of ZainTECH. B/Strategies Since launching in 2021, ZainTECH has been positioned to drive the transformation of enterprise and government customers in the MENA region by providing a centre of excellence and managed solutions across cloud, cybersecurity, artificial intelligence (AI), big data, digital solutions, drones, and robotics. “We work closely with our customers to define and drive their business outcomes, ensuring expedited delivery and risk mitigation by leveraging our extensive network of regional centers of expertise, in-country cloud-based platforms, and digital assets across the MENA,” Hanna says. “ZainTECH’s holistic approach significantly reduces upfront capital requirements, and propels businesses to new heights of digital excellence, while driving a more sustainable future for companies and the communities they serve.” }ZainTECH also counts startups and SMEs as an important segment of their clientele, and as such, Hanna says that the enterprise makes it a point to offer customized solutions and specialized expertise tailored to their unique requirements and budget constraints. “Our scalable technology solutions empower
39 January 2024 / ENTREPRENEUR.COM / businesses to grow at their own pace, and our wide portfolio of cloud, cybersecu- rity, AI and big data, drones and robotics, and digital solu- tions provide endless possibilities for optimizing operations and driving innovation,” Hanna explains. It’s in line with this ethos that ZainTECH recently established a state-of-the-art ICT Hub at Dubai Internet City that will not only serve as an operational centre of excellence, but also drive technological initiatives and synergies across business units. “Our new offices serve as a testament to our unwavering commitment to nurturing innovation and pioneering transformative solutions that unleash bound- less potential for our customers,” Hanna says. “As the mission critical centre for ZainTECH’s operations, our new ICT Hub will drive technological initiatives and synergies across the business, empowering us to expand and target new markets.” }Besides Hanna, the launch event for the new ICT Hub was attended by Bader Al-Kharafi, Vice Chairman and Group CEO of Zain, Abdulla Belhoul, CEO of TECOM Group, Ammar Al Malik, Executive Vice President of Commercial at TECOM Group, and others. Commenting on the hub’s launch, Al Malik says, “Cross-functional collabora- tion is the cornerstone for unleashing the full potential of innovation at a scale that transforms the way industries operate. Dubai Internet City is aligned with the Dubai Economic Agenda (D33) mandate to catalyze such collaborative synergies, and ZainTECH’s new office within our ecosystem ensures its talent pool across the world can seamlessly exchange ideas and knowl- edge from Dubai, a global market of significance for innovators and digital transformation experts. We welcome ZainTECH to benefit from the shared Our team has expanded significantly, with over 700 focused information and communications technology (ICT) professionals serving a growing customer base in eight MENA countries and across several industries, including telco, government, oil and gas, retail, and financial services.” IMAGES COURTESY BLACKLANE ↓ The management of Zain’s digital enterprise unit ZainTECH and Dubai Internet City at the opening of ZainTECH's new ICT hub in Dubai Internet City. “
40 / ENTREPRENEUR.COM / January 2024 OUR INDUSTRY-SPECIALIZED DIGITAL ADVISORS AND LOCAL DELIVERY TEAMS WORK SIDE-BY-SIDE WITH OUR CUSTOMERS TO SIMPLIFY THEIR DIGITAL TRANSFORMATION JOURNEYS, ENSURING THEY FUTURE-PROOF THEIR OPERATIONS AND REMAIN COMPETITIVE. → Bader Al-Kharafi, Vice-Chairman and Group CEO of Zain, Abdulla Belhoul CEO of TECOM Group, Andrew Hanna CEO of ZainTECH, and Ammar Al Malik, Executive Vice President of Commercial at TECOM Group. knowledge pool and innovations nurtured at our district.” Here, Hanna notes that he finds expanding into and becoming success- ful in the UAE easier than in other parts of the world, because “the UAE is proving to be extremely industrious,” he says. “There are very few commer- cial entities and think tanks, let alone government ministries or agencies around the globe, which are taking such an open and progressive approach towards spreading knowledge about emerging technologies in the way the UAE is,” Hanna explains. “The UAE was one of the first countries globally to create a ministry dedicated to the advancement of AI, and as countries like the UAE and Saudi Arabia race to purchase Nvidia chips, for example, it is becoming clear that the evolution and impact of technology innovation is a strong indication of where national and economic influence and prosperity will be derived from in the future.” }Meanwhile, with an aim to provide customers with the solutions that can fully maximize their gains from digital transformation, ZainTECH has also recently embarked on an acquisition spree, starting with buying BIOS Middle East, a regional managed secure cloud provider, and Adfolks, a UAE-based cloud-native engineering firm that provides a comprehensive range of cloud transformation services. “Most recently, during GITEX Global 2023, we announced entering an agreement for the complete acquisition of Specialized Technical Services Company (STS), one of the pioneering and largest digital transformation solutions providers in the region and the Kingdom of Jordan,” Hanna adds. “This strategic move will enable ZainTECH to expand its service offerings to enterprises and govern- ment bodies, access top talent, foster innovation, and enhance its competi- tive position across the region.” }Now, looking back on ZainTECH’s origins, Hanna believes that the enterprise was able to start off on the right foot thanks to the support it got from its parent company, Zain Group, especially with respect to access to latest technologies as well as well- trained staff. This, in turn, has set the company up for long-term success.” Since the time we were established, we have been growing our capabili- ties,” Hanna says. “We continue to expand the breadth and depth of our offerings organically, and collaborate with technology partners to provide our clients with the best possible products and services. At the same time, we have been actively pursuing acquisitions as part of our growth strategy by identifying several entities that can add significant value, while, at the same time, leveraging their compe- tencies and market experience.” }Building a successful team has also contributed to the company’s results, and Hanna shares that his secret to management is in delegat- ing, recognizing, and rewarding his staff, while also avoiding micro- managing and criticizing. “I believe in delegating authority to capable individuals, and in order for this approach to work, you have to attract the right people to your team,” he says. “I find that when people have the skills, motivation, and a strong sense of ownership, they always go the extra mile and succeed in everything they do.” That said, the continued success of ZainTECH lies in truly understand- ing its customers’ technological needs, Hanna says. “Technology is developing at an extremely fast pace, and enterprises can sometimes become overwhelmed with respect to what technologies and utilization models they need to implement for maximum impact,” he says. “Our industry-specialized digital advisors and local delivery teams work side-by-side with our customers to simplify their digital transformation journeys, ensuring they future-proof their operations, and remain competitive.” B/Strategies
THE ART OF ELEVATION OMNIYAT.COM
→ Hisham Mansour is the co-founder and Managing Director of CFI Financial Group. “ENTREPRENEURSHIP IS A MINDSET MORE THAN ANYTHING. IT COMES WITH RISK, AMBITION, DEDICATION, AND THE DRIVE TO SUCCEED.” 42 / ENTREPRENEUR.COM / January 2024
Hisham Mansour THEFUTURE Artificial intelligence is the way forward, according to the entrepreneur behind the MENA’s leading broker by DEVINA DIVECHA CHARTING CFI CO-FOUNDER AND MANAGING DIRECTOR 43 January 2024 / ENTREPRENEUR.COM /
44 / ENTREPRENEUR.COM / August 2023 44 / ENTREPRENEUR.COM / January 2024
45 January 2024 / ENTREPRENEUR.COM / ← Having recently opened new branches in Egypt, Kuwait, Palestine, and Oman, Hisham Mansour’s goal is for CFI to become the leading broker worldwide. O ffering significant advancements in efficiency, accuracy, and decision-mak- ing capabilities, artificial intelligence (AI) has become a pivotal component in the field of online trading. One such company aiming to fully utilize the benefits of this technology is CFI Financial Group, a global financial markets provider with regulated entities in several jurisdictions. And at the helm of this enterprise is co-founder and Managing Director, Hisham Mansour, who has helped the company grow over two decades, and also expertly navigated the storm that was the COVID-19 crisis, emerging triumphant on the other side. The milestones the company achieved in 2023 are thus a testament to the efforts of Mansour and his team. “It truly was a remarkable year, even by our high standards,” Mansour says. “In 2023, we opened five new entities in the MENA, allowing us to continue building our regional footprint, and setting our position as the MENA’s leading broker, being the broker with the most regulated entities in the region. Our new branches in Egypt, Kuwait, Palestine, and Oman -which add to our existing regulated entities in countries like England, Cyprus, UAE, Jordan, Lebanon and Mauritius- bring CFI’s award-winning trading services to these local regions, and allow clients to see our offices, experience personalized services, talk to the CFI team, shake hands with them, and establish a real human connection… Expanding into new markets is a natural progression that complements our technological advancements, allowing us to tap into diverse trading ecosystems, address a broader audience, and meet the increasing demand for sophisticated yet user-friendly online trading solutions. Together, these initiatives are the core of our mission of democratizing trading, and ensuring that CFI remains at the forefront of the digital finance revolution.” CFI’s expansion went beyond just physical locations in the last year- it also made substantial strides in technol- ogy. “We worked relentlessly on introducing cutting- edge AI tools for traders, partnering with Capitalise.ai, and launching the beta of our own AI trading assistant,” Mansour notes. “We are committed to adopting AI technology in every way that will serve our traders best, while staying close to clients to provide them with exceptional, personalized support.” According to Mansour, AI’s impact can be likened to that the internet had not too long ago. “At CFI, we think of AI today as people thought of the internet 30 years ago,” he says. “Whether you liked or disliked it back then, the internet made things easier and became an integral part of our everyday lives. It revolutionized everything, including trading. Now, we see AI as the next trading revolution, which is why we have chosen to focus and lead specifi- cally in this area.” On the CFI platform, AI tools like Capitalise.ai’s code-free trading automation streamline market analysis, backtesting, and trade execution, thereby eliminating human emotions from trading, and enhancing market efficiency. “By leveraging the capabilities of AI, we can enhance our platform’s decision-making processes, and ensure a competitive edge in predictive analytics and risk management,” Mansour adds. T his commitment to the balance of trading excel- lence and technological innovation has led to the company’s success, affirms Mansour, as he outlines how the last 12 months have been greatly positive for CFI. “Over the past fiscal year, we witnessed substantial growth across key metrics, including a notable surge in trading volume, robust revenue figures, and an expand- ing user base,” Mansour reveals. “Our most recent statis- tics point toward a 73% increase in active clients compared to last year, as well as a 94% rise in daily transactions. These positive trends underscore the strength and vitality of CFI, and show the fruits of our incredible collective team effort.” Introducing cutting- edge tools that prominently feature advanced AI capabilities also helped position the company as a IN 2023, WE OPENED FIVE NEW ENTITIES IN THE MENA, ALLOWING US TO CONTINUE BUILDING OUR REGIONAL FOOTPRINT, AND SETTING OUR POSITION AS THE MENA’S LEADING BROKER, BEING THE BROKER WITH THE MOST REGULATED ENTITIES IN THE REGION.” “
powerhouse in the financial industry. “We don’t follow at CFI; we lead,” Mansour declares. “We have positioned CFI as the vanguard of online trading by consistently introducing industry-leading tools and staying ahead of emerging trends, ensuring that our clients benefit from the latest advancements, solidifying CFI’s standing as a powerhouse in the financial industry.” C omplementing technology, people also play a huge role. Mansor states, “At CFI, fostering a positive workplace and cultivating a strong company culture is paramount, laying the foundation for our long-term success.” He proudly mentions the accom- plishments of achieving seven Great Place to Work certifications across the company’s global offices, and almost doubling the team in the past year. But while all these factors come into play, it would be fair to say that behind the scenes of all this success is Mansour’s entrepreneurial drive, which has been rooted in a passion for innovation and commitment to excellence. “Entrepreneurship is a mindset more than anything,” Mansour says. “It comes with risk, ambition, dedication, and the drive to succeed.” Mansour reveals here that he had a rather early start in the world of business. “I have always been entrepreneurial from a young age,” he shares. “My father certainly played a role as well. He was a trader in the financial markets with a company based in London, and he wanted to teach me about entrepre- neurship and business. So, he opened an account for me to manage when I was 16. We didn’t have the internet then, so I used my phone to trade, and a pager to follow up on the markets, when I was away from television or the Reuters screen.” When discussing individuals who played an important role in his entrepreneurial success, Mansour also highlights how his partnership with Eduardo Fakhoury -a customer at Mansour’s previous startup, MIG Bank, and now a valued friend and business partner- led to the inception of CFI Financial Group in 2015, which until then, had been an expansionary project to Beirut-based Credit Financier Invest SAL that launched in 1998. “Today, our results speak for themselves,” Mansour says. “The CFI Group comprises 12+ global entities, 350+ employees, and a client base spread over 100 countries. There are many reasons for our success. However, at the base of it is the partnership and business relationship Eduardo and I first built together. The moral is that choosing who you enter business with is one of the most important decisions you can make as an entrepreneur. Selecting the right partnership extends beyond mere business acumen; it necessitates trust, shared passion, and a unified vision. And with the right people by your side, there is no limit to what you can accomplish.” H owever, Mansour adds here that facing challenges is inevitable for any entrepreneur. But he says it’s essential to view them as opportunities for growth and learning, rather than setbacks. “The same applies even with failure,” he adds. “Consider how many famous entrepreneurs failed before finding the idea that took off. Before, I talked about my first entrepreneurial venture, managing my first professional trading account. It was something I took seriously. I would follow the financial news on CNBC, and constantly check prices from the pager. But, ultimately, I didn’t make any money from this, and I actually lost some. However, it gave me experience from which I benefited. This is a philosophy I carry with me until today at CFI.” Such lessons have thus paved the way for the fruitful journey Mansour has had with CFI. “Witnessing the growth and success of the company, reaching our 25th anniversary, expanding into new markets, and stamping our name as the MENA’s leading broker have all been immensely gratifying,” he says. “However, the true → CFI has adopted artificial intelligence (AI) technology aggressively over the last few years. CFI’s AI Trading Assistant is designed to empower traders with their decision-making. 46 / ENTREPRENEUR.COM / January 2024
success lies in making our clients happy, and empowering them to navigate the financial markets with confidence and trust.” But while all of his accomplishments have been exemplary, Mansour is not resting on his laurels. Looking ahead to 2024 and beyond, the entrepreneur anticipates that the industry at large will shift towards an increased reliance on AI-driven solutions. “But even as more firms adopt AI as their technology develops, CFI is strategically positioned to lead this charge,” he adds. “By staying ahead of the curve, investing in research and development, and continuously enhancing our AI tools early on, we aim to set new standards and redefine the possibilities within the online trading landscape. CFI’s vision involves leveraging AI’s power to revolutionize our clients’ trading experience. The cornerstone of this vision is our AI Trading Assistant, a groundbreaking tool designed to empower traders by integrating this technology into their decision- making processes. As we move forward, we are committed to refining and expanding the capabilities of this AI assistant, ensuring that it becomes an indispensable asset for traders seeking efficiency, precision, and a competitive edge.” A ll of this highlights CFI’s commitment to technological innovation, strategic expansion, and client empowerment. “As an entrepreneur, my ultimate goal revolves around our vision of empowering serious trading,” Mansour concludes. “I want to see CFI become the leading broker worldwide, not only in the MENA. I believe that everyone should have access to cutting-edge tools, superior conditions, robust platforms, comprehensive resources, and a trusted partner that empowers them to confidently navigate the financial markets. For CFI, the ideal long-term outcome aligns with our mission to be at the forefront of the financial industry, setting new standards for excellence and innovation. I envision CFI as a global leader in the online trading industry, and a trusted partner for traders and investors worldwide, offering unparalleled services, and fostering a commu- nity of empowered individuals achieving their financial goals.” Devina Divecha is an independent writer, editor, emcee and media consultant, specialising in the hospitality and F&B industry. With more than 10 years of experience under her belt, her work has appeared in a number of publications including Skift, SUPPER, HOTELSmag, Destinations of the World News, Spinneys Magazine, Entrepreneur Middle East, and more. She holds a BSc in Business from the London School of Economics and an MA in Magazine Journalism from the University of Sheffield. devinadivecha.com }EMBRACE INNOVATION AND TECHNOLOGY “In the rapidly evolving business landscape, embracing innovation and leveraging technology, especially AI, can provide a competitive edge.” }UNDERSTAND THE LOCAL DYNAMICS “Entrepreneurs should have a deep understanding of the local market dynamics, cultural nuances, and regulatory environment to tailor their strategies effectively.” }BUILD STRONG NETWORKS “Establishing strong connections within the business community can open doors to opportunities, partnerships, and valuable insights.” }ADAPTABILITY IS KEY “Given the dynamic nature of markets, the ability to adapt to changes swiftly is crucial. Stay agile and responsive to evolving trends.” }INVEST IN CONTINUOUS LEARNING “Entrepreneurs should prioritize continuous learning to stay ahead of industry developments, new technologies, and emerging market trends.” } PRIORITIZE CUSTOMER EXPERIENCE “Focus on providing exceptional customer experiences. Satisfied customers become advocates and contribute to sustainable business growth.” Hisham Mansour’s advice for entrepreneurs in 2024 TREP TALK ‘ At CFI, we think of AI today as people thought of the internet 30 years ago. Whether you liked or disliked it back then, the internet made things easier and became an integral part of our everyday lives. Now, we see AI as the next trading revolution, which is why we have chosen to focus and lead specifically in this area.” “ 47 January 2024 / ENTREPRENEUR.COM /
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49 January 2024 / ENTREPRENEUR.COM / Work it out → /Acer Chromebook Plus 515 B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE Out Of Sight ← /Huawei Eyewear 2 Huawei is taking wearable tech to the next level with the launch of the Eyewear 2 smart glasses, now available in two styles: Browline Eyewear frames, as well as Rectangle Half-Frame Eyewear frames. The Browline Eyewear design features a 4.7g ultra-light frame (excluding lenses) made from β titanium, in a sleek Titanium Silver hue. The streamlined floating frame creates the impression of levitating lens, creating a space-age look, while the Rectangle Half-Frame Eyewear has a longer upper frame, which gives you a more vibrant and casual look. These smart glasses feature an open acoustic design, intuitive smart features, and a comfortable and lightweight design for all-day wear. The Eyewear 2 gives you 11 hours of listening time, nine hours of calling, and up to four 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 © ACER | HUAWEI | JABRA The Acer Chromebook Plus 515, which is powered by 13th Gen and 12th Gen Intel Core processors, boasts of a large 15.6-inch Full HD (1920 x 1080 resolution) display with IPS technology and wide viewing angles for optimal productivity. It also features a fast-charging battery with up to 10 hours of usage for efficient multi-tasking. The Chromebook is available with a vibrant touch or non-touch display, both of which can be enjoyed in bright light conditions, thanks to its anti-glare technology. The laptop has between 8 GB to 16 GB of LPDDR5X RAM, combined with responsive SSD local storage options of up to 512 GB for the 15-inch version. In addition, you can stay connected with reliable Wi-Fi 6E, Bluetooth 5.1, and an array of ports for charging, data transfer, and display extension, including dual USB Type-C ports and HDMI. Even better, with Acer Chromebook Plus 515 Enterprise, workforces and IT departments can take advantage of streamlined device enrollment, infrastructure integration, and advanced security settings to ensure data and application protection. Managing updates, insight reports, and technical issues have also been made easier as it comes with ChromeOS troubleshooting assistance and 24/7 IT admin support. Listen up ↓ /Jabra Elite 10 Jabra’s new Elite 10 earbuds are optimized for enjoying content anywhere. They are Jabra’s first earbuds to support Dolby Head Tracking, which keeps you at the center of sound as you move your head, enabling a more natural listening experience. Paired with Dolby Atmos, you can also expect incredible detail and clarity. Elite 10 eliminates surrounding noise with Jabra Advanced Active Noise Cancellation (ANC), and it auto-adjusts for what’s around you. Consequently, the earbuds automatically switch to the highest ANC gain in noisier environments, and reduce the gain in quiet places. Designed for all-day comfort, the Elite 10 offers Jabra ComfortFit technology for the most natural, airy fit, with every surface the ear touches made of soft silicon as well. The Elite 10 is complete with six-mic call technology, a six-hour battery (27 hours with case), a pocket-friendly cradle optimized for wireless charging, a Bluetooth Multipoint connection, hands-free voice assistance, as well as easy pairing. days of standby time on a single, full charge. Plus, if stored in the protective case, it can maintain power for at least one month. Charging up the eyewear is also fast and easy as a quick 10-minute charge gives you up to three hours of music playback, and you can get a full charge in just 50 minutes. Huawei Eyewear 2 comes with multiple sensors on each side, including a large touch area and a sliding sensor zone, which allow you to use a variety of smart touch controls. You can easily connect your glasses with smartphones and tablets, and enjoy a low-latency audio flow across multiple devices. The new Huawei Eyewear 2 is compatible with Huawei devices as well as Android and iOS devices.
50 / ENTREPRENEUR.COM / January 2024 B/Gear Founded by Saudi entrepreneur Sara Al Rashed, Asteri is an innovative clean beauty brand that aims to celebrate the strength and uniqueness of Arab women. This would, therefore, explain why Asteri chose to celebrate sisterhood in the “Modern Arab Beauty” campaign that it put out to launch its second collection of products. In line with Asteri’s mission to redefine the way we experience cosmetics, this particular collection features captivating colors, luxurious textures, and empowering products that both embrace and celebrate one’s unique beauty. Be it with the all-new Super Massive Kohl liner that comes in three new shades, or with the Aria Highlighting and Contour Sticks that allow you to sculpt your features to perfection, get ready to see your entire look elevated thanks to Asteri. asteribeauty.com From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks include a homegrown Saudi beauty brand, a vitalizing new fragrance from Molton Brown, and more. The Executive Selection STEP OUT IN STYLE → Asteri
51 January 2024 / ENTREPRENEUR.COM / OFF-GRID →/ Molton Brown Ever wanted to design your look exactly how you want it? The Giorgio Armani Made to Measure service has introduced a new and updated complete digital configuration system – the first of its kind in the world of luxury fashion– for garment customization. The innovative system makes use of latest-generation 3D technology to give clients access to the Giorgio Armani Made to Measure atelier, as well as the creative process to ‘construct’ complete looks by combining different models, materials, and unique details. The initial virtual design process will be followed up by a video consultation or a boutique appointment, where the client will be assisted and advised by highly qualified personnel in order to finalize their choices. Note here that the Made to Measure configurator allows clients to select not only formal suits, jackets, coats, evening wear, and shirts, but also casual looks including leather jackets, t-shirts, and denim pieces, choosing even the model, material, lining, and type of button. armani.com ↑ A STYLISH COMPANION FOR THE NEW YEAR A. Lange & Söhne 1815 Annual Calendar The wild meets the refined in the new Wild Mint and Lavandin collection that’s been launched by British fragrance maker Molton Brown. Created by Senior Perfumer Nathalie Koobus, this fragrance is a modern take on a classic fougère, and it is instantly stimulating yet soothing. While the Eau de Toilette features sensuous orris root against the grounding influence of rich sandalwood and tonka bean, the Eau de Parfum has creamy nutmeg as the signature note, and as a warm balance to tonic mint, it leaves a dry down that’s addictive, takes hold, and leaves a naturally sophisticated impression. moltonbrown.com As we set forth into 2024, A. Lange & Söhne has declared its 1815 Annual Calendar to be “the perfect, elegant companion to take us through the year in style,” and having examined the said timepiece, we wholeheartedly concur with the German luxury watch manufacturer. The 1815 Annual Calendar comes with analog displays for the date, day of week, and month, as well as a moon-phase display calculated to remain accurate for 122.6 years. It comes with an elaborate calendar mechanism that automatically recognizes which months have 30 and 31 days; indeed, the display needs to be manually adjusted only once a year, at the transition from the last day of February to the first day of March. The argenté-coloured dial makes an impression too, and with the traditional railway-track minute scale, Arabic numerals, and the axially symmetric configuration of the three auxiliary dials, it represents a subtle tribute to A. Lange & Söhne founder Ferdinand Adolph Lange, whose birth year is part of the watch family’s name. alange-soehne.com EDITOR’S PICK GIORGIO ARMANI MADE TO MEASURE ↓ IMAGES COURTESY ASTERI | A.LANGE & SÖHNE | MOLTON BROWN | ARMANI
53 January 2024 / ENTREPRENEUR.COM / M anifesting is using the power of your mind to change and create the reality you experience. To manifest means to make it happen. To me, manifestation is a self-development practice and a way of living. It is rooted in science, wisdom, and philosophy, and, when practiced correctly, it can help improve every area of your life. It helps you to unlock your limitless potential, and it empowers you to reach your goals. It is important to note that manifesting is not just about wishful thinking, or about merely visualizing what you want, and waiting for it to happen- which a common misconception about manifestation. In fact, manifesting is about taking action, being proactive, and taking control of your life. Count- less celebrities, CEOs, and leaders have attributed theirsuc- cess to manifestation. So, how does it really work? }} Manifesting Success Seven steps that can help transform your professional life by ROXIE NAFOUSI
54 / ENTREPRENEUR.COM / January 2024 I n January 2022, I shared my own seven-step guide to manifestation in my book Manifest: 7 Steps To Living Your Best Life to teach people everything they needed to know about manifestation. I used these steps to help transform both my personal and professional life, and now, hundreds of thousands of people across the globe have done the same. The steps are practical, and easy to follow, and here I am going to share a taster on how you can use them to level up your career and/or business. STEP 1/ BE CLEAR IN YOUR VISION To begin, you must first identify clear and tangible goals for the next six months/one year/five years. Remember that we can’t get to where we want to go, if we don’t first know where it is we are headed. Clarify your goals, and be as specific as you can with them. I encourage you to be bold and courageous with these goals. In other words, dream big. }Try this Do a visualization meditation– neuroscience has proven that regular visualizations will help prime the subconscious parts of your brain to help you to reach your goals. STEP 2/ REMOVE FEAR AND DOUBT We manifest what we believe we are worthy of receiving. It is important to leave our insecurities at the door by healing them, and letting them go. You must stop standing in your own way. We must build our self-worth, and start to believe that we are capable of great things. In my book, I provide lots of guidance and tools to use to help you unlock more confidence. }Try this Repeat this positive affirmation every day: “I am capable of anything I put my mind to.” STEP 3/ ALIGN YOUR BEHAVIOR Do the work! Take action, be proactive, and be willing to step outside your comfort zone. This is how we create the change we are seeking. Instead of waiting for things to happen, go make them happen. Show up as your future self would, and be willing to take risks. }Try this When making any decision, ask yourself: “What would I do if fear or doubt weren’t standing in my way?” STEP 4/ OVERCOME TESTS FROM THE UNI- VERSE This step is all about the importance of reframing challenges, rejections, and obstacles. On any manifesting journey, we will be faced with all three– it is an inevitable part of life. But how we respond determines where we end up. See challenges as opportunities for growth and for learning. Persist through them, and do not allow them to deter you from your path. }Try this When faced with a challenge, write down all the lessons you are learning from it, and what you can do differently next time. STEP 5/ EMBRACE GRATITUDE Developing an attitude of gratitude encourages a positive mindset that will influence our whole reality. It will allow us to see more opportunities, and to sit in an abundant mindset that will ultimately help us to attract more abundance to us. }Try this Within my own company, I ask each member of the team to send through a gratitude list every Friday, which we all read together. On these lists, we write down all the good things that happened at work in the week. It ‘T/Skillset SEE CHALLENGES AS OPPORTUNITIES FOR GROWTH AND FOR LEARNING. PERSIST THROUGH THEM, AND DO NOT ALLOW THEM TO DETER YOU FROM YOUR PATH. ↑ Roxie Nafousi’s debut book, Manifest: 7 Steps to Living Your Best Life, has become a global success since it entered the market in January 2022, and is widely regarded as the must-have guide to manifestation.
55 January 2024 / ENTREPRENEUR.COM / reminds us of the progress we are making, and it keeps us all feeling positive and motivated. It is an incredible practice for team morale. I highly recommend trying it as a team, or even for yourself at the end of each working week. STEP 6/ TURN ENVY INTO INSPIRATION It is easy to feel envious of our competitors, and it can have negative repercussions. For example, it might encourage us to copy what another company or individual is doing, instead of staying authentic to our own message or purpose. Envy can also trigger insecurities or feelings of not being enough, which can impact our behavior at work. I encourage people to, instead, be inspired by other peoples’ success, by allowing them to show you what is possible. }Try this Actively seek out inspiration. Read books, speak to people, or watch documentaries about people who have succeeded doing something similar to you. STEP 7/ TRUST IN THE UNIVERSE This final step is all about trust and surrender. This allows us to navigate the inevitable ups and downs of business with greater ease, and less panic. We can trust that everything is working the way it is supposed to and that good things are coming our way. This is just a small overview of the seven steps, but I hope it’s clear to see how these practical steps would help you to reach your goals. I strongly encourage everyone to use them as a guide to help them, no matter what stage of their career journey they are at. Roxie Nafousi is a self-development coach, inspirational speaker, manifest- ing expert, and two-time Sunday Times bestselling author. Her commitment to transforming the lives of people who suffer with emotional and mental health issues, and helping them to fulfil their potential, has seen her become a renowned figure in the wellness world. Her debut book, Manifest: 7 Steps to Living Your Best Life, has become a global success since it entered the market in January 2022, and is widely regarded as the must- have guide to manifestation. Hailed as ‘the manifest- ing queen’ by Forbes and Financial Times, Roxie brings her unique approach to self-development across the world, hosting corporate workshops for the world’s largest companies including Google, Meta, Rothschild, and many more. Roxie also hosts her own sell-out workshops and webinars. roxienafousi.com Not For The Light-Hearted }Let’s start by busting a myth: it’s not a glamorous world The concept of being an entre- preneur has been drastically romanticized over the years, often portrayed as a glamorous lifestyle filled with wealth, freedom, and endless possibili- ties. However, this idealized image is far from the reality, and it’s important not to be deceived by all the smoke and mirrors. Entrepreneurship is a demand- ing and challenging journey, requiring unwavering dedication, resilience, and a willingness to make sacrifices. The notion of an entrepreneur working leisurely hours and enjoying frequent vacations is }} Navigating the realities of entrepreneurship by KEVIN ALDERWEIRELDT E mbarking on an entrepreneurial journey often appears as a glitzy expedition, glamourized by tales of success and innovation. However, the truth reveals a landscape far from these kinds of romanticized portrayals. Entrepreneurship demands resilience, sacrifices, and an unwavering commit- ment beyond the surface allure. Unraveling the myths, under- standing purpose, embracing setbacks, mastering financial acumen, and redefining competition constitute the crux of this labyrinthine expedition. Understanding these realities is crucial before diving headfirst into this world of business ownership.
56 / ENTREPRENEUR.COM / January 2024 Seeking feedback is essential for growth and development. While it’s natural to turn to close friends and family for their opinions, it’s important to seek feedback from those who can provide objective and critical assessments. Reach out to experienced entrepreneurs, mentors, and industry experts who can offer valuable insights and guidance. Pitch them your idea. If you don’t have anyone in your network, reach out to people on Linke- dIn; if the first person doesn’t respond, it’s likely the 15th will. We are well versed in the stories of entrepreneurs like Mark Zuckerberg and Bill Gates who sought feedback persistently in their early days, shaping their revolutionary ideas based on diverse viewpoints. Purpose is the cornerstone of entrepre- neurial success. It’s not merely about starting a business; it’s about defining a purpose and committing to it whole- heartedly. Believing in your venture fuels the drive necessary to withstand the inevitable hurdles. }Perseverance and resilience is key Perseverance and resilience are non- negotiable traits for entrepreneurs. The path to success is rarely linear; it is often marked by setbacks, failures, and moments of self-doubt. Rejection becomes a norm, with numerous no’s before securing that pivotal yes– for every 10 no’s, you get one yes, and that single ‘yes’ will play a monumental role and become a driving force to push you forward. Learning to celebrate these victories, however small, becomes crucial amidst a landscape riddled with setbacks. The ability to persevere through these challenges and maintain a positive outlook is what distinguishes successful entrepreneurs from those who give up. However, failures are inevitable in entrepreneurship. It’s not the failure itself, but the response to it that shapes an entrepreneur’s trajectory. Individuals like Oprah Winfrey and Steve Jobs faced failures but emerged stronger, attributing their success to the lessons learned from those setbacks. Entrepreneurship demands a robust spirit. Be prepared to face competition, employee departures, major setbacks, and a constant stream of challenges. The key is to not dwell on ‘T/Skillset a myth. Entrepreneurs are always on, constantly juggling responsibilities, responding to client demands, and working tirelessly to keep their businesses afloat. The expectation of uninterrupted breaks and personal time becomes a distant memory as the demands of the business take precedence. Embracing these sacrifices is an integral part of entrepreneurial growth. Without putting in the long hours and making personal adjustments, achieving success becomes a distant dream. Entrepreneurs like Elon Musk and Sara Blakely have emphasized the grueling realities behind their successes. Musk, known for his ventures in SpaceX and Tesla, famously works over 80 hours a week, showcasing the dedication and sacrifice required at the highest echelons of entrepreneurship. }Take the time to figure out (and understand) your purpose Before embarking on an entrepreneurial journey, it is crucial to have a clear understanding of your purpose. What drives you? What problem are you trying to solve? What impact do you want to make? Having a well-defined purpose provides the necessary motivation and direction to navigate the challenges and setbacks that inevitably arise along the way. Entrepreneurship requires a relentless drive and unwavering belief in what you are doing. The 24/7 nature of the job demands a deep-rooted passion for your venture, as this fuel will keep you going when faced with obstacles and moments of doubt.
57 January 2024 / ENTREPRENEUR.COM / these setbacks, but to learn from them, and focus on achieving your goals. }Build your financial acumen As an entrepreneur, you wear multiple hats, one of which is crucial- the finance one. Financial acumen is an essential skill for any entrepreneur, and it poses immense stress if left unmanaged. As a business owner, you must have a firm grasp of financial concepts, including budgeting, cash flow management, and investment strategies. Under- standing your financial standing and making informed financial decisions is crucial for the long-term success of your venture. Maintaining healthy cash reserves is paramount. Financial setbacks are inevitable, and having a financial cushion can provide much-needed stability during difficult times. Efficient cash flow management is essential for ensuring that your business has the resources it needs to operate and grow. Going back to Musk, his early experiences with Zip2 and X.com (later PayPal) demonstrated the significance of financial acumen. His ability to navigate financial chal- lenges played a pivotal role in his subsequent successes with SpaceX and Tesla. }Redefine what a competitor is The conventional view of competition solely among industry players is a narrow perspective. Clients can also be considered competitors, as they have the potential to take your ideas, and execute them themselves. This is a common occurrence in the entre- preneurial world, and it is important to be prepared for this possibility. When entering an industry dominated by large established companies, a small startup often assumes the role of a challenger. In these situations, building a strong network of contacts and mentors can provide invaluable support and guidance. Always remember that everything has been invented before– instead of reinventing the wheel, focus on innovation. There is no need to start from scratch when there are existing solutions available. Instead, focus on improving upon existing concepts and developing unique solutions that address market gaps and unmet needs. Entrepre- neurs such as Jeff Bezos and Larry Page focused on innovating existing ideas, redefining industries through ground-breaking innovations rather than starting from scratch. To conclude, entrepreneurship is a challenging yet rewarding path. It demands unwavering commitment, resilience, and the ability to make sacrifices. By understanding the realities of entrepreneurship, developing a clear purpose, fostering perseverance, mastering financial acumen, and redefining competition, aspiring entrepreneurs can increase their chances of success in this dynamic and demanding world. I, for one, wouldn’t want it any other way- the ride is just too much fun. Kevin Alderweireldt is the founder and CEO of the luxury creative technology company, Bureau Béatrice. A born entrepreneur, Kevin is committed to working with luxury brands that want to build more meaningful consumer connections by adopting creative brand experiences through the use of emerging interactive technologies, from gaming to augment- ed reality and everything in between. With over 21 years of invaluable experience, Kevin, a successful business owner and venture enthusiast with a penchant for immersive experiences, has built five thriving businesses within the realms of creative design, advertising, and immersive technology across Europe and the Middle East regions. bureaubeatrice.com BEFORE EMBARKING ON AN ENTREPRENEURIAL JOURNEY, IT IS CRUCIAL TO HAVE A CLEAR UNDERSTANDING OF YOUR PURPOSE. WHAT DRIVES YOU? WHAT PROBLEM ARE YOU TRYING TO SOLVE? WHAT IMPACT DO YOU WANT TO MAKE?
O n December 6, 2023, at Fairmont The Palm in Dubai, UAE, Entrepreneur Middle East staged the Enterprise Agility Awards 2023 to recognize the individuals and enterprises that have made an outstanding contribution to the MENA’s business ecosystem. The awards gala was supported by Platinum Partners, Taraf Development and du, Gold Partners, Fluidmeet and Numai Real Estate, and Ecosystem Partner, in5. This edition of the Enterprise Agility Awards recognized individuals and companies that created the momentum to truly bounce back from any negative trends from the last couple of years, and successfully grow their businesses in 2023. The trophies were presented to the winners by Wissam Younane, CEO of BNC Publishing, Rabih Najm, Managing Director of BNC Publishing, Suleiman Salloum, co- founder of Fluidmeet, Gregg Pearce, Head of (SVP) SOHO and SME at du, Saud Al Nowais, Commercial Attache at the UAE Embassy to the US, and H.E. Abdulla Al Saleh, Undersecretary of the UAE Ministry of Economy. 58 / ENTREPRENEUR.COM / January 2024 THE RECAP | E N T R E P R E N E U R . C O M | E N T R E P R E N E U R A L A R A B I Y A . C O M Sponsored by
BNC PUBLISHING CEO Wissam Younane WINNERS of the Enterprise Agility Awards 2023 59 January 2024 / ENTREPRENEUR.COM / FASTEST EXPANDING BRAND / REEF Perfumes FASTEST GROWTH IN REAL ESTATE / Osus FASTEST GROWING APP OF THE YEAR / Vurse INGENUITY IN DESIGN FOR EVENTS AND ENTERTAINMENT / M2L Concepts by Ayana Holding LOGISTICS COMPANY OF THE YEAR / IQ Fulfillment HOSPITALITY FIRM OF THE YEAR / Atelier House DESIGN AND ARCHITECTURE FIRM OF THE YEAR / VX Studio RETAIL COMPANY OF THE YEAR / Cardial BTL COMPANY OF THE YEAR / Traffik 360 FINTECH COMPANY OF THE YEAR / PayTabs ONLINE PLATFORM OF THE YEAR / crypto.com HOLDING COMPANY OF THE YEAR / Ayana Holding CORPORATE SERVICE PROVIDER OF THE YEAR / Virtuzone GAMING AND ENTERTAINMENT INVESTORS OF THE YEAR / Shorooq Partners FREE ZONE HUB OF THE YEAR / Ras Al Khaimah Economic Zone (RAKEZ) DISRUPTOR OF THE YEAR / Seafood Souq ECOSYSTEM ENABLER OF THE YEAR / Emirates Angels DIGITAL INFLUENCER OF THE YEAR / James Webb (J Webby Can Eat) CONSULTANT OF THE YEAR / Waleed Al Amiri MEDIA PERSONALITY OF THE YEAR / Sheeraz Hasan, founder, Fame By Sheeraz CRYPTO PERSONALITY OF THE YEAR / Bill Qian, Chairman, Cypher Capital YOUNG ENTREPRENEUR OF THE YEAR / AlDhabi AlMheiri, founder of Rainbow Chimney Educational Aids ENTREPRENEUR OF THE YEAR / H.E. Asma Al Fahim, Chairwoman, Abu Dhabi Businesswomen Council VISIONARY OF THE YEAR / Talal Al Gaddah, Senior Executive Vice Chairman, MAG OUTSTANDING CONTRIBUTION TO BUSINESS / H.E. Abdulla Al Saleh, Under Secretary of the UAE Ministry of Economy
FREE ZONE HUB OF THE YEAR - Ras Al Khaimah Economic Zone, RAKEZ HOSPITALITY FIRM OF THE YEAR - Atelier House DIGITAL INFLUENCER OF THE YEAR -James Webb (J Webby Can Eat) OUTSTANDING CONTRIBUTION TO BUSINESS - H.E. Abdulla Al Saleh, Under Secretary of the UAE Ministry of Economy RETAIL COMPANY OF THE YEAR - Cardial 60 / ENTREPRENEUR.COM / January 2024
CORPORATE SERVICE PROVIDER OF THE YEAR - Virtuzone MEDIA PERSONALITY OF THE YEAR Sheeraz Hasan DISRUPTOR OF THE YEAR - Seafood Souq LOGISTICS COMPANY OF THE YEAR - IQ Fulfillment January 2024 / ENTREPRENEUR.COM / 61
FASTEST GROWING APP OF THE YEAR - Vurse GAMING AND ENTERTAINMENT INVESTORS OF THE YEAR - Shorooq Partners ONLINE PLATFORM OF THE YEAR - crypto.com FASTEST GROWTH IN REAL ESTATE - Osus 62 / ENTREPRENEUR.COM / January 2024
BTL COMPANY OF THE YEAR - Traffik 360 FASTEST EXPANDING BRAND - REEF Perfumes DESIGN AND ARCHITECTURE FIRM OF THE YEAR - VX Studio FINTECH COMPANY OF THE YEAR - PayTabs 63 January 2024 / ENTREPRENEUR.COM /
CONSULTANT OF THE YEAR - Waleed Al Amiri ENTREPRENEUR OF THE YEAR - H.E. Asma Al Fahim, Chairwoman, Abu Dhabi Businesswomen Council VISIONARY OF THE YEAR - Talal Al Gaddah, Senior Executive Vice Chairman, MAG YOUNG ENTREPRENEUR OF THE YEAR - AlDhabi AlMheiri, founder of Rainbow Chimney Educational Aids INGENUITY IN DESIGN FOR EVENTS AND ENTERTAINMENT - M2L Concepts by Ayana Holding 64 / ENTREPRENEUR.COM / January 2024
CRYPTO PERSONALITY OF THE YEAR - Bill Qian, Chairman of Cypher Capital HOLDING COMPANY OF THE YEAR - Ayana Holding 65 January 2024 / ENTREPRENEUR.COM / ECOSYSTEM ENABLER OF THE YEAR - Emirates Angels
66 / ENTREPRENEUR.COM / January 2024
67 January 2024 / ENTREPRENEUR.COM /
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69 January 2024 / ENTREPRENEUR.COM / Leveling the Playing Field UAE-based online marketplace Santra is helping home-based businesses and entrepreneurs to thrive in an ever-growing food industry by AALIA MEHREEN AHMED IMAGES COURTESY SANTRA ↓ Aziz Gamil and Mustafa Alelayawi are the co-founders of Santra.
70 / ENTREPRENEUR.COM / January 2024 L aunched in 2022 by Gamil along with co-founders Fatma Al Khaja and Mustafa Alelayawai, Santra offers digital solutions such as order management systems, real-time inventory tracking, integrated payment solutions, as well as customer insights. Thus, with these tools at their disposal, local food businesses and home-based food brands can attain logistical efficiency by reaching larger customer bases by organizing orders and delivery times on a single, dedicated platform. And all of this, Gamil says, allows small business owners a fight- ing chance to compete against existing larger chains as well. “We provide two specialized apps: a customer app for easy ordering and personalized experiences, and a seller app for efficient business management,” Gamil explains. “This dual-app approach caters to both demand and supply sides, ensuring efficient, responsive service. Entrepreneurs start by contacting us, followed by a demo and trial period of our platform. We then assist with onboarding, including setting up profiles and menus. Comprehensive training is provided for effective platform use. Ongoing support helps businesses grow and reach a broader customer base, making our technology accessible even to those with limited tech experience. Santra’s solutions thus meet the unique demands of the food industry.” }Today, Santra is a platform where 90% of its sellers are Emirati women- a profound testament to Gamil and his team’s commitment to fighting unem- ployment and empowering female entrepreneurs in the UAE. This senti- ment, in fact, is what prompted Gamil to launch this startup in the first place- and it all started with a ‘santra,’ a word used to describe the mandarin fruit in many languages. “The startup’s name emerged from a simple yet memorable incident during my university days,” Gamil narrates. “While in class, I was discreetly enjoying a mandarin. This moment was humorously captured on video by a friend, and it led to a burst of laughter and camaraderie among us. But later, as I shared this light-hearted moment with my now co-founders, Fatma and Mustafa, it somehow sparked a deeper conversa- tion about the challenges faced by local S/Q&A T he potential economic empowerment that individuals can achieve by running a home-based business is considerable. However, within economies like the UAE’s, where small and medium enterprises (SMEs) account for 95% of all businesses, there is a need to enhance support for owners of home-based businesses. That certainly is the driving factor behind Santra, a UAE-based online marketplace that supports small business owners and makers of homemade food and sweets. “Santra was inspired by the need to address inefficiencies in the local F&B sector, where businesses struggled with disjointed systems, and a lack of integrated digital solutions,” says Aziz Gamil, co-founder and CEO of Santra. “Envisioning a platform to streamline processes and enable digital transformation, Santra aims to provide intuitive, comprehensive tools for these businesses, enhancing operational capabilities, and contributing to economic growth and innovation in the region. The goal is to be a growth partner for clients, simplifying the complexities of digital adoption.”
71 January 2024 / ENTREPRENEUR.COM / brands and home-based food businesses. We realized that many brilliant ideas and potential businesses, particularly led by women, never reach their full potential, due to a lack of accessible tools for managing and growing their operations. The story behind Santra is therefore one that reflects the spirit of spontaneity, innovation, and our commitment to uplifting local communities, particularly women entrepreneurs in the UAE.” }Of course, it is no secret that the industry Santra operates in is a rapidly growing one. Indeed, as per a report by Mordor Intelligence, the food service market size is estimated at US$16.92 billion in 2023, and it’s expected to reach $43.98 billion by 2029. In such a saturated market, the need to differentiate from competitors increases- something that Gamil is all too aware of. “Santra has been built with a series of unique selling points in mind,” he says. “For starters, it has a user-friendly interface allowing entrepreneurs with varying levels of tech-savviness to manage their operations efficiently. Secondly, our platform is highly adaptable, enabling home businesses to maintain their unique identity, and meet their specific needs. We also offer a one-stop-shop solution for order, inventory, and customer relationship management, which streamlines operations and enhances the customer experience. With a focus on the regional market, we provide localized support, and we understand cultural nuances, giving home businesses an edge. And finally, our pricing model is budget-friendly for home businesses, ensuring they only pay for what they need with the flexibility to scale.” }Nestled in the midst of this model to empower local home businesses is Santra’s own gateway to earning its share of revenue. “Our primary revenue stream comes from a modest commission on each transaction processed through our platform,” Gamil explains. “This aligns our success directly with that of our clients, ensuring that we are motivated by a shared goal of increasing their sales and operational through- put. We focus on businesses that are agile and open to digital transformation, yet may lack the resources to implement or manage complex digital solutions on their own. By offering a scalable and integrated platform, Santra becomes a powerful tool in their growth, enabling them to compete more effec- tively in the digital economy.” But Santra’s graph towards achieving an efficient model of operation hasn’t necessarily been linear. “One of the most significant challenges I faced in leading Santra was the balancing act between rapid innovation and sustainable growth,” Gamil admits. “In the tech startup world, there’s immense pressure to move quickly and IMAGES COURTESY SANTRA ONGOING SUPPORT HELPS BUSINESSES GROW AND REACH A BROADER CUSTOMER BASE, MAKING OUR TECHNOLOGY ACCESSIBLE EVEN TO THOSE WITH LIMITED TECH EXPERIENCE. SANTRA’S SOLUTIONS THUS MEET THE UNIQUE DEMANDS OF THE FOOD INDUSTRY. → Using the Santra marketplace, customers can discover and order a wide selection of homemade food and sweets, enjoy exclusive offers, and enjoy a seamless checkout experience with secure online payment options.
72 / ENTREPRENEUR.COM / January 2024 continuously innovate. However, rapid develop- ment often comes with risks– both in terms of product stability and team burnout. Managing this delicate balance was a constant challenge. Another major hurdle was in introducing a new digital solution to traditional SMEs in the food sector, which meant that we were not just selling a product, but also advocating for a shift in operational mindset. Many potential clients were hesitant to move away from established methods to a digital platform. Convincing them required not just a solid product, but also a deep understanding of their pain points, as well as effective communication of the tangible benefits they would gain.” }In overcoming these challenges, Gamil found that it eventually opened doors to investments for his startup as well. “Santra’s funding journey has been a testament to our growth and the confidence our investors have in our vision,” Gamil says. “We started in 2019, bootstrapped by personal investments from myself and close friends who shared a belief in the potential of our platform. This initial phase was about proving our concept, gaining traction, and refining our offerings. After a year and a half of diligent work and demonstrated success, we raised our first external capital of $300,000. Our participa- tion in the 2022 edition of the startup event, GITEX Global, was the next significant milestone. The exposure and networking opportunities at such a prestigious tech event culminated in raising $1 million in pre-seed funding. This infusion of capital enabled us to further enhance our product, accelerate growth, and expand our reach to empower more local brands in the food industry.” }It is thus with that sense of optimism that Gamil hopes to lead his startup in 2024 and beyond. “Over the next 6-12 months, Santra is dedicated to enhancing our platform with new, client-requested features, expanding our market reach to welcome new clients, deepen existing relation- ships, and growing our team with individuals committed to innovation and client value,” he declares. “ This strategy is aimed at strengthening our service in the food sector and supporting businesses in adapting to a digital-first approach. We want to continue positioning Santra in the market as a highly accessible, customizable, and supportive digital platform tailored for home businesses in the food sector!” S/Q&A ← Santra’s vision is to be the leading hub for home-based businesses in the Middle East, providing comprehensive support services for entrepreneurs and small businesses. Aziz Gamil, co-founder and CEO of Santra, shares his tips for entrepreneurs }RECOGNIZE THE POWER OF RESILIENCE AND ADAPTABILITY “Being an entrepreneur is not just about having a great idea; it’s about your capacity to adapt to changing circumstances, to learn continuously, and to lead your team through ups and downs with a clear vision and steady hand.” }EMBRACE UNCERTAINTY “I learned to be more comfortable with uncertainty. I realized that not every decision will be perfect, but being paralyzed by fear of making mistakes is far worse. Adopting a mindset of ‘learn fast, adapt quickly’ helped me navigate through ambiguous situations.” }PRIORITIZE TEAM WELL-BEING “I learned the importance of fostering a work environment that values not just productivity but also well-being. This meant sometimes taking a step back to ensure our team was not overburdened, promoting a culture where mental health is as important as meeting development milestones.” }FOCUS ON CUSTOMER ENGAGEMENT AND EDUCATION “We invested significantly in customer engagement. This involved detailed demos, workshops, and one-on- one sessions to illustrate the value of digital adaptation in their language, showing them the direct impact on their business efficiency and growth.” 'TREP TALK
74 / ENTREPRENEUR.COM / January 2024 SO, WHERE DO WE STAND? Below, we explore the reasons for this to set the stage for what comes next. How will startups go about funding themselves in 2024? Advice to follow, but first, let us examine the trends that made 2023 a rare “off” year for the GCC startup community. 1/Risk-takers retreat There has been a mood swing among the venture capitalists (VCs). In 2022, they were more willing to back hopefuls with a view to growing their investment significantly. But our globally connected economy got in the way. Unpredictable externalities slowed business growth and suppressed investor appetite. Now risk-averse, investors no longer tend to factor in speculative and intuitive business attributes such as the founder’s “vibe” and projections for revenue and profit. Instead, they have reverted to the fundamentals, asking to see hard data, and poring over it for longer periods. This has stretched out funding cycles. And even when they give the nod, they do so with the provision that they will be more intimately involved in the business. This change in tempera- ment has had a knock-on S/Finance T he Gulf Cooperation Council (GCC) has earned a reputation for being friendly to startups. Last year, just two of the countries in the region -unsurprisingly, the UAE and Saudi Arabia- drew in nearly 60% of the US$3.2 billion that startups across the broader Middle East and North Africa managed to raise. From agritech to fintech, it would appear that the GCC is the place to be. And yet, we cannot ignore the falloff in investor activity. We live in a connected world, and international markets are in the middle of a capital crunch. Investment in the region this year has been muted, and it is reasonable to assume that 2023 will prove to not have been as fund-furious as 2022. Shaking It Up by RYAAN SHARIF The state of play -and the road ahead- for startups and investment in the GCC
75 January 2024 / ENTREPRENEUR.COM / effect on entrepreneurs. More due diligence means having to start funding cycles earlier. It means more time spent preparing narratives and presentations, more calls with backers, more pressure to deliver results, and more stress when things are not ticking along as expected. The one bright aspect of all this extra scrutiny is that founders get to pick the brains of their experienced backers more often. 2/Late to the party Wary investors are less likely to get in on the ground floor. We have seen a sharp steer away from early-stage engage- ments. The potential high-reward deals are simply not enough to tempt backers. But while they certainly now favor the more solid ground of later-stage rounds and their long-term viability, that is not to say some investors cannot be won over by a founder with the right value proposition, narrative, and presentation. If they prepare themselves adequately, there is still room for such companies to secure seed-stage funding from angel investors, crowd- funding platforms, and accelerators. 3/Banking on alternative sources of capital As VCs have become more discerning about the companies they invest in, some startups have looked to banks to fill the void. Of course, this leaves new businesses open to the immovable policies of traditional lenders. The startup needs to be sure it has a solid credit history and a robust business plan. Banks have always been more diligent in their lending practices than venture capitalists. They may require borrowers to put up collateral, or accept higher interest rates. However, for startups that are unable to make headway with investors, this may be the only viable route. Fortunately, the government in the UAE has established credit-guarantee schemes to encourage banks to lend to smaller enterprises. And the UAE financial services industry’s vigorous digital transformation makes the admin of loans cheaper and decision times shorter. WELL, WHAT HAPPENS NOW? So, that is the state of play. And as we move through 2024, we should not expect to see much movement towards the good old “funds for all” days of 2022. While global macroeconomic conditions persist, we should expect to see VCs keep their hatches battened. But even as investors prepare to stick to their 2023 strategy, there is nothing to stop startups adopting new approaches to get noticed. A strong message will get through. Remember what it is you do, and make sure others know it. That requires a concise story, but it also should be one that exposes the strengths of your offerings, and explains their value clearly. Put it all on paper, tweak it, optimize it, and memorize it, so that every time you get an opportunity to tell your story, you can do so quickly and succinctly, even in a high-pressure situation. That peak investor scrutiny will still be present, but if you can convince them that you have a deep understanding of your operating market and all its opportunities, threats, and regulations, then you will have their attention. These encounters will be more productive if you understand your audience, so target investors carefully, and get to know how risk-averse they are, and why. Account for the type of investor. A high-net-worth individual (HNWI) or angel will likely have lower expectations when it comes to returns (in respect of both volume and time) when compared with a VC. Also, while they tend to be more cautious, the GCC’s family offices may respond to the right value proposition. Just be sure to research what fields they have been known to target. Also, in the general case, ensure you do not target (for example) an investor with a history of Series B funding if you are looking for seed-stage backing. IT’S ALL ABOUT THE SPARKLE At the end of the day, it is about the right individual with the right interests in the right setting at the right time. After that, if presented with the right bait, investors will still bite. It is up to you, the entrepreneur, to make your vision sparkle for them the way it sparkles for you. Ryaan Sharif is General Manager at Flat6Labs UAE. flat6labs.com/ Location/uae WHILE GLOBAL MACROECONOMIC CONDITIONS PERSIST, WE SHOULD EXPECT TO SEE VCS KEEP THEIR HATCHES BATTENED. BUT EVEN AS INVESTORS PREPARE TO STICK TO THEIR 2023 STRATEGY, THERE IS NOTHING TO STOP STARTUPS ADOPTING NEW APPROACHES TO GET NOTICED. ↓ Dubai International Financial Centre in the Special Economic Zone, a hub for investment companies in the Middle East. Dubai, UAE.
S/Ecosystem If one were to look at the track record of the annually staged Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change (UNFCC), one could -arguably- say that COPs are not known for their technology showcases nor startup support efforts, so much as their policy brawls and political commitments- or lack therein. Anyone who is surprised by side deals and compromises in the UNFCCC process hasn’t been paying attention since 1992. But looking at the most recent edition of COP staged in the UAE in 2023, this COP may be a little different in that there’s an emphasis on entrepreneurs and how innovation is a lever we need to use in our quest for climate solutions. Exponential energy tech growth has in sight the 2°C target for limiting global warming, if not 1.5°C, all the while; however, we have to be wary of the authenticity of these solutions. Driving entrepreneurial solutions may seem contrary to some peoples’ preconception of the host nation of COP28, the United Arab Emirates (UAE), as an oil-rich and relatively small economy. While it is still not doing enough per London-based think tank Carbon Tracker, it is punching above its weight in the energy transition in the region. For example, earlier this year, the UAE updated its energy strategy to triple the share of renewables by 2030, a position it had taken into the COP, which many others are now endorsing. In fact, the UAE expects that 55% of Abu Dhabi’s electricity will come from clean sources in 2025. The UAE is changing. At the crossroads of Africa, Asia, and Europe, it is also a global investment hub, home to lots of big and small companies across a range of industries - and it also has a lot of money. That’s how the UAE was able to go to Africa Climate Week in September last year, and commit over US$4 billion of finance on the continent for clean energy. Western countries didn’t do A Silicon Valley for Climate Tech? It Could Well Be the UAE I f one were to look at the track record of the annually staged Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change (UNFCC), one could -arguably- say that COPs are not known for their technology showcases nor startup support efforts, so much as their policy brawls and political commitments- or lack therein. Anyone who is surprised by side deals and compromises in the UNFCCC process hasn’t been paying attention since 1992. As the UAE transitions to a more diversified economy, it is starting to build financial and other infrastructure for startups and innovators by DANNY KENNEDY 76 / ENTREPRENEUR.COM / January 2024 → Dubai, UAE - A shot of the Mohammed Bin Rashid Al Maktoum Solar Park, the largest single-site solar plant in the world.
that. As someone who had never worked in the Gulf states before, I’m finding similarities to the can-do culture of Silicon Valley, where I have run the California Clean Energy Fund for nearly a decade. }The next California? It is interesting to think of California at the turn of the last century: like the UAE, it was a giant of oil production in the world. If I’d asked someone there in 1923 whether they thought it would be a champion of a 100% renewable future, including an electrification disruption in internal combustion engine-run cars, I doubt they would. But by fostering a culture of innovation and collaboration, California has led the world in multiple new industries over the decades. The UAE seems to understand this playbook, with the current leaders acknowledging that one day soon –how soon is the big question we’re all fighting over- the last barrel of oil will be shipped. Given the US’ recent investment surge in oil and gas production and export, it is in American multinationals’ interest to delay renewables more than Middle East national oil companies. International Energy Agency scenarios suggest that if the world moves beyond “announced policy scenarios” to “net zero emissions” by 2050, North America’s share of export sales goes from 20% of a big number, to 20% of a much smaller one. Whereas the national oil companies of the Middle East gain market share from around 40% to 60%, but from a much smaller base. So, in the future, it is unclear who the real champions of quitting oil will be. The fact is, no one is doing enough yet. The proof will be in the pudding of course, but there is lots going on now even amongst some of the UAE’s big businesses. Earlier this year, Emirates Global Aluminium (EGA) launched a green supply chain program, and also purchased clean energy certificates for 1.1 million megawatt hours of electricity- to produce 80,000 tons of solar aluminum. It’s not reducing the greenhouse emitted from aluminum production enough, but this is one of those “hard to abate” sectors we have to iterate. Innovation along complex supply chains like this –EGA has 3,000 vendors– is a lot of the work of the energy transition that we still need to do. }Greenshoots of change What is clear is that as the UAE transitions to a more diversified economy, it has built financial and other infrastructure for startups and innovators. I spent some time prior to COP at the Abu Dhabi Finance Week, an annual gathering of investors, family offices, and trustees from across the Gulf that seemed to be high on environmental, social, and governance (ESG) principles, for what it is worth. It convinced me this country has fertile ground for new technologies and businesses to grow. That is why at New Energy Nexus, we brought 50 climate tech founders to the UAE during COP28 as part of the program we have been running this year with the COP28 Secretariat and the Abu ONE THING WE’VE LEARNT FROM BUILDING ENTREPRENEUR SUPPORT ECOSYSTEMS IN 12 COUNTRIES FOR 20 YEARS IS THAT GOOD IDEAS AND TALK ARE NOT ENOUGH. WE NEED CAPITAL, TALENT, AND DEMAND TO COMBINE IN A VIRTUOUS SPIRAL AROUND THE IDEAS. THE UAE HAS ALL THESE- AND IT HAS PUT THEM OUT THERE THROUGH THIS YEAR’S COP.” “ 77 January 2024 / ENTREPRENEUR.COM / ↑ Danny Kennedy is the CEO of New Energy Nexus (NEX), the world’s leading ecosystem of funds and accelerators supporting clean energy entrepreneurs.
78 / ENTREPRENEUR.COM / January 2024 Dhabi Investment Office (ADIO). We have known some of these climate tech startups for years, like AltoTech, which is bringing smart controls to aircon loads in Thailand. Others are part of a new wave of two-wheeled e-mobility sweeping Africa, such as ZED Motors and Mobility for Africa. With our COP28 partners, we were able to showcase these startups to all kinds of regulators, decision-makers, and investors, connecting them to more resources, partners, and potential customers. There will be plenty of other connections to opportunity, starting with close to a thousand university-aged engineers and others in Abu Dhabi at the Student Energy Summit, who represent key talent for innovative companies. Out of this one-off program we aim to build an ongoing engine of support for climate startups in the UAE with Hub71, which is the nation’s leading tech startup support organization. We are unapologetically leveraging the fact that the UAE is a good place for startups to land, and to find capital, as well as mentors, partners, and customers, which they need to succeed. If half of the companies we bring here can tap into the regional market and open channels for distribution to countries in the region, the world will be better for it. ADIO has also been playing an active role in supporting the UAE’s sustainability commitments where it has also signed a trilateral agreement with the Abu Dhabi Department of Energy (DoE) and Abu Dhabi Future Energy Company PJSC – Masdar, to accelerate the hydrogen economy in Abu Dhabi, and position the UAE as a global leader for the production and export of low-carbon hydrogen. This follows Abu Dhabi’s recently launched Low-Carbon Hydrogen Policy, which creates a framework to accelerate production on a much larger scale. One thing we’ve learnt from building entrepreneur support ecosystems in 12 countries for 20 years is that good ideas and talk are not enough. We need capital, talent, and demand to combine in a virtuous spiral around the ideas. The UAE has all these– and it has put them out there through last year’s COP. Let’s see what happens. No doubt it will never be enough in the face of the climate crises, but we are seeding the field to see a small crop of the solutions we will need to harvest in years to come. Danny Kennedy is the CEO of New Energy Nexus (NEX), the world’s leading ecosystem of funds and accelerators supporting clean energy entrepreneurs. NEX started in Silicon Valley, and it now runs programs in Australia, China, India, Indonesia, Nigeria, the Philippines, Singapore, Thailand, Vietnam, Uganda, and the USA. Since 2004, it has accelerated over 900 clean energy startups, supported over 5000 entrepreneurs, and mobilized over US$1.5 billion in investment. Danny is also an advisor to clean energy companies in Australia, China, Kenya, the Philippines, the USA, and elsewhere. Besides co-founding Sungevity, a solar pioneer in 2007, he was the first backer of a now $6 billion-worth solar loan provider Mosaic in 2011, and he was also the author of a book on rooftop solar. He speaks regularly to media and at major conferences and is co-host of the Audible podcast, Climate of Change, with Cate Blanchett. newenergynexus.com WE ARE UNAPOLOGETICALLY LEVERAGING THE FACT THAT THE UAE IS A GOOD PLACE FOR STARTUPS TO LAND AND TO FIND CAPITAL, AS WELL AS MENTORS, PARTNERS, AND CUSTOMERS, WHICH THEY NEED TO SUCCEED. IF HALF OF THE COMPANIES WE BRING HERE CAN TAP INTO THE REGIONAL MARKET AND OPEN CHANNELS FOR DISTRIBUTION TO COUNTRIES IN THE REGION, THE WORLD WILL BE BETTER FOR IT.” ↑ Abu Dhabi, UAE - October 2, 2023: Exhibitor stand at ADIPEC 2023 - the world's largest exhibition and conference for the global energy industry - under the theme of 'Decarbonising. Faster. Together.' S Ecosystem /
79 January 2024 / ENTREPRENEUR.COM / Invests In Entrepreneurs What Are You Building? Learn more at entrepreneur.vc
80 / ENTREPRENEUR.COM / January 2024 Hulexo /hulexo.com / S/Q&A A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program that you should be keeping an eye on by AALIA MEHREEN AHMED IN FOCUS A midst the plethora of challenges that plague small and medium enterprises (SMEs) in the UAE, the implementation and management of enterprise resource planning (ERP) systems is one that often leads to much inefficiency. While there are plenty of statistics to highlight this, Huzaifa Hameed, co-founder and CEO of Hulexo, a cloud-based retail ERP system based in the UAE, personally experienced this particular challenge. “As someone who comes from a family of small business owners, I witnessed firsthand the challenges faced in trying to stay competitive and make informed decisions in a fast-paced retail landscape,” Hameed says. “As my co- founders, Marwin Favila and Ibrahim Al Rachdi, and I pursued studies in computer science and artificial intelligence (AI), a vision began to crystallize. The realization struck that the power of AI could be harnessed to not only streamline, but revolutionize, the retail sector. The idea wasn’t just about automating processes; it was about empowering retailers with insights that could transform their decision-making processes.” IMAGES COURTESY HULEXO ↑ Meet the Hulexo team: Huzaifa Hameed (top right), CEO; Ibrahim Al Rachdi (bottom right) Chief Product Officer; Marwin Favila (bottom left), Chief Technology Officer; and Kunal Thadhani (top left), Head of Marketing. }Hulexo was thus launched in 2021 in Abu Dhabi as an ERP platform that helps retailers streamline operations and make smarter decisions with an AI-powered decision recommendation engine. And at its core, the startup aims to address the many shortcomings of traditional ERP systems. “The conventional ERP systems lacked the agility and adaptability required to keep pace with rapidly changing consumer behaviors and requirements of a scaling business,” Hameed explains. “They were often cumbersome, had poor support, and offered static insights
81 January 2024 / ENTREPRENEUR.COM / that quickly became outdated. The gap between data collection and action- able intelligence was a challenge that many retailers struggled to bridge. Driven by a desire to make a meaningful impact, we decided to embark on a journey to create an AI-powered retail ERP system.” }The Hulexo platform thus offers services such as inventory management, intelligent point of sale (POS), purchase manage- ment, and e-commerce integration. But while data collection is an important part of any ERP system, what Hulexo aims to provide are actionable insights in the form of reports and analyt- ics. “The biggest differentia- tion from our competition is that all these systems leave it to the retailer to make sense of the data collected, whereas our system uses a robust AI decision-making engine to process the data, and suggest decisions in real time, making the operations and decision-making process proactive, rather than reactive,” Hameed elabo- rates. “Moreover, Hulexo is built using a rapid applica- tion development (RAD) technology, allowing us six times faster customization and implementation times, as well as one-click integra- tions to multiple third-party applications like Shopify, WooCommerce, Quick- Books, and many more, while syncing inventory and other information in real-time.” }In the two years since its inception, Hulexo has seen its fair share of successful projects with multiple UAE-based retailers- these include renowned names like Adidas and DKNY, as well as locally headquartered brands such as Padel Life, The Giving Movement, Nauras Sandals, The First Group, and Jimmy Le Bond. “Hulexo is a team of highly skilled professionals, with a collective experience of over 30 years in the fields of technology, data science, and artificial intelligence,” Hameed adds. “Last year, we secured a pre-seed funding round of US$215,000 by UAE-based seed and early-stage venture capital (VC) firm Flat6Labs. It was a pivotal milestone that propelled us to achieve product-market fit, and scale our solutions to over 100 retailers. Currently, we are actively seeking funding for our next round to fuel our expansion into the retail markets of Saudi Arabia and Qatar.” }But while it may seem that all the puzzle pieces are in place for Hulexo right now, that was far from the case when Hameed and his co-founders first ventured into this business. “A significant hurdle we faced was the initial skepticism of potential investors, who were wary of the uncharted territory of merging AI with the intricacies of the retail industry,” he recalls. “Pitch after pitch, we faced rejection, with many investors failing to grasp the potential of our startup. Moreover, we grappled with the complexities of integrat- ing AI algorithms with the diverse operations of the retail sector. In the quest to create an inclusive solution for SMEs, financial con- straints loomed large. Developing cutting-edge AI technology required substantial resources, and we often found ourselves stretched thin, not knowing if we would make it till the next payroll. We had to make tough decisions about prioritizing features, allocating resources efficiently, and finding creative solutions to financial constraints.” }And with the monetary challenges came moments of self-doubt for the co-found- ing trio, admits Hameed. “Balancing the ambition to push technological boundar- ies with the need for a practical, user-friendly solution was an ongoing struggle,” he adds. “The pressure to deliver a product that met the expectations of both tech-savvy profession- als as well as those unfamil- iar with advanced technol- ogy added another layer of complexity.” For all the entrepreneurs reading this story, perhaps Hameed’s blatant admission of the challenges they faced -and how they overcame them- will prove to be a valuable learning lesson on how to tackle rejection. After all, at the end of all these obstacles, Hulexo’s potential was finally realized- a turning point that materialized as the afore- mentioned pre-seed funding round led by Flat6Labs. “The story of overcoming adversity became an integral part of our company’s identity, a testament to hard work and persistence,” Hameed says. “We reached a pivotal moment in our journey– the need for funding to scale our operations, and bring our solution to a wider audience. We decided to seek out investors who shared our THE IDEA FOR HULEXO WASN’T JUST ABOUT AUTOMATING PROCESSES; IT WAS ABOUT EMPOWERING RETAILERS WITH INSIGHTS THAT COULD TRANSFORM THEIR DECISION-MAKING PROCESSES → Hulexo is an enterprise resource planning platform that helps retailers streamline operations as well as make smarter decisions with an AI-powered decision recommendation engine.
S/Q&A IMAGES COURTESY MAYAMD I f there is one nation that has strived to leave no stone unturned in its journey towards digitizing healthcare, then it is almost certainly the UAE. A June 2022 report by McKinsey & Co. shows that the combined digital health market in the KSA and UAE will potentially reach US$4 billion by 2026, while another study by Statista shows that the UAE’s digital healthcare market will have a projected market volume of $811.30 million by 2028. Aiming to make its presence felt in the midst of this booming sector is MayaMD, a US-headquartered healthtech platform powered by artificial intelligence (AI) that has now made its way to the Emirates. → Dr. Raju Rhee is the co-founder and Director for Growth at MayaMD. MayaMD /mayamd.ai / }“MayaMD is an AI-based virtual triaging (the preliminary assessment of patients that determines the nature and urgency of treatment required) platform that can be used for chronic care management, remote patient monitoring, patient engagement, and post-discharge care,” says Dr. Raju Rhee, co-founder and Director for Growth at MayaMD. “We are therefore trying to solve three key problems in healthcare: rising costs of healthcare, shortage of healthcare workforce, and patient engagement. These prob- lems exist in different forms in developed and developing countries. Moreover, many doctors face burn out in developing countries, because of the sheer load of patients, and this also affects the quality of care. We thus started MayaMD to solve all these issues.” vision for the future of retail. After months of pitches, negotiations, and countless presen- tations, the breakthrough came when Flat6Labs decided to lead the first round of funding, injecting much-needed capital into the company.” }The company received another token of validation when it was accepted into the MBRIF Innovation Accelerator Program’s seventh cohort in late 2023. “The MBRIF program has provided us with everything our startup needs to scale, from experienced mentors to one-on-one consultations,” Hameed says. “What I loved about the program was the level of personalization and catering to individual needs of our startups.” Looking back at Hulexo’s growth trajectory so far, Hameed maintains that it was the impediments he and his co-founders faced that strengthened their resolve to succeed. “Each rejection, technical hurdle, and financial constraint became a stepping-stone, pushing us to refine our approach, strength- en our technology, and find innovative solutions,” he says. “The setbacks became the catalyst for creative problem-solving and collaborative thinking. In the end, the challenges encountered along the way were not roadblocks, but essential chapters in the story of Hulexo. They shaped the resilience of the team, refined the product, and ultimately contributed to the system’s success in making a lasting impact on the retail industry.” }But regardless of tough times and rewarding moments, Hameed’s conviction in his startup’s potential has been a constant since day one- and it is precisely that confidence that he hopes to carry forward as the company looks ahead to the future. “The mission was always clear: to empower retailers, especially small and medium-sized businesses, with the tools they needed to thrive in an increasingly digital and data- driven world,” Hameed reveals. “For us, the journey isn’t just about building a successful business; it is about empowering retailers to utilize their full potential. The personal satisfaction derived from seeing businesses grow and thrive fueled the passion that ignited the journey in the first place. In the end, it’s not just about technology; it is a testament to the transformative power of combining passion, innovation, and a genuine desire to make a positive impact on the world.” 82 / ENTREPRENEUR.COM / January 2024
83 January 2024 / ENTREPRENEUR.COM / }Launched in 2021, MayaMD has branches in North America as well as India, with the UAE being the latest addition to its geographical presence. With the ability to process 8,000 clinical conditions in less than two minutes with more than 90% accuracy, the MayaMD platform aims to help healthcare providers better manage their patients with personal- ized care programs and engagement solutions. A major point of focus for the startup has therefore been to alleviate challenges related to patient engagement. “Modern healthcare consumers expect more personalized, accessible, and responsive healthcare services- this includes digital access to health information, telemedicine options, and more involvement in their care decisions,” Dr. Rhee explains. “The healthcare industry has been relatively slow in adopting new technologies that could enhance patient engagement, such as digital health platforms, electronic health records, and AI-based tools. Effective patient engagement requires clear communication between healthcare providers and patients. However, barriers such as language, literacy, and cultural differences can hinder this, impacting patient satisfaction, and adherence to treatment plans. At MayaMD, we believe that embracing digital health can transform patient experiences in improving clinical outcomes, and it is beneficial to the entire healthcare ecosystem.” }But while the wellbeing of patients is central to a well-functioning healthcare system, the other two challenges -rising costs, and shortage of workforce- are equally concerning, Dr. Rhee warns. “Healthcare costs are escalating globally, putting a significant financial strain on both governments and individuals,” he shares. “This increase is driven by factors like the rising price of medical treatments, pharmaceuticals, and advanced medical technologies. High costs can also limit access to quality healthcare for many individuals, especially in underprivileged or rural communities. Moreover, the global shortage of healthcare workers, including doctors, nurses, and allied health professionals, has been exacerbated by an aging healthcare workforce, and insufficient numbers of new graduates entering the field. Workforce shortages can lead to increased workloads for existing staff, which, in turn, compromises the quality of patient care, and leads to higher burnout rates among health- care professionals.” }It is to address the aforementioned obstacles that MayaMD has come up with a three-pronged business model. The first of these is a software as a service (SaaS) licence model for large hospitals, while the second is a pay-per-usage model for small clinics. “Under the SaaS model, large hospitals purchase a subscription to MayaMD’s services, and pay a recurring fee (monthly or annually) for continuous access to the plat- form,” Dr. Rhee explains. “This provides hospitals with consistent, up-to-date access to MayaMD’s AI-based virtual triaging and chronic care management tools. It ensures they have the latest features, security updates, and technical support. The service can also be customized and scaled according to the size and specific needs of each hospital, ensuring a flexible and responsive solution. Small clinics, on the other hand, are charged based on their actual usage of MayaMD’s services. This could be calculated based on the number of patients triaged, consulta- tions conducted, or a similar metric. This model is financially accessible for smaller clinics, as it doesn’t require a large upfront investment.” }According to Dr. Rhee, these two approaches have ensured steady, predictable revenue streams for MayaMD, while also enabling long-term relationships with prominent healthcare stakeholders. “It also facilitates comprehensive integration of MayaMD into hospital systems, allowing for more extensive data collection, and refinement of AI algorithms,” Dr. Rhee says. “Specifi- cally with our model for small clinics, it opens up the platform to a broader market, and encourages clinics to use the service more as they grow.” Mean- while, the third and final aspect of MayaMD’s business model is a revenue-sharing deal with healthcare providers that is reserved for specialized services like investiga- tions, procedures, and patient engagement modules. “This model encourages healthcare providers to utilize MayaMD’s services, as it aligns the cost with their own revenue AT MAYAMD, WE BELIEVE THAT EMBRACING DIGITAL HEALTH CAN TRANSFORM PATIENT EXPERIENCES IN IMPROVING CLINICAL OUTCOMES AND ARE BENEFICIAL TO THE ENTIRE HEALTHCARE ECOSYSTEM. ↓ MayaMD aims to solve three key problems in healthcare: rising costs of healthcare, shortage of healthcare workforce and patient engagement
Below Farm /belowfarm.ae / S/Q&A IMAGES COURTESY BELOW FARM T emperatures that range between 15-24°C, wet and nutritive soil, and dark, cool conditions aren’t necessarily the phrases one would choose to describe the landscapes of the UAE. But did you know these conditions are an absolute must when cultivating mushrooms? And yet, in a tale of achieving the seemingly impossible, Below Farm, an agritech company located in the capital city of Abu Dhabi, has found a way to grow mushrooms in the UAE all year round using local raw materials. “Established in 2021, with the first mushrooms harvested from the farm in Abu Dhabi in 2022, we have worked hard to localize the cultivation of mushrooms for arid climates,” says Liliana Slowinska, co-founder and Business Development Director of Below Farm. “This requires a complex controlled environment system, which has been optimized for the hot, dry desert environment. But we have taken it one step further, growing on substrate materials -such as palm leaves from date farms- that are locally available.” }Slowinska conceptualized the idea for Below Farm with her husband, Wojciech Slowinski (who is Below Farm’s Technical Director), and they were soon joined by a third co-founder, Bronte Weir, with whom Slowinska had been acquainted with during her corporate career in the fast-moving consumer goods (FMCG) industry. But the three co-founders’ dynamic with mushroom farming goes way beyond a collectively created business idea. You see, as natives of Poland, all of them have been accustomed to the act of mushroom picking- a tradition that has been followed in the Slavic country for centuries, with the knowledge of particular species regularly passed from generation to generation. Combining such experiences with their individual expertise, the trio decided to target a niche within the UAE’s agricultural sector. “The UAE’s focus on food security has created an enabling environment for startups, but there was no one operating in the mushroom space,” says Weir, who is also Below Farm’s Managing Director. “We saw the opportunity, and taking inspiration from our founders’ home country of Poland, where mushroom foraging is a core part of the heritage, we set off on our journey to grow mushrooms in the desert.” }It is thus with this sentiment that the vision for Below Farm took birth. “In its simplest form, Below Farm is a mushroom farm,” Slowinski explains. “We grow fresh, edible mushrooms and sell them to restaurants, retailers, and direct to consumers via our online website. We also have an expanding range of value-added generation,” Dr. Rhee explains. “MayaMD then receives a percentage of the revenue generated from these services. For example, if MayaMD’s platform is used to facilitate a medical procedure or investigation, a portion of the fee charged to the patient is shared with MayaMD.” }Having adopted such a widely encompassing model, MayaMD has entered into the early revenue stage, with six enterprise customers, in the two years since its launch. “We are also doing some pilots with large corporate players like LG and Nissan Automobiles,” Dr. Rhee reveals. “We were a part of the LG Nova program, an initiative by LG that aims to support future-oriented and sustainable startups, and we have also received a grant from Nissan for a pilot project. Already, we have more than 500,000 downloads across iOS and Android platforms. In simplified language, MayaMD functions as a doctor’s brain that can be placed anywhere as a digital screen.” As for its entry into the MENA region, it was through MayaMD’s participation in 2023’s edition of GITEX Global, an annual tech and startup event that takes place in Dubai, that the startup made its way to the UAE. “It was here that we first came to know about the MBRIF Innovation Accelerator program,” Dr. Rhee adds. “That interaction at GITEX revealed a mutual alignment of goals and interests between our startup and MBRIF, particularly in fostering innovation in the healthcare technology sector. The MBRIF team’s insights have been invaluable in navigating the regional market. Plus, their ability to provide support tailored to our specific needs and challenges has been a significant factor. Their approach goes beyond financial assistance, encompassing mentorship, strategic advice, and operational support.” As Dr. Rhee and his team now hope to expand May- aMD’s presence in the UAE and the wider region, they hope to do so by striking a healthy balance between digital innovation and human connection. “The Emirates’ focus on innovation, particularly in technology sectors, aligns well with our vision and mission, offering an environment where cutting-edge solutions are welcomed,” Dr. Rhee says. “But we also believe that the best healthcare solutions emerge from a harmonious balance between cutting-edge technology and the compassionate, empa- thetic touch that only human healthcare professionals can provide. At MayaMD, our methods and strategies are geared towards nurturing this balance, and ensuring our technology acts as a tool to enhance human connections in healthcare, rather than replace them.” 84 / ENTREPRENEUR.COM / January 2024
85 January 2024 / ENTREPRENEUR.COM / mushroom-related products: from mushroom chips to Lion’s Mane mushroom powder, to home grow kits, and lots more to come. Our vision is to build and own the nascent mushroom category in the Middle East, that is booming in the rest of the world.” Produced with no pesticides or fertilizers, Below Farm uses fully automated controlled environment systems, adopting an indoor vertical farming technique that requires minimal space, and can be set up anywhere, effectively negating the need for arable land. “Mushrooms are nature’s tool in the circular economy, they break down organic matter that otherwise wouldn’t be recycled, and bring it back into the circle of life,” Slowinska adds. “Our substrate is made from date palm leaves, a byproduct of the UAE’s hundreds of millions of date trees- date farming accounts for 35% of the country’s agriculture. We work with our customers and partners to explore their waste organic matter as potential materials to grow mushrooms on, while reducing the partner’s waste to landfill.” }Below Farm’s commitment to fostering a circular economy has undoubtedly been well received in the UAE- after all, the country’s government has even set up a Circular Economy Policy that offers a framework to determine the nation’s approach to achieving sustainable governance as well as the ideal use of natural resources. “Our efforts have recently been recognized in the UAE Circular Economy Landscape Report published by the UAE Ministry of Climate Change and Environ- ment, which highlights some of the amazing actions key stakeholders from both the public and private sectors have been doing in the UAE to support the country’s transition to a circular economy,” Slowinski elabo- rates. “We are also working with Expo City Dubai to collect spent coffee grounds from the cafe outlets on-site and incorporate it into our substrate, and we are always looking for new materials to upcycle into nutritious food.” Indeed, the search for new substrate materials appears to be a major driving factor in all the goals that the Below Farm team is working towards. “With circularity in mind, we are not only looking at upcycling inbound materials, but also making use of our own waste,” Weir says. “Spent mushroom substrate is high in organic matter, making it desirable for use as a soil conditioner- we compost our spent substrate, and give it to local farms to improve soil quality. Additionally, we have plans to install a biogas reactor to supplement our more energy intensive production processes.” }Below Farm’s efforts to constantly improve its offering is what eventually led to its enrolment in the MBRIF Innovation Accelera- tor Program. “MBRIF is a prominent local platform that has been recommended to us by fellow entrepreneurs in the UAE ecosystem, and so the opportunity for the visibility, connections and mentorship that the program provides was impossible to ignore,” Weir adds. Currently in the scaleup stage of its growth, Below Farm is stuck with “the ‘good problem’ of more demand versus supply,” Slowinska says. But, as it stands, the company’s growth plans won’t be limited to monetary-related metrics alone. “Founder-funded to date, the business is generat- ing revenue, growing rapidly, reinvesting all profits into expanding the business,” Slowinski says. “But our team of 11, working passionately to bring the mushrooming trend of fungi-based products to consumers in the Middle East, is also committed to educating people on the benefits mushrooms can have on their wellness as well as the wellbeing of the planet. In 2024, we plan to open the region’s first mushroom experience and education center, where people can engage with the wonders that the fungi kingdom has to offer. From our home in the UAE, we are looking to scale across the Middle Eastern markets, harnessing our position as the go-to fungi experts!” MUSHROOMS ARE NATURE’S TOOL IN THE CIRCULAR ECONOMY, THEY BREAK DOWN ORGANIC MATTER THAT OTHERWISE WOULDN’T BE RECYCLED, AND BRING IT BACK INTO THE CIRCLE OF LIFE. ↑ Bronte Weir, Wojciech Slowinski, and Liliana Slowinska, co-founders, Below Farm,
86 / ENTREPRENEUR.COM / January 2024 S/Q&A IMAGES COURTESY FACEKI I t is now widely recognized that cyber threats pose a significant threat to businesses, irrespective of their size or location. In fact, in a 2023 State of Cybersecurity report by ISACA, a US-based global information technology (IT) services and consulting platform, notes that a staggering 48% of organizations reported an increase in cyberattacks in 2023, as compared to 2022. In such a landscape, UAE- based online fraud prevention platform Faceki has come up with a service that can easily eliminate any possibility of fraud and impersonation while acquiring customers. “Faceki specializes in online fraud prevention, through innovative customer onboarding solutions that include password-less biometric authentication, know your customer (KYC) identity verification, know your business (KYB) verification, and anti-money laundering (AML) tools,” says Hamza Al-Ghatam, co-founder and CEO of Faceki. “We thus ensure that only the right individuals access online services, and accounts. At Faceki, we help organizations create secure and user-friendly experiences by utilizing our award-winning preoperatory facial recognition technology.” Faceki /faceki.com/ }Launched in Bahrain in 2022, the startup made its way to the UAE in the same year. Based out of the Dubai International Financial Center (DIFC), Faceki today offers its services to over 195 countries. As a platform that supports over 35 global languages, its application programming interface (API) and software development kit (SDK) come with the promise of easy integration into any given business’ existing infrastructure. Moreover, its services can also be customized to business-specif- ic needs. “At Faceki, our groundbreaking feature is our cutting-edge ‘Passive Liveness’ detection technology,” Al-Gha- tam adds. “This advanced technology ensures that the indi- vidual utilizing your services is indeed a genuine person, eliminating any possibility of imposters attempting to deceive the system with photographs or video recordings to gain unauthorized access to your valuable information or funds.” However, as a customer, it is possible that you have experi- enced frustration with the multiple attempts sometimes required to complete online verification processes. But all of that won’t be an issue with Faceki, Al-Ghatam promises. “The remarkable aspect of Faceki is that it doesn’t burden users with any additional actions, such as smiling, blinking, or turning their heads during onboarding,” he says. “With our revolution- ary single-snap technology, the verification process becomes effortless and impressively 10 times faster. Most importantly, our ‘Passive Liveness’ detection guarantees that only the rightful individual can access your exceptional services.” }Already, Faceki’s solutions have been favored by prominent local firms such as DIFC Courts, Dubai-based global digital vault Tejouri, and Dubai-based Web3 firm Meta Crypto. And according to Al-Ghatam, Faceki’s results so far are a direct validation of the quality of services it offers. “As a B2B soft- ware-as-a-service (SaaS) company, our cutting-edge solutions are available in both cloud and on-premise options,” he continues. “By subscribing to our service, organizations gain access to our powerful tools for user verification performed by Faceki, and are billed based on the number of verifications conducted. Our services thus cater to businesses in various industries, including fintech, governments, delivery, security, recruitment, and many more, providing support for documents and IDs from over 195 countries worldwide.” But as much as Faceki remains massively tech-driven, much of its success appears to be rooted in its ability to understand customer needs. “At Faceki, we thrive on innovation- it is the driving force behind our technology and business,” Al-Ghatam says. “What sets us apart is our ability to bring innovative technolo- gies that simplify the onboarding process and detect fraud. But we also strongly believe that in order to push innovation even → Hamza Al-Ghatam is the co-founder and CEO of Faceki.
87 January 2024 / ENTREPRENEUR.COM / further, we must forge a stronger human connection with our customers and end users. By truly understanding their needs, behaviors, likes, and dislikes, we can not only protect them, but also make accessing digital services a breeze. To achieve this, we conduct interviews and facilitate discussion circles to gain a deeper understanding of their requirements, and gather more accurate feedback.” }According to Al-Ghatam, there couldn’t have been a more ideal location to bring all of these thought processes to fruition than the Emirate of Dubai. “Dubai is an incredibly enticing market for startups due to its well-established infrastructure, regulatory framework, and rapid growth,” he says. “These factors have been nurtured by the government’s commitment to innovation and excellence. While it is true that the market has become highly competitive, there are numerous extraordi- nary platforms and programs available in the country to support startup growth. The likes of the MBRIF and Dubai Future Foundation offer invaluable opportunities for entrepreneurs.” With regards to the MBRIF Innovation Accelerator program in particular, Al-Ghatam believes that it could hold the key to unlocking opportunities for Faceki. “This program is truly extraordinary, boasting an impressive history of empower- ing groundbreaking startups to reach their goals and create value by seamlessly integrating them into the Dubai ecosys- tem,” Al-Ghatam says. “And so, I believe it possesses the potential to expedite growth and foster invaluable opportu- nities for a more promising future for Faceki.” F or those of us who’ve grown up reading books, there would’ve undoubtedly been moments in our childhood where we imagined ourselves to be the main characters of a story. But what if there was a way for children to be the star of their own personalized stories? Well, that is exactly what UAE-based personalized children’s content platform Hekayati has set out to do. “At Hekayati, we are on a mission to revolutionize children’s literature by transforming each story into a magical adventure, uniquely designed for every young reader,” says Asif Mugloo, founder and CEO of Hekayati. “By making each child the hero of their own story, we build their morale, and boost their confidence. In a world dominated by generic content, we recognized a gap in the market for personalized narratives that resonate with a child’s individuality.” Hekayati /hekayati.com/ ↓ Asif Mugloo is the co-founder and CEO of Hekayati. ↓ Faceki’s solutions have been favored by prominent local firms such as DIFC Courts, Dubai-based global digital vault Tejouri, and Dubai-based Web3 firm Meta Crypto. AT FACEKI, WE HELP ORGANIZATIONS CREATE SECURE AND USER-FRIENDLY EXPERIENCES BY UTILIZING OUR AWARD WINNING PREOPERATORY FACIAL RECOGNITION TECHNOLOGY.
88 / ENTREPRENEUR.COM / January 2024 }Launched in 2021, the Hekayati platform’s services work in the following order: a parent or guardian can pick out a story their child likes on the site, and then submit information about the child’s name, gender, and also choose an online avatar. The book is then developed, and it can then be reviewed by the adult, following which it can be ordered and delivered to the provided address. All of these efforts, as per Mugloo, have been a conscious effort to move away from stereo- typical narratives within literature meant for children. “Hekayati aims to solve the challenge of disengagement from traditional storytelling methods that are stereotypi- cal,” Mugloo says. “Our inspiration stems from the belief that every child deserves a story that reflects their dreams, interests, and aspirations. From forging impactful partnerships to guiding our creative endeavors, my focus is on ensuring that Hekayati continues to be a beacon of innovation in the realm of personalized children’s stories.” }Now, take a moment to consider the implications of such personalized children’s stories during a time when, as per a 2020 Annual Literacy Survey conducted by the UK-based National Literacy Trust, one in three youngsters aged 9-18 said they didn’t see themselves in what they read. The same survey noted that this statistic is higher for younger kids, as well as children from ethnic minority backgrounds and lower income homes. As such, what Hekayati aims to achieve through “integrating a child’s name and likeness into captivating narratives” is a chance to allow greater diversity and inclusion in the stories children read today. }“The unique selling proposition of Hekayati lies in our ability to personalize stories as every child is unique,” Mugloo adds. “Unlike generic children’s books, our personalized storybooks are tailored to feature a child as the main character, creating a highly engaging and relatable experience. Our personalized storybooks are crafted with a human touch, ensuring that the emotional and personal aspects of storytelling are not lost in the digital realm. Moreover, our regional expert authors, illustrators, editors, etc. still make sure what we craft is not lost on our regional values and culture.” }So far, Hekayati has launched its personalized storybook offerings in the UAE, and it has slowly been expanding into Saudi Arabia and other parts of the GCC. While the sale of these books result in a major part of its revenue model, the startup has also managed to clinch some productive partnerships along the way. “We constantly explore collaborative opportunities with strategic partners, such as football clubs and educational institutions, to expand our reach and impact,” Mugloo explains. “For example, we achieved a significant milestone through collabora- tions with esteemed partners like Expo 2020 Dubai and Al Ain Football Club. We’ve also secured initial angel investment as funding, which has allowed us to establish our brand presence and commence operations effectively. The journey of Hekayati in Dubai has been equally challenging and rewarding.” As of now, despite contin- ued growth, Mugloo believes there is still much more that his startup needs to work towards. And one direct reflection of that attitude lies in his answer to being asked why he chose the MBRIF Innovation Accelerator Program. “I think it has been the other way round,” he says. “We are quite pleased to be selected in the latest cohort. This gives us validation that what we are working towards is something that resonates with experts in the region. We wanted to get into the MBRIF program, as it has a reputation of identifying scalable business and leading innovation initiatives in the region.” }And as per Mugloo, the program’s dedication towards supporting startups has been congruent with Hekayati’s own vision for growth and development. “The compre- hensive support, ranging from strategic guidance to access to funding and market insights, makes MBRIF an ideal partner in our journey,” Mugloo adds. “Additionally, the program’s commitment to fostering innovation and collaboration perfectly complements our goals, making it a strategic choice for advancing Hekayati in the dynamic landscape of Dubai.” So, where does Mugloo hope for his startup to reach from this point forth? “Looking ahead, we envision substantial growth and market expansion, as we continue to forge partner- ships and explore innovative avenues within the personal- ized children’s content space,” he declares. “I believe the unique blend of personalized storytelling and strategic collaborations positions Hekayati for sustained success and positive impact in the long term.” S/Q&A → By integrating a child's name and likeness into personalized tales, Hekayati offers a chance to allow greater diversity and inclusion in the stories children read.
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90 / ENTREPRENEUR.COM / January 2024 D ecember 2023 saw Tamara, a KSA-based buy-now-pay-later (BNPL) fintech startup, secure US$340 million in a Series C equity funding round led by two Saudi-based entities, namely, SNB Capital, a regional financial institution, and Sanabil Investments, a sovereign wealth fund wholly owned by the Public Investment Fund (PIF). With the completion of this Series C round, Tamara’s business valuation has reached $1 billion, making it the first homegrown fintech unicorn to come out of the Kingdom of Saudi Arabia. This round also saw the participation of of Shorooq Partners, a UAE- headquartered MENAP- focused tech investor; Pinnacle Capital, a KSA- based premier investment firm, and Impulse, a Kuwait-based venture capital company. A few of Tamara’s existing investors also took part in this round, including Coatue, a US-headquartered global investment firm, Endeavor Catalyst, a US- headquartered VC firm that focuses on emerging markets, and Checkout.com, a UK-headquartered global digital payments platform. Commenting on the milestone moment, Abdulmajeed Alsukhan, co-founder and CEO of Tamara, said, “Saudi Arabia deserves its place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs, nurtured by a supportive local ecosystem and market regulators, we stand here today, humbled and hungry, ready for our own leapfrog moment. This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish.” Founded in 2020 by Alsukhan alongwith Turki Bin Zarah and Abdulmohsen Al Babtain, Tamara today operates in the KSA, UAE, and Kuwait, and it has more than 10 million users. The fintech platform also has over 30,000 partner merchants, and has generated six times annual run rate revenue growth in less than two years. Since its inception, Tamara’s partners have included regional and global brands such as Shein, Ikea, Jarir, Noon, eXtra and Farfetch, as well as local small and medium businesses. Currently, over one-third of Tamara’s users start their shopping journey from the app itself, which has led to a significantly higher return on advertising spend for Tamara’s partner merchants. Recently, Tamara has also taken the decision to remove late payment fees, highlighting its dedication to offering financial solutions that align with Shariah principles, customer centricity and transparency. The company’s offerings have thus made it a commerce enabler to its partners through the surge in high intent shoppers resulting from co-marketing and a flexible, seamless payment journey. Tamara’s Series C round is among the largest investments made in a fintech company in the region, and it follows debt financing led by Goldman Sachs and Shorooq Partners in November last year, a move that was aimed at upsizing Tamara’s warehouse facility to up to $400 million. “As we set our sights on becoming the next big giant in shopping, payments and banking, we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape,” Alsukhan added. “Furthermore, the Saudi Central Bank (SAMA) has been instrumental in creating an enabling environment for Saudi companies like Tamara to grow and innovate in the Saudi fintech sector.” Tamara’s unicorn status comes at a time when the BNPL market is rapidly growing in Saudi Arabia. As per the SAMA Fintech 2022 report, the number of customers registered with a BNPL service went from 76,000 in 2020, to three million in 2021, and reached 10 million in 2022. The same report notes that with nearly 30% of the Saudi population using BNPL, the industry is being driven by a number of factors, including the increasing popularity of e-commerce. tamara.co In The Loop/ IMAGE COURTESY TAMARA Milestone Moment Saudi Arabia-based Tamara has become the Kingdom’s first homegrown fintech unicorn ↑ Tamara co-founders Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Al Babtain