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9 7 7 2 3 1 1 5 4 1 0 0 8 > May 2023 A NEW BEGINNING A RETURN TO ROOTS/ Black Flamingo Beauty co-founders Mona Gulaid and Mariam Abdillahi P.19 BREAKING BIASES/ Pupilar co-founders Maimuna Rashid and Aqsa Khalifa P.63 FOCUSED ON THE FUTURE/ Mohammed Alblooshi, Head of DIFC Innovation Hub P.32 Fairmont Hotels & Resorts gets started on a new trajectory under the Accor umbrella P.26 ↑ The newly appointed CEO of Fairmont Hotels & Resorts, Mark Willis (center), and his team at their new headquarters in Dubai

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6 / ENTREPRENEUR.COM / May 2023 Contents/May 2023 IMAGE COURTESY ACCOR GROUP ↑ The newly appointed CEO of Fairmont Hotels & Resorts, Mark Willis (center), and his team at their new headquarters in Dubai P.26 A New Beginning As Fairmont Hotels & Resorts starts its innings under the Accor umbrella, Mark Willis -its newly appointed CEO- and his team are all set to build on the brand’s rich history out of its new headquarters in Dubai. FEATURES P.32 Focused on the Future MOHAMMED ALBLOOSHI The Head of DIFC Innovation Hub and FinTech Hive has his sights set on the growth of the fintech space in the UAE. P.19 A return to roots Meet the co-founders of UAE- based natural skincare brand Black Flamingo Beauty, Mona Gulaid and Mariam Abdillahi. P.44 Entrepreneur Escapes At the risk of sounding like hyperbole, this desert sanctuary is like no other.

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10 / ENTREPRENEUR.COM / May 2023 EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net CREATIVE LEAD Odette Kahwagi design@bncpublishing.net MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net REGIONAL 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 Ibrahim Abudyak, Adwa Al Dakheel, Mar- cello Arcangeli, Saad Belda, Fida Chaa- ban, Mohamed Khaled, Medea Nocentini, Nikita Phulwani, and 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 2023. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 May 2023 EntMagazineME Entrepreneur-me Contents Contents 59 Breaking Biases Maimuna Rashid and Aqsa Khalifa, co-founders of UAE-based hiring and networking platform Pupilar, are on a mission to eradicate unfair and biased recruitment practices. 68 From Strength to Strength Munir Badr, founder and CEO of AEserver.com, explains how he has built a healthy business in the UAE- without any external investment. 74 Seizing the Moment Falak Investment Hub founder and CEO Adwa AlDakheel examines the journey to unlocking human potential in the KSA startup ecosystem. 77 Pitching with Scars According to STAGEXX founder and Managing Director Saad Belda, entrepreneurs need to get real to get funded. 78“We Got Funded!” The story behind the recent fundraising success seen by Saudi Arabia-based Hakbah. STARTUP SPOTLIGHT ‘TREPONOMICS 51 Money Matters Hotdesk co-founder and CEO Mohamed Khaled lists four financial lessons he has learned in his time as a first-time founder. 54 The Pivoting Playbook Flat6Labs UAE General Manager Ryaan Sharif gives a breakdown of how one can successfully turn adversity into opportunity. 60 Mind Over Matter Nikita Phulwani, founder and Managing Director of By Niggi Marketing Management, shares five life skills -learnt from first-hand experience- that can transform the way you work. 58 Stand Out (and Stand Tall) Manage My Property CEO Marcello Arcangeli offer his take on how companies can stay ahead of the curve when operating in a highly competitive marketplace. ↑ IBRAHIM ABUDYAK is the co-founder and CEO of The Smash Room, a Dubai-born enterprise that provides an outlet for people to express themselves and release all their pent-up emotions.

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14 / ENTREPRENEUR.COM / May 2023 A s someone someone who’s somewhat of an annoying stickler for perfection, one of the things that I often struggle with when exercising the leadership aspect of my role is to avoid falling into a micro-managerial mindset when demanding excellence from those I work with. Now, this is not a dilemma unique to me- I am sure that many entrepreneurs leading teams of their own will find themselves with a similar disposition more often than they’d like to in their career trajectories. Indeed, it is my belief that our tendency to micromanage comes from our -sometimes reasonable, and sometimes unreasonable- expectation (or hope) to see the same drive and standards for work as ours in others. However, I’ve come to realize that not only is this unfortunately easier said than done, it may also be unfair at times. Sure, we’ve all had to deal with employees who just don’t seem to have the proverbial fire in their bellies to get things done in the manner that we expect, or simply don’t care to look at things with the attention to detail that comes as second nature to us. That said, one cannot expect one’s subordinates to hone their own sense of craft without the luxury of being allowed to make mistakes and bring their own visions to the table. And while we might be tempted to attempt to control how our employees go about their work (or just give up and go in to do it ourselves), I can safely say from first-hand experience that this is not something that will pan out well in the long run. After perusing a number of books and blogs on this subject, I’ve been told that the solution to such a predicament lies in leaders setting clear expectations from their teams from the very beginning, letting them take ownership of whatever they’re tasked with, and focusing more on the outcome as opposed to the process. However, I must admit that I’ve had limited success when making use of this strategy- what happens when the expected results don’t match with what is actually presented to you in the end? And how long does one go on with the “let-them-make-mistakes-as-that’s- how-they-will-learn” mindset? (Especially when you’re on a deadline, and/or on the client’s dime?) I must admit that I don’t have all the answers; for me, though, it remains a balancing act. Sometimes, I have to accept that done is better than perfect. And at other times, it’s about spewing fire to make sure my team always aims higher than, well, just getting things done. Editor’s Note/ Editor’s Note/ Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net FINDING THE BALANCE The cyclical dilemma of demanding excellence

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19 May 2023 / ENTREPRENEUR.COM / A Return to Roots The co-founders of UAE-based natural skincare brand Black Flamingo Beauty, Mona Gulaid and Mariam Abdillahi, are introducing skincare enthusiasts to the centuries-old beauty secrets of their native Somaliland by AALIA MEHREEN AHMED → BY SOURCING QASIL FROM SOMALILAND, Gulaid and Abdillahi have been able to create an economic difference in their homeland by creating jobs for local women and youngsters. In the long run, the sisters hope to set up their own factories in the country. IMAGES COURTESY BLACK FLAMINGO BEAUTY

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20 / ENTREPRENEUR.COM / May 2023 B/The Big Idea “As Somali women, entrepreneurship is embedded in our DNA, and we were surrounded by strong women in our family, like our mother, who had a few of her own businesses,” the sisters say. “But the idea of specifically setting up Black Flamingo Beauty came from Mariam’s own experience, when a bad reaction to a medication caused severe hyperpigmentation on her face. She was searching for a natural solution, which drove her back to our Somali roots, and tried-and-tested natural skincare ingredients. We saw a growing demand and a gap in the market for highly effective, clean natural products, so we decided to take a leap and launched in Dubai, our second home.” Traditional Somaliland beauty regimes, however, cannot be discussed without first introducing qasil- a natural substance that has offered medicinal and dermatological benefits for hundreds of years. “Qasil is the powder produced from crushing the leaves of the gob tree, which famously grows in the Horn of Africa,” Gulaid explains. “The name ‘qasil’ was derived from the Arabic word (Ghasil), which means to wash or clean. The Gob tree -native to the southern Himalayas- migrated to the fertile lands of East Africa 2000 years ago. For centuries, qasil has been a staple beauty and hygiene ingredient for Somali nomadic women, thanks to its antibacterial properties and nutrients. At Black Flamingo, we’re bringing you a skincare range based on a centuries-old secret of East African beauty. The leaves are sundried on the land, and then crushed into a fine powder by the local women of the town. This natural, clean authentic process has been passed down from generation to generation.” Claiming to be the first contemporary qasil-based skincare range in the MENA region, Black Flamingo Beauty launched its debut collection in 2021. Currently, it offers three products: a pure qasil face mask, a qasil and turmeric face mask, and a qasil and pink clay face mask. “The collection is 100% natural, organic, cruelty-free, and paraben-free,” Gulaid says. “All of it is ethically sourced. Most importantly, the products are highly effective in solving a wide range of skincare issues, and they work on all skin types and colors for men and women. Given its antioxidant and anti-inflammatory properties, women traditionally used qasil to even treat things like psoriasis and eczema. Aesthetically, it is used to leave the skin soft, smooth and glowing. In short, it works. It has worked for centuries!” Now, it is perhaps easy to grasp that an ancient tree’s leaves form the main ingredient of a skincare routine- it is an occurrence not uncommon to many other cultures around the world. But the significance of qasil in Somalil- and runs deeper than just beauty purposes. “Culturally, Somali women also come together to cook, clean, and T here’s something about imbibing beauty and skincare regimes that have been passed down through generations before us that helps many among us stay connected to the traditions of our homelands. For sisters Mona Gulaid and Mariam Abdillahi, natives of Somaliland, indigenous beauty secrets have helped create a visceral bond with the nation they didn’t get to grow up in. Indeed, it was a connection so deep that it eventually led to their joint entrepreneurial venture: Black Flamingo Beauty, a UAE-based natural skincare brand. → QASIL’S DEBUT COLLECTION, which launched in 2021, currently offers three face mask options: pure Qasil, Qasil and turmeric, and Qasil and pink clay.

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21 May 2023 / ENTREPRENEUR.COM / socialize with qasil in their hair and on their face, often mixing it with other natural ingredients such as turmeric,” Gulaid explains. “One of the things we enjoy is the smell of earthy green qasil paste which reminds us of nature, our grandmothers, and our aunties. There is a certain feeling of ‘home,’ and that’s this sense of connectedness while nurturing your skin that we’re sharing.” Growing up, Gulaid and Abdillahi were able to create such a bond with their mother owing to a weekly self-care day they shared every Friday- a practice that they now hope to inculcate in the lives of Black Flamingo Beauty’s users too. “The Friday ritual my mother taught us is something her mother and grand- mother did too,” Gulaid recalls. “It was passed down from generation to generation, and it was not unique to our household. A weekend self-care day, where family members and friends come together and use qasil face masks together, is a wonderful opportunity to slow down, and bond with family and friends. It’s something that’s always been valued in Somali culture, and that’s something we would love to see spread to other cultures. Already, many of our customers are now sharing this ritual with their families, daughters with their mothers, wives with their husbands, and even among friends, who are starting a self-care day with their loved ones.” But as much as Black Flamingo Beauty is about bringing Somaliland to the world, it has also been about giving back to the nation itself. “Our homeland is a huge part of our identity, and growing up, we knew we one day wanted to do something to help the people of Somaliland economically,” Abdillahi says. “Sourc- ing quality qasil from there is one way to do this. It helps to provide jobs for local women, in particular. But there is also such a wealth of other natural resources in Somaliland, that one of our longer-term goals is to purchase our own farms, set up factories, create jobs for the local communities and bring these natural East African wonders to the world.” But the siblings’ philanthropic efforts don’t end there. “Last Ramadan, we partnered with the Hargeisa orphanage, one of the largest centers for orphans in Somaliland that houses over 500 children, to raise awareness about its work,” Gulaid reveals. “As part of a larger community enhancement and employment plan (focused primarily on women), we are looking to provide training and employment for young adults that are leaving the orphanage as they come of age.” Now, while Gulaid and Abdillahi hope to build up their enterprise’s presence in their homeland, they have head- quartered Black Flamingo in the UAE- a decision that the sisters hope will prove to be fruitful for their long-term plans. Indeed, Black Flamingo Beauty’s growth comes at a time when there has been a sustained growth in the number of African- owned businesses in the nation. As per a June 2022 report by Dubai Cham- bers -a non-profit entity that empow- ers businesses in Dubai- a total of 26,420 African businesses have entered the market by registering with the Chambers. But Gulaid and Abdillahi note that for the UAE and the wider Middle East to continue welcoming African businesses, some stereotypes first need to be shattered. “We see great strides being made in the tech, fashion, music, and beauty industries- the UAE is doing well in that regard, but there’s still a lot more to be done, especially in the rest of the MENA region,” Abdillahi says. “I think the greatest challenge is changing the perception of Africa and African people from those in mainstream media, constantly showing wars and starving children. And rather, getting people to realize that each African country has its own rich, unique culture to share. There is much the Middle East can learn and gain from respectives African countries.” AT BLACK FLAMINGO, WE’RE BRINGING YOU A SKINCARE RANGE BASED ON A CENTURIES-OLD SECRET OF EAST AFRICAN BEAUTY. BEFORE AFTER

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22 / ENTREPRENEUR.COM / May 2023 B/The Big Idea As Gulaid and Abdillahi work towards Black Flamingo Beauty’s expansion, they remain aware that they too are tasked with the responsibility of breaking some precon- ceived notions. “For us, Black Flamingo Beauty was about bringing something from our birth home to our current home,” Abdillahi says. “So, the challenge we face lies in the fact that we are entrepreneurs who are bringing some- thing new and unknown to the region. Everyone knows shea butter and argan oil, but qasil is not known in this region; so, educating people has been our greatest challenge. We want to make qasil the next shea butter or argan oil, coming out of Africa!” Bootstrapped as a startup so far, the co-founders are confident that Black Flamingo beauty can grow its presence beyond the MENA region. In particular, they hope to move into the United Kingdom- a country that is currently home to the largest Somali diaspora in all of Europe. “We are very pleased with our progress,” Abdillahi says. “We have a solid brand identity, a quality product, great packaging, and big achievable plans. As we launch into the UK and grow our product range, we may look at a range of funding options to help expand our growth and scale up. If and when we are looking for funding, we think inves- tors will be impressed with the brand we’re building, and the quality and enormous potential of both our current and planned product ranges. We are the first UAE-based company to introduce qasil skincare to the market, and globally, we are very much ahead of the curve with not only qasil, but other tried- and-tested natural, organic skincare products we have planned, that hold huge appeal for the younger generation.” Indeed, the co-founding duo already have more ideas in the pipeline for the year ahead and beyond. “We have so many plans!” Abdillahi exclaims. “After expanding to the UK in the summer, we’ll be looking at launching Black Flamingo Beauty in Saudi Arabia and Qatar at the end of the year. Once we’re up and running in those markets, we’ll be looking at the USA, hopefully early next year. Late 2024, we are also looking to launch a new product line we’re busy working on. Stay tuned!” WE WANT TO MAKE QASIL THE NEXT SHEA BUTTER OR ARGAN OIL, COMING OUT OF AFRICA! → As Gulaid and Abdillahi work towards Black Flamingo Beauty’s expansion, they remain aware that they too are tasked with the responsibility of breaking some preconceived notions.

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The old playbook doesn’t work. THE ADVERTISING FORMULA IS BROKEN Capturing the aaennon of customers is no longer easy. Where ads are actually watched. WE CAN HELP

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24 / ENTREPRENEUR.COM / May 2023 Five lessons from launching (and sustaining) an unconventional business by IBRAHIM ABUDYAK BREAKING THE MOLD B/The Big Idea IMAGES COURTESY THE SMASH ROOM

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25 May 2023 / ENTREPRENEUR.COM / I f someone told you five years ago that a business focused on smashing things and breaking stuff would sustain itself in Dubai for the next half-decade, you’d have probably thought they were crazy. But here we are, in 2023, celebrating The Smash Room’s fifth anniversary. When my co-founder Hiba Balfaqih and I started The Smash Room in 2018, no one believed in the idea. We were labeled as crazy, silly, or as having nothing else to do. But being unconventional and starting something from scratch means going through a lot of new processes, procedures, and obstacles on the way. And while starting something from nothing is one thing, sustaining it for five years is another. Here are some of the major takeaways from our journey of running The Smash Room over the last five years: 1}Delegate, delegate, and delegate. You cannot run a business by being a one-person show. Many early-stage entrepreneurs have the perfection syndrome, believing that they are the best person to do every job. However, this can end up being the main thing that stops them from progressing. Finding the right people for the right job, and giving them the power and authority to practice what they need to do -without micromanagement- is key. 2}Invest in your team. Building a strong team, nurturing it, and taking care of it is the major responsibility of an entrepreneur. Providing a healthy work environment, training, and mentoring are essential ways to keep your team engaged, so that they, in turn, can keep your customers engaged. 3}Never take no for an answer. Rejection can be a daunting concept, but persistence is one of the most important traits of an entrepreneur. The power of asking and not taking no for an answer can open a lot of closed doors. You must ask yourself what the worst-case scenario is. Receiving a no is not as bad as quitting, but it can also be the door to the next yes. 4}Be ready to pivot when needed. The lockdowns during the onset of the COVID-19 pandemic presented the greatest challenge for The Smash Room- that was when we had to shut down the physical space for four months. But we still needed to pay salaries and rent, and so, we had to keep our creative juices flowing to keep the business running as well as the brand on top of people’s minds. After a few Zoom meetings with the team, we came up with the concept of Smashbox, where The Smash Room prepares a mini experience that can be delivered at customer doorsteps. While it didn’t replace the main income of the business, it helped the company stay afloat, the team engaged, and on top of people’s minds throughout the lockdown period. 5}Customer experience is crucial. In a competitive market like Dubai, creating an outstanding customer experience is the defining factor behind a business’s success or failure. However, maintaining a consistent outstanding customer experience is what will provide longevity to the business and bring customers back again. Building the right foundations from the start will save you a lot of hassle, money, and time as you try to sustain and grow your business over the years. There is not a single blueprint to succeeding in entrepreneurship, and the best way to learn is through making mistakes. Keep in mind that if you’re not making mistakes, you’re not trying hard enough. What matters most is committing to making consistent action over time, no matter how small that action may be. When that action is compounded, it starts making a difference, and creating the life you dream of. Ibrahim Abudyak is the co-founder and CEO of The Smash Room, a Dubai-born enterprise that provides an outlet for people to express themselves and release all their pent-up emotions. thesmashroom.com WE CAME UP WITH THE CONCEPT OF SMASHBOX, WHERE THE SMASH ROOM PREPARES A MINI EXPERIENCE THAT CAN BE DELIVERED AT CUSTOMER DOORSTEPS.

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26 / ENTREPRENEUR.COM / May 2023 → MARK WILLIS is the CEO of Fairmont Hotels & Resorts, and a member of Accor’s Luxury & Lifestyle Executive Committee. 26 / ENTREPRENEUR.COM / May 2023 IMAGES COURTESY ACCOR GROUP

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27 May 2023 / ENTREPRENEUR.COM / As Fairmont Hotels & Resorts starts its innings under the Accor umbrella, Mark Willis -its newly appointed CEO- and his team are all set to build on the brand’s rich history out of its new headquarters in Dubai by TAMARA PUPIC A NEW BEGINNING F ollowing the announcement last year by Accor Chairman and CEO Sébastien Bazin that debuted a new structure for the company worldwide featuring two divisions with distinct areas of expertise (a premium midscale and economy division, and a brand-led luxury and lifestyle division), the Group’s leadership team had a tough task of deciding who’d be leading its prestigious luxury brands. But for at least one of them, the company seems to have had a relatively easier task- after all, it found the person for the job within its own ranks: Mark Willis, who was previously the CEO for India, Middle East, Africa, and Turkey at Accor overseeing a portfolio of more than 520 hotels in operation and development (across more than 20 brands within the group) is now the CEO of Fairmont Hotels & Resorts. 27 May 2023 / ENTREPRENEUR.COM /

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28 / ENTREPRENEUR.COM / May 2023 capabilities to take the brand to new levels, and this applies to the rest of my executive committee as well.” In addition to Sezgin, Willis’ cherry-picked list of hospitality experts includes Aline Barhouche for leading the brand’s global human resources strategy, Sahar Davodi for its environmen- tal, social, and governance strategy, and Sami Nasser for overseeing global operations as Chief Operating Officer. A few of the executives supporting Willis will be maintaining dual roles- Laure Morvan, for instance, will be steering the strategic development of Fairmont Hotels & Resorts’s global portfolio, while also spearheading development for Accor South East Asia and India, Middle East, Africa, and Turkey for all of Accor’s luxury brands. Similarly, Johny Zakhem will serve as Chief Financial Officer for Fairmont Hotels & Resorts, and he will play the same role for Accor’s Luxury and Lifestyle brands. Meanwhile, Barbara Kilner brings her expertise to oversee legal affairs for Fairmont Hotels & Resorts on a global scale, while also remaining responsible for the legal supervision of Accor’s luxury brands in North America. When describing his team, Willis says that they are “people who color outside of the lines,” and also that “they are the ones who are in to change the world.” But Willis himself is no different, with the executive known for going above and beyond in the work that he does- and one example of this can be seen in his decision to personally meet with as many of the Fairmont Hotels & Resorts workforce that he possibly can. And note that this is no easy feat, considering that Fairmont Hotels & Resorts currently operates 90 hotels (more than 33,000 keys) across 32 countries, and counts over 25,000 employees globally; plus, it has 30 new hotels (more than 8,000 keys) in the pipeline as well. “One of the first things I did upon my appointment as CEO was to get on a plane, and over the past few months, I’ve visited more than 75 Fairmont hotels (pretty good out of 90!), spending invaluable time with the teams who are on the ground, bringing Fairmont to life,” Willis says. “I’m also reachable all the time! I make sure that anyone who is a part of Fairmont, wherever they are in the world, has direct access to me, and, most importantly, knows that they do. I always end confer- ences, meetings, etc. by reminding everyone that they can reach me and receive a near-immediate response, particu- larly through WhatsApp and Instagram.” Willis also recently invited all global leaders and general managers of Fairmont Hotels & Resorts to the brand’s Global Leadership Confer- ence with an aim to “get them all together quite early in the process of the repositioning of the brand.” He adds, “Our intent was to actively involve our leaders in the process, listening to their perspectives, and empowering them to build the future of the brand together.” ↑ Fairmont The Palm, located on its own private beach in the Palm Jumeirah “We wil stay true to our mission of turning moments into memories.” W e got to chat with Willis approximately 90 days after he officially stepped into the new role, and he was clearly excited about his new duties and responsibilities, while already keeping an eye out for the Fairmont’s future prospects. “It’s a unique challenge and opportunity, shifting from leading a regional team, where everyone was at maximum a few hours away by flight and in similar time zones, to engaging with leaders and hotels based all over the world,” Willis says. “I set a personal goal to not only build upon the 100-year legacy of this esteemed brand, but also to disrupt and surpass expectations within the hospitality industry, reinforcing and strengthening Fairmont’s position as a global leader in luxury.” And in order to get a head start on these new goals, Willis has already assembled a team of exceptional talent to back him up. “I could not think of a better partner than Yigit Sezgin [formerly the Chief Commercial Officer at Accor] to take lead as the Global Chief Brand and Commercial Officer,” he reveals. “I have known and worked with him for over 15 years and fully trust in his

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29 May 2023 / ENTREPRENEUR.COM / F airmont Hotels & Resorts has an exceptionally rich heritage that dates back to the opening of the Fairmont San Francisco in 1907, exactly one year to the day after the Great Earthquake and subsequent fire that destroyed the city. And it is to its credit that in the more than 116 years of its existence, the name Fairmont has become synonymous with “place of occasion.” Being at the helm of a storied brand, Willis says that he is choosing not to be deterred by the burdens that might come with leading an enterprise with such a rich history, but instead to focus on setting up and deploying the new vision for the future of the brand. “Leading iconic properties that are beloved worldwide is an interesting exercise,” he says. “There is a lot of emotion tied to the brand, which is both incredibly exciting, but also adds an additional layer of complexity when striving to bring innovation and fresh perspectives. It will be about consolidating our relationships with key stakeholders and building on a strong and strategic expansion with regards to further hotel developments- not small tasks.” Another massive change for Fairmont Hotels & Resorts -apart from being acquired by the world’s most powerful hospitality group, and consequently getting a new CEO- is that the brand has relocated its global headquarters to Dubai. This decision becomes very interesting when learning that some of the world’s main cities were strong contenders for this privilege- after all, history was made in so many of the brand’s hotels around the world. French painter Claude Monet painted evocative scenes of London during several of his visits to The Savoy London, English playwright Noël Coward finished his comedy Private Lives in the penthouse of Fairmont Peace Hotel in Shanghai. Then, 50 world leaders came together in the Garden Room of Fairmont San Fran- cisco in 1945 to sign the Charter establishing the United Nations. Also, the legendary singer of the Beatles John Lennon and his wife Yoko Ono made the 1742 suite famous with their week-long Bed-In for Peace at Fairmont The Queen Elizabeth in Montreal. Having in mind these historic moments in the Fairmont properties around the world, Willis reveals that when it was time to decide on the location for the Fairmont brand’s global headquarters, there were many options. “New York made sense because half of the brand’s current portfolio is located in North America, and Paris was already home to the Accor global headquarters,” Willis says. “However, Dubai kept coming back as a strong contender.” “Fairmont is truly a global brand, and Dubai holds a strong position as a global hub, with key strategic proximity and easy access to a large portion of the world.” } ↑ Raffles and Fairmont Doha → Fairmont Maldives Sirru Fen Fushi

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30 / ENTREPRENEUR.COM / May 2023 W hen asked why Dubai had such a strong value proposition, Willis explains that the city often being viewed as the epicentre of global progress was enough for the global leadership at Accor to consider it as well positioned base that will help Fairmont Hotels & Resorts to continue making history. “Fairmont is truly a global brand, and Dubai holds a strong position as a global hub, with key strategic proximity and easy access to a large portion of the world,” he explains. “Over 70% of the current develop- ment projects for Fairmont sit across Europe, Middle East, Africa, and Asia Pacific, including exciting new hotels opening from Bangkok, to the Red Sea in Saudi Arabia, to Prague. A strategically positioned headquar- ters, plus leadership and offices in key cities around the world, such as London, New York, and Singapore, further positions us to expand to many more beautiful and attractive destinations around the world where the brand currently does not have a presence, such as Jeddah, Bali, or Paris.” Going back to the last year’s decision of Accor’s Chair- man and CEO Sébastien Bazin to create a premium, midscale, and economy division, and a brand-led luxury and lifestyle division, Willis adds here that Accor’s luxury and lifestyle division is committed to a number of things. These include strengthening the identities of the Group’s iconic brands like Fairmont, investing in top talents, selecting the best locations, and offering unique and innovative experiences, specific to the individual brands, their unique personalities, and positioning. “For Fairmont, this means that we will be focusing on elevating the brand to bring Fairmont into the new era of luxury hospitality, building upon our more than 100 years of history and setting the stage for the next century,” he adds. “We will stay true to our mission of turning moments into memories, and we will balance strengthening loyalty with our existing guests with attracting new guests, namely Gen Z, social culturalists, and HENRY’s (high earners, not rich yet).” Before we part ways, I ask about Willis’ main skill for keeping Fairmont Hotels & Resorts on the success trajectory. “I’m listening like crazy,” he says. “I take every opportunity, from sharing an elevator, to grabbing coffee in the morning, to check in with the Fairmont team. It’s so important through a time of transition to know how people are feeling, and get their insights on how things are going, and where we are headed.” As for Willis himself, he is reminding himself to always be unafraid to innovate in his tenure as the CEO of Fairmont Hotel & Resorts. “It might sound crazy to others, but being different is how you make your company stand out and move forward,” Willis concludes. “We will be focusing on elevating the brand to bring Fairmont into the new era of luxury hospitality, building upon our more than 100 years of history and setting the stage for the next century.” } ↑ Fairmont Los Angeles

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31 May 2023 / ENTREPRENEUR.COM / }Digital is set to come further into the fore “Digitization continues to increase in importance for luxury hospitality brands, with online platforms, influencer partnerships, and content creators playing a key role in reaching and engaging new audiences. We are seeing some notable investments in digital solutions to enhance the guest journey, including mobile check-ins, keyless entry, facial recognition, and personalized recommendations, though the human touch is still critical to the luxury experience.” }An increased focus on environmental and social responsibility “Sustainability remains a top priority for travellers, and luxury hospitality brands are taking substantial steps to reduce environmental impact. For example, Accor and Fairmont have removed single-use plastics from the guest experience. We are also working towards making major commitments in the reduction of carbon emissions, and we have implemented management systems to significantly reduce food waste as well.” }A demand for authentic travel experiences “Wellness will also remain a priority because travellers are looking for both resorts and urban sanctuaries within busy cities to relax and unplug. Authentic travel experiences that provide a taste of local culture are also in demand, while ‘bleisure’ travellers, who combine work and personal travel, as well as those who work from home away from home, are still on the rise.” }A rise in F&B-oriented travel “Finally, with the uptick in demand for ‘lifestyle,’ F&B is more important than ever because travellers are choosing their next destination based on the culinary experiences on offer.” Yigit Sezgin, Global Chief Brand and Commercial Officer of Fairmont Hotels & Resorts, on the trends that will influence the hospitality sector in 2023 FUTURE FORESIGHT

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32 / ENTREPRENEUR.COM / May 2023 FOCUSED ON THE FUTURE ↓ DIFC FINTECH HIVE is the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region. It is the only place to be if you are a FinTech, InsurTech, RegTech, Islamic FinTech startup looking to capitalise on unlimited opportunities and get your product or solution in front of the region’s most established financial service organisations. The Head of DIFC Innovation Hub and FinTech Hive has his sights set on the growth of the fintech space in the UAE- and he hopes to lay the groundwork for that at the Dubai Fintech Summit 2023. by AALIA MEHREEN AHMED Mohammed/ Alblooshi I n 2022, the UAE Ministry of Economy announced that the country’s fintech sector had reached a formidable US$2.5 billion in market value- making it the biggest fintech market in the MENA region. Meanwhile, a 2023 Mordor Intelligence report notes that “in terms of innovation, market size, and development potential, the UAE is rated first among fintech centers worldwide.” At the heart of this ever-growing ecosystem is the Dubai International Financial Centre (DIFC), an onshore financial hub for the Middle East, Africa, and South Asia. Launched in 2004, the DIFC has proven to be a stable launchpad for over 4,300 regional and international financial companies, and is today home to over 36,000 employees. But in addition to assisting with matters related to company set up, the DIFC has also played a part in fostering innovative business ideas in the UAE’s financial domain for nearly two decades. For example, in 2020, the DIFC launched an Innovation License -which offers subsidized commercial licensing options as well as co-working spaces for startups- aimed at supporting further innovation, creativity and entrepreneurship in the UAE as well as the wider region.

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33 May 2023 / ENTREPRENEUR.COM / ← MOHAMMED ALBLOOSHI’S ROLE WITHIN DIFC AUTHORITY is to contribute to the growth of the DIFC by developing and managing its fintech and innovation functions in line with the Dubai Vision of a global business hub for tech. IMAGES COURTESY DIFC

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34 / ENTREPRENEUR.COM / May 2023 B ut while the DIFC as a whole has been central to the overall business boom in the UAE, two of its sub-entities have played a more intricate role in specifically shaping the country’s fintech sector: the DIFC Innovation Hub and the DIFC FinTech Hive. While the Innovation Hub is a technology hub that is home to 500 growth-stage tech firms, FinTech Hive is a fintech accelerator that offers access to mentorship from leading financial institutions and insurance partners, as well as co-working spaces. And at the helm of both these entities is Mohammed Alblooshi, Head of DIFC Innova- tion Hub and FinTech Hive. “My role within DIFC Innovation Hub and FinTech Hive is to contribute to the Center’s growth by developing and managing their fintech and innovation functions in line with Dubai’s vision to become one of the top four global financial hubs,” Alblooshi says. “I am involved in working closely with startups, entrepreneurs, and industry experts to create an environment that fosters innovation and growth in the fintech sector. I also play a role in developing partnerships with local and international organizations to promote collaboration and knowledge sharing globally.” }With the DIFC thus exuding great influence over easing the funding as well as regulatory challenges faced by its startups and firms, the Center has also attracted the attention of some of the biggest success stories in the global fintech industry. One such example is India-based fintech unicorn DarwinBox –a human resource technology startup- which joined the DIFC in 2022. “Over 1,369 finance and innovation companies are now operating within DIFC, up 22% from 2021, while 291 new fintech and innovation firms joined in 2022 taking the total to 686, an increase of 36%,” Alblooshi adds. “To facilitate access to investors, DIFC Innovation Hub and FinTech Hive organize platforms such as investor meetups, pitching sessions, and networking events. The DIFC FinTech Hive also provides mentorship and guidance to startups on fundraising strategies, assisting with pitch decks, financial modeling, and valuation through designated programmes. By doing so, startups can gain exposure to potential investors and strategic partners who can provide adequate funding.” “To facilitate access to investors, DIFC Innovation Hub and FinTech Hive organize platforms such as investor meetups, pitching sessions, and networking events.” ↓ DIFC INNOVATION HUB, the largest innovation community in the region, is home to more than 500 growth-stage tech firms, established innovation companies, digital labs, venture capital firms, regulatorsand educational entities. This thriving facility aims to generate new economic value by fostering innovation, enterprise and talent across various sectors, especially in the future-oriented industries.

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35 May 2023 / ENTREPRENEUR.COM / Alblooshi is now gearing up for the inaugural edition of the Dubai Fintech Summit (DFS)- a DIFC-organized event that aims to congregate regional and international industry experts, startups, and investors in one place. Launched under the patronage of H.H. Sheikh Maktoum bin Mohammed Al Maktoum, Deputy Prime Minister and Minister of Finance of the UAE, Deputy Ruler of Dubai, and President of DIFC, the DFS is set to run from May 8-9, 2023 at Dubai’s Madinat Jumeirah. With the wealth of resources as well as industry information at the DIFC’s disposal, the DFS is set to shed a spotlight on a number of themes including digital payments, embedded and open finance options, regulation and policymaking, as well as cryptocurrencies and the Web3. And with the roster of speakers and industry experts expected to join the event, the DFS is aiming to create a global benchmark for the way enterprises and governments approach financial innovation. “We are expecting to host around 5,000 c-suite, policymakers, investors, entrepreneurs, and innovators from around the world,” Alblooshi notes. “As a rapidly evolving industry, fintech’s growth depends on keeping up to date with the latest trends, technologies, and regulatory developments. The fintech ecosystem faces persistent challenges worldwide, such as regulatory barriers, limited access to funding, and a shortage of skilled talent, which I hope to see discussed at the event.” }Attendees at the DFS will also be able to gain relevant insights on how environmental, social, and governance factors as well as sustainability can determine the future trajectory of fintech ideas. Dubai, of course, would seem the perfect venue for hosting such themes given the many inroads the Emirate has already made within these areas. “Dubai has long been a hub for business owing to its strategic location, world-class infrastructure, and government support for foreign investment,” Alblooshi says. “Additionally, its taxation policies, diversified economy, and highly skilled and diverse workforce make it an attractive destination for businesses. Dubai’s government has shown strong support for the fintech industry through initiatives like the DIFC FinTech Hive, which offer startups a valuable platform to connect with investors and industry experts.” Indeed, with 134 fintech businesses employing over 2,000 people in the country (as per the aforementioned Mordor Intelligence report), continued growth and innovation has become something of a given in the UAE’s fintech sector. Take, for example, the rise and rise of UAE-based buy-now-pay-later platform Tabby, which raised a US$58 million Series C round in January 2023, becoming the first startup in the GCC to receive funding from PayPal Ventures, the global corporate venture arm of US-based payments platform PayPal. Tabby’s funding success, however, is not an outlier. During a time when most sectors faced a dearth in investments -particularly in 2022- capital continuously poured into the UAE’s fintech industry. “Globally, the fintech space is growing quickly,” Alblooshi says. “According to MAGNiTT, the MENA, Pakistan and Turkey region has witnessed significant investment activity in the fintech sector, with $2,256 million invested across 351 deals, making it the most invested-in sector in venture capital in terms of both deal volume and count. A key factor contributing to investor confidence in the UAE fintech sector is government funding support, and its prioritization for innovation and technol- ogy.” But much of this investor confidence is also being induced by consumer prefer- ences, Alblooshi notes. With the wider public becoming increasingly comfortable with the digitization of financial services, there has been a greater focus on offering contactless payments, digital onboarding, and remote customer services. In fact, a MarketWatch report shows that the region’s digital payments market is expected to grow at a compound annual rate of 15.39% till 2026. “Changing consumer preferences have led to a surge in demand for digital financial services, such as online banking and digital wallets,” Alblooshi adds. “Investors are recognizing the growing role of fintech companies, which are disrupting traditional financial institutions by offering more efficient solutions to longstanding problems in the financial industry, such as reducing transaction costs, increasing accessibility, and improving customer experience. Owing to the scalability of digital platforms, lower operating costs, and the ability to reach a global audience, fintech has the potential to generate high returns for investors.”

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36 / ENTREPRENEUR.COM / May 2023 }But the key to sustaining this growth will come down to how well fintech firms read market trends, says Alblooshi. “Startups and entrepreneurs must keep an eye out for various trends in the fintech space, including the rise of digital currencies, the increasing importance of analytics and artificial intelligence (AI), and the growing demand for fintech solutions that address sustainability and social responsibility,” he explains. “Another growing trend is the adoption of AI and machine learning (ML) to improve risk management, fraud detection, and customer experience. As such, startups and entrepreneurs in the fintech space should be prepared to adapt to changing customer needs and preferences, while continuing to innovate and differentiate themselves in a competitive market.” Now, while consumer behaviors and digital trends have certainly played a role in the rise of fintech successes coming out of the UAE, Alblooshi is also quick to point out that it is the country’s regulatory framework that has eased the growth trajectory for so many firms. “The UAE has been proactive in creating a supportive regulatory framework for fintech startups with entities such as Dubai Financial Service Authority and the Central Bank of the UAE playing important roles in this regard,” he says. “DIFC too offers a regulatory framework that is designed to complement initiatives that enable innovation and support the growth of fintech companies. The DIFC Innovation License, for example, provides a regulatory environment that allows fintech startups to test new products and services before seeking full regulatory approval. This approach is aimed at helping fintech entrepreneurs to bring their innovations to market faster, and with greater confidence.” But while Alblooshi is all praises for how the UAE and his own enterprise have created fintech-friendly legislations, he is also aware that there is always room for improvement. “While the UAE has made significant progress in creating an optimal regulatory framework for fintech startups, the regulatory environment for fintech in the GCC region is still evolving,” Alblooshi remarks. “There is a growing recognition among regulators of the importance of creating more supportive and integrated frameworks that enable firms to operate smoothly across borders. With continued collaboration between regulators and fintech firms, as well as a commitment to balancing innovation with consumer protection, I believe the region has the potential to become a leading hub for Fintech innovation and entrepreneurship.” ↓ Snapshots from events staged by DIFC

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37 May 2023 / ENTREPRENEUR.COM / Alblooshi notes that such regulatory improvements can also create opportuni- ties for some of the untapped areas within fintech to find a footing in the UAE. “To help these untapped fintech sub-sectors grow, it’s not a matter of what needs to be changed, but what needs more attention,” he adds. “Policymakers could further enhance the supportive regulatory environment for fintech startups, providing more incentives for entrepre- neurs to start new ventures. I also think collaboration and knowledge-sharing between fintech startups and established financial institutions can help drive innovation and growth in these untapped areas.” Of course, unlocking the hidden potential of such sub-sectors can only take place if existing challenges within the sector are first addressed. “One of the biggest challenges continued to be faced by fintech entrepreneurs is access to funding,” Alblooshi says. “We are address- ing this issue by providing a comprehen- sive ecosystem through the DIFC Innovation Hub and FinTech Hive that offers access to funding, regulatory support, and networking opportunities with investors, venture capitalists, and established financial institutions. But in addition to these initiatives, the Dubai Fintech Summit in May aims to bring together global fintech experts, industry leaders, and investors to discuss innova- tions, challenges, and opportunities in the sector. Our aim at DIFC is to provide a comprehensive ecosystem that offers access to capital, regulatory support, and networking opportunities, which help to mitigate the challenges faced by fintech entrepreneurs in the UAE and making Dubai the go-to hub for fintech startups.” }Alblooshi, however, is acutely aware that the conversations that take place at DFS 2023 are not the be all and end all. If anything, he hopes that the Summit can serve as a starting point to induce more impactful, sector-wide shifts that occur long after the two-day event comes to a close. “Firstly, I hope to see increased financial inclusion by encouraging the development of innovative financial products and services that cater to underserved populations, particularly in developing countries,” Alblooshi says. “Improved security and privacy are also a priority so we can create greater consumer trust and confidence in digital financial services. An increase in fintech partnerships is also very important and DFS 2023 could encourage collaboration between fintech companies, traditional financial institutions, and other stakehold- ers, leading to the development of comprehensive solutions that address the needs of all stakeholders. Lastly, I hope to see enhanced regulatory frameworks that fosters innovation, competition, and collaboration between fintech companies and traditional financial institutions, leading to better services for consumers.” }For such goals to come to fruition, Alblooshi and the DIFC team already have their own plans set in motion as well. “When it comes to DIFC specifically, there are several upcoming goals and exciting initiatives planned,” Alblooshi reveals. “We have recently announced the launch of our venture building program, DIFC Launchpad. The initiative aims to develop a strong venture building model that promotes the growth of innovative startups and scaleups in the region. Another very exciting initiative is DIFC’s role in the Path to COP28. DIFC and the Global Ethical Finance Initiative are bringing the global finance community together to promote thinking and action relating to climate and environmental, social and governance (ESG) principles in the build up to COP28. The fintech industry is certainly poised for continued growth next year!” “I BELIEVE THE REGION HAS THE POTENTIAL TO BECOME A LEADING HUB FOR FINTECH INNOVATION AND ENTREPRENEURSHIP. ” Mohammed Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, discusses some of the consumer needs that remain unmet by fintech- and how they could be addressed UNTAPPED POTENTIAL }SECURITY AND PRIVACY “This needs to be urgently met. With the increasing digitalization of financial services, consumers are concerned about the security and privacy of their financial information. Fintech companies need to invest in robust security and privacy protocols to address these concerns, and earn the trust of their customers.” }ACCESS TO FINANCIAL EDUCATION “Many consumers lack basic financial literacy, and struggle to understand complex financial products and services. Fintech companies can create user-friendly financial education tools and resources to educate consumers about personal finance. Dubai Fintech Summit 2023 will promote the sharing of ideas on how we can collectively educate consumers.” }INTEGRATING FINTECH WITH TRADITIONAL FINANCIAL SERVICES “Many consumers in the UAE still rely on traditional financial institutions for certain services. So, fintech companies should collaborate with traditional financial institutions to provide integrated solutions that combine the strengths of both sectors.”

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41 May 2023 / ENTREPRENEUR.COM / Let’s hear it → /Nothing Ear (2) B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE ← Talk to me /Vivo Y16 Vivo Y16 is set to be the cynosure of all eyes given its trendy design, superior battery performance, and new camera technology. Its octa-core processor and 3GB/4GB ram handles everyday tasks and entertainment with ease, thanks to its 5,000mAh large battery. A single full charge gives you up to 18 hours of online HD video streaming, and up to 22 hours of music playback. But, despite the larger battery, Vivo Y16 is only 8.19mm in thick, allowing the 2.5D-curvature, flat device to rest comfortably in your hands. The smartphone features a 6.51-inch Halo FullView Display, for both videos and games, and its Eye Protection Mode automatically adjusts brightness levels, while filtering harmful blue light to prevent eye strain. You can turn on the display and unlock the smartphone at the same time with Vivo’s new side fingerprint design, which only takes a staggering 0.232 seconds to unlock the screen. Y16 rounds out with a 13MP AI Dual camera that consists of a 13MP main camera and a 2MP macro camera, as well as a range of photography features such as Panorama, Face Beauty, Live Photo, Super HDR, Time-Lapse, Pro Mode, Aura Screen Light (for selfies in the dark), and much more. Meanwhile, in terms of colors, Y16 is available in Stellar Black, Elegant Black, and Drizzling Gold. 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 © NOTHING EAR | CANON | VIVO Nothing Ear (2) delivers personalized, hi-res audio by allowing you to create your own Personal Sound Profile with hearing ID. After taking a hearing test in the Nothing X app, Ear (2) adjusts the equalizer levels in real-time to match your hearing for an optimal listening experience. Moreover, Ear (2) features Dual Connection, which allows you to connect to two devices simultaneously, and seamlessly switch between playing music or receiving calls. Meanwhile, its Clear Voice Technology, coupled with Personalized Active Noise Cancellation that adapts to the unique shape of your ear canal, automatically adjusts the noise reduction level based on your environment in real-time. For the clearest calls, Ear (2) features Nothing's Clear Voice Technology, with three high-definition microphones on each earbud, as well as an artificial intelligence-powered noise reduction algorithm that can filter out over 20 million sound samples. Consequently, Ear (2) can eliminate background noise and enhance the user's voice during calls in real-time. Ear (2) can deliver up to 36 hours of music playback after a full charge, and delivers up to eight hours on a 10-minute fast charge. You can also manage controls on Ear (2) comfortably. You can skip tracks, switch between noise cancellation modes, and adjust volume- all with a press of a button. Tiny but mighty ↓ /Canon EOS R50 At just 375g, the Canon EOS R50 is certainly not going to weigh you down. Built for creators, its compact design, natural grip, and variable angle touchscreen make it easy to shoot to capture content. The camera’s Dual Pixel CMOS Auto Focus II, coupled with the powerful DIGIC X processor, delivers swift subject detection and tracking, and with a high-resolution 24.2MP sensor, you can snap photos with brilliant image quality and shoot UHD 4K video at 30p as well. Plus, you can transfer media files for instant sharing using the Camera Connect app, while the always-on Bluetooth and Wi-Fi connectivity enable easy remote shooting. Canon EOS R50 also pairs with a range of lenses and accessories -from tripod grips to microphones- to help you build your ideal creator setup.

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B/Gear Limited to only 55 pieces, Chanel’s Monsieur Tourbillon Meteorite comes with a black ceramic case that puts the spotlight on two significant elements of this watch. The first is the lion- the emblem of the House of Chanel- that sits within the cage of the tourbillon, and that turns with the rhythm of the seconds. The second is the dial, created from a fragment of meteorite, that, quite literally, makes each piece unique. Do note that this Monsieur watch also houses a flying tourbillon movement, the Calibre 5.1- a first for this model. From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, we showcase our favorite timepieces exhibited at the 2023 installment of Watches and Wonders in Geneva, Switzerland. The Executive Selection ONE OF A KIND → Chanel Monsieur Tourbillon Meteorite 42 / ENTREPRENEUR.COM / May 2023

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43 May 2023 / ENTREPRENEUR.COM / CLASSIC AND CONTEMPORARY → Rolex Perpetual 1908 ← BREAKING NEW GROUND Tudor Black Bay Named in homage to the year when Hans Wilsdorf registered the Rolex brand in Switzerland, the Perpetual 1908 -the timepiece with which Rolex inaugurated its Perpetual collection- is a combination of tradition and modernity. Elegant and understated, the 1908 features a slim case in 18-carat yellow or white gold, as well as a sleek dial in either intense white or intense black, and it is fitted on a brown or black alligator leather strap equipped with a double folding clasp. The 1908 is powered by calibre 7140, with the movement including the Chronergy escapement, the Syloxi hairspring, as well as Paraflex shock absorbers. Also, do check out this 1908’s bridges, which have been finished with Rolex Côtes de Genève, the brand’s careful reinterpretation of a well-known decoration in watchmaking. Add to all of that the fact that the Perpetual 1908 has the Superlative Chronometer certification, which means that you are assured of its excellent performance while on your wrist. The latest technical and aesthetic evolution of Tudor’s emblematic diving watch, Black Bay, features evolved design elements, a “T-fit” clasp, and a Master Chronometer certification by the Federal Institute of Metrology (METAS). This version of the Black Bay has its original proportions of a 41mm case in stainless steel with a 60-minute unidirectional burgundy bezel, a subtly domed satin radial- brushed black dial with gilt accents, as well as the so-called “snowflake” hands, a hallmark of Tudor divers’ watches since its introduction in 1969. Powered by manufacture calibre MT5602-U, this Black Bay offers its wearers a choice between stainless steel three-link “rivet-style” or five-link bracelets or a rubber strap, all with the Tudor “T-fit” rapid adjustment clasp.

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B/The Big Idea / Travel At the risk of sounding like hyperbole, this desert sanctuary is like no other Banyan Tree AlUla by ABY SAM THOMAS ENTREPRENEUR ESCAPES 44 / ENTREPRENEUR.COM / May 2023 → Located in the Ashar Valley near the city of AIUla in the Madinah Province, BANYAN TREE AIULA is inspired by more than 200,000 years of human heritage and unique landcapes that have created the world's largest living museum.

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F or a Singapore-headquartered luxury hospitality brand whose hotels and resorts are seen in some of the world’s most beautiful and sought-after destinations, Banyan Tree does not look out of place in its newest location in the picturesque desert landscape of AlUla in Saudi Arabia. In fact, the 47 luxury villas spread across the 10,000 sq. m. of the Banyan Tree AlUla resort have been so fantastically designed that they seem to almost blend into their stunning surroundings, especially with their references to the Bedouin tents that were, once upon a time, characteristic of such environments. Note here that almost every villa in this property has a pool and outdoor terrace of its own, which means that guests here stand the chance to get to personally (and privately) commune with the scenic settings they find themselves in while in AlUla- a location that, by the way, is also home to 200,000 years of largely unexplored human history. “We believe that Banyan Tree AlUla offers guests a truly unique and unforgettable experience, combining world-class luxury and hospitality with the natural beauty and cultural richness of this incredible destination,” says Banyan Tree AlUla General Manager Antony Treston. “We are confident that anyone who stays with us will leave feeling inspired, refreshed, and enriched by their time spent in AlUla.” 45 May 2023 / ENTREPRENEUR.COM /

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46 / ENTREPRENEUR.COM / May 2023 In April this year, I traveled from Dubai to AlUla on a direct, three-hour- long flight on flyDubai, following which it took about 40 minutes for me to be driven from the airport to the expansive locales of the Banyan Tree AlUla. The resort, which is situated in the magnificent Ashar Valley of AlUla, currently offers four kinds of villas- these comprise of one-bedroom villas, alongside one-, two- and three-bed- room pool villas. “The one-bedroom villas, the majority with private pools, are beautifully appointed with both traditional and contemporary Arabian décor, and they are perfect for couples or solo travelers looking for a luxurious and relaxing escape,” Treston shares. “The two-bedroom villas offer guests a larger overall living space, a private pool, a separate bedroom, and a living area. These villas feature stunning views of the surrounding landscape, and they are perfect for small families or groups of friends looking for a more spacious and luxurious accommoda- tion. As for my personal favorite, I would have to say that the three-bed- room villas are truly exceptional. They offer the perfect combination of space, luxury, and privacy, and they are ideal for families or groups of friends who want to enjoy the beauty and tranquil- ity of the Ashar Valley together. The villas also feature private indoor and outdoor dining areas, where our guests can enjoy a customized menu prepared by our talented chefs, making it the perfect setting for a special occasion or celebration.” }Here, Treston tells me that Banyan Tree AlUla will be unveiling a fifth category of villas later this year- these will be the resort’s “royal” villas, and if its existing offering is any indication, then this addition seems set to be a wondrous treat. That said, there’s more to this resort than its beautiful villas- the highlight, in my opinion at least, would be Banyan Tree AlUla’s Rock Pool, an Instagram-worthy spot sandwiched between two sandstone mountains. Its dining options are exemplary as well- Harrat serves scrumptious Middle Eastern fare, while Saffron bills itself as the first authentic Thai restaurant in Saudi Arabia. Add to all of this an incredibly attentive staff, and you are guaranteed a restful and resplendent experience while staying at Banyan Tree AlUla. “What sets our property, apart from the impeccable service, is its stunning B/Travel WHAT SETS OUR PROPERTY, APART FROM THE IMPECCABLE SERVICE, IS ITS STUNNING NATURAL SETTINGS, SURROUNDED BY THE TOWERING SANDSTONE CLIFFS, AND SERENE DESERT LANDSCAPES. → Three Bedroom Villa

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47 May 2023 / ENTREPRENEUR.COM / natural settings, surrounded by the towering sandstone cliffs, and serene desert landscapes,” Treston adds. “We offer a wide range of activities and experiences that allow guests to immerse themselves in the local culture and history of AlUla, from horse- riding, to cultural tours, and stargazing.” Now, while all of these activities are great in their own right, one of them needs to be especially mentioned- and that’s because it has the added advantage of having the very amiable Treston to be a part of it as well. “Having been a horseman all my life, at the resort, I would have to admit that horse-riding with guests through the valley is always a special moment- and a perfect excuse for me to escape the office!” he laughs. “I get to connect in a very unique way with many of our guests, and I also get to showcase how stunning our resort and valley are, all while enjoying my favorite past-time.” }Banyan Tree AlUla is clearly the place for anyone who wishes to take a break from the hustle and bustle of their day-to-day lives- but that doesn’t mean that it has to be a complete disconnect either. “We offer a wide range of amenities and facilities designed to cater to the needs of all our guests, whether they are here for vacation or business purposes,” Treston says. “Overall, we strive to provide our guests with everything they need for a comfortable and enjoyable stay, whether they are here for work, or leisure. We understand that many of our guests may need to stay connected and productive while they are away from home, and we are committed to providing them with the tools and resources they need to do so.” On this note, Treston points out that Banyan Tree AlUla can also be an ideal location for business travelers keen for a unique setting for their next corporate event, meeting, or retreat. “The stunning natural beauty and cultural richness of the AlUla region provide a unique and inspiring backdrop for corporate events and meetings, allowing attendees to connect with the natural environment, and gain fresh perspectives on their work,” he says. “We offer customized programs and packages that are tailored to suit the individual needs and requirements of our corporate clients, whether they are looking to host a large conference, a team- building retreat, or a small business meeting. Adding to this, the limitless opportunities for outdoor activities which provide unique opportunities for team building and networking in a relaxed and informal setting, ensuring that their experience with us is both productive and memorable. And we are, of course, within eyesight of the stunning Maraya hall, the world’s largest mirrored building, and an award-winning venue for meetings and events.” Banyan Tree AlUla is thus a destination for both work and play- and with Treston and his team on hand at the resort, you can rest assured of a fulfilling experience in either case. → One Bedroom Villa → Saffron Thai Signature Restaurant

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48 / ENTREPRENEUR.COM / May 2023 RECOMMENDED BY THE GM Banyan Tree AlUla General Manager Antony Treston gives the low-down on the resort he leads }FOOD “Our dining options are all designed to showcase the flavors and culinary traditions of the region, while providing a world-class dining experience. For one, there’s Harrat, which offers guests a unique culinary journey through the flavors and spices of the Middle East, show- casing local ingredients and traditional cooking tech- niques. The restaurant features both indoor and outdoor seating, with stunning views of the surrounding landscape. We also have the first authentic Thai restaurant in Saudi Arabia, Saffron. This restaurant offers guests the quintes- sential taste of contemporary Thai cuisine prepared by Thai chefs; the first of its kind in Saudi. As for my personal favorite, I would have to say that our signature mandi expe- rience is a must-try for anyone visiting the resort. This dish is a local specialty, featuring slow-cooked lamb, cooked underground in a traditional sandpit, and seasoned with traditional Arabian spices. It’s a truly delicious and authen- tic dish that captures the essence of Saudi Arabia culinary traditions, and I would highly recommend it to anyone who wants to experience the flavors of the region.” }LEISURE “Banyan Tree AlUla is located in one of the world’s most breathtaking and historic destinations, and there are many sights and leisure activities that guests can enjoy during their stay, including a number at the resort. Our luxurious spa offers a range of treatments and therapies that are inspired by local traditions and ingredi- ents. Guests can relax and rejuvenate in the tranquil surroundings of our spa, and enjoy the healing properties of local ingredients such as citrus, moringa, dates, argan oil, and rose water. We also offer stargazing, which is an experience unlike any other, and a welcome sight for those living in big cities. Our guests will be taken to a unique location in the Ashar Valley, while a local guide guides them in discovering the constellations and their stories. We provide our guests with state-of-the-art telescopes and stargazing applications, and they can warm by the fire with refreshments. In terms of sights, Hegra would probably be first on the list. Hegra is an ancient city that dates back to the Nabataean civilization, and it is now a UNESCO World Heritage Site. Guests can explore the impressive tombs, temples, and rock-cut facades, and learn about the history and culture of this fascinating civilization. Also, located just a short distance from the resort, AlUla Old Town is a historic and cultural hub that showcases the rich heritage and architecture of the region. Guests can explore the ancient mud-brick buildings and narrow alleys, visit the local souk, and learn about the history and traditions of the local people. Plus, our outdoor activities such as hiking, stargazing, and horseback riding are able to provide guests with an immersive and authentic experience of the AlUla region. These activities allow guests to disconnect from the stress of daily life, and reconnect with themselves and nature.” }SELF-CARE “Wellbeing is a key focus at Banyan Tree AlUla, and we believe that our guests should leave our resort feeling reconnected and inspired. Our wellbeing offerings are designed to provide a holistic and immersive experience that helps our guests connect with nature and themselves. Our expert instructors offer a range of yoga and meditation classes, that are tailored to suit the needs and preferences of our guests. Our classes are held in tranquil outdoor settings, allowing guests to connect with the natural beauty of the Ashar Valley, while practicing mindfulness and relaxation techniques. Meanwhile, all our spa treatments are inspired by local traditions and ingredients, and they are designed to provide a deeply relaxing and rejuvenating experience. We offer a range of therapies, including massages, body scrubs, and wraps, all using natural and organic ingredients.” B/Travel

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49 May 2023 / ENTREPRENEUR.COM / → Set in the area known as the world’s largest living museum, BANYAN TREE AIULA is just a short flight from either Riyadh or Jeddah, connected by direct flights from Dubai, all of which make AlUla more accessible for international travelers.

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51 May 2023 / ENTREPRENEUR.COM / Money Matters Four financial lessons learnt as a first-time founder by MOHAMED KHALED

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52 / ENTREPRENEUR.COM / May 2023 M oving from being an employee to suddenly founding and running your own business in the UAE can be exhilarating and daunting at once. Now, if you’ve taken this step, then it’s worth pausing to congratulate yourself; no doubt you’ve already been through the process of putting together your business plan, honing your concept, securing backing, and ultimately setting up your entity. But now, get ready, as the hard work is about to start. The first 90 days will be a whirlwind of new business opportunities, and establish- ing yourself and your proposition. And while it’s incredibly exciting to become a first-time entrepreneur, there are a number of fundamental basics when it comes to managing the financial aspects that can ultimately make or break your success in the early days. With the UAE being a hotbed for SMEs, accounting for 94% of the total companies operating in the country and contributing more than 52% to the country’s non-oil gross domestic product, there are boundless opportunities if you get your financial model right from the get-go. Here are a few of the lessons I’ve learnt as a first-time founder, when it comes to keeping how you spend your money in check, so as to set you up for success from the start: 1} Know your cash flow buckets With respect to spending and cash flow, this can fall into three clearly defined buckets that need to be addressed. Firstly, it’s important to define your operating activities, i.e. the running of the day-to-day business. Second of all, you need to look at your investing activities, and this also includes investing in intellectual property. Finally, you also need to consider your financing activities when it comes to equity fundraising or debts. What many startups do is to get the cash flow from financing activities, and then they spend this money on the operating and investing activities. They start to throw capital at the basics, with the view that to grow quickly, they need to get the talent and the people there to be able to deliver on the ambitions laid out in the business plan. But while you do need to “burn to grow,” you still need to keep a few things in mind. Product spending is naturally important, but you need to build in the right manner based on research and data– only then comes action. Rather than deciding what the market wants, listen and do your research to ensure what you’re building caters to demand. Fundamen- tally, you need to deliver an agile product or service, that you can then continue to build on for long-term growth. And that future sustainability needs to be at the top of your mind; the more robust, well thought-out, and solutions- driven your product or service is, the more you will be able to cater to market needs. 2} Aim to secure loyal customers There are a lot of things to think about when it ‘T/Pro IF YOU’VE DONE YOUR RESEARCH, YOU SHOULD HAVE A GOOD UNDERSTANDING OF THE MARKET, AND THEREFORE BY UNDERSTANDING YOUR CUSTOMER, YOU CAN BUILD THE RIGHT FINANCIAL MODEL TO SECURE THE RIGHT CUSTOMERS.

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53 May 2023 / ENTREPRENEUR.COM / comes to your operating activities. One of them is that you’re spending on people- your staff costs are a “heavy” element, especially at the beginning. In addition, if you have a product, you will also be spending on your customer acquisition costs, and this is where we need to take heed of potential “fake” customers. This is a typical startup problem. A new business launches and builds its financial model, goes out to the market, and starts spending. The startup boosts its customer base by offering incentives, promotional codes, and discounts to attack the market. The customers then start to come, and every day, more and more are flowing in; life seems to be great. But this is where you need to pause and take stock for the moment. Just how true or “real” are these customers? Many of these customers may be price-sensitive- so while you’ve brought them in through discounts or incentives, the moment you pull back on these, will you end up losing these customers? Are they loyal in that case, and, ultimately, do they have longevity? This is where it is vital to make sure you’re making the right moves to bring in the right customers. 3} Remember to do reality checks Ultimately, all that you are building falls into a simple equation: the lifetime value of the customer, divided by the customer acquisition cost. If this basic human fundamental fails, your business will fail. So, when you’re calculating your total addressable market, you must be aware of these sensitivities. This also plays back into the data- if you’ve done your research, you should have a good understanding of the market, and therefore by understanding your customer, you can build the right financial model to secure the right customers. Ultimately, it’s imperative that we are being realistic, and that we’re not creating illusions for ourselves. This then keeps us in check as a company of how we spend money. 4} Pivot (and re-pivot) whenever needed Keeping the above in check should get your startup off to a good start. But what can sometimes happen when it comes to cash flow is that we get fixated on delivering on the pre-described plan. Yes, you need your focus and goals, but we have to play a nimble game. It’s important to remain agile and pivot -and re-pivot- when we need to. We also need to know when to course-correct when we spot things going awry. There will be so many curve- balls, new opportunities, and unforeseen challenges that come up at the beginning. It’s important to be able to be adept to adapt to these, as they may be the ticket to unlocking new opportunities and future growth. The importance of this played out very clearly with my company, Hotdesk. When we started securing interest from enterprise, we knew that we had to quickly shift gears. This became an additional piece of the business that had very different fundraising requirements. We started getting traction and interest from corporate investors, for example, which was very different from what usually happens in the region. So, the lesson here is that whilst you need to have a plan and have a strategy that you execute day-in and day-out, you also need to note that plans can and will change. Being nimble is the key to success here. While running a startup is an exciting journey, when it comes to the financial lessons learnt, being savvy to your market and your customer, and understanding your buckets of spending will help keep you in check in the early days. There is no secret formula that guarantees success- but getting the fundamentals right when it comes to your finances will set you up with a sound proposition, based on solid foundations, that you can build on as you scale. Mohamed Khaled is the co-founder and CEO UAE-born Hotdesk, a co-working platform that was launched in 2019. It has now grown significantly and is available in 170 cities around the world, with Mohamed recently scaling up Hotdesk’s operation in Europe, following its acquisition of Spanish co-working app, YADO. hotdesk.com

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54 / ENTREPRENEUR.COM / May 2023 ‘T/Skillset How to successfully turn adversity into opportunity by RYAAN SHARIF THE PIVOTING PLAYBOOK

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55 May 2023 / ENTREPRENEUR.COM / T he UAE has gained a positive reputation both regionally and globally for its supportive business environment, which has led to a flourishing startup culture. Although the tech startup ecosystem in the wider MENA region is vibrant, the UAE is at the forefront of this growth. Last year, MENA startups raised a total of US$3.94 billion in funding, with almost half of this amount (47%, or $1.85 billion) being secured by startups in the UAE. A question arises here: what makes the UAE so successful in fostering startup growth? Commitment is certainly one answer. In the UAE, we see extraordinary commitment from government and entrepreneurs. The environment provided by authorities and regulators is tailor-made for success. But that does not mean every startup prevails. Even in a league-topping nation like the UAE, entrepreneurs must still face the daunting reality: the large majority of all startups have failure in their future. Constricted cash flow, dried-up markets, competition, suboptimal business models- the reasons vary, but the outcome is a stark reality. But the good news is, failure does not have to be the end of the story. Many of the factors that conspire to end a business journey merely contribute to failure for companies that cannot devise ways of outmaneuvering them. Successful management teams will treat these emergencies as red flags and nothing more. They will have perfected the art of judgment on when to zig and when to zag. Which leads us to the most extreme form of the zig (or zag): the pivot. The pivot -a somewhat innocuous term for a sometimes-fundamental shift in a business model- can mean the difference between failure and longevity. UAE-based startup RemotePass emerged in 2020 as a travel website, and then the COVID-19 pandemic hit, and the market dried up. The founding team, determined to pivot, worked closely with investors to come up with an entirely new platform, one tailored for what was increasingly being called “the new normal.” We all remember the new normal, don’t we? Stay at home, shop from home, entertain yourself at home. And work from home. RemotePass thus took on the COVID-19 challenge of acquiring top talent, and then built a platform to solve it by putting recruiters in touch with the new global, borderless workforce. Today, RemotePass remains a tech company, but its platform is a tool for hiring anyone from anywhere, without having to set up a legal entity in the employee’s home country. Any scale of business can use the platform to hire talent in more than 120 countries, either as independent contractors or as employees, and RemotePass takes care of compliance with local labor laws and data regulations. RemotePass’s story is a tale of building the right product at the right time. But I know that this is an extreme example. And not every pivot needs to involve migration to another industry. That said, when a founder commits their life to the fulfillment of a vision, it can often be hard to see the collapse of the road in front of them. But running away from the inevitable amounts to running into the arms of defeat. Here are four signs from my pivot playbook that tell you it may be time for a zig- or zag: 1} The dulling competitive edge The early days are exciting. Your firm does something nobody else does at a time when it is sorely needed- unique solutions to common problems. But then, others jump on the bandwagon. A crowded market should not be the end. It is when the “U” in your USP (unique selling point, for the uninitiated) no longer applies that you need a rethink. If whatever set you apart -supply chain, differentiated services, or something else- is now being offered by the competi- tion, it is time to pivot. 2} The growth ceiling When you are small, often, the only way is up. Startups can achieve growth multiples of which larger firms can only dream. However, once momentum slows, head to the drawing board, and start a huddle. Is the change due to market conditions, or a widespread downturn? If so, perhaps waiting for a recovery is wise. But if your leadership team detects market saturation as the problem, then pivoting may be the way to go. → REMOTEPASS' physical debit card for remote teams THE PIVOT -A SOMEWHAT INNOCUOUS TERM FOR A SOMETIMES-FUNDAMENTAL SHIFT IN A BUSINESS MODEL- CAN MEAN THE DIFFERENCE BETWEEN FAILURE AND LONGEVITY.

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56 / ENTREPRENEUR.COM / May 2023 3} The superior secondary revenue stream Startups innovate at a faster rate than established businesses. Their core offerings are fluid. When supplementary services or products start accounting for larger and larger portions of revenue, bells should sound. Pay attention to these streams from an early stage, and perhaps the need for a pivot will become obvious at a point where it is less painful to implement. The effort-to-return ratio is the most important driving factor. When the return on investment of a secondary revenue stream becomes significantly better than the primary, refocus. 4} The underwhelmed outsider Listen- ing to customers is one of the hallmarks of a good business. Regularly engaging with customers to understand their evolving needs can uncover dissatisfaction and even reveal new opportunities. Other outside sources such as mentors, investors, and incubators are also worth consulting. People outside the management team are in a better position to notice things that may otherwise take time to manifest on balance sheets. The UAE has an incredible entrepreneurship ecosystem set up for just this kind of feedback. And it can help enormously with both detecting the need to pivot and with designing and managing the pivot itself. Starting a business is not easy. If it were, success rates would be higher, and everyone would do it. (But then there would be nobody to employ!) That said, success rates can improve if businesses apply the tips laid out here, and remain aware of their internals and externals. When things go wrong, they will then be better able to understand where the problem lies, and whether a pivot is necessary to counter it. Pivoting is painful, but failure can be agony. Now, if Step One is recognizing the problem, Step Two is doing something about it. Here are six things to bear in mind when pivoting: 1} Understand the business’s strengths (and weaknesses) If playing to your strengths is good advice in private life, it has immeasurable value in business. If you know you must pivot, then understanding where you are will allow you to get to where you need to be. It is imperative to not throw out aspects of your strategy and operations that are still relevant. But if you know of challenges you have always faced, ignoring them when pivoting could mean that painful change got you nowhere. Perhaps the weakness is in the target market. Maybe the core offerings or business model need adjustment. Either way, you must know before you can put a single foot forward. 2} Don’t forget the customer Talk to customers through surveys, feedback forms, or social media. Discern their needs and pain points. This exercise will either tell you that the core offering is not the problem, or it will tell you where, within the offering, change must occur. Don’t stop there. You have customer data from tools like Google Analytics and customer relationship management (CRM) platforms. Use it. Analyze customer behavior, such as how they used the product or service, what pages they visited, and how long they spent there. Customer preferences will emerge. You can also monitor social sites to see what customers are saying about your brand. And you can set up beta communities to test your offerings and provide formal feedback. ‘T/Skillset THE EFFORT-TO-RETURN RATIO IS THE MOST IMPORTANT DRIVING FACTOR. WHEN THE RETURN ON INVESTMENT OF A SECONDARY REVENUE STREAM BECOMES SIGNIFICANTLY BETTER THAN THE PRIMARY, REFOCUS.

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57 May 2023 / ENTREPRENEUR.COM / 3} Execute the mental gear shift Having gathered information about your business from your own analysis and consultation with customers, it is time to look at the operating market. It is critical to be open to painful observations. Businesses can be very personal to their founders, and it may be difficult for them to accept that the original premise on which early successes were based, no longer applies. Opportunities and challenges come and go. Consumer demand waxes and wanes. Markets evaporate. Having more staff and a history of operations means having less agility. But more stakeholders means more brains to pick and resources on which to draw. You have opportunities to snap out of tunnel vision, and see strengths that were not around in the enterprise’s early months. These strengths include your mentoring network- investors and other guides who want to see you succeed. 4} Don’t forget your employees Having decided what you are doing and how you are doing it, you must ensure that everybody understands their role, and is comfortable with it. Change is a source of anxiety for everyone in the organization. You need each team member to be part of the change, if you are to be successful. You could set up a team of “change champions” dedicated to answering questions and assuaging doubts. Resources pertaining to frequently asked questions will be popular with those that prefer self-service. Also, consider offering stakes in the company to executives you believe to be critical to the success of the pivot. 5} Aim to retain It is well known that the cost of acquiring a new customer is far greater than that of retaining an existing one. During the pivot, aim to keep existing customers. Whether you are a B2B or B2C business, a change in your operating model could mean significant disruption for customers, so present them with a clear transition plan to maintain trust and prevent an expensive (and perhaps even inviable) post-pivot acquisition campaign. However, brace yourself. The pivot will not appeal to everyone. You have to deal in facts. As long as you have consulted customers beforehand and know how the majority feels, you can be confident that those expressing discontentment with new prices or useability do not represent your base. If you have done your homework, you will already know who these customers are, just as you will have identified those likely to benefit most from the pivot. Don’t sweat the former and reach out to the latter to ensure they regard the pivot positively. 6. Keep it simple Pivots are sharp lurches into new (and perhaps uncharted) territory. This is challenging enough without trying to change everything in a single swing. Do not overwhelm employees and customers. Instead, focus on key, high-impact areas. After you’ve done all this- the question arises: now what? Here, remember that even the successful pivot does not mean “job done”. Keep looking for the signs that a new pivot is necessary. Remember: change is the only constant. You have to be ready. Ryaan Sharif is the General Manager at Flat6Labs UAE. Flat6Labs is the MENA region’s leading seed and early-stage venture capital firm, currently running the most renowned startup programs in the region. flat6labs.com HAVING DECIDED WHAT YOU ARE DOING AND HOW YOU ARE DOING IT, YOU MUST ENSURE THAT EVERYBODY UNDERSTANDS THEIR ROLE, AND IS COMFORTABLE WITH IT. CHANGE IS A SOURCE OF ANXIETY FOR EVERYONE IN THE ORGANIZATION. YOU NEED EACH TEAM MEMBER TO BE PART OF THE CHANGE, IF YOU ARE TO BE SUCCESSFUL.

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58 / ENTREPRENEUR.COM / May 2023 ‘T/Skillset T he Dubai real estate sector is currently one of the hottest markets in the world, with more than 122,000 transactions worth over AED500 billion recorded in 2022. This unprecedented growth is great news for the industry and the economy. However, it also means that the sector is becoming increasingly crowded with brokerages, investment firms, and property management companies all vying for a piece of the action. In such a highly competitive environment, it’s not enough to simply stand out; businesses must find ways to stay ahead of the curve. Over my 30-year career in financial, investment management, and real estate sectors, I’ve learned that success in a crowded marketplace requires a combination of strategies that are interlinked, and that’s what I put to use at the Dubai-based enterprise I lead, Manage My Property (MMP). As such, here are my top five tips that can be applied to any highly competitive industry: 1}Don’t compromise your professionalism In a crowded marketplace, businesses must differentiate themselves from their competitors to stand out and attract clients, but this shouldn’t come at the expense of professionalism. Many people cut corners, and then say that they can do things cheaper and quicker to lure in customers, but this will only ever gain a short-term “win,” and it fails to deliver a sustainable advantage, leading to poor quality work and unhappy customers. If you stick to your guns in terms of your professionalism and commitment to quality in all aspects of your business such as operations, client services, marketing, etc., you will attract, maintain, and grow a sustainable client base for the long term, and you will also set yourself apart from the competition, earning the trust and loyalty of customers. 2}Make innovation a necessity, not a luxury Innovation is not just a buzzword, it’s a critical component for success. Standing out among a sea of competitors requires businesses to constantly explore new ideas, technologies, and strategies to keep customers engaged. But innovation isn’t just about being trendy. It’s about finding new and better ways to meet the needs of your customersm, and to stay ahead of the curve. It requires creativity, curiosity, and a willingness to take risks- but the rewards can be substantial. By embracing innovation, especially on the digital front, you can differentiate, increase efficiency, and drive growth. Like many industries, the real estate industry is a fast paced one, so, we at MMP recently created a bespoke business process management application with 125 automated processes that streamline the complexities of property management, and significantly reduce the risk of human error. It’s been a gamechanger for our business, and that’s something that’s worth remembering if you want to succeed in a crowded marketplace- don’t just follow the crowd, lead it with bold ideas and innovative solutions. 3}Flex your network value In every industry in any country, relationships are crucial to sustaining and growing your business. A satisfied customer is not only an asset, but also a potential source of new business. By asking satisfied clients for referrals, you can tap into a powerful network of word-of-mouth or “network value” marketing. Referrals are not only more cost-effective than other forms of marketing, but they also have a higher conversion rate. Clients referred by other clients are more likely to trust your business and become loyal customers. In a crowded marketplace, where competition is fierce, client referrals can give businesses a much-needed edge. But it all starts with a quality service, delivering the utmost for your clients, and keeping them happy. Five ways to stay ahead of the curve in a highly competitive marketplace by MARCELLO ARCANGELI Stand Out (and Stand Tall)

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59 May 2023 / ENTREPRENEUR.COM / It’s an investment, often at a senior level, but it’s worth it. We have a robust customer satisfaction policy and referral process, and our client turnover at MMP is less than 2%, and our average client tenure is eight years. 4}Know your market inside out Real estate is heavily regulated, and it changes all the time; so, we at MMP make sure that we always know and understand all elements of the industry- it’s essential from a legal standpoint. Your industry might not be as regulated, but you need to have an awareness of industry trends and competition. By gathering and analyzing data about your target audience, you can gain valuable insights that can inform everything from product development to advertising campaigns, as well as finding more opportunities for clients. In a crowded marketplace where competition is fierce, businesses that truly know their market have a distinct advantage, as it also allows you to pivot and bring a different approach. For example, we at MMP approach the property management market from the angle of investment, and coupled with our market knowledge, it’s been a successful strategy for maintaining strong growth in a crowded market. 5}Step up your marketing In a crowded sector, it’s not enough just to have brand awareness, you need to be communicating your brand USPs and generating brand equity, so that your target audience can understand how you differentiate from competitors. We’re in a world where reputation is everything- it’s no longer a matter of aesthetics, so invest in marketing to make sure that you have visibility at all customer touchpoints, and that the content people come across about the business is positive, and reflects your company values, key messages, and commitment to quality. The key is to be strategic and creative, and explore traditional and digital marketing channels to connect with your audience. Also don’t be afraid to try something new and bold, even if it’s looking for a new audience to target, trying a new piece of content, or something experiential– push the boundaries, and that will allow you to make an impact on both your current and new customer base. Marcello Arcangeli is the CEO of Manage My Property, which has been at the forefront of Dubai real estate management for 16 years, delivering hassle-free and profitable ownership experiences to landlords through its market-leading management software and dedicated property managers. With the founders’ extensive investment experience, investors can rest assured that every decision is made with their maximum return on investment in mind. MMP’s impressive track record of 98% average occupancy and zero insolvency cases speaks to its commitment to creating long-lasting relationships, and delivering a seamless and profitable rental experience for clients around the world. managemyproperty.ae I t’s interesting how many different realities you can experience in one lifetime if you are willing to undergo radical changes. I started By Niggi, an influencer marketing and communications agency based out of the UAE, five years ago. In this period, we have worked with over 500 influencers regionally and 100+ brands that are household names, and we’ve also grown to become a team of 20 creatives. When I started the company, I believed working as an entrepreneur would change my outlook on life. Strangely enough, it was breakthroughs in my personal life that massively transformed the way I worked as an entrepreneur. A few of these lessons that I have learnt have had a domino effect: it brought in more business, changed my approach to the ecosystem, and made me reconsider who I hired. Looking back in time, these are some of the most important mind shifts I made: Mind Over Matter Five life skills -learnt from first-hand experience- that can transform the way you work by NIKITA PHULWANI

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60 / ENTREPRENEUR.COM / May 2023 enough, you realize gaps in skills, and that you can’t be an expert in absolutely everything. My first hire was a designer who understood my clients and provided them with better insights than I ever could. Being an entrepreneur should not be a lonely journey, and I love hiring experts I can learn from. Once you bring in the right people, magic truly happens! 5} Honesty is the best policy I live this every day! Internally and externally. Honesty and trust play a huge role in how I operate. I aim to be a mirror for my clients, and I tell them the truth about things that matter. This approach has led me to continue retaining work even five years later. I also have that transparency with my team, which has helped foster such a positive environment in the office. Honesty can sometimes be hard, but it will always leave behind a footprint of reliability and trust. Nikita Phulwani is the founder and Managing Director of By Niggi Market- ing Management, a complete influencer marketing and communications agency that she founded in 2018. Nikita understands the pulse of the influencer market and social media, as apart from running By Niggi, she herself is a content creator making waves in the world of fashion and fitness. At By Niggi, Nikita has worked on campaigns for world-renowned brands like Nivea, Magnum, Lipton, OMO, and Aigner, to list a few. She has also worked with Arab influencers like Huda Kattan, Ascia AFK, Karen Wazen, Kris Fade, Haifa Beseiso, Khalid Al Ameri, and Jessica Kahawaty, as well as Indian celebrities like actor Kajol and rapper Badshah. In addition to working on high-profile campaigns in the MENA region, Nikita has also successfully executed cam- paigns for Magnum at the Cannes Film Festival 2019, for Dove at the #ShowUs 2019 global campaign launch in London, and for TRESemme at multiple seasons of New York Fashion Week. byniggi.com 1} It starts with health Until 2020, I was also popularly recognized by my Instagram avatar, @NiggiPhulwani- the plus-size content creator. I was at my heaviest at that point at 118kg. However, after starting By Niggi, I wasn’t looking to lose weight until someone knocked on my direct messages, and I decided to take a chance. Soon enough, the health bug bit me! I lost 50kgs in the first year of aggressively working out for nearly three hours in the gym and completely following a healthy diet. However, I had no idea the impact health would have on my life overall. My entire approach to life looked different. From sleeping in until 11am and burning the midnight oil, I am now up at 4.30am and my lights go out at 10pm. Despite how much time seems consumed towards these goals, it has turned out to be the best investment towards myself which impacted my business. As I adopted a healthier lifestyle, I became more energetic and more confident. I valued and used my time more wisely, and I noticed a better creative output, a more disciplined approach to work, and a mental assertiveness like never before. 2} Treat yourself to positive self-talk Most of us have a version of ourselves that is quick to critique whatever we get up to. In my case, as an influencer, I had a lot more access to unsolicited opinions and scrutiny via online, and it can be very difficult not to take that personally. And so, when I would fail miserably to reach those impossible standards I set for myself, I found myself in moments of questioning my self-worth. It took a long time to inculcate the habit, but now, I con- sciously use words, affirmations, and manifestations in my journal every morning- which is a lot of emotional and mental work. It requires strong mental dexterity to stop using certain words to describe yourself or a situation. I also switched the negative narrative in my mind to one about abundance. This included money, growth, and opportunity. I made a vision board of what that future would look like, and seeing that visual representation made me believe anything was possible. This has also made me a much more positive leader. My team now find me more confident in pitches and meetings, and, most importantly, assertive in my decision- making- which can be intrinsically reassuring for teams. I also feel that positivity can be infectious, and I felt that’s how my team started having a more positive outlook on work. 3} Understand the power of saying “no” Here is a powerful word once you realize that time is a commodity: “no.” I used to be invited to several different social gatherings, and I often found it hard to say no, because you don’t want to disappoint people. When I realized how much energy was trained by these and started saying no, I gained time to do the things I was most passionate about, including dancing, which is extremely fulfilling and focus on my health. This spilt over to my professional choices as well, where I started saying no to unproductive meetings, and no to clients that didn’t match in terms of synergy. This was the most empowering feeling for me, and it also uplifted my team members’ morale exponentially. I also realized that clients began to respect my pushback, because, at many moments, it would be to safeguard their brand in the larger scheme of things. 4}Don’t try to do it all When I started out, I thought I could do it all. Soon I MADE A VISION BOARD OF WHAT THAT FUTURE WOULD LOOK LIKE, AND SEEING THAT VISUAL REPRESENTATION MADE ME BELIEVE ANYTHING WAS POSSIBLE. ‘T Skillset /

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63 May 2023 / ENTREPRENEUR.COM / Breaking Biases Maimuna Rashid and Aqsa Khalifa, co-founders of UAE-based hiring and networking platform Pupilar, who are on a mission to eradicate unfair and biased recruitment practices by AALIA MEHREEN AHMED IMAGES COURTESY PUPILAR ← PUPILAR CO-FOUNDERS Maimuna Rashid and Aqsa Khalifa

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64 / ENTREPRENEUR.COM / May 2023 }When I jog my memory back to this moment, I realize now that this was when I was first made aware of the issue that Rashid has set out to solve as the co-founder of UAE-based youth hiring and networking platform, Pupilar. “I come from a problem-solv- ing approach to all the challenges life has given me- instead of complaining about it, I am all about creating a solution for the obstacles I face,” Rashid tells me, when I reconnect with her again in 2023 for this interview. “During my early career hunting days, despite winning over 50 awards at university and being a driven young- ster, getting jobs was a pure challenge. I have always been true to my cultural identity with the niqab- something I am deeply proud of. But often, being the only one [niqabi] amongst the job applicants, I felt the reservations and biases on the very first step itself, until I would speak up, or I was given an opportunity to prove myself through my work. After that, I was always able to win hearts, and help change people’s expectations.” In a fateful (and unfortunate) twist of events, Rashid wasn’t the only one struggling with job-related challenges: in another part of the same university, facing her own set of unique hiring hindrances was Aqsa Khalifa. Khalifa would eventually go on to become Pupilar’s second co-founder. But at the time, despite being dubbed a “star student” at university owing to her exemplary academic and extracurricular achievements, Khalifa found that she simply couldn’t land a job owing primarily to her age. “Ever since I was a little girl, I have heavily invested in building myself and tried everything- design, theater, sales, marketing, public speaking, sports, you name it!” Khalifa says. “I had a great track record [at university], was blessed with awards and accolades year after year, and was often admired by my mentors. And so, naturally, I’d always aspired towards a successful career. But to my surprise (shock), the reality of the world was different. I soon realized many class- mates, along with me, struggled to land a decent job for months and even years. I could see how it negatively affected mindsets and stunted their career growth in the long run. I strongly believe everyone has the right to earn their (Arabic for livelihood). Maimuna and I may have had our own unique and varied struggles, but our visions have fit in exceptionally well right from day one. This is why I embarked on this journey of founding Pupilar.” }Pupilar was founded in 2019, but the platform became fully operational in the UAE only in March 2022. Having witnessed firsthand how different biases can deter deserving young candidates from getting a job, Rashid and Khalifa decided to build a hiring model that omits unconscious biases. The duo soon realized that the key to creating such a shift was to do away with an age-old practice that is, at times, synonymous with the idea of hiring: curriculum vitaes (CVs). “Most fresh candidates do a poor job with their CVs,” Khalifa says. “Moreover, it is always difficult to base a judgment over CVs; you’ll always miss out on good potential hires if you don’t S/What’s New? I first met Maimuna Rashid in the summer of 2017, at the end of a career counseling session, when we both were university students- Rashid was a bachelor’s student at the time, and I was in the last year of my MBA degree. In the midst of our conversation on career prospects and the like, I can vividly recall a moment that left me awestruck for many reasons, but mainly for the clarity with which Rashid spoke to me. “Aalia, I hope you realize that many companies will not hire women like me,” Rashid told me then, gesturing toward the niqab that she was wearing. “If ever you get the chance to speak up for us, and against all this judgment, please do! Because there is so much bias against us. They see what I wear, and they immediately reject my job application.” → MAIMUNA RASHID, co-founder and CEO, Pupilar

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65 May 2023 / ENTREPRENEUR.COM / meet/get on a call with them. And so, the Pupilar hiring system connects the youth with the industry by prescreening through role-based challenges, and goes beyond CVs by creating personalized skill-based profiles. At Pupilar, we implement a skills-first recruitment process.” }The first step in a candidate’s Pupilar journey thus involves a preliminary analysis stage, wherein the Pupilar team -through the help of application forms as well as discovery calls- gauges an idea of what a given young person’s skillset is. “After identifying where the candidate stands, he/she is directed towards [available] workshops, if they wish to receive additional coaching or fine tune their skills,” Khalifa explains. “Following that first stage, candidates are directed towards creating skills- focused profiles to apply for jobs. Based on the job openings, candidates get access to apply through our channels, and get much needed visibility via their Pupilar profiles. After this stage, the candidate’s profile matchmaking with companies begins.” Now, to help compa- nies make optimum use of such a skills-based model, Rashid and Khalifa devised two types of hiring options: talent sourcing, and skills sourcing. While talent sourcing opens access to a general database of candidate profiles on the Pupilar platform, skills sourcing involves more role-specific tests that can be curated for a given job descrip- tion. “In a cycle that can run from seven to 30 days, corporates thus get access to top profiles to interview,” Khalifa explains. “The entire system is modeled to create a feedback loop for the employers with our team as we cater to their requirements until the star candidate is found. In contrast to traditional practices, Pupilar’s talent sourcing method serves as a one-stop- hub, and enables companies to connect with talent from across universities. On the other hand, our focus on skills-based hiring allows us to provide customized hiring solutions for our clients. By identifying the specific skills and qualifications needed for a particular role, the company can target its recruit- ing efforts more effectively, reducing the time and cost associated with traditional hiring methods. These challenges are designed in collaboration with industry specific experts who outline the frame- work with which we can assess the candidate’s skillsets for the given role. We’ve conducted more than 80% of our hiring cycles using our skills-first approach.” }Now, most hiring stories end with either a letter of acceptance or rejection. Pupilar, however, has ensured that every “no” can serve as a source of growth for job seekers that use its platform. “Even if a young person is not offered a job, receiving feedback can help them understand what they did well, and where they fell short,” Khalifa explains. CANDIDATES ARE DIRECTED TOWARDS CREATING SKILLS-FOCUSED PROFILES TO APPLY FOR JOBS. BASED ON THE JOB OPENINGS, CANDIDATES GET ACCESS TO APPLY THROUGH OUR CHANNELS, AND GET MUCH NEEDED VISIBILITY VIA THEIR PUPILAR PROFILES. ↓ THE PUPILAR TEAM is currently made up of 10 members, namely Azeem Khalifa, Udit Jagtap, Afsha Khalifa, Sohaib Hasan, Mehak Reji, Ashwin Sreedharan, Rhea Siemone, Chithra Nair, Mujtaba Syed, and Fatima Saleh (some not pictured).

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66 / ENTREPRENEUR.COM / May 2023 S/What’s New? “The job search process can be long and anxiety-inducing for many young people. Plus, when there isn’t any actionable advice for them to make use of for a prolonged period, it also creates an inability to take feedback. And so you see so many young people quit jobs at the first sight of perceived problems. Receiving feedback, especially when it is constructive and supportive, can help young people improve themselves and become more competitive candidates in the future.” Today, with over 5000 monthly active users on its platform, Pupilar has conducted over 95 hiring cycles for more than 60 companies in the UAE. “Having identified over 121 universities and higher education institutes in the country, Pupilar provides companies with access to a database with over 54,000 youth- but with over one million youth in the UAE, that number is just 5% of the total market!” Rashid reveals. “We currently have access to over 20 universities, and have helped over 500 youngsters land jobs. With our ability to offer 10 times faster intern placements for young graduates, we’ve recently onboarded over 41 new client companies as well. We have also been recognized at some of the region’s biggest events such as Expo 2020 Dubai, GITEX, and Step Conference.” One of the most important milestones for the startup, however, came when Khalifa and Rashid got to pitch at the University Entrepreneurship Program organized by Dubai-based innovation hubs Dubai Future Foundation (DFF) and Mohammed Bin Rashid Innovation Fund (MBRIF). “After one year of minimum viable product testing, we were invited to pitch at the launch of DFF x MBRIF University Entrepre- neurship Program, where we emerged as winners,” Rashid recalls. “Following that, we were granted a space at AREA 2071 [a Dubai-based innovation ecosystem] by the DFF team. That was certainly a game changing moment in our journey. We’ve also been privileged to work in the past with Dubai International Financial Center, Dubai SME, Dubai Youth Council, GITEX, Dubai World Trade Centre, and we are currently in talks with the UAE Prime Minister’s Office as well as Dubai Electricity and Water Authority.” RECEIVING FEEDBACK, ESPECIALLY WHEN IT IS CONSTRUCTIVE AND SUPPORTIVE, CAN HELP YOUNG PEOPLE IMPROVE THEMSELVES AND BECOME MORE COMPETITIVE CANDIDATES IN THE FUTURE. ↓ In its efforts to operate beyond the periphery of traditional hiring practices, Pupilar also offers in-person networking sessions for young students and graduates. One such example is GEN2XP, a career community that currently has 500 members from diverse disciplines, backgrounds, and nationalities connecting over shared career interests.

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67 May 2023 / ENTREPRENEUR.COM / }In yet another effort to make Pupilar a platform that operates beyond the periphery of traditional hiring practices, Rashid and Khalifa have also incorpo- rated in-person networking opportuni- ties for the platform’s users. The most significant manifestation of this approach is GEN2XP, a community that has seen over 500 young people join in its first four months. “At GEN2XP, our young members come from diverse disciplines, backgrounds, and nationalities to connect over shared career interests and grow through diverse perspectives,” Khalifa explains. “We host exciting sessions every two weeks, which are free to attend and allow networking with many young people and experienced individu- als at once.” The Pupilar co-founders have also ensured to include UAE’s companies at such events to help them get more acquainted with the nation’s youth. “We often bring in corporate professionals at our incognito sessions, where the youth do not know that there is a business leader in their midst,” Khalifa adds. “This way, they are less intimidated, and the conversations are more free-flowing! Such initiatives facilitate mature dialogues between Pupilar, the companies, and the job-seeking youth.” }Keen on keeping this positive momen- tum going for their startup, Rashid and Khalifa show no signs of slowing down. “We envision Pupilar to be the future of hiring for youth,” Rashid declares. “Having received grants of AED75,000, we are currently looking for investors to raise a US$500,000 seed investment. We are open to angel investors who are keen on youth tech, HR tech, and the region, to take it global. The forthcoming season for Pupilar is about getting really competitive in our expertise by incorpo- rating video-based data analytics services to enable mobile recruitment through launching our tech app.” It’s thus clear here that Rashid and Khalifa aim to remain steadfast on their mission to change the lives of youth in the UAE, and I get further proof of this mindset of theirs when I asked them about what keeps them going on their ongoing entrepreneurial journey. “We always drew from the belief that at the end of the day, if you’ve got what it takes, the world will surrender,” Rashid replies. “As founders, our zeal and commit- ment to build a solution never stopped us in our tracks. We’ve always prioritized investing in ourselves as individuals to become an unstop- pable force no matter the odds, made sure to stay humble and learn wherever required, built and kept the right people by our side, and, alhamdulillah, overcame any hiccups. When the world is on your side, discrimina- tion stays out of the door!” }Attend events, conferences, workshops or engage in projects Experience doesn’t just come from internships. Attending conferences and workshops is also an excellent way to learn from industry experts, gain exposure to emerging trends, and connect with other professionals in your field. }Build a strong online presence In today's digital age, creating a professional website or LinkedIn profile, writing a blog, or sharing your work on social media can help you stand out from the crowd. }Develop soft skills Soft skills such as communication, teamwork, and problem-solving are highly valued by employers, and can make you a valuable asset to any organization. }Prioritize experience over money in the early years Many employers value employees who are dedicated to learning and professional development, which can lead to promotions and increased salaries. It also makes you adaptable which is very important as the world is constantly evolving. }Big brands are not everything, startups can be great learning launchpads Startups can offer exposure to a culture of learning, where employees are encouraged to ask questions, experiment, and learn from their mistakes. Pupilar co-founders Maimuna Rashid and Aqsa Khalifa share tips for young graduates and job seekers who want to improve their skillsets ‘TREP TALK ↓ AQSA KHALIFA, co-founder and CEO, Pupilar

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68 / ENTREPRENEUR.COM / May 2023 Munir Badr, founder and CEO of AEserver.com, explains how he has built a healthy business in the UAE without any external investment by TAMARA PUPIC From Strength to Strength Q&A S/

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69 May 2023 / ENTREPRENEUR.COM / Yet, the current business environment for internet entrepreneurs in the UAE is in stark contrast to 2005 when Badr, then a high school student attending The Westminster School in Dubai, decided to venture into entrepreneurship - he describes it as “poor and expensive connectivity, a small domestic market, and zero business experience.” The first obstacle consisted of difficulties in setting up a business identity. “While today it is almost a trivial task that is entirely managed online with dozens and dozens of valid alternatives, in those days, it turned out to be a complex and laborious task, absorbing time and energy in great quan- tity,” he says. “But that was just the tip of the iceberg, because I aimed to sell digital services -or intangible goods- offering an end-to-end online experience. In 2005, it was unique and innovative.” Another issue at the time, Badr recalls, was the limited adoption of credit cards and the widespread reluctance towards sharing personal details on the internet. “It might sound anecdotal, but I still remember one client driving from Abu Dhabi (over 100km) to pay a small invoice in cash,” he explains. “Things improved over the years thanks to the incredible acceleration on the digitalization front imposed by local authorities, the introduction of many forms of online purchases, and the entrance of Souq.com (now Amazon), which has revolutionized e-commerce and how locals shop.” Today, Badr continues, startup founders have easier access to business resources and a skilled labor force, including remote workers, and therefore, they can “set up their digital presence in a matter of hours.” Plus, Badr adds that the COVID-19 pandemic “has taught everyone valuable lessons regarding managing an organization, from where the workforce should operate, delegation, automation of processes, and collaboration.” He explains, “As any other company launched years ago, AEserver still has a main office where we used to get together and work, supporting our customers 24/7. In the last three years, we have evolved from that typical hierarchical model, embracing a more ‘unstructured’ approach favoring flexibility and productivity. Initially almost forced due to the contingent situation, it now has become part of our culture and modus operandi.” After the COVID19 pandemic, Badr has embraced remote working, and explains that recruiting the right talent is more important than their physical presence in the office. “Nowadays, everyone works remotely even though access to office space is always an option,” Badr explains. “We have people residing in the UAE and others working from abroad, and as a solution addressing the need to provide support 24/7 to a broad set of customers living on every continent, this is an integral part of our business.” When asked for any other advice for founders looking to grow their businesses, Badr says that optimizing business processes by investing in technology proved to be a good decision for his business “For example, our phone system has always been on the cloud,” he explains. “During the lockdowns during the onset of the COVID-19 crisis, we continued operations smoothly without missing any calls. At the same time, some large companies in the UAE were not reachable over voice as they were not technically ready for a hybrid scenario.” Since the pandemic, AEserver has experienced an acceleration in its growth rate, not only in the number of clients, but also in the variety IMAGES COURTESY AE SERVER THE UAE’S COUNTRY CODE TOP-LEVEL DOMAIN (CCTLD), THE .AE, IS FACING AN EVER-INCREASING DEMAND, WITH REGISTRATIONS SURPASSING 270,000 DOMAIN NAMES AS OF MARCH 2023 I n 2005, when Munir Badr was launching web presence specialist AEserver.com out of his bedroom in Dubai, he was right to believe that the idea of offering .ae domain name registrar and web hosting services was good enough for business to today serve to over 20,000 clients globally. These days, however, AEserver’s founder and CEO Badr says that his company is enjoying even stronger growth. “The UAE’s country code top-level domain (ccTLD), the .ae, is facing an ever-increasing demand, with registrations surpassing 270,000 domain names as of March 2023,” he says. “AEserver is the second largest out of 23 registrars that are accredited by the registry, the .ae Domain Administration (aeDA), which is part of the UAE Telecommunications and Digital Government Regulatory Authority. The increased registration volume denotes a healthy business environment, as many new entities are being established, and existing ones are turning to digital to grow the business and stay competitive.” Inspired by this success, Badr and the AEserver team are taking an extra step this year by organizing a new event – enttield Domain Days - that is expected to gather industry professionals to share best practices, know- how, and knowledge in Dubai this year. “The event will target our community and gather experts from all over the world to discuss the incredible opportunities revolving around domains,” Badr says.

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70 / ENTREPRENEUR.COM / May 2023 of services it offers and the markets it geographically covers. “We recently became an accredited registrar in Bahrain for the .bh domain name in addition to .qa for Qatar,” he says. Badr has big plans for the future of AEserver.com, and he considers focusing on consistency and scalability as a building block for achieving them. “As part of our unconditional commitment to our customers, after-sales support is a vital step in maximizing each customer’s life-term value,” Badr says. “This will help spread a positive image of their brand via online reviews and other channels that will generate new business for the brand. The business community in the UAE and internationally as well is very large, but also very well networked at the same time. Most entrepreneurs know each other via second- or third-degree connections, so brand image is paramount.” When it comes to scaling the operations of AEserver, Badr defines it as identifying the best solutions and services for new and existing clients. He explains, “Competitive prices are just one of the many factors in this area, but as consumers, we all know that is just one of the many pieces of a more elaborate puzzle. Earning our customers’ trust results from hard work and an almost maniacal attitude towards quality in every form and manifestation.” On the global front, Badr has noticed a slowdown in the domain industry after the boom induced by the COVID-19 pandemic. “Using Verisign, the registry operator for the .com domain and the largest domain zone, as an example, they have publicly stated they expect its domains under management in 2023 to grow between 0% and 2.5% year-over-year, but it grew just 0.2% in Q4 2022,” Badr notes. “New units sold in Q4 2022 were inferior to the same period of 2019. I guess volumes matter most these days due to the constantly increasing costs of domains (.com has seen multiple price upticks, and others have been announced) and the higher bills of the hosting infrastructure. Hence, we make sure that our growth rates are strong, and our churn rates are under control.” As we come close to the end of our conversation, Badr tells me that he’s most proud of building AEserver without any capital injections from investors. “The business is healthy, and a large portion of the profits are re-invested back into growth, marketing, processes, and the organization,” he says. “However, we are always open to new ideas and partnerships to propel the business to the next level. Venture capitalists, investors, bankers, funds, and aggregators are constantly approaching us. AEserver is in a strong financial position, and I haven’t considered injections of capital from outside.” I BELIEVE THE BUSINESS LAND SPACE WILL CONTINUE TO EVOLVE AND FLOURISH DUE TO ALL THE POSITIVE DECISIONS THAT ARE BEING ANNOUNCED AND IMPLEMENTED IN TERMS OF THE UAE’S VISION TO REMAIN AT THE FOREFRONT OF AN IDEAL PLACE TO LIVE AND WORK. Q&A S/

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71 May 2023 / ENTREPRENEUR.COM / AEserver.com founder Munir Badr’s tips for running a successful digital business ‘TREP TALK BE CURIOUS, AND FORCE YOURSELF OUT OF YOUR COMFORT ZONE “Leverage local resources and the thriving ecosystem of knowledge, events, people, and shows regularly scheduled throughout the year. In my situation, the UAE is the epicenter of major global events in various fields.” EXPAND YOUR NETWORK, BOTH ONLINE AND OFFLINE “As the old saying goes, ‘Your network is your net worth,’ we all know the power of personal and business relationships and the contribution generated by positive customer reviews and feedback. There’s so much knowledge to be proficiently exploited to accelerate your business growth and elevate the experience offered to current and new customers.” BE LOCAL AND INTERNATIONAL AT THE SAME TIME “Dubai has historically been a trading hub, connecting several areas. That’s true today as well, even more so if considering the possibilities offered by the internet and being online. Moreover, you can test various business ideas in the UAE by targeting different nationalities and industries, making your global expansion easier with the experience you gain.” INVEST IN YOUR SOCIAL IMAGE “Today’s business face requires its founders and management team to be visible and reachable via social media platforms. This is important for transparency and trust, especially for online companies. You must maintain your social following by posting regular updates about the company, its activities, achievements, and results to stay ahead of the competition.” DON’T REST ON YOUR LAURELS “Technologies are evolving extremely fast, with potential disruptions or newcomers around the corner. Being vigilant and attentive to emerging trends requires some investments, a desire to constantly experiment in areas, sometimes even out of your comfort zone, and potentially taking some risks.” In his opinion, Dubai -and the UAE in general- are also in the stage of healthy growth, which, Badr believes, will only continue. “In the last 18 months, the demographic explosion registered in Dubai has meant an increase in new businesses and entities launched locally, with almost everyone having a digital side, as expected,” he explains. “Setting up a business in the UAE is extremely easy, and you get lots of perks such as tax-free living, ease of doing business globally, and access to world-class infrastructure. I believe that the business land space will continue to evolve and flourish due to all the positive decisions that are being announced and implemented in terms of the UAE’s vision to remain at the forefront of an ideal place to live and work.” AESERVER IS IN A STRONG FINANCIAL POSITION, AND I HAVEN’T CONSIDERED INJECTIONS OF CAPITAL FROM OUTSIDE.

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72 / ENTREPRENEUR.COM / May 2023 delay, or doubt. Most founders commonly considered it a trade-off with focus, time, and capital. Few investors believed in its potential to generate more financial value for shareholders. But over the last few years, the narrative has shiftead. Today, from capital allocators to entrepreneurs, the ecosystem is becoming increasingly harmonized around the idea that ESG is more than just mandatory disclosures and corporate social responsibility; it is a risk mitigation strategy that builds resilient and sustainable businesses that do well and do good- or at least avoid doing harm. The debate continues to be polarized between the Tim Buckley camp that believes that ESG investing has no advantage over broader investing, and the Larry Fink camp that advocates for a version of capitalism that Impact entrepreneurs are no longer outliers- they’re critical players in driving positive change around the world by MEDEA NOCENTINI CONVERGING ECOSYSTEMS T he events of the last decade -a deteriorating climate, mounting geopolitical risk, a global pandemic whose socio-economic impact continues to linger- have driven employees, corpora- tions, customers, communi- ties, and investors to reevaluate how and with whom they do business. For a few pioneering entrepreneurs, these challenges have created vast market opportunities to serve with incredibly successful businesses. Venture capital investors are increas- ingly backing the founders capturing these opportunities with innovative solutions since, ultimately, they oper- ate in sizable markets with growing customer bases and varying needs. S/Startup Finance }Impact entrepreneurs are no longer perceived as outliers, but as critical players in driving positive change in the world. The Global Impact Investing Network estimates the size of the global impact investing market to be US$1.164 trillion in 2022. Socially responsible assets constitute 36% of global assets under management, and they are projected to reach $53 trillion only two years from now. At Companies Creating Change (C3), the UAE-based impact-focused organization I lead as CEO, we have seen this firsthand, with the growing interest of investors within our network to support startups addressing considerable socio-economic and environ- mental challenges across emerging markets. At the same time, the adoption of environmental, social, and governance (ESG) principles has long been a point of debate,

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73 May 2023 / ENTREPRENEUR.COM / encompasses a fuller range of stakeholders, including employees, communities, the environment, and shareholders. Both camps are armed with diverging performance data, ranging from BCG’s finding that top performers on ESG criteria boast 3% to 19% higher valuations, to the University of Chicago’s report showing that high-rated sustainability funds do not outperform their lower rated counterparts. }Yet, one principle holds true: businesses with ESG considerations make better investments, not only because they inherently do no harm to people or the planet, but also because their founders are aware of the threats that may jeopardize their company’s success, and are further able to pinpoint opportunities that help them mitigate, innovate, and grow. The convergence between ESG, impact, and returns is happening. It is important to acknowledge that the route towards a more sustainable, equitable, and commer- cially viable economy is a marathon, not a race. ESG is not an afterthought, and societal challenges should be considered as business opportunities being addressed by capital-worthy founders. Moreover, by operationalizing the United Nations Sustainable Development Goals (SDGs), we find numerous synergies between market opportunity and the achievement of the goals. Advancing the SDGs requires societal transformation- made possible, in large part, by innovative businesses. Reaching zero hunger, for example, requires a shift toward sustainable food, land, and water, presenting a compelling market opportunity for agritech or foodtech companies. RedSea, a KSA-based agritech startup, is a case in point in how its team have brought their impact mission to life with a commercially viable business model. RedSea combines impact with innovation through its saltwater-based agriculture system that is both environmentally sustainable and economically viable. }Personally, as both the founder of C3 and Senior Partner at UAE-headquartered investment firm Global Ventures, I’ve witnessed the convergence between commercially-driven and mission-driven founders. The once-rigid lines between impact entrepreneurs and commercial entrepreneurs are slowly fading. Many impact-driven C3 alumni have attracted regional and international venture capital (VC) backing, including from Global Ventures. A few success stories have already demonstrated the close entangle- ment of the VC mission of generating returns for their partners as well as the impact accelerator’s mission of driving the scale and success of social enterprises, like Democrance and Lamsa. After two years of close collaboration between C3 and Global Ventures, and as we work towards realizing similar missions of supporting high-impact founders across emerging markets, the natural path for us was to combine forces. C3 is now integrated within the Global Ventures platform, while maintaining its status as an independent social enterprise. Combined, we can tap into the numerous opportunities that originate from daunting market challenges in energy, food, mobility, healthcare, education, or financial services, and enable positive impact by supporting founders with capital, training, and ESG stewardship. Our shared network and resources will allow us to reach more mission-driven entrepreneurs, and support them as they build successful global businesses that leave a mark on the world. This is a significant moment for me, personally. Being able to combine two passions of mine: investing in growing businesses led by high-impact founders is a privilege, and testament to how the lines between impact and business success are truly fading. Medea Nocentini is Senior Partner and Chief Operating Officer at Global Ventures, an international venture capital firm investing in startups with innovative business models and disruptive technologies, with the potential to transform emerging markets, and scale globally. She is also the founder and CEO of Companies Creating Change (C3), a UAE-based social enterprise helping impact-driven entrepreneurs in the Middle East and Africa unlock their growth potential and maximize their positive impact on the community. global.vc ESG IS NOT AN AFTERTHOUGHT, AND SOCIETAL CHALLENGES SHOULD BE CONSIDERED AS BUSINESS OPPORTUNITIES BEING ADDRESSED BY CAPITAL- WORTHY FOUNDERS.

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74 / ENTREPRENEUR.COM / May 2023 I ’ve always been curious and ambitious, defying the stereotype that people can only be one thing in life. Today, as an entrepreneur, author, self-taught musician, certified pilot, master diver, and squash champion, I’ve proven that belief in oneself can lead to incredible achievements. However, what excites me more than my accomplishments is enabling others to maximize their abili- ties and pursue their dreams- to support them, to free their minds, and to give them the opportunity to develop their skillset. Falak Investment Hub was born out of my desire to help others realize their potential and become innovators and disruptors. Our mission is to identify aspiring entrepreneurs, equip them with the necessary skills and knowledge, and empower them to grow and succeed. We strive to nurture these individuals into successful founders, with the ultimate aim of creating the next generation of MENA’s unicorns. It is well known, and according to several studies, that startups in Saudi Arabia and other countries in the wider MENA region face many challenges. This includes limited access to funding, high setup fees, difficulty recruiting talent, inefficient cash flow management, lack of access to market information, and absence of guidance and mentorship. Saudi Arabia is already the most bustling startup market in the region, with thousands of small and medium-sized enterprises. However, the country’s population of over 36 million represents a vast reservoir of untapped potential. With about 70% of the population under 30 years old, the innovation potential is at its peak. Falak Investment Hub recognizes this opportunity, and it aims to unlock the potential of Arab youth by nurturing their entrepreneurial spirit. We believe startups open up opportunities for innovative ideas to flourish. They also create jobs, contribute to economic growth, and attract investments, like-minded visionaries, and disruptors. With a million startups operating across the Kingdom, the startup ecosystem in Saudi Arabia surpassed a value of US$11 billion in 2022. Over the past years, the Saudi government has introduced a variety of initiatives across key economic sectors as part of its Vision 2030 strategy. These focused on discovering new markets, promoting a diversified economy, supporting innovation, and creating a favorable environment for many sectors to thrive in and attract investments. Today, the economy of Saudi Arabia is the largest in the Middle East, and the 18th largest in the world. In 2022, Saudi Arabia witnessed an economic growth of 8.7%, the highest in the region, according to a report by the International Monetary Fund. According to Fitch Solutions, the economy will see an extra 3.3% growth by the end of the year 2023. Moreover, startups in Saudi Arabia saw a 72% annual increase in venture capital funding in 2022, reaching close to $1 billion across 144 deals, according to a report by MAGNiTT. In 2021, the country saw a 54% increase in startup funding deals, representing 23% of all MENA funding. The e-commerce sector is another crucial aspect to consider, having experienced rapid growth in recent years, and it’s emerging as a key contributor to Saudi Arabia’s economic expansion. The country is now the 27th largest e-commerce market globally, with a projected value set to exceed $13 billion by 2025. The technology sector raised about $972 million in 2022, and LEAP 2023, the country’s largest tech summit, announced more than $9 billion in investments to support technology startups. This highlights the significant potential of the startup ecosystem, while also demonstrating investors’ confidence in Saudi entrepreneurs, and the country’s leadership as well. Falak is thus empowering the next generation of changemakers. We fund founders through our investment-backed business acceleration program that launched in 2018 and is now ranked as the #1 business acceleration program in the country. Furthermore, we connect founders with investors and serve as a Saudi launchpad, encouraging international entrepreneurs to establish a presence in the Kingdom, and become a part of one of the world’s largest emerging markets. Enabling entrepreneurs is not possible without enabling investors, which is why we organize educational workshops for our angel investors to enhance their capacity and aid them in making informed investment decisions. We also support market players and governmental entities in becoming an integral part of the broader ecosystem by offering technical assistance to create and develop venture capital and investment programs. Over the last four years, Falak Investment Hub has invested about $4 million to support and enable startups, and as a result, our portfolio of startups is valued at $250 million. In addition, we’ve announced over $95 million in investments via our angel network. At the end of the day, our objective is to establish a dynamic environment that fuels innovation and economic growth. It is exciting for us to see the ecosystem’s rapid expansion, and we are eager to continue our efforts to help it thrive even more. Adwa AlDakheel is the founder and CEO of Falak Investment Hub. falak.sa Seizing the Moment A journey to unlocking human potential in the KSA startup ecosystem by ADWA ALDAKHEEL S/Ecosystem

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76 / ENTREPRENEUR.COM / May 2023 The power of vulnerability in storytelling Pitching with scars goes beyond presenting a mere idea. It is an opportunity to showcase the depth of your character, and the strength of your resolve. What you choose to reveal through your scars reflects the story you want to sell. It is through authenticity and vulnerability that entrepreneurs can forge an emotional connection with investors. More than just a personal narrative, your scars can fuel the storytelling in your pitch, weaving a compelling narrative around your startup, and highlighting how your personal experiences have informed your business goals and vision, and, ultimately, leading to a more significant investment. GET REAL TO GET FUNDED by SAAD BELDA Pitching With Scars P itching is a crowded field- and that’s why “get real to get funded” is the magic mantra for entrepreneurs seeking funding. Whether you’re a first-time entrepreneur just starting out, or a seasoned venture capitalist, you know that pitching is a matter of captivating the heart and mind. However, as someone who is the founder of a pitching agency and has served as a pitch judge in the Middle East, I’ve seen firsthand how entrepreneurs often focus solely on the triumphs of their business, boasting about their superhero feats, while hiding the wounds of their failures. But what if I were to tell you that embracing your scars and setbacks could increase the likelihood of you securing the funds you want for your enterprise? The truth is that it’s time to look at your past struggles in a new light. Wearing your scars as a badge of honor is a unique perspective that wins investors’ trust, and fuels your potential for success. S/Startup Finance

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77 May 2023 / ENTREPRENEUR.COM / But it’s not just about sharing your story. By sharing your struggles, you demonstrate the resilience and determination needed to thrive in the competitive world of entrepreneur- ship. Investors want grit and determination. Wearing your scars and sharing your setbacks requires confidence and determination, and these qualities are essential for any entrepreneur. By showcasing your hard-learned lessons, you demonstrate your strength and unwavering commitment to your vision, proving that you possess what it takes to succeed in the highly competitive entrepreneurial landscape. Investors are more inclined to invest in a startup led by someone who has demonstrated resilience and perseverance. They seek out entrepreneurs who have the fortitude to navigate the highs and lows of the startup journey. So don’t be afraid to pitch with your scars. They are a testament to your strength and resilience, and they can help you secure the funding you need to bring your vision to life. The deeper the wound, the more unique your solution could be Believe it or not, your past struggles can be a good thing. You have been in the trenches, and you have a unique perspective. The extent of your wound can serve as a catalyst for your ingenuity and inventiveness. Your unique vantage point, gained through the battles you have fought and the hardships you have endured, has endowed you with a distinctive understanding of the industry and its workings. Vulnerability evinces your comprehension of the industry’s complexities as well as the hurdles it presents. The difficulties you have encountered can enable you to recognize gaps and opportunities that have eluded others. By leveraging this distinctive perspective, you can devise innovative and distinctive solutions that give you a competitive advantage in the market. For example, an entrepreneur who has experienced a personal struggle with mental health may identify a gap in the market for a mental health app that provides personalized support and therapy. By drawing upon their personal experiences, they can create a solution that resonates with their intended audience, satisfies a genuine market need, and brings a compelling value proposition to the investors’ table. Pitching with scars creates neurochemistry Pitching with scars goes beyond storytelling; it also activates multiple brain processes, including the mirror neuron system, which fosters empathy and social cognition. Such a connection enables investors to connect with entrepreneurs on a personal level, building trust, and inspiring generosity, ultimately leading to increased funding opportunities. While investors seek investment opportunities and returns, the activation of the mirror neuron system can also stimulate the release of oxytocin, a hormone linked to social bonding and trust. Studies indicate that oxytocin increases empathy, trust, and generosity, which are essential for entrepreneurial endeavors. By sharing their scars and setbacks, entrepreneurs can forge emotional bonds with investors, thereby building trust and increasing the likelihood of securing funding. Additionally, disclosing emotional scars can activate the prefrontal cortex, responsible for decision-making and social behavior, which can result in enhanced listener engagement and attentiveness. At the end of the day, remember that investing goes beyond the numbers game. Authenticity, genuineness, and vulnerability resonate with judges and investors. You often have just under three minutes to convince investors to take a meeting with you- that’s not a lot of time, so make it count. Pitching remains a naked truth exercise. Authentic narratives carry greater weight than fabricated tales, so stay away from the “happily ever after” fairy tales. Every scar is a testament to your strength and resilience, and they can help you get to where you want to go. So, don’t be afraid- pitch with scars, and wear them proudly. Saad Belda is a business advisor, writer, and entrepreneur with international experience with global brands in Europe, Africa, and the Middle East. He is the founder and Managing Director of STAGEXX, a UAE-based presentation design agency specialized in storytelling, presentation design, digital content, and training services. As a presentation catalyst, his belief is that it takes weeks, months, maybe years to build an opportu- nity, but only a few only seconds to fall short because of the wrong presentation. He is committed to elevate companies’ communication and helps startups, medium, and large organizations deliver creative and memorable presentations, from pitching for investments to big stage presentations. stagexx.com PITCHING WITH SCARS GOES BEYOND STORYTELLING; IT ALSO ACTIVATES MULTIPLE BRAIN PROCESSES, INCLUDING THE MIRROR NEURON SYSTEM, WHICH FOSTERS EMPATHY AND SOCIAL COGNITION.

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78 / ENTREPRENEUR.COM / May 2023 S SAUDI ARABIA-BASED fintech savings platform Hakbah has raised its first round of institutional capital. In a pre-Series A round worth US$2 million, Hakbah got support from Dubai-based venture capital firms Global Ventures and Aditum Investment Management. The investment follows the approval granted to entity by the Saudi Central Bank (SAMA), and it will be used to accelerate Hakbah’s presence in Saudi Arabia, improve its user journey, and enhance its savings engine algorithm. “Savings are an important pillar of the Financial Sector Development Program and increasing them is a key focus for Saudi Vision 2030,” says Naif AbuSaida, founder of Hakbah, in a statement. “Hakbah will play a key role in supporting this goal by widening its savings offering and partnerships for employees, gig-workers, students, housewives, and many others.” AbuSaida founded Hakbah after noticing a savings crisis in the MENA region- for example, in Saudi Arabia, 70% of Saudis do not have emergency savings, and the household savings rate averages only 1.6%. Accord- ing to AbuSaid, there are a few reasons why the MENA region has a low savings rates compared to other emerging and developed economies. “The social safety net and the pension systems are either inadequate or underdevel- oped which has resulted in individuals and households not prioritizing savings for the future, and instead relying on family support or government assistance,” he explains. “Also, many regions in MENA have a large young population. With some of the population relying on dependents, it leads to lower savings rates as households need to allocate more income to consumption.” AbuSaid points out here that Hakbah contributes to various governmental initiatives to increase savings, financial literacy, and financial inclusion, such as the Saudi Arabia Zood savings program by Saudi Development Bank, well as Dirhami run by the Abu Dhabi Council for Economic Development. “What Hakbah is doing is simple and intelligent,” AbuSaid says. “We digitalize the traditional way of savings in an innova- tive way. Our first product is focused on social savings, aka Jameya. This is group savings with the purpose to spend on financial needs. This has an important factor of social solidarity (Takaful in Islam). People help each other by prioritizing their need of the total amount over time, compared to other people’s needs, and sharing the pool of money to rotate among them. Hakbah’s focus is on short- term savings to spend, to help increase financial inclusion and financial literacy, and build an understanding of the importance of savings.” That said, AbuSaida believes that the best way to educate the market on the importance of savings is to understand their needs and culture. /Startup Finance “WE GOT FUNDED!” The story behind the recent fundraising success seen by Saudi Arabia-based Hakbah by AALIA MEHREEN AHMED and TAMARA PUPIC HAKBAH hakbah.sa IMAGES HABKAH → NAIF ABUSAIDA, founder

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79 May 2023 / ENTREPRENEUR.COM / “What we do at Hakbah is offer a solution to save with a hustle,” he says. “It is a solution based on a cultural financial habit, and it is attached to their feeling of helping others and themselves. This is the first step to move many households and individuals into savings. For 20% of our serviced customers, this is the first time they are using Jameya. We are expanding the market with new savers, and are answering their needs by making it easier for people to save with a purpose.” Indeed, Hakbah reported that its organic growth rose by over 20x in 2022, as it helped 18,000 customers save over $35 million. Given that it strengthens financial inclusion via social savings, Hakbah’s value proposition has driven unprec- edented demand from 120,000 active, verified, and ready-to-serve customers on its platform. Indeed, the culture of savings in Saudi has been rising since the COVID-19 pandemic, AbuSaida adds. “I’ll give some real examples in Saudi Arabia from our Hakbah customers,” he shares. “70% of our serviced customers are 21-32 years old, which is below the average expected savings age rate. We have some customers who have just turned 18 and 19 years old, and are saving SAR300-500 in our Jameya to buy new iPhones or start small e-commerce businesses for mobile accessories or t-shirts. This highlights the change we see in mindsets towards savings in Saudi Arabia. We are building the foundation for savings, independency, and financial literacy.” HAKBAH’S FOCUS IS ON SHORT-TERM SAVINGS TO SPEND, TO HELP INCREASE FINANCIAL INCLUSION AND FINANCIAL LITERACY, AND BUILD AN UNDERSTANDING OF THE IMPORTANCE OF SAVINGS. ← Hakbah is the first cooperative savings platform in Saudi Arabia

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80 / ENTREPRENEUR.COM / May 2023 UAE-BASED TECHNOLOGY and invest- ment conglomerate e& (formerly known as the Etisalat Group) has invested US$400 million in the UAE-born Careem’s super app business, whose offerings currently include food and grocery delivery, fintech services, and more. The Careem Super App -a spin-out of the ride-hailing business that was acquired by San Francisco-based Uber in 2019- will thus now count e& as one of its majority stakeholders, alongside its three co-founders, Mudassir Sheikha, Magnus Olsson, and Abdulla Elyas. Uber will also be a significant shareholder of the Careem Super App business; at the same time, it retains 100% ownership of the Careem ride-hailing business. In a statement, Hatem Dowidar, Group CEO, e&, said, “The Careem Super App is a digital native that has built a rapidly growing payments, food and grocery delivery network, and a platform for other digital businesses to scale from. The shared vision between e& and Careem is exciting, we believe that together we’ll be able to enhance our impact across different markets in the region, while pushing the boundaries of customer experience.” Khalifa Al Shamsi, CEO, e& life, added, “We are thrilled to welcome Careem into the e& family with this exciting and ground-breaking deal. There are several growth opportunities between Careem and e& life as the ‘consumer digital’ arm of e&. Our current strengths, primarily in fintech and multimedia, coupled with Careem’s services and regional footprint, will accelerate our joint vision towards a regional super app. With this partnership between e&, Careem, and Uber we will set new standards of product innovation and customer experience throughout the region.” Dara Khosrowshahi, CEO, Uber, said, “Over the last decade, Careem helped revolutionize mobility across the greater Middle East while building an incredible brand. I am thrilled to partner with Careem, and welcome e&, as we grow the Careem Super App to deliver more services to millions of people in this fast-moving part of the world. All of us at Uber are excited about the impact the Careem platform will have on this region over the next decade and beyond.” Careem co-founder and CEO Mudassir Sheikha said, “The opportunity to use technology to leapfrog the lives of people in the region is enormous. Uber has been an incredible partner over the last three years as we expanded our mission to simplify the lives of people with everyday services beyond ride-hailing. We are excited to bring e& into the family. Their passion for uplifting the region and the synergies across their portfolio are extremely valuable. With two strong partners in e& and Uber, I have no doubt that we will build the preeminent technology platform of the region.” With this new investment, Careem plans to accelerate the realization of its ambitious vision to create the first “everything app” serving customers across the Middle East. This will include expanding its core food, grocery, and fintech services and the Careem Plus subscription program across the region, while adding even more partner services to the app. As for e&, the investment is in line with its strategic ambition of scaling up consumer digital offerings, and accelerating its transformation to a global technology and investments group. careem.com In The Loop/ IMAGE COURTESY CAREEM The Journey Continues UAE-based e& invests US$400 million to acquire a majority stake in UAE-born Careem’s Super App business ↓ CAREEM co-founder and ceo Mudassir Sheikha ↓ The Careem Super App

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