Entrepreneur Middle East
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November 1, 2024 ALEX REINHARDT COACHES THE NEXT GENERATION P.20 HOW CULTIVATING tomorrow’s Leaders INCLUSIVE HEALING/ Sama Health founder Misha Akbar P.55 GALLOPING AHEAD/ Dubai Racing Club CEO Ali Al Ali P.15 SAUDI ARABIA/ Sulaiman Abbar on boxing and business P.32 ALEX REINHARDT is a businessman, venture capitalist, economist, expert in the field of blockchain technologies and startup development, and business coach.
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Contents/November 2024 P.20 Cultivating tomorrow’s leaders How Alex Reinhardt helps people become the best version of who they may become in the future. FEATURES
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10 / ENTREPRENEUR.COM / November 2024 November 2024 Contents ‘TREPONOMICS 55 Inclusive healing In launching SAMA HEALTH, a culturally relevant online therapy app, MISHA AKBAR is easing the mental health journeys for South Asian expats in the UAE. STARTUP SPOTLIGHT BUSINESS UNUSUAL 15 Galloping ahead DUBAI RACING CLUB Board Member and CEO Ali Al Ali on how Dubai became a global hub for world-class horse racing. 28 Weaving dreams MAYWAND JABARKHYL leads the Fatima Bint Mohamed Bin Zayed Initiative that has helped over two million low-income Afghans so far. 32 A rising star SULAIMAN ABBAR on boxing, business, and building a legacy in Saudi Arabia. 39 Unlocking success ALDHABI ALMHEIRI shares her thoughts on the power of mentorship in business. 48 Empowering enterprises The region’s first platform bank WIO BANK contributes to the UAE positioning itself as a pivotal digital economy hub both regionally and globally. 50 Innovation showdown DUBAI CHAMBER OF DIGITAL ECONOMY invites registrations for the App Olympics by November 13, 2024. CEO Wissam Younane wissam@bncpublishing.net MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES EDITOR Aalia Mehreen Ahmed aalia@bncpublishing.net REGIONAL DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net DIRECTOR OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net HEAD OF PARTNERSHIPS Samir Glor Samir@bncpublishing.net COMMERCIAL LEAD Anna Chipala anna@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS Fida Chaaban, AlDhabi AlMheiri, Tamara Clarke, Cormac O’ Donnell, Elizabeth Dewar, Alexandra Dewar, Mina Vucic SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue COMMERCIAL ENQUIRIES sales@bncpublishing.net ENTREPRENEUR.COM Access fresh content daily on our website All Rights Reserved 2024. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 EntMagazineME Entrepreneur-me ↑ ALEXANDRA DEWAR (left) AND ELIZABETH DEWAR co-founders of Violet Rae Brand and Communication Consultancy.
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12 / ENTREPRENEUR.COM / November 2024 CEO’s Message/ O ur November issue is here to help you grow and elevate yourself and/or your business beyond yesterday’s limitations. From our front cover interview with serial entrepreneur, venture capitalist, and business coach Alex Reinhardt, who says that success is a marathon that demands consistent work, discipline, and commitment (P. 20), to our Startup Spotlight story about how Misha Akbar’s online therapy app Sama Health provides mental health support to South Asian expats in the UAE (P. 55), this month’s issue of Entrepreneur Middle East reminds you that betterment is not an end goal but a lifelong journey of small, deliberate actions. On page 15, you can read a story that is not only about success, but about the ability to envision that one favorable outcome long before anyone else. Ali Al Ali, CEO and Board Member of the Dubai Racing Club, gives us an insider’s look into how Dubai became a global hub for world-class horse racing (P. 15). He credited the vision of the Prime Minister of UAE and the Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum for the country’s strong standing in the sport. Our interview with Javesh Patel, CEO of WIO Bank, on page 48 also puts a spotlight on the UAE’s ability to close the gap between idea and execution quite quickly, and the results of the region’s first digital platform bank speak volumes about the UAE’s digital ambitions not only in the banking sector but in the economy as a whole. For those among you who are tech-savvy, here’s a reminder that the Dubai Chamber of Digital Economy is now accepting registrations for the second edition of the App Olympics, part of the Create Apps in Dubai initiative launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in March 2023 (P. 50). Keep in mind that the deadline is November 13, 2024. Our other stories focus on Saudi Arabia, starting with an interview with Sulaiman Abbar a pro boxer and the Operating Partner at Abbar & Sons Food Co. Ltd (P.32), who explains that “foreign entrepreneurs will find Saudi Arabia to be a welcoming and rewarding market to enter.” Interestingly, GymNation founder and CEO Loren Holland, who recently opened six gyms in the kingdom, has reached the same conclusion but only after he decided to ignore the naysayers telling him that, “Saudi Arabia is the graveyard of UAE businesses.” To learn more about Holland’s experience in Saudi Arabia, head to page 52. Here’s to continuous progress, learning, and reaching new heights together. WIssam Younane CEO-BNC Publishing SMALL STEPS, BIG CHANGES Choose dedication and consistency over perfection.
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15 November 2024 / ENTREPRENEUR.COM / Galloping Ahead With the 28th edition of Dubai Racing Carnival starting on November 8, 2024, Ali Al Ali, CEO and Board Member of the Dubai Racing Club, explains how Dubai became a global hub for world-class horse racing. by TAMARA PUPIC → Ali Al Ali is the Chief Executive Officer and Board Member of the Dubai Racing Club.
16 / ENTREPRENEUR.COM / November 2024 B/Growth T he rapid evolution of professional horse racing in the UAE has mirrored the growth of the country itself. In only three decades since conducting the first professional horse races in 1992, and especially since launching the Dubai World Cup in 1996, Dubai has emerged as a major hub for world-class racing. “The growth of the sport in the region has been remarkable,” says Ali Al Ali who was appointed as the Chief Executive Officer and Board Member of the Dubai Racing Club by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in April 2024. “In the 1992-1993 season, there were just 97 registered owners of racehorses in the UAE. In 2023, that figure reached to 445. In 1992, there were 41 trainers, which rose to 165 for the 2023 season. Today, we welcome horses from all over the world that run during the Dubai Racing Carnival, including countries such as Japan, Australia, Korea, England, Ireland, France, USA, Hong Kong, and during the season there are up to 500 horses trained here daily.” → Aerial view of the Meydan Racecourse complex in Nad Al Sheba area. Futuristic design of racecourse entrance in Dubai, United Arab Emirates - Dubai, UAE
17 November 2024 / ENTREPRENEUR.COM / The inaugural Dubai World Cup was conducted in 1996 at Nad Al Sheba, one of the five racecourse in the country that also include Abu Dhabi (Abu Dhabi Equestrian Club), Jebel Ali (Jebel Ali Racecourse), Sharjah (Sharjah Equestrian and Racing Club) and Ghan- toot (Ghantoot Racing & Polo Club). Under the helm of the Dubai Racing Club, the Dubai World Cup has become one of the world’s richest horse races with a a total prize pool of USD$30.5 million for the nine-race card, the highlight of which is the $12 million Dubai World Cup itself, a Group 1 race run over the 2,000-meter distance on dirt. In 2010, the event moved to the Meydan Racecourse, the world’s largest grandstand that can host 60,000 spectators which, as Ali explains, “showcases the region’s dedication to the sport, drawing top horses, trainers, and jockeys from around the globe.” He adds that the Dubai Racing Carnival, an annual series of 16 race meetings that run from November to April, also significantly contributes to the UAE’s international standing in the sector. “With its enhanced format and prize money, the Dubai Racing Carnival provides a prime stage for global talent, while the UAE continues to build on its legacy of high-quality racing,” Ali says. “Neighboring countries have followed suit, hosting valuable meetings, but the UAE remains a key player with its diverse racing calendar. This includes not only Thoroughbred [a horse breed developed for horse racing] racing but also major Purebred Arabian races, such as the newly structured President’s Cup Series, further highlighting the UAE’s commitment to promoting all aspects of the sport.” Furthermore, Ali adds that Dubai has become known for entertainment as a vital part of the racing experience. “Racing events are not only about the competition but about creating an exciting and engaging atmosphere for spectators, with a blend of sport, luxury, and enter- tainment that draws crowds from all over the world,” he says. In prioritizing entertain- ment, but also in fostering international collaboration and embracing innovation, the UAE remains integral to horse racing’s global development. “We are blessed in the UAE with our geographical location, which means we are easily accessible for horses from all four corners of the globe. As such, Dubai is a global hub for traveling horses. In 2023, horse movements increased 9.3%, year on year, to 5,564 imports and exports and we are already well past that number for 2024. Our other strength is the wonderful climate. H.H. Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, showed, with the creation of his Godol- phin stable [the global thoroughbred breeding operation and horse racing team founded by His Highness Sheikh Mohammed bin Rashid Al Maktoum] in the early 1990s, that Thoroughbreds can winter in the warmth of Dubai and then return to Europe and America and run successfully there. Since then, thousands of horses have benefitted from the winter sun and perfect training condi- tions.” The city’s third strength is in its hospital- ity, Ali adds. “Visitors to the Dubai World Cup receive an experience like no other – from when they step onboard an Emirates Airline plane to when they first experience the awe-inspiring grandstand and facilities at Meydan Racecourse,” he says. “For those who want to enjoy ↓ Prime Minister of UAE and the Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum watching horse racing. Dubai, United Arab Emirates - }}
18 / ENTREPRENEUR.COM / November 2024 B/Growth horse racing on a weekly basis throughout the winter, we have the Dubai Racing Carnival, a season packed with incredible sporting action, exceptional dining and entertainment experiences. It’s the perfect evening to spend with friends, family or col- leagues.” Globally, Ali says, horse racing will continue to thrive with historic centers like Newmarket Racecourse in Suffolk, UK, The Curragh Racecourse in Ireland, and the Kentucky Derbi at Churchill Downs in Louisville, Kentucky, USA, but adds that regions like Japan and Hong Kong are emerging as influential players as well. “The axis of power within racing has now switched towards the Far East- Japan and Hong Kong in particular,” he explains. “Dubai has long-established quaran- tine protocols with both jurisdictions, and we are able to welcome horses from there all year round.” Ali adds that, while horse racing is a well established sport globally, it faces one specific challenge locally: attracting attention among the many different entertainment and hospitality options on offer within the UAE. “In the UK, horse racing is the second most attended sport after football, and in Hong Kong, the Hong Kong Jockey Club is the single biggest taxpayer to the government, but in the UAE we do face challenges in that it’s a very competi- tive landscape with many different enter- tainment and hospitality options on offer. Our mission is to make Meydan Racecourse the number one sporting and entertainment destination in the region, offering an experience like no other. We will achieve this by boosting our marketing strategy, elevating our lifestyle offering, and by targeting new fans of the sport.” Going forward, Ali aims to strengthen the brand positioning of the Dubai Racing Club, both locally and globally. “On a larger, more strategic level, we are currently working on developing stronger ties to other horse racing events around the world,” he says. “And, closer to home, it’s important that we always enhance and improve our offering and engage with the local community. We received lots of feedback on social media about the desire for greater access to the animals, and so in November 2024 we will be launching Breakfast Stable Tours, at which people can go behind the scenes and meet the equine stars and see the wonderful environ- ment in which they live. On race nights, we are also opening our Saddling Area to the public also, so that racegoers can see the pre-race action.” Ali also explores how technological advance- ments can best support his ambitious goals for the Dubai Racing Club. “We are always exploring opportuni- ties to improve technology, such as tokenisation of horse ownership, which we are actively developing,” he says. “We are also currently redeveloping our website, to make it more user-friendly, and have plans to launch a Dubai Racing Club app also, with an impressive gaming feature that will be sure to attract legions of new fans to the sport. We are lucky as, here in Dubai, we are at the forefront of so many technological advancements and racing is well-placed to tap into these.” In the end, being at the helm of the Dubai Racing Club requires Ali to strike a delicate balance between tradition and modernity, a task he seems skilled to accomplish successfully. “Horse racing has a proud history and no more so than here in the Middle East, from where the Thoroughbred originates. However, we must move with the times and accept that the beauty of the equine may no longer be enough to sell the sport; fans wish to know how and why it all works and to gain and insight into the lives of those involved. Here, technology and accessibility steps in, and we intend to provide both,” Ali con- cludes. → The Dubai World Cup has become one of the world’s richest horse races with a a total prize pool of USD$30.5 million for the nine-race card. → The Meydan Racecourse is the world’s largest grandstand that can host 60,000 spectators.
BREEDS NEW GENERATION OF LEADERS Serial entrepreneur, venture capitalist, and business coach Alex Reinhardt aims to help people become the best version of who they may become in the future. by TAMARA PUPIC ALEX REINHARDT 20 / ENTREPRENEUR.COM / November 2024
21 November 2024 / ENTREPRENEUR.COM / → ALEX REINHARDT is a businessman, venture capitalist, economist, expert in the field of blockchain technologies and startup development, and business coach. 21 November 2024 / ENTREPRENEUR.COM /
IMAGES COURTESY ALEX REINHARDT 22 / ENTREPRENEUR.COM / November 2024 → The 43-year-old REINHARDT was born and raised in Siberia, Russia, but moved to his native German at the age of 15 where he went on to earn a bachelor’s degree in economics from Humboldt University in Berlin.
R unning a business is always a struggle – a balancing act on the edge of potential failure,” says Alex Reinhardt, a businessman, venture capitalist, economist, expert in the field of blockchain technologies and startup development, and business coach. The entrepreneurs who he coaches can often hear him saying that success is a marathon that demands consistent work, discipline, and commitment. “By fostering these qualities, entrepreneurs can navigate challenges more effectively and achieve sustainable success,” he adds. The 43-year-old German was born and raised in Siberia, Russia, but moved to his native German at the age of 15 where he went on to earn a bachelor’s degree in economics from Humboldt University in Berlin and started testing the waters as an entrepreneur early on. “Even during my university years and right after graduation, I worked hard on various innovative projects and startups, helping them attract investments,” Reinhardt says. “Over a few years, I helped dozens of startups in raising investments worth about half a billion euros. I have always been passionate about innovation and new technologies, and I began my professional journey by assisting startups in securing funding.” 23 February 2023 / ENTREPRENEUR.COM / H e got interested in the blockchain industry around the same time in 2011 when the encrypted, decentralized digital currency Bitcoin started gaining some recognition. “I became absolutely fascinated by it, seeing it as the future of financial technology and many other industries,” Reinhardt says. “Blockchain is a fundamental technical innovation – something powerful and revolutionary, capable of competing with numerous industries. What captivated me about blockchain was its transparency, consen- sus-based structure, and the fact that it’s not controlled by any single person. I eagerly absorbed any information I could find and invested in Bitcoin. Back then, I expected blockchain to revolutionize the financial sector and saw immense potential for its application across various industries.”}} WHAT CAPTIVATED ME ABOUT BLOCKCHAIN WAS ITS TRANSPARENCY, CONSENSUS-BASED STRUCTURE, AND THE FACT THAT IT’S NOT CONTROLLED BY ANY SINGLE PERSON.” “ 23 November 2024 / ENTREPRENEUR.COM /
24 / ENTREPRENEUR.COM / November 2024 Some years later, Reinhardt’s enthusiasm about the new technology led him to his first project- a crowdfund- ing platform on the blockchain. “We faced several significant challenges. Firstly, back in 2015, finding top-tier developers who specialized in blockchain technology was still a challenge,” he explains. “While it wasn’t as difficult as in the earlier years of blockchain, such as 2011-2013, professionals were still critically scarce. The market was full of amateurs, so we had to form our team slowly, filtering out and nurturing professionals. We essentially grew our team from the ground up.” Launching the product proved to be another hurdle as it faced severe skepticism from the regulators. “European regulations at that time declared such activities as licensed, and the licensing process was very expensive and time-consuming,” Reinhardt recalls. “We had to set aside the idea of a blockchain crowdfund- ing platform for a while and pivot to other products.” Around the same time as he was trying to navigate the regulatory landscape, Reinhardt realized that the lack of understanding and eduction about blockchain was another problem. “Between 2015 and 2017, very few people understood blockchain, especially among the general public,” he says. “They didn’t comprehend the advantages of blockchain, why they should engage with the technology, or how to use it. The prospects of blockchain products were unclear to most, making it challenging to promote and gain adoption for our products. We addressed this by focusing on education and raising awareness about the technology.” In the ensuing years, he experimented with and created a wide variety of blockchain products, ranging from crowdfunding platforms to educational products, wallets, hardware wallets, messengers, and other tech solutions. All of this provided the necessary learning for his current project, Smart Blockchain, that is “designed to solve the crypto market problems and provide the most stable operation of the decentralized network, as well as simplify the scalability.” Reinhardt explains, “Today, we are actively working on our splitting technology within the Smart Blockchain network, which has already reached one million accounts, and the user base contin- ues to grow rapidly. Splitting is a unique blockchain technology that allows anyone, regardless of technical skills, to earn daily rewards in cryptocurrency from the blockchain. It doesn’t require expensive equipment like traditional mining or special knowledge. The essence of splitting lies in a smart contract or liquidity pool – a closed, self-sustaining decentralized system where cryptocurrencies are frozen. Users simply freeze their cryptocurrency in the dedicated crypto SMART Wallet or provide liquidity to the pool and receive daily rewards.” }} Today, we are actively working on our splitting technology within the Smart Blockchain network, which has already reached one milion accounts.” “
→ REINHARDT created a wide variety of blockchain products, such as crowdfunding platforms, educational products, hardware wallets, messengers, and other tech solutions- all of which provided the necessary learning for his current project, Smart Blockchain. 25 November 2024 / ENTREPRENEUR.COM /
26 / ENTREPRENEUR.COM / November 2024 With splitting technology, Reinhardt also aims to address environmental issues associated with blockchain technology. “We believe that tradi- tional mining is highly inefficient, costly, and harmful to the environ- ment due to massive energy consump- tion,” he says. “Splitting allows users to mine coins using just their smart- phones, without consuming signifi- cant power resources or vast amounts of electricity. This approach makes the process affordable, clear, and simple for everyone, reducing the environ- mental impact and making blockchain technology more sustainable.” While working in the entrepreneur- ship space, Reinhardt found it impossible to overlook how much help and support new founders needed when navigating the unstable waters of business. For that reason, his other project, the Alex Reinhardt Academy, offers free pre-recorded video courses on a wide variety of topics, from education on finance and sales growth, to marketing, networking, and building an image of a leader. “Education is a key focus for me,” he says. “I’ve written a book on leadership and run the Alex Reinhardt Academy, where I teach leadership and sales skills.” Having interacted with a huge number of entrepreneurs, he adds, he noticed that they face similar prob- lems. “Firstly, it’s lack of self-discipline and consistency. Many entrepreneurs lack focus, discipline, and persever- ance. They struggle with maintaining consistent efforts toward their goals,” Reinhardt explains. “Then, there’s a general absence of investment in themselves – their mindset, vision for the future, and understanding of business principles. They don’t study themselves or their businesses adequately. Lastly, there is a lack of strategic planning and commitment. Entrepreneurs often enter markets they don’t understand, follow questionable advice, and fail to grasp what they’re getting into. They don’t dedicate enough time or effort to their ventures.” Reinhardt is now based in Dubai, as he considers it one of the best cities in the world “not just for living, but also for running a business, especially a blockchain business.” He says, “The UAE is a wonderful country for doing business, with Dubai at the forefront of blockchain innovation. The city offers countless opportunities for blockchain projects and conferences, amazing networking, and a concentra- tion of people who are passionate about IT and technology. These individuals are eager to build busi- nesses and are open-minded to new ideas. It’s an incredibly dynamic, powerful city that pushes you toward innovation. In my view, there’s no better place to run a blockchain business than Dubai.” 1/ “If you’re afraid, don’t do it; if you’ve done it, don’t be afraid.” This principle, taught to me by my father, has guided me throughout my life. If you are terribly afraid of something, especially the responsibility it carries, don’t proceed with it. But if you’ve taken the step, then go all the way and commit to your goal. This is very important and applies regardless of who you are or where you come from. I believe it’s a very powerful principle. 2/ Pursue your dreams boldly and set high goals Don’t be afraid to chase your dreams and aim high. It’s crucial to set high goals and work toward them every day without forgetting what you want to achieve. Don’t give up on yourself or your goals. Dream boldly, then transition to planning and active execution. There are countless opportunities to achieve your dreams – they just need to be recognized. 3/ Invest in continuous learning and personal growth To recognize and seize the countless opportunities around you, you must constantly learn and grow. Personal growth is essential for success. By working on your mindset and expanding your knowledge, you’ll unlock opportunities and be better equipped to navigate your business. Alex Reinhardt advises entrepreneurs in the UAE ‘TREP TALK IT’S AN INCREDIBLY DYNAMIC, POWERFUL CITY THAT PUSHES YOU TOWARD INNOVATION. IN MY VIEW, THERE’S NO BETTER PLACE TO RUN A BLOCKCHAIN BUSINESS THAN DUBAI.” “
LE PETIT PRINCE A bu Dhabi Art 2024, to be held at Manarat Al Saadiyat on November 20-24, will host the sale of a carbon typescript of Le Petit Prince, featuring extensive handwritten corrections by its author, Antoine de Saint-Exupéry. This typescript is one of only three known copies in existence, and the only one ever made available for public sale. It is being offered by leading London-based rare book dealer Peter Harrington for US$1.25 million. Le Petit Prince is the most translated book in the world, and is celebrated globally for its timeless and universal themes. While it touches upon the topics of loneliness, friendship, love, and loss, entrepreneurs often quote it as their inspiration not to be afraid of thinking outside the box - just like the Little Prince left the safety of his own planet and traveled through the cosmos on adventures with various unique characters. The typescript offers unparalleled insight into Saint-Exupéry’s creative process, featuring edits on nearly every page. Sammy Jay, Literature Specialist at Peter Harrington Rare Books, said, “The handwritten corrections and original sketches of Antoine de Saint-Exupéry reveal his meticulous creative process and evolving vision. Notably, he removed a reference to Manhattan in favor of a more universal setting – highlight his intention to reach a broader audience. Our copy captures Saint-Exupéry refining his iconic quote to its final form “On ne voit bien qu’avec le cœur. L’essentiel est invisible pour les yeux” ((“It is only with the heart that one can see rightly; the essential is invisible to the eye”), offering insight into his efforts to emphasize deeper themes.” Rare hand-corrected typescript of Antoine de Saint-Exupéry’s classic Le Petit Prince to be offered for sale at Abu Dhabi Art 2024. TALK OF THE TOWN/ 27 November 2024 / ENTREPRENEUR.COM /
28 / ENTREPRENEUR.COM / November 2024 B/Culture G ive a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” This proverb from Chinese philosopher Lao Tzu is possibly one of the most famous sayings on the importance of empowerment through education. And it is certainly a concept that has, for nearly 15 years now, fueled the mission of the Fatima Bint Mohamed Bin Zayed Initiative (FBMI)- a social impact venture that aims to empower underprivileged communities in Afghanistan by offering them employment as well as key skill sets. And at the helm of the venture is Maywand Jabarkhyl, the CEO, who sourced his personal experiences as a second-generation Afghan immigrant to launch the FBMI in 2010. IMAGES COURTESY FBMI → Maywand Jabarkhyl is the CEO of the Fatima Bint Mohamed bin Zayed Initiative, a venture that aims to empower underprivileged communities in Afghanistan by offering them employment and training. The Fatima Bint Mohamed Bin Zayed Initiative has aided and empowered over two million low- income Afghans so far. Now, CEO Maywand Jabarkhyl hopes to extend a similar impact to other socioeconomically affected nations too. by AALIA MEHREEN AHMED Weaving Dreams
29 November 2024 / ENTREPRENEUR.COM / }“The FBMI was born from a deep-seated desire to bridge the development gap by providing sustain- able employment opportu- nities to create lasting and tangible impact at the grassroots level,” Jabarkhyl says. “Growing up in the United Kingdom as the son of Afghan immigrants, I experienced firsthand the struggles faced, which fueled my passion for humanitarian work. My vision for FBMI was thus to empower low-income Afghans, especially women, by providing sustainable income sources and opportunities in healthcare, education, and economic development. Over the past 15 years, we have positively impacted over two million lives, and I take immense pride in having achieved many of the initial ambitions with which we began, including empowering female artisans and farmers, and providing essential services to those in need - all sustainably.” }When the FBMI was created in 2010, it bore the name of the UAE royal family member under whose patronage it was launched: HH Sheikha Fatima Bint Mohamed Bin Zayed, the wife of the UAE’s founder, the late HH Sheikh Zayed bin Sultan Al Nahyan. The initiative was formed as a joint venture between Sheikha Fatima and Tanveer Investments, a UAE-headquartered firm that invests primarily in sustainable and social impact projects, where Jabarkhyl has been the CEO since 2008. The FBMI’s operations have thus been a culmination of Jabarkhyl’s sustainable investment experiences and his personal ambitions to see his native land thrive- an approach that has ensured the successful employment of over 8,000 Afghan people, 70% of whom are women, till date. “We quantify the sustain- able impact we create through comprehensive metrics, including employment rates, educational enrollments, and healthcare services provided,” he explains. “Regular assessments of our initiatives allow us to gauge effectiveness and make necessary adjust- ments, ensuring that we deliver long-term benefits and reinforcing our commitment to sustain- ability. In an environmental aspect, we ensure compli- ance with all worldwide standards, including reducing, reusing, and recycling plastics, and using biodegradable packaging wherever possible. Even on the ground in Afghanistan our waste water is stored in septic tanks and properly disposed of.” Now, Afghanistan, with its vibrant culture, flavorsome art and cuisine, and diverse traditions, has also been a land where economic progress has been hindered due to socio-political reasons. While it may not be necessary to delve into those developments in this piece, it is necessary to address that the country’s people are certainly welcome to finding new ways of financial self-em- powerment. To do this, Jabarkhyl has chosen four key areas of focus: arts and culture, education, health, and strategic advisory. “These areas were chosen because they are critical to MY ULTIMATE LEGACY IS TO CREATE A SUSTAINABLE MODEL OF EMPOWERMENT THAT INSPIRES OTHERS GLOBALLY TO ADOPT SUSTAINABLE FUNDING AND PRACTICES, THEREBY MAKING A LASTING IMPACT ON COMMUNITIES EVERYWHERE.” ↑ HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, visiting Mira's stand at the 2023 World Government Summit in Dubai. }}
30 / ENTREPRENEUR.COM / November 2024 B/Culture creating a holistic approach to empowerment,” he adds. “For example, our education initiatives help children gain the skills needed for future employment, while our healthcare programs ensure that families are healthy enough to thrive. Each vertical interconnects to foster a sustainable cycle of growth, making a real difference in the lives of those we serve. The arts and culture pillar constitutes the employment opportu- nities we provide in cottage industries, through carpet weaving, jewelry making, wood work or even farming using traditional agricultural tech- niques, we are working to keep culture and heritage alive. Our strategic advisory arms work to amplify the work we do on the ground. Through our strategic partnerships with governments, international organiza- tions, non-government organizations (NGOs) and the private sector, we’ve been able to showcase a truly success- ful, sustainable and holistic model to the world. Ultimately our efforts over the years have led to healthier and happier communities.” }Two of FBMI’s social enterprises from the arts and culture vertical have, in fact, set up operations in the UAE: Zuleya, a firm based in Dubai Design District (D3) that sells Afghan handmade carpets and handicrafts; and Mira, a brand representing independent farmers from across Afghanistan who share a vision of naturally growing fruits, nuts and saffron while avoiding the use of harsh chemicals or preservatives. These two entities, like the many other artistic ventures that FBMI has facilitated within Afghanistan, have also allowed authentic Afghan essence to reach wider parts of the world. In fact, in September 2016, when Sheikh Mohamed bin Zayed Al-Nahyan, the current President of the UAE and Ruler of Abu Dhabi, visited the Vatican in September 2016, a special Pontifex Carpet -named the ‘Toler- ance Carpet’- made by Zuleya’s weavers was gifted to Pope Francis. “Afghan culture is rich with traditions of craftsmanship, resilience, and community,” Jabarkhyl says. “FBMI’s work helps preserve these values by empowering artisans to continue their crafts while fostering a sense of pride and cultural identity.” }FBMI’s ventures across its other three verticals too have created significant impact of their own. “Our health and education programs have facilitated schooling for over 20,000 children and provided healthcare to more than 1,800,000 individuals,” Jabarkhyl reveals. “Ongoing initiatives include our vocational training programs upskilling men and women, providing them an opportunity to earn more income, as well as providing basic literacy courses. Our biggest success to date has been the healthcare we provide to remote and often inaccessible areas. Alongside our clinics, mobile health teams travel across the country conducting health checks as well as dispensing essential supplies such as hygiene kits and simple medications. In 2020, we joined the fight against Polio, working alongside such international organiza- tions as Bill and Melinda Gates Foundation and the World Health Organization (WHO). I believe our biggest strength lies in implementing the multi-sectoral approach, generat- ing employment, and conducting charitable activities alongside our operations.” }In addition to Afghanistan, the FBMI has also expanded its operations to parts of the neighbouring nations of India and Pakistan. But an important point to note is that the FBMI doesn’t operate using any external funds. While explaining that this was an intentional decision to ensure a self-sustaining venture, in a pleasant coincidence, Jabarkhyl makes a reference to the very proverb that this article began with. “We generate revenue through our social enterpris- es, such as Zuleya and Mira, reinvest- ing profits back into our initiatives,” he explains. “This approach creates a cycle of growth and independence, allowing us to remain impactful without relying on donations and fostering a sense of ownership among the communities we serve. I firmly believe that if we are going to work towards a sustainable future and ↑ In September 2016, Sheikh Mohamed bin Zayed Al-Nahyan, the current President of the UAE and Ruler of Abu Dhabi, visited the Vatican and gifted a special Pontifex Carpet made by Zuleya’s weavers to Pope Francis.
31 November 2024 / ENTREPRENEUR.COM / “teaching people to fish”, we must ensure that our own mindsets move away from that of a charitable nature towards being more developmental.” }Jabarkhyl’s insights, in many ways, answer the question of whether philanthropy and a financially-driven business can go hand-in-hand. Jabarkhyl, in fact, mentions that the two can easily “coexist harmoni- ously.” “A philanthropic venture can achieve financial sustainability when it operates with a clear business strategy,” he continues. “At FBMI, we illustrate that social impact can generate economic returns, creating a resilient model for community development. By blending these worlds, we can create lasting change that uplifts communities while ensuring our initiatives thrive. As opposed to simply creating a company that has a strong corporate social responsibility (CSR) focus, we’ve been able to embed CSR as the core cornerstone of the businesses from the offset. This in turn gives us a unique advantage against competition.” }It is precisely with this mindset that Jabarkhyl is confident that the FBMI model can be applied to other sociopolitically- affected nations as well. “In 2023, we launched our plans to expand the model to 50 countries by 2050,” Jabarkhyl reveals. “We believe that the challenges faced by Afghan communi- ties are not unique. Our sustainable framework can be adapted to support marginalized groups in various regions, such as Africa and parts of the Middle East. Our goal is to demonstrate that sustain- able solutions can transcend borders, allowing us to uplift diverse communities around the world. By carefully building relation- ships and trust with individuals and local community elders, it has given us unprecedented access where humanitarian needs are often greatest. For 2025, our target countries include Tanza- nia, Kenya, and regions in the UAE. itself.” }As such, it is the impact that the FBMI has created so far that will be the venture’s biggest factor of motivation for the road ahead, assures Jabarkhyl. “We’ve already impacted so many local charities and organizations in the UAE to start thinking in a sustainable manner, and as a result of educating others about our model we’ve even influenced the creation of government entities- all focused on sustainability and social enterprise,” Jabarkhyl says. “What drives me is witnessing the profound transformations in individuals and communi- ties through our work. I envision that, in the next 10+ years, FBMI will expand its reach, empow- ering millions more while preserving every country’s rich cultural traditions. My ultimate legacy is to create a sustainable model of empowerment that inspires others globally to adopt sustainable funding and practices, thereby making a lasting impact on communities everywhere.” AFGHAN CULTURE IS RICH WITH TRADITIONS OF CRAFTSMANSHIP, RESILIENCE, AND COMMUNITY. FBMI’S WORK HELPS PRESERVE THESE VALUES BY EMPOWERING ARTISANS TO CONTINUE THEIR CRAFTS WHILE FOSTERING A SENSE OF PRIDE AND CULTURAL IDENTITY.” ↑ The Fatima Bint Mohamed Bin Zayed Initiative helps underprivileged societies by investing in their skills, health, and education through social enterprises and thus empowers them to help themselves.
32 / ENTREPRENEUR.COM / November 2024 S ulaiman Abbar isn’t just a businessman— he’s a fighter, both in the boardroom and in the boxing ring. As a partner at Abbar & Sons Ltd. and a board member at Ghazi Abdullah Abbar Co. Ltd., Sulaiman holds an assured place in the business landscape of Jeddah, Saudi Arabia. Yet his ambitions extend far beyond corporate success. He is also a professional boxer, gaining recognition as a rising prospect in the Middle Eastern boxing scene, with three consecutive knockouts in his first three professional fights. With a drive to build legacies both personal and national, Sulaiman epitomizes the dynamic spirit of Saudi Arabia’s Vision 2030, demonstrat- ing how personal passion can align with national goals of growth and transformation. The Abbar family business, founded in 1956, is a cornerstone of Saudi Arabia’s economy, with interests in food distribution, petrochemical testing, and retail. Their latest venture focuses on enhancing the nation’s food self-sufficiency by investing in local food manufactur- ing and packaging, in line with Vision 2030’s objective to diversify the economy and promote sustainable growth. VISIONS OF VICTORY Sulaiman’s passion for boxing stems from childhood memories of watching historical war movies like Alexander, Gladiator, and Troy with his father. “These movies highlighted the principles of honor and duty, values that resonated with me profoundly,” he recalls. “I saw how these warriors pursued noble causes, and I wanted to channel that same spirit into something meaningful.” His journey into boxing began during his university years in London, where he trained at the historic Fitzroy Lodge, one of the city’s oldest boxing clubs. It was there, amid the storied walls of this gym, that Sulaiman’s passion for the sport truly flourished. Despite facing stereotypes and biases against wealthy Arabs, he pushed through, developing resilience and grit. Dividing his time between the UAE and Saudi Arabia, Sulaiman trained at Round 10 Boxing Club during his time in Dubai and is now on the verge of opening his very own boxing gym in Saudi Arabia. Through hard work and determina- tion, he earned a contract with Seddiqi Sports and made a name for himself by winning his first three professional fights by knockout. Appearing on major regional promotions like “Rising Stars Arabia” and “Crypto Fight Night,” }} Sulaiman Abbar on boxing, business, and building a legacy in Saudi Arabia By CORMAC O’ DONNELL From the Ring to the Boardroom B/Saudi Arabia
33 IMAGES COURTESY SULAIMAN ABBAR November 2024 / ENTREPRENEUR.COM / → Sulaiman Abbar is a pro boxer out of Saudi Arabia and the Operating Partner at Abbar & Sons Food Co. Ltd. Strength And Conditioning training at Boxiq
34 / ENTREPRENEUR.COM / November 2024 “Food security is a cornerstone of any nation’s strength, and there’s no reason why Saudi Arabia, with its resources and capabilities, cannot achieve full self-sufficiency in this vital area.” Abbar is rapidly gaining recognition in the boxing community. “It’s a dream come true to be associated with promotions at the forefront of boxing in the Middle East,” he shares. Under the mentorship of Ahmed Seddiqi, an established Emirati promoter who balances multiple business ventures with his passion for boxing, Sulaiman has learned insightful lessons on perseverance and strategic thinking. “One key piece of advice I would offer is to surround yourself with people you can trust, especially a mentor or promoter who understands the sport and is invested in your growth,” he says. “Having someone like Ahmed Seddiqi as my promoter has been invaluable. His experience, guidance, and the trust we’ve built over time have helped me navigate the professional boxing world effectively.” CREATING A HUB FOR BOXING EXCELLENCE For Sulaiman, boxing is not just about personal victories; it’s also a platform to inspire others. “I want to create a state-of-the-art boxing gym in Jeddah that will offer Saudi athletes the opportunity to hone their skills in a world-class environment, helping to elevate the sport within the community.” SGA Club will be the first and only boxing gym in Saudi Arabia owned and operated by a Saudi professional boxer, represents a significant achievement for Sulaiman. “I’m building this boxing gym to give back to Jeddah—my home. My hope is that this facility will inspire others and provide a platform for talented fighters to pursue their goals.” He adds, “This sets a unique example of what is possible within the country’s growing boxing scene. While there are other boxing gyms in Saudi Arabia, this facility will reflect my personal journey as someone who has gone through the process of becoming a professional boxer. SGA Club will offer aspiring fighters a space that goes beyond basic training—it’s a place where they can truly understand what it takes to succeed at the highest level, guided by someone who lives the life.” “When I moved back to Saudi Arabia from the UAE, and after my time living in the UK, I made the decision to create this gym because I wanted to do something positive for my country and offer a pathway for serious Saudi boxers to develop their careers. This journey wasn’t easy. It took countless sacrifices and a lot of hard work, but the experience I gained along the way has equipped me with insights that I can now share with those aspiring to turn professional.” NAVIGATING BUSINESS AND BOXING Sulaiman Abbar sees a symbiotic relationship between the principles of business and boxing, with each aspect shaping the other. “The discipline I’ve learned through boxing—whether it’s managing my training schedule or setting long-term goals—has enhanced my ability to stay focused and organized in my business role as well,” he explains. “The principles I’ve learned in the gym carry over into the business world, allowing me to manage both with precision and purpose. This balance is B/Saudi Arabia
35 November 2024 / ENTREPRENEUR.COM / SULAIMAN ABBAR ON LAUNCHING OR GROWING A BUSINESS IN SAUDI ARABIA } Saudi Arabia offers a dynamic and rapidly evolving market, especially under Vision 2030, which has driven growth in sectors such as technology, entertainment, local manufacturing, and food production—an area that Ghazi Abdullah Abbar CO. Ltd. (Abbar Group). is actively investing in to further enhance the country’s self-reliance. The Kingdom is committed to diversifying its economy, moving away from its dependency on oil and into various other sectors, which opens new doors for entrepreneurs. }To succeed here, it's essential to adapt to the business environment while understanding the local culture. The country is increasingly fostering a business-friendly environment for both local and international investors, especially as regulatory changes have streamlined processes. For instance, Saudi Arabia’s General Investment Authority (SAGIA) has introduced simplified licensing for foreign investors, meaning it is easier than ever to start a business here. }The ease of doing business has improved dramatically with reforms like the National Transformation Program, which aims to modernize infrastructure and services. Additionally, networking plays a pivotal role in this market. Forming strong relationships with local stakeholders, government bodies, and potential partners can help overcome barriers and navigate the local market effectively. }In fact, one of the strategies that has worked well for Abbar Group. has been aligning with the government’s objectives and seeking partnerships with entities that share a similar vision. }By aligning your business strategy with the broader goals of the market and building a network of connections, Saudi Arabia becomes an exciting space for entrepreneurs looking to make an impact in industries that are on the rise. Success also requires flexibility, patience, and an openness to adapting to the Saudi work culture, which, like any market, has its unique aspects. ‘TREP TALK something I hope others can relate to—finding what drives you and pursuing it without compromising other important aspects of your life.” “Time management has been crucial for me in balancing my boxing and business careers. Boxing has never compromised my work life—in fact, it has made me more disciplined and focused.” In both arenas, teamwork is essential. “Just as I rely on a team of specialists in boxing, such as my coach, strength and conditioning coach, physiotherapist, and nutritionist, business also requires a dedicated team of experts to achieve success,” Sulaiman says. He draws a parallel between the support structures in boxing and business, noting that in both cases, the success of the individual depends on the strength of the team. “The ultimate aim is growth, improve- ment, and success, whether it’s in the boxing ring or the business world. You need people you can trust, who are skilled in their field, and who are just as dedicated to the goal as you are.” }} ↑ Crypto Fight Night
36 / ENTREPRENEUR.COM / November 2024 and can assembly. We are currently in the construction stage, and I’m proud to be on the frontline of this initiative.” Sulaiman is also spearheading a major industrial venture—a state-of-the-art factory complex spanning 65,428 square meters, located in Jeddah’s King Abdullah Economic City. This location offers an ideal environment for industrial growth and positions their project as a major player in supporting Saudi Arabia’s food security. “This project is a monumental step in reducing the country’s reliance on food imports by boosting local food production. While food safety and self-reliance are distinct, this project plays a crucial role in both areas, ensuring that the country can sustainably process and produce its own food, which is vital for the nation’s long-term self-sufficiency.” The venture aligns with Vision 2030’s goals of economic diversification and sustainability, and Sulaiman takes immense pride in contributing to this national effort. “Food security is a cornerstone of any nation’s strength, and there’s no reason why Saudi Arabia, with its resources and capabilities, cannot achieve full self-sufficiency in this vital area. By expanding our manufacturing capabilities and processing more food locally, we can reduce the need for imports and reinforce our country’s ability to feed its people.” THE ABBAR NAME: A LEGACY OF TRUST AND INNOVATION The Abbar name carries a legacy of trust, quality, and strong values. “Our strengths lie in our adaptabil- ity and the deep understanding of the local market and culture,” Sulaiman notes. Over the years, the family has built strong relationships within the industry and the community, allowing them to remain resilient even in challenging times. Thriving in Saudi Arabia Sulaiman Abbar’s tips for foreign entrepreneurs } Expanding into any new market comes with its challenges, and the Saudi Arabian market is no different. However, the Kingdom offers unique opportunities with fewer regulatory hurdles than in the past. For instance, licenses for foreign businesses are now easier to obtain, and there are government incentives to promote foreign direct investment in sectors such as technology, renewable energy, and entertainment. }One common challenge foreign entrepreneurs face is cultural differences. Saudi Arabia places great emphasis on personal relationships and trust-building in business transactions. As a result, taking the time to develop strong local connections is crucial for success. For example, many businesses thrive by engaging with local partners who understand the market and have established relationships. This helps to navigate the legal, cultural, and regulatory landscape. }Another challenge is ensuring that business objectives align with Vision 2030. This ambitious program is pushing for innovation, sustainability, and development across various industries, so it’s essential to understand where your business fits in this roadmap. A foreign business that can demonstrate its contribution to economic diversification and job creation will find more favorable conditions, such as access to local funding or government-backed projects. To overcome these challenges, entrepreneurs should focus on understanding the local culture, which includes learning about business etiquette and social norms. It’s essential to adapt strategies to fit the market’s evolving needs, and staying informed about Vision 2030 initiatives ensures you can align your objectives with the Kingdom’s long-term goals. By committing to a long-term vision and embracing the changes happening in the country, foreign entrepreneurs will find Saudi Arabia to be a welcoming and rewarding market to enter. “ I’m building this boxing gym to give back to Jeddah—my home. My hope is that this facility will inspire others and provide a platform for talented fighters to pursue their goals.” B/Saudi Arabia THE FAMILY BUSINESS: FOOD SECURITY, EXPANSION, AND VISION 2030 At the heart of Sulaiman’s story is his role in Abbar & Sons Ltd., a trusted name in Saudi Arabia for decades. Today, the family is focusing on local food manufactur- ing and packaging—a project that aims to boost the nation’s self-reliance in food production. “As a member of Abbar Group, I work across both distribution and manufacturing. On the distribution side, we bring well-known brands to the Saudi market, including Haribo, Sasso by Deoleo—the world’s largest olive oil producer—and Greens, a leader in powdered desserts like jelly and cream caramel. We also distribute our own brands, such as Freshco and Hafel, offering a range of household goods. Freshco’s Instant Milk Powder was named Product of the Year in Saudi Arabia for 2024, highlighting our commitment to quality.” “Currently, I serve as Project Manager for a major industrial venture. This project involves the construction of state-of-the-art factories covering an area of 65,428 square meters, dedicated to the manufacturing and processing of dairy products, vegetables, sauces,
37 November 2024 / ENTREPRENEUR.COM / “Another major strength is our ability to stay forward-thinking. We’ve constantly evolved by investing in new sectors, especially in areas that align with the country’s strategic vision.” “Our agility and willingness to embrace change while staying grounded in our core values have allowed us to adapt and thrive in an ever-changing business landscape.” Sulaiman sees himself as part of the next generation tasked with carrying this legacy forward. “As part of the next generation of the Abbar family, I feel a deep responsibility to continue our legacy of excellence and innovation, particularly in the industrial food manufac- turing area,” he says. “It’s not just about continuing the family business; it’s about contributing to the future of Saudi Arabia.” “I am passionate about building an infrastructure that sup- ports this goal. I want to see Saudi Arabia become a leader in food production, not just for our own needs but also as a key supplier for the region. We have the potential to transform our country into a hub for high-quality, locally produced food, and I’m committed to playing my part in making that vision a reality.” PERSONIFICATION OF VISION 2030 Through his dedication to both business and boxing, Sulaiman Abbar embodies the core values of Saudi Arabia’s Vision 2030. Balancing his professional responsibilities with his passion for boxing, he sets an example for future generations, showing that it is possible to excel in multiple fields while staying true to one’s roots. Much like Saudi Arabia, which is diversifying its economy and carving out a new cultural identity beyond its oil-rich legacy, Sulaiman is building on his family’s foundation while boldly charting his own path in the boxing world. His journey is not without risks, but his determination and vision reflect the spirit of a nation in transformation. In both his business and sporting pursuits, Sulaiman Abbar stands as a symbol of ambition, adaptability, and the limitless potential of Saudi Arabia’s future. Cormac O’ Donnell, originally from Ireland and now based in Dubai, is a prominent figure in the Middle Eastern combat sports scene. A reputable analyst in both boxing and broader combat sports, O’ Donnell is deeply involved in the region’s fight industry. He serves as a media representative for the World Boxing Council (WBC), and contributes to a range of publications, providing insightful coverage and analysis of major events across the GCC. His presence is felt not only at high-profile professional matches but also at grassroots and amateur competitions, making him a key player in promoting the growth of boxing in the region. As a true boxing insider, O’ Donnell has unparalleled access to key figures in the industry. His connections allow him to offer unique insights, positioning him as a trusted source for behind-the-scenes information and expert analysis. Beyond combat sports, Cormac is a dedicated Media Studies teacher and a sought-after consultant, advising individuals and organizations on media strategy and content creation. Holding a Master’s Degree along with credentials from Harvard Business School, his broad expertise in journalism and media makes him a valuable resource in these fields. ↑ Face-off for Crypto Fight Night
39 November 2024 / ENTREPRENEUR.COM / Unlocking Success The power of mentorship in business (especially for young entrepreneurs) by ALDHABI ALMHEIRI
40 / ENTREPRENEUR.COM / November 2024 I t’s always great to start your business by your own passion, but when it comes to challenges and obstacles you must think of guidance from expert people who are willing to provide insights and valuable advice about your business. This is where mentors play a very vital role in business. Mentors provides wisdom and encouragement that you need to see through the ups and downs in business. I’ve been fortunate enough to connect with experienced mentors who has guided me to walk across many things in regardless my age, they showed me the hiding gems of business through a clear vision, offering me advice starting from choosing career to take decisions. One of the most profound experiences I’ve had was to meet with Ray Dalio, founder of Bridgewater Associates, a renowned entrepreneur and thought leader. He shared with me the following words, which have truly encouraged me to take a step further in my business. “There is no doubt that AlDhabi AlMheiri has extraordinary abilities and drive. She is starting at a very early age, so she should be watched and mentored to become a world-class shaper.” Mr. Dalio words aren’t just about recognizing potential, it’s a reminder of how it’s important to receive a support and guidance to truly achieve your goals. Having someone believe in your ability and skills to make an impact is extremely powerful no matter how knowledgeable and talented you are. FINDING THE RIGHT MENTOR It’s really challenging to find the right mentor that fits your needs as a business to gain the right advice or guidance. A mentor isn’t just a person who provide you with advice or personal opinions, they are someone who challenges you to see beyond your current vision and helps you expand your ability of thinking and acting. There are some essential qualities to look for in a mentor like: }Alignment of values: A successful relationship should be built based on shared values and goals. }Open communication: Trust is the most important key. Both mentor and mentee should feel comfortable asking questions and giving or receiving honest feedback to have a progress. }Willingness to learn: Young entrepreneur should be open to learn and receive information and guidance, Mentors usually provide advices and guidance that you cannot easily find in textbooks or a research, especially because they customize their advice based on what they know about you not what they are doing in life. SHAPING THE FUTURE OF YOUNG LEADERS Looking at Gen Z of leaders will need both the talent and the right ‘T/Talent HAVING SOMEONE BELIEVE IN YOUR ABILITY AND SKILLS TO MAKE AN IMPACT IS EXTREMELY POWERFUL NO MATTER HOW KNOWLEDGEABLE AND TALENTED YOU ARE.”
41 November 2024 / ENTREPRENEUR.COM / mentorship. Whether it’s driving innovation, solving critical issues like climate change, or transforming industries, young entrepreneurs will rely on mentors who can help them stay with solid foundation while seeking big ideas. This next generation of leaders will be more diverse, world wide connected, and mission- driven, mentorship will play a huge role in ensuring their success. Supporting young leaders by sharing insights, offering guidance and positive pieces of advice, and helping them see their blind spots within their career is one of the most effective ways to shape the future. Ray Dalio’s words is just a reminder to us as young entrepreneur that, the path of becoming a world-class leader is not about starting young or having extraordinary abilities, it’s about finding the right guidance from the right mentors who unlock the full potential for young entrepreneur and that could lead to the key of success. AlDhabi AlMheiri is a young Emirati columnist, entrepreneur, and publisher as well as a Guinness World Records titleholder. As the founder of Rainbow Chimney Bookstore and Publishing House, she is committed to empowering young writers and promoting cultural diversity through the transformative power of storytelling and publishing. AlDhabi firmly believes in the power of stories, providing children with a chance to express their thoughts, feelings, and experiences through books. As the author of two books and the publisher of over 52 works by children from diverse backgrounds, AlMheiri’s mission is to promote education, sustainability, financial literacy, and emotional resilience through narrative. Her initiatives, such as “Books from Children to Children,” foster creativity and self-expression among youth while addressing crucial social issues like diversity, inclusion, and emotional well-being. In addition to her work in literature, AlMheiri is a passionate advocate for children with additional needs, ensuring that their voices are amplified and their unique talents are recognized and nurtured. Her enthusiasm for finance has also driven her entrepreneurial ventures, making her a role model for young aspiring business leaders. AlMheiri’s commitment to education and personal development is exemplified by her academic achievements. She graduated as a Fellow from Georgetown University’s School of Business in 2024, in collaboration with the US Mission to the UAE, and successfully completed the Entrepreneurship Program offered by Google and the UAE Ministry of Economy. Through her work and vision, AlMheiri is leaving a lasting impact on young people, advocating for a future where education, storytelling, financial literacy, and sustainability are the cornerstones of societal progress. Her initiatives are deeply aligned with the United Nations Sustainable Development Goals (SDGs), reflecting her dedication to creating a better world for future generations. rainbowchimney.ae SUPPORTING YOUNG LEADERS BY SHARING INSIGHTS, OFFERING GUIDANCE AND POSITIVE PIECES OF ADVICE, AND HELPING THEM SEE THEIR BLIND SPOTS WITHIN THEIR CAREER IS ONE OF THE MOST EFFECTIVE WAYS TO SHAPE THE FUTURE.”
42 / ENTREPRENEUR.COM / November 2024 E ven Growing up in the UAE, where family businesses make up 90% of the private sector, we’ve seen firsthand how families turn shared dreams into thriving ventures. So, maybe it’s no surprise that we decided to step into this world ourselves with Violet Rae Brand and Communication Consultancy (Violet Rae). But, getting into business with family isn’t always the obvious choice for everyone. We’ve found that the reaction we get when we tell people we’ve started a business is a mix of surprise, intrigue, and a bit of fear at the thought of doing something similar. That’s why we wanted to share our honest experiences of the journey so far with anyone considering it. Running a family business is a bit like a family dinner—full of warm embraces, shared stories, and a hint of chaos. It’s that mix of the familiarity of family with the unpredictable nature of entrepreneurship that creates a ‘dinner’ that can either excite or overwhelm. When done right, this dynamic can transform into a successful business as opposed to a soap opera unfolding in Navigating the early stages of building a family business by ELIZABETH AND ALEXANDRA DEWAR Sibling Synergy real-time. These are some reflections that we’ve gathered so far: KNOW YOUR PLAYERS Before diving into a family business, take a moment to understand who is sitting at the table- in a professional context. This starts with knowing yourself: what your goals are, what you bring, where you shine, and what you should leave to someone else. Though similar on the surface as sisters, we are chalk and cheese underneath, which works behind the scenes like a charm. Together, we’re a force. Do we agree all the time? No. Do we bicker like we did when we were eight and seven years over Polly Pocket dolls? Absolutely not- we’re in our 30s! Do we find swift solutions and crack a joke about it within 24 hours? Every single time. We schedule bi-weekly check-ins for clear accountability without it feeling like a chore and have “Joy Fridays” to share personal highs and cheer each other on. This keeps us on track while allowing for the side chats and laughs that make family life so rich. Insight: Having open conversations about each other’s goals, strengths, skills and preferred ways of working early on is essential. Sometimes, these things reveal themselves as the business evolves, and that’s ok. But when defining your offering or perfecting your elevator pitch, you need to know who brings what to the table so that when things take off, you can move quickly and to the best of your ability. TRUST THE PROCESS We’re only a few months into our business journey, and trusting the process has meant uncovering new sides of each other and having the confidence to speak up about things that are great and not so great. There’s a certain magic in the bond built through late-night chats and shared dreams. It’s also about learning what the other person is great at. For example, Alexandra’s drive, instinct and energy propel the business forward, while. Elizabeth keeps the creative vision alive, challenges ideas, ↓ ALEXANDRA DEWAR (left) AND ELIZABETH DEWAR, co-founders of Violet Rae Brand and Communication Consultancy ‘T Business /
43 November 2024 / ENTREPRENEUR.COM / and pushes boundaries when necessary. Trusting each other is a part of respecting the process and knowing that individual strengths don’t just coexist—they enhance each other. One of the unexpected joys of this journey has been seeing each other’s professional side. Watching your sibling in action, excelling at something they’re an absolute expert in, is a special experience. It’s a reminder that even after a lifetime together, there are still new sides to discover and appreciate. Insight: Don’t just nod along for the sake of family harmony! Trusting yourself and your instincts and having the confidence to speak up even when things get tough is where we’ve seen the biggest, strategic family business moves can be made. It goes without saying that trust is also knowing that you’ve got each other’s backs, no matter what. THE ULTIMATE ADVANTAGE Working with family means you’ve got an established history that you can use as both a safety net and a launching pad. It creates an unspoken understanding and a natural shortcut, reducing the need for over-explaining or miscommunication. This can fast-track decision-making and streamline collaboration. When you know each other’s quirks, strengths, and weaknesses better than anyone else, it feels like the ultimate cheat code in the game of business. You can skip the small talk and dive right into the trenches. This dynamic has made our business relationship better because we don’t just run with each other’s ideas—we refine them, improve them, and make sure that together, we’re always moving forward. It’s not just us who benefit from this dynamic— our clients feel it, too. The synergy between us is palpable, and we often find ourselves effortlessly riffing off each other in a way that clients love. Our conversations are genuine, open, and filled with a lively back-and-forth that sets the tone for the kind of relationships we build with our clients. Insight: Remember, as family, you know each other very well and have spent a lifetime navigating different situations together. You therefore have built-in strate- gies that you can draw on to inform your decision-mak- ing. And don’t be afraid to let your dynamic shine through in front of clients. People are drawn to authenticity, and they’ll appreciate the charm and honesty that only a family team can bring to the table. FIND YOUR NORTH STAR Creating Violet Rae together meant we got to build a business we actually wanted to work in. It’s rooted in the values our grandmother instilled in us—she is our north star. Our company bears her name, a nod to a wise matri- arch who was the heart and soul of our family. We wove her “old-fashioned values” into our modern business. We regularly ask ourselves, “what would Violet do?” to live by her principles. She taught us that purpose lies in integrity and helping others—beliefs that drive us daily. Honoring your roots gives your venture a sense of purpose—and keeps you grounded when the chaos inevitably ensues. Insight: Spend time finding your “north star”—a guiding principle or person—and use it as a foundation for your business’ direction and to outline your values that are non-negotiable. LEAN ON EACH OTHER Family colleagues become each other’s cheerleaders— except instead of pom-poms, endless cups of tea ensue. Stressful situations can be transformed into camaraderie-building problem-solving sessions. You’re always in a gang, tackling them as a duo (or a trio, quadrupole, or however many family members are in the mix!). And when it comes to celebrating your wins together, nothing beats sharing success with the people who know you best. It’s equally important to establish boundaries to maintain a healthy balance between work and personal life. We make a conscious effort not to discuss work topics at family dinners or during vacations. Insight: Lean on each other, celebrate every victory, and remember: it’s not just about the business; it’s about building a legacy that honors your family, values and dreams. But also make sure quality family time remains sacred, particularly when family members who aren’t part of the business are present (or you’ll never hear the end of it!) So there you have it—this is how we work daily to build our family business. The beauty of family in business is that you share a bond that stretches far beyond a boardroom. It’s not all hugs and high-fives; it’s hard work, strategy, and a gentle nudge over whose turn it is to do the dishes. But when you’re building something with your family, remember: if you’ve survived a chaotic family road trip, you can handle anything together! Elizabeth Dewar and Alexandra Dewar are the co-founders and sisters behind Violet Rae Brand and Communication Consultancy, a family-run UAE-based consultancy specializing in empowering SMEs and startups to build their brands by blending strategic communications with creative advertising. [OUR COMPANY] IS ROOTED IN THE VALUES OUR GRANDMOTHER INSTILLED IN US—SHE IS OUR NORTH STAR. OUR COMPANY BEARS HER NAME, A NOD TO A WISE MATRIARCH WHO WAS THE HEART AND SOUL OF OUR FAMILY.”
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45 November 2024 / ENTREPRENEUR.COM / Work it out → /Acer TravelMate P16 14 B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE Read all about it ← /Amazon Kindle Paperwhite The all-new Kindle Paperwhite is the fastest yet, with 25% faster page turns making scrolling snappy and responsive. Its display uses an oxide thin-film transistor, which gives it the highest contrast ratio of any Kindle Paperwhite, so text and images pop off the screen. A larger, 7-inch display is a first for Kindle Paperwhite without compromising size or adding bulk. Weighing in at just 158g, Kindle Paperwhite is waterproof, small enough to fit in your hand or carry in your back pocket and it’s packed with premium Kindle features. It has a 300 ppi, glare-free display with 25% faster page turns, higher contrast ratio, and a front light that is 25% brighter at max setting. It comes in a fun and fresh new Matcha color, offers up to three months of battery life from a single charge, and has 16 GB of storage for holding thousands of books— all of which make it the ideal device for reading anywhere the day takes you. If you want to up the ante, there’s a Kindle Paperwhite Signature Edition, which comes with 32 GB of storage, optional wireless charging, and auto-adjusting front light. 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 © CANON | ACER | AMAZON This latest TravelMate boasts a stunning 14-inch display with IPS technology. Thin bezels and a high 82% screen-to-body ratio maximize the screen area giving you a more immersive viewing experiences. TravelMate P6 14 is powered by new Intel Core Ultra processors, which feature up to 48 TOPS NPU of AI performance, up to 32 GB LPDDR5X on package memory, and a 65 Wh battery, ensuring seamless multitasking and extended productivity. The device offers ample storage and rapid data transfer to handle heavy workloads. Its silent keyboard supports quiet and comfortable typing and comes with a convenient microphone mute key. Acer QuickPanel automatically launches when the camera is activated, so camera and microphone settings can be quickly adjusted. Its AI-boosted features like Portrait Refinement, Gentle Lighting, and Super Sharp features can subtly smoothen appearance, Picture this ↓ /Canon SELPHY QX20 SELPHY QX20 is a must-have gadget for creative professionals. From making visual notes for projects to decorating journals, scrapbooks or office spaces, SELPHY QX20 delivers high-quality, long-lasting pictures on sticky-backed paper straight from a smartphone. Leaning into popular social media formats, this upgraded device now supports 2:3 as well as square paper sizes, which lets you bring digital images to life effortlessly. Without the need for ink cartridges, the SELPHY QX20 uses dye sublimation technology that produces smudge-free, high-quality photos. An overcoat is added to resist the effect of fading. Easily transportable and complete with a built-in battery and Wi-Fi compatibility, the printer fits comfortably in a bag, meaning it can be used on-the-go to transform memories into physical keepsakes on the spot. At home, its compact size means it can sit neatly on any shelf or desk without compromising tabletop space. Beyond the choice of paper size, wider creative expression is available with the SELPHY Photo Layout App, where fun artistic touches like stamps, filters, borders, and text can be added to special memories. The update also includes collages, frames and customisable borders, with new edge-to-edge printing meaning more of the memory can be seen with each print. SELPHY QX20 comes in terracotta red, dark grey and classic white. It’s is a functional, yet stylish device designed to print instant peel- and-stick photo anywhere you go. and improve lighting, color contrast, and resolution while maintaining a natural look to help you look your best in video calls. The new TravelMate is durable and can withstand the rigors of life on the road. It provides the latest wireless connectivity, including Wi-Fi 7 with speeds of up to 5.8 Gbps and integrated Bluetooth 5.4. TravelMate P16 14 rounds out with a USB 4 Type-C, HDMI 2.1 and two USB 3.2 Gen1 Type-A ports, which support a wide range of peripherals, monitors and devices.
B/Gear Curated by David Beckham, his exclusive edit from the Fall/Winter 2024 collection features a selection of handpicked seasonal favorites that perfectly blends BOSS iconic menswear with Beckham’s signature style and aesthetics. It offers a broad assortment of lifestyle looks, designed to elevate any wardrobe with Beckham's impeccable taste. Beckham’s curated favorites include a refined selection of tailored options such as suits, trousers, and coats, notably, a camel double-breasted coat with peak lapel, each showcasing a perfect blend of sophistication and modernity. Complementing these is a range of casual garments, from denim to knitwear, crafted from premium fabrics like cashmere and regenerative cotton. A true representation of his personal style, Beckham’s standout favorites include a luxurious 100% virgin wool cardigan sweater and an authentic, relaxed-fit denim shirt with double breast pockets. www.boss.com From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, our picks are from Boss, Dune London / Apparel Group, Levi’s, and Puma. The Executive Selection BOSS SELECTED BY BECKHAM → BOSS’ exclusive Fall/ Winter 2024 collection 46 / ENTREPRENEUR.COM / November 2024
47 November 2024 / ENTREPRENEUR.COM / PUMA, in collaboration with M&C Saatchi Middle East, has launched “Play The City,” an initiative celebrating the unsung heroes of street cricket across the region. By highlighting the passion and community spirit of those who play the game outside the spotlight, "Play The City" empowers grassroots talent and showcases the cultural significance of street cricket in UAE. The "Play The City" initiative includes two captivating docuseries that explore the lives of players from local teams like Blitz Boss Royals, Dubai Commandos, Hashmi CC, Little Masters, OGS X1, and United Pro X1. Set against the backdrop of Dubai’s urban landscape, these players transform everything from parking lots to sandy patches into unofficial cricket grounds, wearing everything from track pants to kurta-pyjamas. To further enhance the campaign, M&C Saatchi Middle East supported PUMA by creating custom-designed jerseys inspired by each team’s local neighborhoods, blending community pride with street-ready style ae.puma.com EDITOR’S PICK PLAY THE CITY↓ IMAGES COURTESY BOSS | DUNE | LEVI’S®| PUMA With timeless style and unparalleled comfort, Levi’s ensures you’re ready to embrace life’s moments with confidence and ease. Levi's Baggy Jeans (baggy dad wide leg & ‘94 baggy wide leg) have become a go-to closet staple, offering unmatched comfort and an effortlessly cool aesthetic. With a mid-rise and a range of straight to wide-leg fit, this denim style leads the market in fabrication and vintage finishes. www.levi.com/ US/en_US/ ↑ OWN YOUR STYLE Levi’s denim that fits your every move WHERE TIMELESS ELEGANCE MEETS CONTEMPORARY TRENDS →/ Dune London introduces AW24 Collection The Dune London Autumn - Winter (AW) 24 collection is a dedication to low-key luxury and timeless design. With a focus on trend-led textures and statement hues, look out for jewel tones like our new midnight cherry red and forest green, alongside our house leopard print, hand finished detailing and timeless croc and snake-effect. From carefully sourced leathers to glossy high-shine finishes, discover directional designs and signature silhouettes stand the test of time, while updating your wardrobe for the season ahead. www.apparelgroup.com
48 / ENTREPRENEUR.COM / November 2024 Headquartered in Abu Dhabi, and owned by the investment and holding company Abu Dhabi Holding, Wio Bank aims to redefine the banking experience in the country by closing the gap between the services offered by incumbent banks and the needs of millennials and tech-savvy customers. To say that the bank was successful in this endeavor would be an understatement as the results of its first full year of operations surprised expectations- Wio Bank’s financial results for the fiscal year 2023 revealed that it became profitable in the first year already. The bank reported a revenue of AED266.4 million and a net profit of AED2 million, marking its first year in operations with impressive profitability. “We are one of the fastest neobanks globally to achieve this,” says Jayesh Patel, CEO of WIO Bank. “Also, achieving customer satisfaction is one of the greatest achievements which is reflected in the rating of our app and the comments on social media from our customers. Establishing the Wio team is also a big achievement. We have 45 nationalities working together to build amazing products at record time– and the diversity of the team translates into a diversity of ideas which ultimately drives our innovation.” As the CEO of Wio Bank, Patel is shaping the platform bank as an intelligent financial partner for businesses and customers, providing solutions in three areas - digital banking apps, embedded finance, and banking-as-a-service solutions. With this offering, Wio Bank is helping SMEs grow and succeed. “Small and medium-sized enterprises globally often start with dreams and visions. Many begin as passion projects that grow into large, successful businesses. However, this journey is not without its challenges,” Patel explains. “Even if you have a great idea, executing it can be difficult. One of the key challenges is surrounding yourself with the right people and staying focused on your goals. This is true not The region's first platform bank Wio Bank contributes to the UAE positioning itself as a pivotal digital economy hub both regionally and globally. by TAMARA PUPIC Empowering Enterprises ‘T Digital / T he United Arab Emirates is known for closing the gap between idea and execution expeditiously, and here’s one in many examples- the country announced its Digital Economy Strategy in April 2022, aiming to increase its GDP contribution from digital services from 9.7% in 2022 to 19.4% over the next decade. Only a few months later, in September 2022, Wio Bank, the region’s first digital platform bank, began operations. → JAYESH PATEL is the Chief Executive Officer of WIO Bank.
49 November 2024 / ENTREPRENEUR.COM / just in the UAE but globally. However, the UAE offers unique advantages. It’s a thriving market with a mature digital ecosystem, where customers are highly receptive and willing to embrace new ideas. This openness gives businesses a significant edge in this region.” He adds that SMEs face challenges like budgeting and managing cash flow, which can be trickier than expected. “In this context, financial tools become essential,” Patel points out. “For example, we provide solutions for expense management and tools that simplify the transition into tax compliance, as taxation is becoming more prominent in the UAE.” Patel is well familiar with the obstacles that SMEs encounter when growing their offerings due to his wealth of professional experience- during his previous posts at Deloitte and IBM in the US, and Liv, a digital bank of Dubai’s government- owned Emirates NBD, he focused on innovation and building on-demand digital solutions for a range of clients, including Fortune 500 companies. He advises, “Vertical scaling involves deepening your existing product or service offerings to capture more value within your current market. My key advice here is to focus on building sustained differentiation. One of the learnings we had at Wio Bank is that doing the hard things, like addressing critical gaps in the market, leads to long-term success. For example, when we launched Wio Business in 2022, we identified a significant gap in the market for SMEs needing digital-first banking solutions. We didn’t just build a bank, but we introduced features like fully digital account opening, automated savings tools, multi-currency accounts, and multi-user access—es- sentially creating a suite of services that stood out in a crowded market. This approach allowed us to become a leader in customer acquisition because we focused on what SMEs needed most, rather than just offering generic banking products.” In the future, Patel says, Wio Bank will continue building on its vision to support the growth of SMEs. “So far, we’ve developed strong savings and money management tools, and now we’re expanding into credit solutions,” he says. “We’ve launched a straightforward and efficient credit card for SMEs, and we’re rolling out a ‘Quick Cash’ service to provide them with fast access to funds. We’re also introducing post-based financing, which will further address the credit needs of SMEs. Our goal is to strengthen our offering in this space and provide more comprehensive support for SMEs.” In addition, Wio Bank is working on enhancing capabilities to make business management even easier. “For example, we’re working on a feature where business owners can view and manage all their companies in one platform,” Patel explains. “We’re also opening up our application programming interface (API) to integrate with accounting software, continuing our mission to simplify financial management for businesses.” On the retail side, Patel adds, Wio Bank’s focus remains on adding long-term value for its customers,” he says. “We’ve developed robust savings products that deliver great value and spending tools that help users manage their money more effectively. Our philosophy is that you shouldn’t have to sacrifice living well today to secure your future. We’re focused on building products that balance enjoying life now while planning responsibly for tomorrow. Lastly, we’re continuing to partner with other digital ecosystems to ensure our services are seamlessly integrated and easily accessible to our customers.” } UNDERSTAND WHERE PEOPLE ARE WILLING TO PAY “It’s crucial to have a clear view of your value proposition and build a profitable business around it.” }FOCUS ON EXECUTION “Whatever you do, do it well. Build an “execution machine” that consistently delivers results. Success comes not just from having a great plan, but from executing it flawlessly.” }COMMUNICATE EFFECTIVELY “it’s not just about having a great pitch deck, it’s about delivering it effectively. How you communicate and execute your vision matters just as much as the vision itself. And remember, perseverance is key—stay committed, and success will follow.” Wio Bank CEO Jayesh Patel Advises Entrepreneurs 'TREP TALK
50 / ENTREPRENEUR.COM / November 2024 The App Olympics offers financial rewards, in addition to a prize featuring a package of services worth USD$150,000 to develop their app and establish their mobile app business in Dubai, and participation in a six-month mentorship program after the end of the competition. Winners in each category will benefit from a media support package, as well as access to the network of partners and participants in the App Olympics. Key initiatives include the App Olympics Ambassador Program, which engages past finalist teams to expand the program’s global outreach, and the ‘Why Dubai?’ hub, which seeks to strengthen Dubai’s position as a leading global hub for tech and mobile app development. This innovative section features specialized reports on the digital economy ecosystem in Dubai, together with the success stories of application development projects in the emirate. The App Olympics also features a dedicated platform through which participants can access 100 bite-sized learning modules, comprehension quizzes, weekly community check-ins, live masterclasses and mentorship sessions- all of which are designed to equip them with the tools needed to develop prototypes, improve pitch decks, and create the business canvases required to qualify for the semifinals. In addition, this edition introduced the Olympian Mindset program—a series of four workshops to all Dubai Chamber of Digital Economy invites registrations for the App Olympics by November 13, 2024 Innovation Showdown T he Dubai Chamber of Digital Economy has launched the second edition of the App Olympics, part of the Create Apps in Dubai initiative launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in March 2023. Registration for the App Olympics is open from October 13 to November 13, 2024, on the App Olympics website. Overseen by the Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, the App Olympics is the first out of many initiatives under Create Apps in Dubai, and it seeks to attract and train applicants from around the world offering live online workshops, mentorship sessions, and resources focused on app development, prototyping, and pitch deck creation. The App Olympics competition, designed to provide equal footing for both seasoned developers and newcomers, fosters a global learning environment that encourages participants to compete, collaborate, and grow. Last year’s edition saw more than 1,100 participants apply for 64 countries, and this year the competition is looking at doubling the number of participants and participating countries. Open to entrants of any age from anywhere around the world, the App Olympics features four awards categories: Best Youth App, Most Impactful App, Most Innovative App, and Industry of the Year – Mobile Gaming. A special category has been created for the mobile gaming sector in this year’s edition in line with the goals of the Dubai Program for Gaming 2033, which aims to position Dubai among the top 10 global hubs for the gaming sector. ‘T/Apps → H.E. Alia Abdulla Al Mazrouei, the UAE Minister of State for Entrepreneurship and SMEs, launching the App Olympics.
51 November 2024 / ENTREPRENEUR.COM / participants that supports innovative thinking and growth mindset. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Deputy Prime Minister and Minister of Defence of the UAE, said the App Olympics is one among a series of initiatives aimed at realizing the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to strengthen the emirate’s position as a global hub for advanced technologies and digital innovation. H.H. Sheikh Hamdan emphasized the importance of inspiring the brightest minds to develop groundbreaking solutions that contribute to building a better future for all of humanity. Indeed, another initiative under the Create Apps movement is the Emirati Training Academy which seeks to train over 1,000 Emiratis on the fundamentals of coding, building mobile applications, and business creation models. It also aims to triple the number of app developers in Dubai by 2025 and support 100 new national projects for the development of cutting-edge mobile applications. One of the most future-ready cities in the world, Dubai is leading the global adoption of cutting-edge technologies, optimizing their application across all sectors while building world-class infrastructure. These efforts, H.H. Sheikh Hamdan said, have positioned Dubai among the world’s top cities in shaping tech-based industries, creating a model for an economy driven by strategic investments in advanced technologies. He added, “Building on Dubai’s remarkable achievements, particularly in the digital economy, we are continuing to position the emirate at the forefront of future-oriented innovation. The digital economy is a key pillar of the Dubai Economic Agenda D33 and we call on all stakeholders to capitalize on opportunities to drive sustainable growth and prosperity.” H.H. Sheikh Hamdan further said the significant global interest in the App Olympics highlights Dubai’s critical role in fostering innovation and accelerating digital transformation. He remarked that Dubai serves as a platform for showcasing and sharing innovative ideas globally, setting the stage for them to spread and shape emerging trends. This highlights Dubai’s pivotal role in driving global digital transformation by acting as an incubator for technology ideas that have the potential to redefine various sectors, he added. His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of the Dubai Chamber of Digital Economy, stated that the App Olympics, launched under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has garnered significant worldwide interest. By attracting leading talent and innovators, the initiative will consolidate Dubai’s position at the forefront of the fast-growing global technology sector. His Excellency added that the App Olympics reflects the leadership’s commitment to reinforcing Dubai’s status as a leading global digital economy hub and a premier destination for entrepreneurs in app development. The initiative also plays a key role in supporting the objectives of the Dubai Economic Agenda D33, he said. The announcement was made at Expand North Star, the world’s largest gathering of startups and investors, being hosted by the Chamber at Dubai Harbour from October 13-16, 2024. The event was graced by the presence of H.E. Alia Abdulla Al Mazrouei, the UAE Minister of State for Entrepreneurship and SMEs. The second edition of the App Olympics was launched in tandem with two panel discussions. ↑ AI & FUTURE OF LIVING explored the synergy between mobile apps, AI, and human connectivity, with industry leaders from Talabat, CAFU, Amazon Web Services, and Boss Bunny sharing their insights. ↑ Tech Champions: Lessons from App Olympics Winners, highlighted experiences and lessons from the four winning teams of last year's competition, and founders of Emudy, Bareeq, The Intern, Takeem.
52 / ENTREPRENEUR.COM / November 2024 ‘T/Growth GymNation to accelerate expansion following the opening of its 20th location. BREAKING NEW GROUND G ymNation, positioned as “The People’s Gym”, is democratizing health and fitness, by making going to the gym more affordable and accessible for everyone across the Middle East. The Entrepreneur Middle East team sat down with its founder and CEO Loren Holland to learn more about the company’s expansion plans across the MENA region and beyond. GymNation has had a busy year opening 10 new gyms and doubling the number of sites. How have you managed to achieve such growth, so quickly? Our growth potential started accelerating around a year ago when we completed the management buyout of our previous investors, JD Sports, a UK-based FTSE 100 company. Once we were free from all corporate interference and had full control over our business and the wider strategic direction, we really started to get moving on our expansion, especially focusing on our entry into the Saudi Arabia market. Opening 10 gyms, including six in Saudi Arabia, in quick succession, was always going to challenge our business infrastructure, but we’d carefully planned for this over many months and that careful foresight has led to flawless execution with all gyms opening on budget, on time and at almost double the opening membership numbers we had originally planned. We’ve invested over $15 million of capital expenditure into → GymNation, positioned as “The People’s Gym”, is democratizing health and fitness, by making going to the gym more affordable and accessible for everyone across the Middle East.
53 November 2024 / ENTREPRENEUR.COM / these new sites, alongside a $20 million investment into the acquisition of our existing Motor City gym real estate to secure the long-term future of this site and provide a significant expansion opportunity. Acquiring the Fitness First space above our existing site allows us to almost double the size of our gym by connecting the two spaces together to create one of the most advanced and well-invested fitness facilities in the world. You mention that six of those new gyms are in Saudi Arabia. Tell us more about how the GymNation model is changing the fitness landscape there, and what impact are you already seeing from your affordable, and highly engaging approach? The Saudi Arabia fitness scene is booming and it’s a market that we’ve had an ambition to enter for a number of years. The government has a huge focus on improving fitness penetration levels across the population and are actively encouraging the citizens of Saudi Arabia to engage in health, fitness, and wellness. We want to play our part by helping to break down the affordability barrier and make fitness more accessible and welcoming for everyone across the Kingdom. We have an active membership base in Saudi in excess of 20,000, of which 44% have never previously owned a gym membership. So, whilst our model acts as a disruptor to the status quo and sees us absorb existing market share, we also see our role as helping to significantly grow the market and bring a new demographic into the sector, benefitting the society as a whole. Interestingly, in KSA we have also seen the demand from the females outstrip males. The feedback we have received is that the female market is underserved and in many instances female-only gyms are priced far higher than their male-only equivalents. At GymNation we have uniform pricing regardless of gender and this will remain a key part of our offering in Saudi going forward. How do you find doing business conditions in Saudi Arabia when compared to the UAE? We received many ‘health warnings’ about the challenges of replicating a successful UAE business model and brand into Saudi Arabia. I recall one meeting where I was told “Saudi Arabia is the graveyard of UAE businesses”! We took a lot of this negativity and skepticism with a pinch of salt, especially when these comments were from consultants with little, to no, practical experience of operating in Saudi Arabia, or by operators who all too often had attempted to manage their Saudi operations from Palm Jumeirah in Dubai! Our experience has been the complete opposite. Despite being a wholly owned entity from the UAE, with no local KSA partner, we’ve felt very welcome and the support from the Ministry of Investment of Saudi Arabia (MISA) has been a vital component, ensuring our smooth and successful launch into this incredibly exciting market. All I can say to anyone reading this is, don’t listen to the naysayers and have absolute conviction that Saudi Arabia is an entirely business-friendly environment and welcoming of foreign investment and new market entrants. So, get yourself on the ground, invest in a Saudi based team, and don’t look back. A key pillar of Saudi Arabia’s Vision 2030 is fostering a healthier, more active society by making fitness accessible to all. And locally, in the UAE, H.H. Sheikh Hamdan has championed a more active lifestyle for all through the Dubai Fitness Challenge. Could you elaborate on how GymNation is supporting and contributing to these goals? The initiatives led by the UAE and KSA governments are significant drivers behind the growth of our }} → Loren Holland, founder and CEO of GymNation. IMAGES COURTESY GYMNATION
54 / ENTREPRENEUR.COM / November 2024 ‘T/Growth industry. The Middle East boasts the fastest-growing fitness market in the world, much of which is thanks to government-led initiatives like Sheikh Hamdan’s annual 30x30 fitness challenge, as well as Saudi Arabia’s Vision 2030 Quality of Life Program. With a population of over 35 million and fitness penetration currently at around 5-7%, the KSA market opportunity is huge, with projections suggesting the fitness market will double in the next three to five years. It’s an incredibly exciting time, and GymNation wants to be at the forefront of driving these initiatives as the region’s ‘movement partner’. We are excited to continue championing healthy and active lifestyles and supporting the communities we serve to become better versions of themselves, no matter what their fitness goals. You’ve introduced innovative concepts like HYROX to the region. How does GymNation continue to be a pioneer in fitness trends, and what new offerings can members expect in the near future? While we have a strategic focus on expanding our business through opening new locations, in 2025 we plan to reinvest over $3 million back into our wider product. A good example is that in the next few months we will be opening five HYROX Performance Centers. These will be the first dedicated HYROX centers in the Middle East and provide hybrid athletes with some of the best training facilities in the world for this training method. We have worked closely with HYROX to develop the world’s first HYROX365 Challenge, a benchmark workout event combining elements of a HYROX race with those of the HYROX365 training programs. We plan to invest over $1.5 million into rolling out pilates studios across our existing and future gyms and we will have a fully comprehensive wellness and recovery offering launching in Q1 2025. We have also recently announced our partnership with Olympic bronze medalist Tony Jeffries, and we are already offering his Box ‘N Burn classes across many of our gyms. So, what next for GymNation, what is the scale of your ambitions and do you plan further expansion in the GCC and perhaps outside the Middle East? Whilst 2024 has been super busy we have huge ambitions for the next 12 months and beyond. We’re focused on growth and ensuring we deliver on our full potential within the region’s rapidly growing fitness industry. We plan to open a further 20–30 sites in the coming 12 months, including our entry into new markets like Kuwait, Bahrain and Qatar. One of our competitors, listed on the Saudi Stock Exchange, has a market cap close to $3 billion and is growing at 30+ sites a year, which demonstrates the value potential in the sector. We also plan to continue our investment into AI and our technology platforms. GymNation is already widely recognized as the leading leisure operator in its adoption of AI technology, and we want to take things to another level. This ongoing investment into technology, automation and AI gives us a competitive edge by helping to cut operational costs, allowing us to streamline processes, personalize member experiences and improve member retention. This sets us apart from our competitors who are still running on antiquated systems and outdated operational processes. Longer term, we see an opportunity for GymNation to grow to over 100 gym locations across the GCC, while also exploring other opportunities across the MENA region. Additionally, we have been approached about entering markets outside of the region, which presents further growth potential and underscores the value in our brand and business model on a global scale. The GCC fitness market is growing at 15-20% a year and we have invested in our company infrastructure to grow at pace and capitalize on what we feel is a generational opportunity. We will continue to do things differently and push the boundaries, particularly when it comes to our people and investment into our leadership. Just last year over 15% of the company equity was transferred to senior members of our wider management team. Having the leaders of our business as shareholders alongside us and them sharing in the value creation as we grow, creates an unbeatable culture and an incentive structure our competitors simply can’t replicate. We have several new big additions to the team which we will announce in the New Year, and we fully recognize the success in executing our ambitious plans will come from having the right people, the right culture and the right incentives, whilst never losing focus on our promise to provide the best possible value offering in the industry. DON’T LISTEN TO THE NAYSAYERS AND HAVE ABSOLUTE CONVICTION THAT SAUDI ARABIA IS AN ENTIRELY BUSINESS- FRIENDLY ENVIRONMENT AND WELCOMING OF FOREIGN INVESTMENT AND NEW MARKET ENTRANTS.”
55 November 2024 / ENTREPRENEUR.COM / Inclusive Healing Having founded Sama Health, a culturally relevant online therapy app, Misha Akbar is easing the mental health journey for South Asian expats in the UAE. by AALIA MEHREEN AHMED ← MISHA AKBAR is the founder of Sama Heath, an online platform offering culturally relevant therapy for South Asians in the UAE. IMAGES COURTESY SAMA HEALTH
56 / ENTREPRENEUR.COM / November 2024 S/Culture }“At the time, after nearly ten years, I was finally confronting my depression and anxiety, making progress toward healing,” Akbar recalls. “The world was also in the thick of the COVID-19 pandemic, and mental health became a global conversation. I noticed that the UAE was actively promoting mental health initiatives—but most of these efforts focused on the Arabic-speaking community or catered to the UK/US expat populations. With South Asians making up the second-largest expat group in the UAE, I couldn’t help but wonder: where were the resources for us? As online therapy became more accessible during the pandemic, I saw so many South Asians in the UAE turning to therapists in India because they didn’t know who to reach out to locally. Even then, they struggled to find someone who truly understood the unique challenges of living as an expat in the UAE. Additionally, mental health frameworks were just starting to take shape here, and there was still a lot of confusion about who was a legitimate therapist. That’s when I realized the need for something different. And that’s how Sama Health was born—designed to fill the gap with culturally relevant therapy for the South Asian community in the UAE.” }A large part of Sama Health’s promises of affordabil- ity and accessibility are rooted in the fact that the platform strives to make online therapy much more accessible than in-person alternatives. “Sama Health functions like an online marketplace for therapy, where the platform does not directly employ therapists but signs up to offer their services,” Akbar explains. “Our therapists are clinical and counseling psycholo- gists licensed by the Community Development Authority (CDA) and or the Dubai Health Authority (DHA). We decided to hire psychologists and not look at coaches to ensure people got the proper professional care they sought. Additionally, the regulatory frame- work for mental health coaches and other mental health professionals is weak at best. We want our clients to feel safe and validated in their journey just as one would in going to a doctor with a medical concern.” }The first step involved in validating a patient’s efforts comes through Sama Health’s option to book compli- mentary 30-minute therapy sessions with three therapists. “This allows clients to find a therapist they resonate with before committing to a paid service,” Akbar explains. “This was keeping in mind the barriers and cost of therapy. Many people, during our research phase, had complained about spending money on therapists only to realize they did not resonate with the therapist and felt they had wasted their money. This also put them off therapy because T here is a common thread of values that has, for centuries now, bound the people who hail from the nations that make up South Asia. Its deeply collectivist communities and families continue to place importance upon preservation of traditions, respecting elders, academic excellence, and set gender roles, among others. While these values are commendable in certain scenarios -and I can take the journalistic liberty of saying what I say next as a South Asian myself- the same culturally accepted tendencies can many a time impede individuals from gaining the right resources to treat their mental health. Now, consider the implications of such culture-specific issues for South Asians who reside in foreign nations, where an added problem prevails: therapists who are simply not familiar with these value systems. It was to directly address this that Misha Akbar launched Sama Health, a culturally relevant online therapy app, in Abu Dhabi in 2021. → Sama Health was born out of Akbar’s mental health journey. Not only did she struggle to find the proper care at the right time, but she was also surrounded by stigma and a lack of awareness in her support system. Through Sama Health, Akbar hopes to make it easier for South Asians in the UAE to connect with ‘culturally sensitive’ therapists.
57 November 2024 / ENTREPRENEUR.COM / the experience made them feel like therapy was not a viable option. By offering free initial sessions, we encourage people to explore therapy without the immediate financial or emotional pressure of committing. These introductory sessions allow individuals to experience the benefits of psychother- apy, breaking the myth that it’s just ‘talk.’” }Following this, clients can eventually opt for paid therapy sessions at a price that Akbar describes as being “more affordable than traditional in-person therapy.” And it is a model that has stood Sama Health in good stead so far- for starters, the app has already been down- loaded over 200 times with a steadily increasing number of repeat clients. “We also secured angel investor funding of US$100,000, which was huge because it reiterated the need for culturally relevant therapy in the UAE,” Akbar adds. }Indeed, at the heart of this business model has been a dedication to address the challenges that this article began with: i.e. the need for therapists who are attuned to the lived experiences of South Asian expats in the UAE. “The concept of “culturally sensitive” therapists is essential when addressing mental health in the context of South Asian values and family systems,” Akbar reiterates. “For South Asians, mental health is deeply inter- twined with cultural beliefs, family expectations, and societal norms, making culturally competent care critical. Mental health issues are also often stigmatized in South Asian cultures. A culturally sensitive therapist would understand the shame or guilt that can come with seeking help and provide a non-judgmental space for clients to open up. Additionally, for many South Asians, religion or spirituality plays a central role. A culturally compe- tent therapist would respect these values and, where appropriate, integrate the client’s spiritual beliefs into the therapeutic process. Therapists also need to be aware of the unique challenges that come with being a South Asian expat, such as cultural disloca- tion, discrimination, and the pressure to succeed- in fact, many South Asian expats deal with identity struggles (especially third culture kids), balancing traditional values with the expectations of living in a different country. Thera- pists must thus navigate these dynamics thought- fully, particularly when discussing topics like marriage, career choices, or autonomy.” }In converting this vision from theory to practice, Akbar has put in place certain criteria when it comes to selecting therapists for Sama Health. “All therapists go through several rounds of conversa- tions with me but, for starters, they should identify as South Asians, have at least 2-3 years of experience as counseling or clinical psychologists, and have a Master’s in Psychol- ogy,” she explains. “Thera- pists are then selected based on their openness to integrating holistic or culturally familiar approaches. Whether it’s understanding the role of meditation, yoga, or spiritual counseling, therapists who can incorporate these into their practice are preferred. Whether it’s cognitive- behavioral therapy, family systems therapy, or solution-focused therapy, the chosen therapists tailor their approaches to suit the unique cultural back- grounds of their clients. Moreover, I look for therapists with specific experience in multicultural settings, considering the mental health landscape of the UAE.” }Upon being selected, Sama Health receives a service fee from the therapists’ earnings -”similar to how platforms like Uber operate,” adds Akbar- while the rest of the payment goes to the therapists themselves. And according to the founder, adopting such a business model has helped her keep the venture financially viable without losing sight of the core sentiment that drives its operations. “As a first-time startup founder, I sometimes struggle to balance financial viability and staying true to Sama Health’s mission,” Akbar shares. “One of our core values is making therapy accessible and building awareness. The platform achieves this by offering a more affordable price than in-person therapy }} MENTAL HEALTH ISSUES ARE ALSO OFTEN STIGMATIZED IN SOUTH ASIAN CULTURES. A CULTURALLY SENSITIVE THERAPIST WOULD UNDERSTAND THE SHAME OR GUILT THAT CAN COME WITH SEEKING HELP AND PROVIDE A NON-JUDGMENTAL SPACE FOR CLIENTS TO OPEN UP.”
58 / ENTREPRENEUR.COM / November 2024 S/Culture without compromising quality. Adopting an online model reduces operating costs, making it financially sustainable while remain- ing mission-aligned.” }Now, Akbar’s admittance of her personal struggles in running the business steers the conversation towards a subset of the global population that suffers from a myriad of mental health issues: entrepreneurs. A study of 227 entrepreneurs in 46 countries by US-based busi- ness content and data platform Founder Reports shows that 87.7% of entrepreneurs are strug- gling with one or more mental health issues. “Countless moments of loneliness, anxiety, self-doubt, and burnout are often part of the entrepre- neurial journey,” Akbar laments. “Something that has helped me along the way is I always try to walk the talk. This means I make a conscious effort to prioritize my mental health and treat it like a task. I do regular self-checks in journalling, take time to reflect, and practice affirmations. I also normalized seeking help for myself, whether it was to my close family or friends.” }When asked what advice she’d like to share with fellow startup founders, Akbar notes that healthy mechanisms are required to deal with the inevitable failures that come with entrepreneurship. “It is easy to take everything personally, especially when you are building something so personal to you,” she continues. “I have learned to reflect on these setbacks and seek constructive feedback. You must always have a plan B at the back of your mind. It is okay to pivot as long as you grow from those moments. Finding a community of like-minded people has been huge for me. The emotional support, encouragement, and practi- cal tips have kept me sane. I am notorious for pushing myself and expecting perfection. I celebrate all small wins and listen to my tribe when they ask me to slow down. Compassion towards myself has been critical in building my emo- tional resilience. Entrepre- neurship is a marathon, not a sprint. Just like you create business strategies, I have a plan for my mental health. This includes regular therapy sessions, exercise routines, and scheduled breaks.” }Akbar’s approach towards the ups and downs of entrepreneurship -and indeed, life itself - can perhaps be directly correlated with the lessons she learnt from her mother: the person she refers to as her role model. “My mother faced countless challenges yet remains the definition of resilience, carrying a positive mindset through it all,” she says. “From her, I’ve learned much about taking risks, embracing life fully, and staying connected to my “why.” One of the biggest lessons she’s taught me is the power of purpose. She always said, “Whatever you do, make sure it has meaning. Make sure it leaves a positive impact, whether big or small, on the people you meet.” In moments when I feel low or start to question myself, I return to my “why.” I remind myself why I began Sama Health: to ensure no one else has to endure the darkness or hopelessness I once felt. My mission has always been to live purposefully and create an identity. The validation from mentors, clients, and the community strengthens that drive, pushing me forward as I build Sama Health.” }It is precisely with that mindset that Akbar has now dedicated herself to the betterment of the UAE’s South Asian expat population. “To spread awareness, we have also invested time and money to create podcasts, awareness campaigns, and interviews with our therapists,” she reveals. “We have also built a thriving meet-up commu- nity where people can come together in a safe environment without feeling judged. We focus on validation and acceptance so people feel more comfortable seeking therapy. Our focus on working with South Asian therapists empowers our clients to choose profes- sionals who speak their language and understand their cultural struggles, making therapy more relevant and relatable.” }As for what’s next for Akbar and Sama Health, the founder hints at a promising future. “For Sama Health, the journey is just beginning, and the vision continues to evolve as we respond to the growing needs of South Asian communities. We are still in the validation stage and want to do it right and with sensitivity. We are building trust and credibil- ity, and I value every single client. We want to focus on and grow in the B2B space, partnering with universi- ties and research programs. We are also incredibly excited about launching new digital tools and resources, especially those integrating AI to comple- ment our therapists. Ultimately, we want to use our work in the UAE as a blueprint for expanding to other GCC countries!” ONE OF OUR CORE VALUES IS MAKING THERAPY ACCESSIBLE AND BUILDING AWARENESS. THE PLATFORM ACHIEVES THIS BY OFFERING A MORE AFFORDABLE PRICE THAN IN-PERSON THERAPY WITHOUT COMPROMISING QUALITY.”
59 November 2024 / ENTREPRENEUR.COM / I nspired by the golden era of Italian cinema, TOTÓ Vini e Cucina delivers an authentic Italian dining experience Located on Sheikh Mohammed bin Rashid Blvd in Downtown Dubai, TOTÓ presents a blend of rustic luxury and exceptional décor, seamlessly intertwin- ing Italian cinematog- raphy with the chic ambiance of Dubai. Guests can indulge in a variety of Italian- Mediterranean dishes, each of which is a tribute to traditional recipes and cooking techniques that have been passed down through generations. Every dish served at TOTÓ is thoughtfully prepared by culinary maestros, led by the celebrated Chef Angelo Santi. With over 25 years of culinary expertise spanning across Italy, Moscow and beyond, Chef Angelo’s genuine passion for Italian cuisine is matched only by his talents as a multifaceted artist. Joining Chef Angelo is the critically acclaimed Pizzaiolo and World Champion, Chef Vincenzo Palermo, who holds two Gambero Rosso awards. With a passion for pizza from a young age, Palermo started his culinary journey at 20, studying in Italy and perfecting his craft worldwide. In 2018, he won the World Pizza Competi- tion, beating 850 professionals. His Moscow pizzeria was named one of Europe’s top 50 in 2019. After my recent lunch at TOTÓ Vini e Cucina, I can confirm that the restaurant offers a delightful journey through authentic Italian flavors. With its fresh ingredients, authentic dishes, and inviting atmosphere, it’s a must-visit for anyone craving a taste of Italy. For those who are too busy building their careers or growing businesses, TOTÓ Vini e Cucina offers LA TAVOLATA, a two-, three-, or four-course business lunch, brimming with the tastes and flavors of Italy. It is available from Monday to Friday from noon until 4:00 p.m. For bookings, please visit https://www.sevenrooms. com/reservations/toto or call 04 215 2121 Dubai’s newest Italian spot by TAMARA PUPIC TOTÓ VINI E CUCINA
62 / ENTREPRENEUR.COM / November 2024 ONE OF THE MOST ICONIC PROJECT to date is Lofts&Rosegold, situated on a former UNESCO- protected equestrian arena. The neoclassical “Lofts” offer authentic loft living, while the contemporary “Rosegold” building, with its ceramic rose-gold facades, embodies Scandinavian hygge philosophy, creating a community- driven experience with shared social spaces. Further emphasizing R Evolution’s green design philosophy, House of the Flying Trees (HOFT) introduces a vertical forest concept, integrat- ing bonsai trees into the building’s façade. This fusion of restored 19th-century architecture and sleek modern design offers residents a unique blend of nature and luxury in the heart of Riga. Similarly, Tal Residence pays homage to chess legend Mikhail Tal, R Evolution expands global legacy with Eywa by MINA VUCIC From Riga to Dubai D uring a recent media trip to Riga, Entrepreneur Middle East explored the innovative luxury real estate projects spearheaded by R Evolution, a developer renowned for blending historical preservation with modern design and sustainability. With over two decades of experience across Europe, R Evolution is reshaping Riga’s skyline, merging the city’s rich cultural heritage with forward-thinking architectural concepts. Through visionary developments that honor the past while embracing the future, R Evolution is leaving a lasting impact on both Riga and the global real estate landscape.
63 November 2024 / ENTREPRENEUR.COM / incorporating chess motifs into its design. Located in Riga’s prestigious Quiet Center, the building’s geometric elements and Art Nouveau inspiration create a living space that stimulates intellectual engagement. Meanwhile, Philosophers’ Residence, a two-tower complex dedicated to German philosophers, promotes mindful living with panoramic views and meditation spaces, all while preserving the natural environment below. R Evolution’s impact, however, is no longer confined to Europe. Expanding into the UAE, the developer has unveiled its first Dubai-based project, Eywa, a luxury waterfront development that blends ancient wisdom with state-of-the-art technology to offer a transformative living experience. Eywa, with its 48 exclusive 2- to 5-bedroom residenc- es, emphasizes a holistic approach to health and lifestyle. Its innovative features, including crystal gardens, living drinking water systems, and cascading waterfalls on every terrace, support physical, mental, and social well-being. These wellness- focused elements, com- bined with the building’s organic design inspired by the Tree of Life, have earned Eywa LEED Platinum and WELL Platinum certifications, setting a new standard for luxury residential living in Dubai. As a testament to its visionary design, Eywa was recently recognized at the International Property Awards 2024 in London, securing titles for World’s Best Property and Best International Apartment/ Condominium Develop- ment. This marks Eywa as a leading project in Dubai’s real estate market, where construction is already underway to make it one of the city’s most sought-after addresses. R Evolution’s projects, whether in Riga or Dubai, transcend mere luxury— they represent cultural significance, architectural excellence, and a forward- thinking approach to sustainable, wellness- focused urban living. With each project, the company continues to leave a lasting mark on both European and Middle Eastern skylines, shaping the future of urban development worldwide. R EVOLUTION’S PROJECTS, WHETHER IN RIGA OR DUBAI, TRANSCEND MERE LUXURY— THEY REPRESENT CULTURAL SIGNIFICANCE, ARCHITECTURAL EXCELLENCE, AND A FORWARD- THINKING APPROACH TO SUSTAINABLE, WELLNESS- FOCUSED URBAN LIVING.”
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EJARI, A SAUDI ARABIA -BASED PROPERTY TECHNOLOGY (proptech) and fintech platform that offers a Rrent-now-pay- later (RNPL) solution for residential units has raised US$14.65 million (SAR 55 million) in a seed round led by Partners for Growth, a US-headquartered financial institution that offers tailored debt solutions, BECO Capital, a UAE-headquartered venture capital (VC) firm that invests in early-stage startups, and anb Capital, a Saudi-based investment management, advisory and brokerage firm. The round also saw the participation of the following KSA_based entities: Rua Ventures, a VC fund; Alinma Pay, a digital payments platform and the investment technology arm of Alinma Bank; Vision Ventures, a sector-agnostic VC firm; and Aqar, a real estate property listing platform. Additionally, ejari’s existing investor Salica Oryx Fund, a UK-based investment firm that targets early- stage technology compa- nies, as well as several angel investors were a part of the round. Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif and based out of Riyadh, Ejari’s RNPL platform has already generated over $30 million in demand, and is currently operational across 17 cities in the Kingdom. As such, the newly raised capital -announced as a healthy “mix of debt and equity”- is all set to expand its customer base while concurrently accelerating market penetration. “A key priority is to scale our operations by strengthen- ing our technological infrastructure, enhancing our platform’s capabilities, and expanding product offerings,” explains Al-Shamsi. “Immediate areas of focus will include growing our team, opening new customer acquisition channels, and improving the user experience through the launch of our mobile app. In the medium term, we plan to continue scaling across Saudi Arabia, with ambitions to diversify beyond residen- tial properties and tap into the different pockets of demand within commer- cial rentals, including retail, offices, and indus- trial rent.” Underscoring Ejari’s many ambitions, however, is the simple vision with which the venture began: to democratize access to real estate properties and reduce the rental bottle- necks that tenants continue to face. And S/Startup Finance “WE GOT FUNDED!” KSA-based rent-now-pay-later startup Ejari raises US$14.65 million in a seed round led by Partners for Growth, BECO Capital and anb Capital by AALIA MEHREEN AHMED EJARI 65 November 2024 / ENTREPRENEUR.COM / }} ↓ THE EJARI TEAM. Launched in 2022, Ejari’s rent-now-pay-later platform has already generated over $30 million in demand, and is currently operational across 17 cities in the Kingdom.
according to Al-Shamsi, the Saudi rental market is eager for a solution such as Ejari’s RNPL service. “70% of tenants in Saudi Arabia are required to pay rent annually or semi-annually making it a market that has been hungry for such a service- indeed, consumers understand our value proposition!” he adds. “RNPL offers a significant shift from the traditional payments structure. Tenants who might struggle with paying large upfront amounts benefit from the flexibility of spreading their payments across 12 months. This aligns rent payments with other monthly expenses, reducing financial strain and allowing for better budgeting. It lowers move-in costs, especially for individuals who lack substantial savings, are early in their careers or have just recently moved to the country.” Here, Al-Shamsi is quick to note that certain macro- economic factors have also played a role in the acceleration of Ejari’s growth trajectory. “The digitization of financial services, growing demand for fintech solutions, and the increase in expatriate populations have created fertile ground for flexible payment options like RNPL,” he explains. “Our main thesis revolves around Riyadh, the Saudi capital, and how we believe it will be the next New York. Several factors are at play here, but the primary one is rent affordability. Rental inflation in Saudi Arabia has been averaging 30% to 40% over the last few years. This, coupled with the high interest rate environment, rising property prices, and the expected expat influx of anywhere from two to seven million people over the next six to seven years, creates a unique opportu- nity.” Backed by the success Ejari has experienced so far, and a clear mission statement guiding its goals, Al-Shamsi says he and his team are confident about what comes next. “Given Saudi Arabia’s dynamic growth and economic transformation, our goal is to become the leading financial services platform that makes renting more affordable, flexible, and accessible, offering innovative solutions that align with the evolving needs of the Kingdom’s rapidly growing popula- tion,” he declares. “By addressing the critical challenges of housing affordability, we want to contribute to a more inclusive and sustainable real estate market in one of the world’s fastest-chang- ing economies.” That said, the prospect of moving into rental markets beyond the Kingdom’s are entirely on the cards, Al-Shamsi iterates. “While our primary focus will remain on the Saudi market, given its size—esti- mated to exceed $50 billion annually—we believe there is significant untapped potential to capitalize on over the next five years before considering expansion into other geographical markets,” Al-Shamsi says. “Our approach is to first fully establish ourselves within Saudi Arabia, where the demand for flexible rental solutions continues to grow rapidly given the macroeco- nomic factors at play.” Indeed, it is this approach of rationality that piqued the interest of the many investors who took part in Ejari’s seed round. “ This investment is more than a financial commitment; it’s a pledge to accelerate the Kingdom’s economic diversification through technological innovation and create a more inclusive economy, thereby enhanc- ing the quality of life for Saudi citizens in accor- dance with the objectives of Vision 2030,” said halid S. Al-Ghamdi, CEO of anb capital, in a statement. “We are shaping a future where financial accessibility and innovation go hand in hand, propelling Saudi Arabia towards even greater growth and prosperity.” On his part, Abdulaziz Shikh Al Sagha, General Partner at BECO Capital, added that Ejari’s “founding team’s strong expertise and clear vision make them exceptionally well-positioned to drive meaningful impact in the market and we look forward to working closely with them as they continue to scale.” As the Ejari team now gear up for their future plans, Al-Shamsi reveals that ambitions of becoming a super app are just on the horizon for the startup. “A key component of our mission is driving financial inclusion by making housing more accessible and affordable for a broader demographic,” he says. “As such, through flexible payment options and expanded services, we seek to address the pressing challenges of housing affordability in Saudi Arabia, aligning with the Vision 2030 goals of increasing financial accessibility and sustain- ability. Looking ahead, our broader ambition is to evolve into a comprehen- sive “rental super app,” supporting customers throughout each touch point of their rental journey. While we currently focus on payment facilita- tion through RNPL, we aim to expand into additional services such as “furniture as a service,” facility management, and even packing and moving services, creating a seamless, technologically driven rental experience from start to finish.” S/ 66 / ENTREPRENEUR.COM / November 2024 70% OF TENANTS IN SAUDI ARABIA ARE REQUIRED TO PAY RENT ANNUALLY OR SEMI-ANNUALLY MAKING IT A MARKET THAT HAS BEEN HUNGRY FOR SUCH A SERVICE- INDEED, CONSUMERS UNDERSTAND OUR VALUE PROPOSITION!” Startup Finance