SHAPING THE FUTURE/Meet MANIFESTING SUCCESS/Transform LEVELING THE PLAYING FIELD/UAE-

the UAE’s Future 100 P.14 your professional life P.53 based online marketplace Santra P.69

January 2024

Enterprise
Agility
Awards 2023
THE RECAP
P.58

CHARTING
THE
FUTURE CFI CO-FOUNDER AND MANAGING DIRECTOR

Hisham Mansour
Artificial intelligence is the way forward, according to
the entrepreneur behind the MENA’s leading broker
 Launching Sequoia,
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2 7 232
Contents/ January 2024

← Hisham Mansour

FEATURES is co-founder and

Managing Director
of CFI Financial
Group.
P.42

Charting
the future
Artificial intelligence is the
way forward, according
to CFI co-founder and
Managing Director Hisham
Mansour, the entrepreneur
behind the MENA’s leading
broker.

P.58

Enterprise
Agility
Awards
2023
Check out the individuals
and enterprises that made
an outstanding contribution
to the MENA’s business
ecosystem in the last year.

IMAGE COURTESY HISHAM MANSOUR

January 2024 / E N T R E P R E N E U R . C O M / 3
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August 2023 / E N T R E P R E N E U R . C O M / 9
 Contents
↑ SOPHIA WEBSTER,
British shoe and
accessories designer
P.33
STARTUP
SPOTLIGHT
69 Leveling The Playing
Field
UAE-based online marketplace
SANTRA is helping home-based
businesses and entrepreneurs
to thrive in an ever-growing food
industry.
74 Shaking It Up
Flat6Labs UAE General Manager
RYAAN SHARIF on the state of play
-and the road ahead- for startups
and investment in the GCC.
76 A Silicon Valley For
Climate Tech? It Could Well
Be The UAE
As the UAE transitions to a more
diversified economy, New Energy
Nexus CEO DANNY KENNED y notes
that it is starting to build financial
and other infrastructure for
startups and innovators.
10 / E N T R E P R E N E U R . C O M / January 2024
January 2024
BUSINESS
UNUSUAL
33 For The Love Of Shoes
With her book, Oh My Gosh, I
Love Your Shoes!, British shoe
and accessories designer SOPHIA
WEBSTER presents her journey as a
designer and entrepreneur through
365 sketches of her favorite
footwear designs.
38 Geared For Growth
ZainTECH CEO ANDREW HANNA
on his enterprise completing two
successful years in business.
‘TREPONOMICS
53 Manifesting Success
Manifest author ROXIE NAFOUSI lists
seven steps that can help transform
your professional life.
55 Not For The Light-Hearted
Bureau Béatrice founder and
CEO KEVIN ALDERWEIRELDT shares
his viewpoint on the realities of
entrepreneurship.
EDITOR IN CHIEF Aby Sam Thomas
aby@bncpublishing.net
CEO Wissam Younane
wissam@bncpublishing.net
DIRECTOR Rabih Najm
rabih@bncpublishing.net
ART DIRECTOR Simona El Khoury
MANAGING EDITOR Tamara Pupic
tamara@bncpublishing.net
FEATURES WRITER Aalia Mehreen Ahmed
aalia@bncpublishing.net
EDITORIAL INTERN Gina Bagnulo
DIGITAL SOLUTIONS DIRECTOR
Mahdi Hashemi mahdi@bncpublishing.net
HEAD OF INNOVATION
Sarah Saddouk sarah@bncpublishing.net
GROUP SALES DIRECTOR – B2B GROUP
Joaquim D’Costa jo@bncpublishing.net
COLUMNIST Tamara Clarke
CONTRIBUTING WRITERS
Kevin Alderweireldt, Fida Chaaban,
Devina Divecha, Danny Kennedy, Megha Merani,
Roxie Nafousi, Ryaan Sharif
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United Printing and Publishing.
 Editor’s Note/

NEW YEAR, NEW … VERTICAL?

Entering 2024 with a different perspective can propel your startup into a fresh space

2023 has now come to an end, and for those of us

who have found the past year to be quite a
tumultuous one, whether for reasons inherent to
yourself, or for factors pertaining to the state of the
world right now, I think it’s fair to say that learned
helplessness is a phenomenon that we need to be
wary of as we step into 2024. And this is especially
true for entrepreneurs, whose journeys -while
expected to be a rollercoaster ride of highs and
lows- can weigh heavily on their spirits when faced
with one setback too many.
The new year, with its blank canvas, thus offers a
chance for a reset- and forging ahead, despite of
everything, is almost certainly the best way to combat
learned helplessness. So, rather than dwelling on
what went wrong with your business plan, how about
spending your time figuring out an entirely different
revenue stream? Maybe it’s worth looking into a new
vertical to pad on to whatever you have been already
offering. Or perhaps the golden ticket idea is to be
found in an avenue that has been hitherto
unexplored.
At the end of the day, it’s worth remembering that a
founder’s journey is defined not by the challenges
they face, but by the tenacity with which they are
confronted. I’ve often felt that perseverance and
steadfastness aren’t given enough credit as principles
that are integral to entrepreneurial successes, but at
junctures when learned helplessness has got one
questioning one’s abilities, their criticality simply
cannot be ignored. Resilience, after all, is not just an

H
abstract concept; it’s a transformative force that can
ave you heard about a psychological concept propel us forward. Full speed ahead!
called “learned helplessness”? I became aware
of this term only recently, but it essentially
refers to a condition in which an individual,
after experiencing a number of negative events
outside of their control, has learned to believe Aby Sam Thomas
that they have little or no control over their Editor in Chief
environment. As a result, they find themselves in an @thisisaby
almost constant state of despair, and they feel aby@bncpublishing.net
powerless in the face of any adversity that might
come their way.

12 / E N T R E P R E N E U R . C O M / January 2024
Drive the new way.
New IVECO T-WAY: high productivity and safety on off-road terrains
With a complete line-up of AWD and PWD versions and the the 16-speed HI-TRONIX automated
gearbox, the IVECO T-WAY features a host of functionalities such as Rocking Mode, Off-road Mode,
Creeping Mode and 4 reverse gears to tackle with ease the toughest off-road conditions. The new
architecture of the EBS system, combined with disc brakes on all wheels, greatly improves the vehicle’s
performance and the driver’s safety in the most demanding applications.

New IVECO S-WAY: high technology and efficiency for on-road missions
The new IVECO S-WAY, with a completely redesigned and reinforced cab, offers a wide choice of
Euro III/V diesel engines, a delivering class-leading power from 360 HP to 560 HP Euro III / 570 HP
Euro V and superior fuel-saving devices, such as anti-idling feature, Ecoswitch, Ecoroll and Smart
Alternator, 12-speed HI-TRONIX automated transmission with the most advanced technology
in its category, electronic clutch and best-in-class torque-to-weight ratio.
 In The Loop/

Shaping
The Future
The 2023 edition of the UAE’s Future 100 list
is revealed

F
uture 100, a collaborative
initiative between the UAE
Ministry of Economy and the
Government Development and
the Future Office, has unveiled
the inaugural list of the top 100
emerging companies
contributing to enhancing the
competitiveness of the UAE’s
future economy’s sectors.
The announcement for the
Future 100 list for 2023
unfolded during a ceremony held at
Dubai’s Museum of the Future in
December, which was attended by H.E.
Abdullah bin Touq Al Marri, UAE Minister of
Economy, H.E. Ohood bint Khalfan Al Roumi,
UAE Minister of State for Government
Development and The Future, alongside
senior officials from the winning
companies. ↑ All the representatives of the
Future 100 companies
“We congratulate the 100 companies accompanied by H.E. Abdullah bin
that successfully made it to the final Touq Al Marri, UAE Minister of
stage of the initiative’s first edition to Economy, H.E. Ohood bint Khalfan
Al Roumi, UAE Minister of State
become the best 100 companies of the for Government Development and
future, possessing pioneering capabilities The Future
for growth and healthy competition,” Al
Marri said. “We believe this is a turning
point that will enable these companies to
achieve more sustainable commercial sector is a strategic and key partner of the
success and access to regional and government in development, and we are keen
global markets.” to empower and enhance its contribution on
Al Marri added, “In the UAE, based on the an ongoing basis. We are proud of the support
vision and directives of our wise we provide today to the best 100 companies of
leadership, we believe that the private the future through this initiative.”

14 / E N T R E P R E N E U R . C O M / January 2024
 the future and the new
WE BELIEVE THIS IS A TURNING POINT THAT WILL ENABLE THESE economy sectors,” Al Marri
added.
COMPANIES TO ACHIEVE MORE SUSTAINABLE COMMERCIAL
SUCCESS AND ACCESS TO REGIONAL AND GLOBAL MARKETS.” }70% of the companies
that applied for the
initiative are startups, while

T
30% are in the expansion
he UAE Minister of advanced technology, government’s commitment stage, which reflects the
Economy also noted innovation, and the to providing the best importance of the initiative
that the Future 100 knowledge economy, in line incubating environment for in highlighting the diverse
initiative aims to with the objectives of the global talent and creative activities and promising
consolidate the UAE’s “We the UAE 2031” vision. youth, celebrating them, prospects of these compa-
position as a preferred “It confirms our national supporting their pioneering nies. The Future 100 thus
destination for future approach to building projects, and creating an serves as an example,
economy companies and sustainable partnerships attractive climate for encouraging various
new economy projects, with the private sector, and promising businesses in enterprises in the country to
especially those related to reflects the extent of the various fields, especially in benefit from this initiative,

January 2024 / E N T R E P R E N E U R . C O M / 15
 In The Loop/
with its development tools
and strategies to keep pace
with future trends on an
ongoing basis.
}For her part, Al Roumi
underscored the fact that
the Future 100 companies
possess substantial
potential for both global
and local growth within
emerging sectors, which, in
turn, fortifies the UAE’s
readiness for the future.
}“Future 100 has uncov-
ered numerous startups
and scaleups venturing into
new sectors, receiving over
a thousand applications
from various targeted
sectors over three months,”
WE ARE PROUD OF THE
SUPPORT WE PROVIDE
TODAY TO THE BEST 100
COMPANIES OF THE
FUTURE THROUGH THIS
INITIATIVE.”
Al Roumi said. “The
initiative provides a robust
impetus to expedite the
performance of new and
future sectors in alignment
with the vision of ‘We the
UAE 2031’ and the
Economic Principles for the
UAE, launched by H.H.
Sheikh Mohammed bin
Rashid Al Maktoum, Vice
President and Prime
16 / E N T R E P R E N E U R . C O M / January 2024
Minister of the UAE, and
Ruler of Dubai, to construct
the most dynamic and
competitive economy and
achieve proactiveness in the
sectors of the future. This,
in turn, creates novel
opportunities for emerging
companies operating in new
sectors.”
The companies that
applied to be selected for
the first cohort of the
initiative came from a wide
range of new economy
sectors, such as fintech,
sustainability, creative
industries, health
technology, educational
technology, agritech, space,
and renewable energy, all of
which support the UAE’s
transition towards the new
economic model, which is
based on flexibility and
innovation.
}24% of the companies
featured on the Future 100
list specialize in the fintech
sector, 17% in sustainability
and the environment, 17%
in technology, artificial
intelligence, web3, cyberse-
curity, and e-commerce,
11% in healthtech, 10% in
renewable energy, creative
industries, biotechnology,
and advanced industries,
6% in intelligent mobility,
and 5% each in space and
edutech and agritech.
More than 45 evaluators
and experts from various
sectors assessed the
applications and conducted
interviews with company
officials based on a set of
criteria. These criteria
included the ability to
innovate in business models
leveraging new
technologies, the potential
of the target market, the
ability to reach key
customers according to a
specific business plan with
clear financial data,
business feasibility
including a strategy for
securing future financing,
and the impact of
environmental and social
governance in the UAE and
globally.
}The initiative also
fostered strategic partner-
ships, including Majra- Na-
tional CSR Fund, and
acceleration partners such
as the Abu Dhabi Depart-
ment of Economic Develop-
ment, Emirates NBD, Dubai
 → A snapshot from the → The awards
Future 100 partnership received by the
ceremony that took Future 100
place in September companies
2023, that during a
saw the UAE Ministry of ceremony held
Economy and the at the Museum
Government of the Future in
Development and the December
Future Office sign 2023.
25 strategic
partnerships with
entities that will support
the growth and
development of the
Future 100 companies.

Future District Fund,

Mohammed bin Rashid
Innovation Fund, Microsoft,
Careem, and FTI Consult-
ing. In the community
partners category, entities
like Sharjah Research,
Technology and Innovation
Park, Dubai Technology
Entrepreneur Campus,
Ajman Chamber, Ras Al
Khaimah Economic Zone
(RAKEZ), Sharjah Entre-
preneurship Centre
(Sheraa), Hub71, Abu FUTURE 100 HAS UNCOVERED NUMEROUS STARTUPS AND
Dhabi SME Hub, Mashreq SCALEUPS VENTURING INTO NEW SECTORS, RECEIVING OVER A
Bank, Sandooq Al Watan, THOUSAND APPLICATIONS FROM VARIOUS TARGETED SECTORS
Khalifa Fund, Middle East OVER THREE MONTHS,”
VC Association (MEVCA),
MEVP, VentureSouq,
Astrolabs, Flat6Labs, North
Star, the Greenhouse-Chal- the Future 100 list, support Startups’ Founders Hub will upcoming Investopia
houb Group, and Entrepre- for accelerating innovation offer cutting-edge artificial summit, a global platform
neur Middle East played and digital transformation, intelligence services and connecting investors,
pivotal roles. technical and legal expert guidance to foster business leaders and
assistance, competitive innovation and sustainable governments to identify
}These partnerships will financing solutions, and growth among the com- new investment
offer a myriad of incentives workshops on intellectual panes in the Future 100 list. opportunities, drive growth,
and resources, including the property rights and The companies listed in and incubate future
possibility of investing in trademark protection. the Future 100 will also get economies globally.
companies that made it to Additionally, Microsoft for to participate in the future100.ae

January 2024 / E N T R E P R E N E U R . C O M / 17
 In The Loop/
FUTURE 100 LIST - 2023

ABHI 2021 FINTECH Financial benefit and wellness solution offered to employees, providing them with early
access to their earned wages.

ACX 2019 FINTECH A proprietary exchange platform built for the streamlined transaction of environmental
assets.

ALESCA 2013 AGRITECH AI-enabled turnkey vertical farms and precision agriculture solutions.
TECHNOLOGIES

ALMENTOR 2016 EDUTECH Pioneering video learning in MENA through the largest library of video-based online learning,
across a wide range of subject areas.

APPRO 2022 FINTECH Banking onboarding platform facilitating instant processing and approvals.

AR ENGINEERING 2019 EDUTECH Immersive technology platform for learning and training, designed to bridge knowledge and
skills gaps for both academia and enterprises.

ARABEE 2017 EDUTECH Revolutionary Arabic language learning: interactive, engaging, offline, and online tools
catering to diverse learning styles.

ARCHIREEF 2020 SUSTAINABILITY Nature-based biomimicry solution to aid the restoration of degraded coral reefs.
& ENVIRONMENT

ARROW LABS 2018 OTHER / TECHNOLOGY Data-driven service delivery management software for critical industries and utilities.

ASTRA TECH 2022 FINTECH MENA region’s leading consumer technology holding group, creating the world’s first
inclusive ultra app with over 150 million users.

AUMET 2016 HEALTHTECH AI-driven healthcare data analytics. AI-driven pharmacy procurement automation.

AURA 2021 FINTECH Helping businesses sell contextually relevant insurance at checkout.

AYA 2023 SUSTAINABILITY Bringing together the best of Web3 and crowdfunding to bridge climate finance.
& ENVIRONMENT

BARAKA 2021 FINTECH Revolutionizing investing by making trust, education, and product innovation the corner-
stone of every individual’s financial journey.

BAYTUKUM 2021 FINTECH Regulated crowdfunding platform for real estate investments that enables everyday
individuals to co-own properties with as little as AED 5,000.

CAMB.AI 2022 CREATIVE INDUSTRIES Revolutionary AI-driven platform for ultra-realistic localization and dubbing in over 120
languages.

CARBONSIFR 2023 SUSTAINABILITY AI-enabled climate-tech platform enabling businesses to easily measure, reduce, and
& ENVIRONMENT remove their carbon footprint.

CIRCA BIOTECH 2020 BIOTECHNOLOGY Upcycling food waste into sustainable aviation fuel using industrial insect farming.

CYCLED 2017 SUSTAINABILITY Community recycling made easy and rewarding by leveraging AI technology to achieve
TECHNOLOGIES source sorting.
& ENVIRONMENT
MIDDLE EAST

DEMOCRANCE 2015 FINTECH Enterprise B2B Software-as-a-Service for insurance in emerging markets.

DESERT CONTROL 2018 AGRITECH Nanotech solutions transforming sand into soil in 7 hours.

DESIGNHUBZ 2019 CREATIVE INDUSTRIES SaaS platform empowering eCommerce shopping with 3D & Virtual Try-On AR technologies.

DESOLENATOR 2013 RENEWABLE ENERGY The world’s first circular solar desalination system - tapping into abundant sea and sun to
produce clean water from complex sources.

DIAGNIO 2022 HEALTHTECH First express diagnostics for hormonal health and fertility.

DIGITAL ENERGY 2016 SUSTAINABILITY Empowering industries with innovative AI solutions for sustainable and efficient environmental
& ENVIRONMENT stewardship.

18 / E N T R E P R E N E U R . C O M / January 2024
DISTICHAIN 2019 OTHER / TECHNOLOGY SaaS B2B platform automating global trade through an ecosystem of services.

DOCTOORI 2021 HEALTHTECH Personalizing health journeys through specialized diagnostics and expert coaching.
CONNECT

DRIVU 2017 OTHER / TECHNOLOGY Enabling drive-thru economy for all.

DUVERSE 2022 EDUTECH A Dubai-born and based company offering turnkey Metaverse & Artificial Intelligence solu-
tions to enhance the performance of various sectors.

EFUNDER.AI 2020 FINTECH AI-driven digital financing platform for SMEs.

ENERWHERE 2012 RENEWABLE ENERGY Data-driven solar utility company providing clean, reliable energy with modular solar-hybrid
mini-grids.

ESAAL SOLUTION 2021 FINTECH Enabling digital transformation using transactional data.

EUREKA.AI 2016 FINTECH AI-as-a-service platform for telecom operators.

EXSURGO 2015 HEALTHTECH Chronic pain management evolved through leveraging neuroplasticity.

FALCON ROBOTICS 2018 SPACE AI models for autonomous navigation, data analysis, space missions, and an AI-powered
platform that connects any software and/or databases and robotics.

FARMIN 2021 SPACE Near-real-time critical insights from space.

FINFIX 2021 FINTECH Flexible workplace savings for SMEs in the MENA region.

FOLOOSI 2019 FINTECH Software and APIs to accept payments and manage transactions.

FORTYGUARD 2020 SUSTAINABILITY Urban temperature data solutions, using AI-powered software, offered to B2B markets to
& ENVIRONMENT enable cooling down cities.

FUZE 2022 FINTECH Digital asset infrastructure platform, enabling financial institutions to embed digital asset
products natively into their apps.

GRACIA GROUP 2016 AGRITECH An innovative model of future farming, a platform to combine all key players in the sectors
of agriculture and sustainability.

HEROGO 2020 SUSTAINABILITY MENA’s pioneer grocery subscription service reducing food costs by fighting food loss and
& ENVIRONMENT waste.

HYDRO WIND 2020 RENEWABLE ENERGY Harnessing offshore wind in deep waters for power generation with built-in energy storage.
ENERGY

HYVEGEO 2023 SUSTAINABILITY Capturing CO2 and greening the desert using micro-algae.
& ENVIRONMENT

IFARM 2017 AGRITECH Economically efficient and data-driven indoor farms.

JALEBI.IO 2021 SUSTAINABILITY AI-enabled SaaS for millions of restaurants, saving billions in unoptimized inventory costs.
& ENVIRONMENT

KEYPER 2022 FINTECH Rent facilitation platform for Dubai tenants to pay monthly and landlords to get paid upfront.

KLAIM 2019 FINTECH Insurance claims payment acceleration solution.

KYMA 2021 SUSTAINABILITY Cleaning chemicals using chemical and technological innovations to make our products
& ENVIRONMENT more eco-friendly.

LETSWORK 2019 OTHER / REAL ESTATE MENA’s first offices, meeting room, and workspace membership platform.

January 2024 / E N T R E P R E N E U R . C O M / 19
 In The Loop/
LOGISTI 2020 OTHER / LOGISTICS Revolutionary platform creating smart solutions for logistic and storage requirements
between businesses and consumers.

LUNE 2020 FINTECH AI-driven transaction enrichment and analytics platform for financial institutions.
TECHNOLOGIES

LYVE GLOBAL 2016 OTHER / TECHNOLOGY Empowering businesses to digitize their customers’ journey from order to pay-
ment to delivery.

MAANA ELECTRIC 2018 RENEWABLE ENERGY First automated solar panel factory.

MADARI SPACE 2023 SPACE Sustainable data storage solutions in space, ensuring efficient and eco-conscious
LIMITED management of information beyond Earth.

MANHAT 2019 SUSTAINABILITY Sustainable water production inspired by nature.

& ENVIRONMENT

MARSES ROBOTICS 2021 ADVANCED Manufacturing and providing AI-robotic solutions for the retail, hospitality, educa-
MANUFACTURING tion, and health sectors with a new business model.

MEERANA 2022 OTHER / TECHNOLOGY AI-driven B2B one-stop smart office application and legal application.
TECHNOLOGIES

MICROPOLIS 2014 INTELLIGENT MOBILITY Automating and augmenting large operations through robotics and AI.
DIGITAL
DEVELOPMENT

NABTA HEALTH 2017 HEALTHTECH Combining the best of digital and traditional care along clinical pathways to acceler-
ate the diagnosis and treatment of chronic diseases in women.

NADEERA 2021 SUSTAINABILITY Instilling circular economy practices through technology-enabled interventions.
TECHNOLOGIES & ENVIRONMENT

NEUTRAL FUELS 2011 SUSTAINABILITY Locally produced ultra-low carbon biofuel made from local waste, immediately reduc-
& ENVIRONMENT ing the carbon footprint by up to 86% without any engine modifications.

NUTRALIS 2023 HEALTHTECH A nutraceutical certification institute to certify and claim and rate claims on the
content and quality of nutraceutical products.

P4ML 2023 HEALTHTECH World-class proprietary analytical capabilities will change the way care is delivered to
patients with the rarest of diseases.

PRAVICA 2020 OTHER / WEB 3.0 Highly scalable, open-source, decentralized, and secure blockchain-based communication
infrastructure.

PREDICTIV CARE 2020 HEALTHTECH AI-driven personalized human digital twins for predictive and preventive healthcare.

PROGNICA LABS 2019 HEALTHTECH Cancer diagnostics and treatment through the power of Artificial Intelligence and machine
learning, improving clinical outcomes and reducing costs.

PURE HARVEST 2017 AGRITECH A mission-driven, technology-enabled agribusiness focused on year-round, sustainable
production of premium-quality fresh fruits and vegetables.

QS MONITOR 2019 AGRITECH Smart food safety and traceability solution.

RAZRLAB 2017 INTELLIGENT MOBILITY IoT platform connecting the physical world into the digital realm.

REBOUND 2021 SUSTAINABILITY A global quality-assured trading platform that enables buyers and sellers to efficiently trade
& ENVIRONMENT recycled plastic.

REMITEX 2020 FINTECH Fully scalable integrated low-code anti-money laundering tool with AI prowess.

REST HERO 2022 OTHER / E-COMMERCE AI-powered social media commerce platform, enabling retailers and home-based
businesses to sell directly on all social media.

REVENT 2022 SUSTAINABILITY Tech-enabled trust in pre-owned electronic devices.

& ENVIRONMENT

SADEEM SPACE 2023 SPACE Innovative Satellite Solutions: Compact, powerful, reliable, enabling groundbreaking
space missions with cutting-edge technology.

20 / E N T R E P R E N E U R . C O M / January 2024
SARSATX 2019 SPACE Near-real-time EO data and analytics independent of weather conditions.

SARWA 2017 FINTECH A one-stop-shop financial technology platform for investing and money management.

SEAFOOD SOUQ 2018 SUSTAINABILITY A digital platform for global seafood supply chains, providing efficiency, transparency,
& ENVIRONMENT and traceability.

SHAFFRA 2022 OTHER / AI Revolutionizing the Metaverse with AI-driven workforce, shaping tomorrow’s digital
realms today.

SILA 2018 OTHER / AI Revolutionizing Arabic language analysis with AI-powered sentiment and dialect
understanding for unparalleled market insights.

SINTEREX 2017 ADVANCED Last-mile manufacturing enabling companies to make mission-critical parts where
MANUFACTURING and when they are required.

SPIDERSILK 2019 CYBERSECURITY AI-powered external exposure management platform for complete visibility
into cyber threats.

SULMI 2019 INTELLIGENT MOBILITY Advanced electric motorbike with an intelligent rider assist system.

SWFTBOX 2020 INTELLIGENT MOBILITY AI-powered platform offering retailers same-day shipping through a courier network.

THE WASTE LAB 2021 SUSTAINABILITY Impact-driven, data-focused, and tech-enabled company that is diverting food waste
& ENVIRONMENT from landfills through nature-based repurposing solutions.

UDENZ 2016 HEALTHTECH The first AI-powered platform for dental diagnostics and practice management,
offering Dental-as-a-Service.

UDRIVE 2016 INTELLIGENT MOBILITY Delivering on-demand mobility through its digital ecosystem, Udrive is the largest
car-sharing platform in the region.

UKTOB.AI 2023 OTHER / AI Generative AI Platform and AI agents for MENA.

VALEO HEALTH 2021 HEALTHTECH User-centric healthcare journeys for control and empowerment.

VERITY 2021 FINTECH Family money management and financial literacy app, paired with a prepaid debit card
for youth.

VEROFAX 2018 SUSTAINABILITY Global trade compliance management solution, powered by digital commodity passports
& ENVIRONMENT for automated verification.

VUZ 2017 CREATIVE INDUSTRIES The leading immersive social video platform.

WELLX 2021 FINTECH Prevention-focused digital health insurance platform.

WEWALK 2020 INTELLIGENT MOBILITY Leveraging cutting-edge tech and AI, creating revolutionary accessibility tools for society,
driven by lived experiences.

XARE 2021 FINTECH World’s first credit/debit card sharing platform.

YABI 2022 EDUTECH The first financial education platform in the UAE.
BY SOUQALMAL

ZENDA 2021 OTHER / TECHNOLOGY A modern app for families that simplifies discovery and payments for tuition
and education-related services.

ZEST EQUITY 2021 FINTECH Digital infrastructure to power private market transactions.

ZIWO 2011 OTHER / TECHNOLOGY Leading cloud-based telephony system in the Middle East.

ZYWA 2021 FINTECH First gamified community-based payments app and Mastercard prepaid card exclusively
tailored for Gen Z in the Middle East.

January 2024 / E N T R E P R E N E U R . C O M / 21
 In The Loop/

22 / E N T R E P R E N E U R . C O M / January 2024
 P 23
|
F U T U R E 1 0 0 . A E

January 2024 / E N T R E P R E N E U R . C O M / 23
 In The Loop/

→ “The world needed to

find a new way. By
following our North
Star, we have found
that path,” said COP28
President Dr. Sultan Al
Jaber during his closing
speech. “We have
worked very hard to
secure a better future
for our people and our
planet. We should be
proud of our historic
achievement.”

The Next Frontier

Analyzing the impact on -and what’s next for- the Middle East after the UAE’s momentous staging
of COP28 b y M E G H A M E R A N I

T
he 28th edition of the Conference of the Parties of the
United Nations Framework Convention on Climate
Change (COP28) may have wrapped up- but the
spotlight still remains fixed on the Middle East, with
the UAE at the center, as it emerges as a potential key
influencer in the global climate agenda.
This focus comes amidst expectations from industry
leaders that the summit’s resolutions will spark a new wave of
innovation and strategic rethinking across the region.
The United Nations (UN) climate conference in Dubai made
history last month, uniting nearly 200 nations to adopt a
resolution to “transition away” from coal, oil and gas in this
decade. The landmark decision on fossil fuels -a first of its kind
in the conference’s three-decades- was won after intense
debate and considerable resistance from leading energy
producers.

24 / E N T R E P R E N E U R . C O M / January 2024
 Fossil fuels, which are responsible for the reinvesting profits into climate protection and
majority of global warming emissions, still accurately assessing climate risk. As for the road
account for more than 80% of the world’s energy ahead, Hassan predicts the COP28 dialogue will
consumption, even amid a steady rise in renew- be a major catalyst for climatetech innovation in
able energy capacity. the region, especially for software
COP28 President Dr. Sultan Al startups focused on database
Jaber said the deal “delivered a management, reporting, and
paradigm shift that has the
potential to redefine our econo- “WE ARE WHAT reduction processes for climate
initiatives. “Such solutions already
mies,” but stressed the impor-
tance of action over rhetoric,
signaling a turning point in
WE DO, NOT WHAT exist in the US and European Union,
but they are not transferable to the
UAE due to cost, support, localiza-
international energy policies. “We
are what we do, not what we say,”
WE SAY. WE MUST tion, and compliance aspects,” he
noted.
he said. “We must take the steps
necessary to turn this agreement TAKE THE STEPS As the region -which has been
historically reliant on fossil fuels- piv-
into tangible action.”
NECESSARY ots towards a sustainable future,
Hassan also sees potential for Direct

S
alaal Hassan, founder and Air Capture (DAC) technology for
CEO of Ahya, an artificial
intelligence (AI)-powered TO TURN THIS greenhouse gas mitigation. However,
he also pointed out that its capital-
solution for businesses to
measure and reduce emissions,
said heightened awareness of
AGREEMENT INTO intensive nature poses limitations in
emerging markets.

TANGIBLE ACTION.”
climate challenges spurred by
COP28 opens key opportunities
for both policymakers and the
private sector. “The private sector
must move beyond an outlook of seeing climate
change as corporate social responsibility (CSR),
and instead adapt from purely capitalist models
to green social capital-based enterprises,” he said.
To make the shift, he recommends the adoption
of “double materiality”, a concept that focuses on
M
eanwhile, Shukri Eid,
General Manager for the
Gulf, Levant, and Pakistan
at American multinational IBM, said
the urgency to measure carbon footprints, as well
as the increasing demand for comprehensive
data, including environmental, social, and
governance (ESG) reporting, have exerted
immense pressure on organizations. “To start,
organizations need to establish baselines }}

→ Shukri Eid is the

General Manager for
the Gulf, Levant, and
↑ COP28 took place in Pakistan at IBM.
the UAE in 2023 from
November 30 to
December 12 at Expo
City Dubai. It was a
milestone moment for
the world to unite
around tangible
climate action and
deliver concrete
solutions.

↑ Salaal Hasan is the founder and CEO of

Ahya, a unified, artificial intelligence-
powered platform for scaling climate action
across the MENAP region.

January 2024 / E N T R E P R E N E U R . C O M / 25
 In The Loop/
and develop data-driven strategies- deciding what data
to collect, where to store it, and how to manage it for → Dr. Saeeda
audits, performance assessment, and driving improve- Jaffar, Senior Vice
ments,” Eid said. President and
Group Country
Manager for the

U
nfortunately, existing data is often “fragmented, GCC at Visa.
incomplete, or outdated,” Eid noted. But he
noted that technologies infused with AI “hold
the most promise for climate action,” citing IBM’s
collaboration with the US’ National Aeronautics and
Space Administration (NASA) on a foundation model
for weather and climate. Trained on geospatial
information, the model offers a novel approach to
tackle climate change. “Unlike traditional AI models,
geospatial foundation models can be fine-tuned for
diverse applications, from flood detection to fire scars,
driving impactful solutions across climate-related
challenges,” Eid explained.
Closer to home, IBM -which was an Associate
Pathway Partner for the COP28 conference in Dubai –
has also partnered with Mohamed Bin Zayed Univer-
sity of Artificial Intelligence to map the urban heat
islands in the UAE. The research involves a fine-tuned
version of IBM and NASA’s geospatial foundation
model to understand Abu Dhabi’s urban environment
and the formation of urban heat islands influenced by
local landscapes. At the same time, IBM’s Sustainability
Accelerator is fostering innovation in water manage-
ment at the University of Sharjah, which is developing
a model and application to monitor and forecast water

T
access in the Middle East and North Africa. he financial sector is also adapting to take the
lead in environmental initiatives. Dr. Saeeda
Jaffar, Senior Vice President and Group Country
Manager for the GCC at global digital payments leader

“ ANY TECHNOLOGY OR Visa, said that finance and payment players “bear a
significant responsibility” in driving adaptation, and
that they are essential to bridging the gap between

INNOVATION THAT
consumers and businesses in instilling sustainable
practices. “The imperative for banks extends beyond
merely reducing the reliance on cash payments and

INSPIRES INDIVIDUALS
paper,” she said. “It encompasses providing crucial
capital to sustainable businesses, and creating an

AND BUSINESSES
TO AWARENESS AND
CLIMATE ACTION HOLDS
GREAT PROMISE.”
26 / E N T R E P R E N E U R . C O M / January 2024
 ENTERPRISES, WHILST HAVING SUSTAINABILITY DEPARTMENTS, DO NOT HAVE
SPECIALISTS RUNNING THEM AND HAVE A GENERAL VIEW OF SUSTAINABILITY AS
AN OPERATIONAL EXPENSE OR CSR FUNCTION. THIS CAN ONLY CHANGE THROUGH
CONFIDENCE BUILDING, AND SIMPLIFYING THE MACRO REGULATORY CONTEXT

environment that fosters their growth. Any
technology or innovation that inspires individuals
and businesses to awareness and climate action
holds great promise.”
its efforts to provide sustainable financing with a
goal to reach US$30 billion by 2030, making it
among the top facilitators of the UAE Banks
Federation’s (UBF) pledge at COP28 to mobilize
$272 billion in sustainable finance by the end of the

D
r. Jaffar cited Visa’s collaboration with
sustainability-as-a-service startup Ecolytiq
to launch an “Eco Benefits” bundle, in
partnership with Mashreq Bank in the UAE and
Qatar Islamic Bank in Qatar, as a prime example.
The solution leverages payments data to allow
consumers to track their carbon footprint per
transaction, enabling them to understand the
impact their spending behavior is having on the
environment, and offers guidance on how to offset
their carbon impact.
In the UAE, the carbon emissions insights are
available to nearly one million Mashreq personal
banking customers. “Rather than just offering
products and services, we aim to craft experiences
that truly benefit our customers,” Faisal Al
Shimmari, Head of ESG and Corporate Strategy at
Mashreq Bank, said. “These products are designed
to promote climate-positive behaviors, while
delivering tangible impact for Mashreq customers.”
Meanwhile, Mashreq is also actively ramping up
decade. The bank has already facilitated more than
30 deals in sustainable financing since 2021,
including structuring and underwriting the
recently closed Bapco Energies’ $2.5 billion dual
tranche Islamic and conventional term facility, the
largest sustainability-linked loan in the region so
far. Other projects that have received financing
include adaptation-related projects such as water
projects in Egypt, the UAE, Qatar, Saudi Arabia
and Bahrain.
Having noted important gaps in climate finance
for decarbonization in the UAE, Al Shimmari
called it “a matter of national priority”. This is why
Mashreq is set to launch a UAE ESG Ecosystem
Government Accelerator, an initiative uniting
public institutions and financial private sector
organizations to expedite the UAE’s green transi-
tion. Meanwhile, as 2024 now gets underway, Al
Shimmari noted that UAE climate startups will
need to confront regulatory uncertainties and
funding challenges, yet promising avenues for }}

← COP28 closed with an

agreement that signals the
“beginning of the end” of
the fossil fuel era by laying
the ground for a swift, just
and equitable transition,
underpinned by deep
emissions cuts and
scaled-up finance.

→ The Conference of the

Parties (COP) is the main
decision-making body of
the United Nations
Framework Convention on
Climate Change (UNFCCC).
It brings together the 198
Parties –197 nations plus
the European Union– that
have signed on to the
Framework Convention.

January 2024 / E N T R E P R E N E U R . C O M / 27
 In The Loop/
innovation and growth
await. “Startups should
focus on increasing their
technology readiness level
through university collabo-
rations and market-funded
programs, and work on
addressing climate risk
stress testing, including
data availability and
governance challenges,” he
advised, noting a bright
outlook especially for
agri- and water-tech sectors.
However, Ahya’s Hassan
highlighted that the scarcity
of capital for climatetech is
a major obstacle to progress.
“The biggest challenge is
that of investors not having
the risk appetite or a
specialized thesis, due to the
climatetech. And enterpris-
es, whilst having sustain- STARTUPS SHOULD FOCUS ON
need to dive deep into the
macroeconomics and
regulations, which are
ability departments, do not
have specialists running
them and have a general
INCREASING THEIR TECHNOLOGY
distinguishably different
from other sectors, as well
view of sustainability as an
operational expense or CSR
READINESS LEVEL THROUGH
as the need to see clima-
tetech returns on a mid to
function. This can only
change through confidence UNIVERSITY COLLABORATIONS AND
long term horizon,” Hassan
said. “Here, very few
investors have a focus on
building, and simplifying
the macro regulatory
context.”
MARKET-FUNDED PROGRAMS, AND
↓ Victor Sunyer is a Partner
WORK ON ADDRESSING CLIMATE RISK
at Dubai-based Nuwa Capital.
STRESS TESTING, INCLUDING DATA
AVAILABILITY AND GOVERNANCE
CHALLENGES.”
E
choing Hassan’s view, $82 billion in investments
Victor Sunyer, Partner in 2022, up 20% from the
at Dubai-based previous year. In the more
investment firm Nuwa Capi- nascent Middle East, North
tal, said that venture Africa, and Turkey
capitalists, in line with (MENAT) market, clima-
market conditions, “will tetech startups attracted
continue to exhibit in- $651 million across 148
creased selectivity and ventures between 2018 and
caution.” This cautious 2022.
approach comes just as However, Nuwa Capital
UAE-based data platform envisions climatetech as “a
Magnitt noted a significant fundamental area for
global investment growth in growth and investment in
climatetech. The sector saw the region” over the next few

28 / E N T R E P R E N E U R . C O M / January 2024
 ↓ Louise Collins is
Head of Engineering
years, Sunyer said, motivated by the
and Energy for the MEA,
urgency to mitigate climate change and Head of Project
impact. “Consumer sensitivity towards and Development
responsible behavior adds momentum Services for the UAE,
to this trend,” he said. “We are pursuing at real estate services
investment opportunities in the climate firm JLL.
action space, spanning both early and
growth stages.” Sunyer also said that the
region is seeing “the beginnings of a
solid climatetech ecosystem”, also
pointing to accelerator programs
sponsored by major energy companies
directing their focus to energy efficiency
and transition. ADNOC, for example,
launched a $1 million decarbonization
technology challenge last year.
Sunyer also noted “heightened
enthusiasm” for water management and ↑ Maged Marie is the
efficiency post-COP28, as well as CEO of Egypt-based
technologies focused around low-car- Magnom Properties.
bon foods and locally grown produce,
and on reducing building energy
consumption. “Given the relevance of
the construction sector and the climatic
conditions, implementing energy-con- GIVEN THE UAE’S ABUNDANT SOLAR RESOURCES,
serving measures for buildings is crucial INNOVATIONS IN SOLAR ENERGY, SUCH AS MORE
for enhancing overall energy efficiency,” EFFICIENT PHOTOVOLTAIC CELLS OR CONCENTRATED
Sunyer said. “Anticipated strides by SOLAR POWER SYSTEMS, ARE PARTICULARLY PROMISING.
policymakers in this regard underscore
the potential impact.”

W
ith buildings accounting for
nearly 40% of global carbon
emissions, Maged Marie,
CEO at Egypt-based real estate firm
Magnom Properties, emphasized the
role of the built environment in global
energy transition discussions at COP28.
The summit focused on practical
solutions to decarbonize the buildings
sector, Marie said, describing it as a
move to “course-correct.” At the
summit, the governments of France and
Morocco, alongside the UN Environ-
ment Program (UNEP), launched the
Buildings Breakthrough, setting a goal
for near-zero emissions and climate-
resilient buildings by 2030– an
initiative Marie lauded as one of the
“most important sector-specific
outcomes” at the conference in Dubai.
“While the speed and scale of
path of net zero,” Marie said. “At
Magnom Properties, for instance, we
are tapping into the long-term potential
of clean hydrogen to power 75% of the
total energy demands of the Forbes
International Tower in Cairo, Egypt,
designed to be one of the most sustain-
able buildings globally.”
The Forbes International Tower, a
commercial project planned to be
constructed in locations including the
UAE, Saudi Arabia, and Egypt, will also
use solar power, while also incorporat-
ing water recycling and smart tech-
nologies for efficient use. The tower is
set to reduce its carbon footprint by
58%, equivalent to 60 million kilo-
grams of carbon dioxide emissions, and
it is also targeting Platinum LEED
certification.
real estate services firm JLL, said that
sustainability is “high on the agenda”
for both local and global businesses
operating in the real estate sector. More
time, resources, and money are being
spent on sustainability, she said, which
is expected to continue in the years
ahead.
According to JLL, 59% of the top 100
office occupiers in Dubai have carbon
commitments. Collins said that much of
the demand for low-carbon space is
coming from international occupiers.
But the Emirate faces a unique set of
challenges in meeting this demand, she
said, including extreme climate
conditions, rapid urban development,
and high-energy demand buildings.
That said, the market also presents
unique opportunities.
“As Dubai continues to develop

urbanization globally has brought
manifold challenges to the climate
crisis, the buildings sector is also
uniquely positioned to be part of the
solutions as we move forward on the
C
ommenting on the industry as a
whole, Louise Collins, Head of
Engineering and Energy for the
MEA, and Head of Project and
Development Services for the UAE, at
rapidly, local government officials and
developers benefit from implementing
stringent buildings codes and construc-
tion practices to ensure buildings are
sustainable at the onset– a much }}

January 2024 / E N T R E P R E N E U R . C O M / 29
 In The Loop/
GIVEN THE RELEVANCE OF THE CONSTRUCTION SECTOR AND THE CLIMATIC CONDITIONS,
IMPLEMENTING ENERGY-CONSERVING MEASURES FOR BUILDINGS IS CRUCIAL FOR ENHANCING
OVERALL ENERGY EFFICIENCY. ANTICIPATED STRIDES BY POLICYMAKERS IN THIS REGARD
UNDERSCORE THE POTENTIAL IMPACT.
easier route than having to go through A spokesperson from NWTN, a
expensive and complex retrofits,” UAE-based electric car manufacturer
Collins explained. “Building owners and green energy provider, forecasted
can also capitalize on abundant solar transformative shifts in the regional
energy potential and leverage smart energy landscape, including an uptick
city technologies.” in investments in renewables like solar
and wind power, that would potentially
↓ Peter May is the
lead to the emergence of new renewable
VP of Operations
tech companies. “Given the UAE’s
at Dubai-based
proptech startup abundant solar resources, innovations
Silkhaus. in solar energy, such as more efficient
photovoltaic cells or concentrated solar
power systems, are particularly
promising,” the spokesperson said.
“Wind energy, especially offshore wind
turbines, could also see significant
advancements.”
Other promising technologies include
green hydrogen produced using
renewable energy sources. “It can be
used in various sectors, including
transportation, industry, and power
generation, making it a versatile option
for decarbonization,” the spokesperson
said. These, along with advanced energy
storage systems including batteries and
other novel storage technologies, along
with smart grid technology, are essential
for managing the intermittent nature of
renewable energy sources.
30 / E N T R E P R E N E U R . C O M / January 2024
P
eter May, Vice President of
Operations at Dubai-based
proptech startup Silkhaus,
underscored the shared collective
accountability for climate action.
“Climate action is everyone’s responsi-
bility across sectors, and not just that
of cleantech businesses,” he said. But
startups face challenges, he added, in
“avoiding the lure of greenwashing,”
and resisting the misconception that
purchasing carbon credits is a
primary solution. Advocating for a
more comprehensive approach, May
said companies need to focus on
education, optimization, and direct
impact reduction.
But despite hurdles in the shift to
green, May is upbeat about COP28’s
long-term effect on Middle East
economies. Ultimately, the unprec-
edented agreement is encouraging as it
aligns with the region’s ambitions to
diversify away from oil-dependence, he
said. After all, expanding into non-oil
sectors -while fostering sustainable
practices- is a win-win scenario.
Megha Merani is an
independent journalist
based in Dubai, United Arab
Emirates. Her stories have
made headlines across a
number of publications including
Reuters, Associated Press, Entrepreneur
Middle East, Bloomberg Middle East,
Arabian Gulf Business Insight, Arabian
Business, and former local daily 7DAYS.
She also produces editorial for govern-
ment platforms including the World
Government Summit and World
Economic Forum’s Annual Meeting of the
Global Future Councils. Megha has been
a grant winner of the Thomson Reuters
Foundation, and she is a member of the
Oxford Climate Journalism Network.
0278_APMEA_DESIGN_ME_230x275mm_AW.indd 1 18/10/23 2:19
 ← British shoe and
accessories designer
Sophia Webster will take
part in a panel at the
Emirates Airline Festival of
Literature on Saturday,
February 3.
IMAGES COURTESY SOPHIA WEBSTER

For The Love Of Shoes

With her book, Oh My Gosh, I Love Your Shoes!, British shoe and accessories designer
Sophia Webster is presenting her journey as a designer and entrepreneur. b y TA M A R A P U P I C

January 2024 / E N T R E P R E N E U R . C O M / 33
 B/ ↓ A distinctive feature
The Big Idea
of the Sophia Webster
brand is that its
footwear is crafted
with fairytale-inspired
details, such as patent
leather butterflies,
velvet bows and glitter
soles.

34 / E N T R E P R E N E U R . C O M / January 2024
 I’D SAY TO COMBAT SELF-INHIBITING KINDS OF FEELINGS, IT’S SO IMPORTANT TO
AUTHENTICALLY DOCUMENT YOUR STORY, THAT WAY YOU HAVE AN ARCHIVE OF WHAT YOU’VE
DONE AND YOU CAN 100% OWN IT, NO ONE CAN TAKE YOUR HISTORY AWAY FROM YOU.
I
t’s that time of the year
when all of us in the
UAE start eagerly
anticipating the
Emirates Airline
Festival of Literature,
which will be held this
year at Dubai’s InterCon-
tinental Festival City and
the Mohammed Bin
Rashid Library from
“ WHEN SOMEONE OPENS UP A BOX
OF MY SHOES AND SLIPS THEM ON,
I WANT THEM TO SMILE.”
January 31 until February 6.
Book lovers will again get
a chance to hear from
both local and interna-
tional authors, which
include entrepreneurs
who have decided to share
their experiences in the
business domain with the
world at large. One such
author you need to keep
an eye out for is British
designer Sophia Webster,
with her promising to talk
about her entrepreneurial
journey as a shoe designer
and business owner;
however, unlike many
female leaders in busi-
ness, Webster will not be
talking about self-limiting
thoughts. “These are not
so much my personal
experience,” Webster
explains. “My internal
voice has always been very
loud, and I tend to go
forwards with an idea
with quite a lot of belief in
it, and I tend not to fear
↓ Working in tandem with her husband and business partner
failure. I’d say to combat
Bobby Stockley, Webster distributes her brand through over
self-inhibiting kinds of 200 retailers worldwide.
feelings, it’s so important
to authentically document
your story- that way, you
have an archive of what
you’ve done, and you can
100% own it. No one can
take your history away
from you.”
It should be clear here
that it is with this
confidence that Webster is
sharing her own story in
her first book, Oh My
Gosh, I Love Your Shoes!,
which she’ll be promoting
at this year’s Emirates
Airline Festival of
Literature. The book
details how her epony-
mous brand became
internationally renowned
for its unique, creative
and uplifting designs,
leading Webster to
become the first female
shoe designer to be
awarded the prestigious
Vogue Fashion Fund. All
of this serves as a unique
testament of the self-
confidence that Webster
obviously possesses- After
all, it led her to build a
brand that eventually got
Taylor Swift, Beyoncé,
Oprah Winfrey, Michelle
Obama, and the
January 2024 / E N T R E P R E N E U R . C O M / 35
 B/ The Big Idea
Kardashians among its
clientele. But before we
dwell into the details of
how she built her epony-
mous footwear line,
Webster recalls a particular
moment when her hard
work and determination
had finally paid off. “After I
launched my brand aged
26, I stood in my first
selling showroom, and
recalled how, just a few
years prior, I had been a
waitress serving canapes at
a Stella McCartney event,
aspiring to run my own
company like her,” Webster
says. “As soon as I knew my
shoes had delivered to
stores, I made a point of
going on Net-a-Porter’s
website to scroll down their
list of designers, and find
my name. There it was,
right next to Stella’s! It was
a really big moment for
me.”
After obtaining degrees
from the London College of
Fashion (Cordwainers’
36 / E N T R E P R E N E U R . C O M / January 2024
“THE MIDDLE EAST IS ALSO A VERY
IMPORTANT MARKET FOR US, WITH
PRESENCE IN LEVEL SHOE DISTRICT,
AS WELL AS BLOOMINGDALES AND
College) and the Royal
College of Art, Webster
found herself working for
many different footwear
companies, and eventually
became an assistant
designer for British
footwear designer Nicholas
Kirkwood for two years,
before launching her own
line in 2012. “Before
starting my company, I
grew up in the workforce at
a time when the fashion
industry was unchecked,
and hustle culture was the
norm,” Webster says. “But
owning a business and
having responsibilities
meant I had to unlearn
some of these ways of
working during my
internships and as a design
assistant. I’ve had to think
beyond how I, as an
individual, could achieve
my goals, but also how,
collectively, I could do this
with my team in a sustain-
able way, where things
were operationally
HARVEY NICHOLS.”
effective, and my team felt
part of something bigger.”
The Sophia Webster
brand features a diverse
range of footwear, from
heels to flats, as well as
handbags and accessories,
and other products, all of
which are designed to
highlight femininity.
“When someone opens up
a box of my shoes and slips
them on, I want them to
smile,” Webster says. “In
2012, when I launched, a
minimalist aesthetic was
prevalent in fashion. What
I wanted to offer was very
different: color, story-tell-
ing, and, above all else, joy.
I think the market was
ready for that. As I’ve
matured, I still very much
aim to bring a smile to my
wearer, but I try to make
my shoes easier to
accessorize. The fun and
detail may be in the
texture, or embellishment,
but much more often now,
the color of the shoe will be
solid.”
} Another distinctive
feature of the Sophia
Webster brand is that its
footwear is crafted with
fairytale-inspired details,
such as patent leather
butterflies, velvet bows, or
glitter soles. For Webster, it
is her signature Chiara
silhouette -a pair of sandals
with a 3D butterfly wing-
that has cleared a path for
her brand towards success.
“With aspirations to start
my own brand, I knew I
had to come up with a
really memorable silhou-
ette, and when I eventually
sold this shoe in super
vibrant colors, it went viral
on social media, probably
because it’s very photoge-
nic and Instagrammable,”
she explains. “As time went
on, we evolved the butterfly
wing in all sorts of ways: I
designed an angel wing,
ballet flats with the wings
on either toe, heels,
handbags and ‘mini-me’
kids’ shoes with the
butterfly motifs. These
products have organically
amassed a following of
their own, and I think
that’s because butterflies
are hugely symbolic
creatures.”
} Webster is also known
for responding to trends,
such as in 2020, when she
introduced two new
collections to the range
with a focus on positive
impact and audience
diversity. These included
the Upcycled collection for
which she reused past
seasons’ surplus materials
to create new shoes, as well
as the Extended Sizes
collection, which included
producing a selection of her key
styles up to a size EU46/US15.5/
UK13. The latter thus saw Sophia
Webster become the first luxury
footwear brand to introduce this
widely inclusive size range. Talking
about the process that goes into
building her collections, Webster
says that she works very closely with
her design and communications
teams. “I creatively direct my four
designers to build out the shoes,
IN HER FIRST BOOK “OH MY GOSH, I LOVE YOUR SHOES!”,
SOPHIA WEBSTER TOLD HER STORY THROUGH 365
SKETCHES OF HER FAVORITE DESIGNS.
handbags, and kids ranges- usually
three drops a season, plus any special
projects,” she says. “Around the
product, there will be regular
discussions with the product
development and merchandising
teams, while with my comms team,
I’m often planning and creating
content with them or directing
them.”
} Working in tandem with her
husband and business partner Bobby
Stockley, Webster distributes her
brand through over 200 retailers
worldwide. “I sell globally through
my e-commerce platform, and our
direct-to-consumer market has
grown a lot over the last few years,
and it is nearly equal to wholesale,”
Webster explains. “Our biggest sales
regions are the US, where we’re
stocked with Bloomingdale’s, Saks,
and Neimans, amongst others. In the
UK, we’re stocked with Selfridges
and Harrods amongst others. The
Middle East is also a very important
market for us, with us having a
presence in Level Shoes District, as
well as Bloomingdale’s and Harvey
Nichols.”
} In her book, Oh My Gosh, I Love
Your Shoes!, Webster illustrates her
entrepreneurial journey through
365 sketches of her favorite designs,
each evoking its own memories.
However, as an entrepreneur and
designer, Webster admits that she
did face challenging times too. One
was through the course of the
COVID-19 crisis, when she had to
drop the previously well-organized
flow of work to one where she was
mostly alone, operating from her
house. “It was like the early days
when I did everything myself,” she
says. “In terms of leadership, the
pandemic really ramped up our
search for purpose, and our sense of
gratitude for what we did have.
Bobby had already been doing a lot
of work on our company culture, and
trying to articulate what we were
doing it all for, so that our team
could feel this too. Operationally,
everything was very stripped back,
and we took this chance to review
how we were doing things, and what
we could do better. It was actually a
very clarifying time.”
} Another troublesome period for
Webster happened in 2017, when her
father was assaulted and suffered a
brain injury, which had “a huge
knock-on effect on her business”. She
adds, “He has remained in a hospital
setting ever since. It goes without
saying that the toll on my family has
been huge, but in terms of the
business, I just wanted to disconnect.
I stopped personally posting on my
feed, and I didn’t want to do any
customer-facing activities. We’d just
taken on investment, and I should
have been building on this injection,
but my mind was elsewhere and
Bobby had to steer the business
through it.” But while this episode
happened six years ago, and Webster
has since found her rhythm again, it
still carries an important lesson that
she wishes to share with fellow
entrepreneurs. “Be wary of how
quickly things can change,” she says.
“These days, I’ve got a different
perspective, and I let the little things
go much more readily.”
January 2024 / E N T R E P R E N E U R . C O M / 37
 B/ Strategies

GEARED FOR
GROWTH
ZainTECH CEO Andrew Hanna on his
enterprise completing two successful
years in business.

A
s ZainTECH, a regional
integrated digital
solutions provider that
is a sister company of
Kuwait-headquartered
mobile telecommuni-
cations provider Zain
Group, celebrates its second year of
operations, its CEO Andrew Hanna is
certainly pleased to look back at the
results his enterprise has achieved in
this period. “Just over the past year,
we’ve achieved remarkable year-on-
year revenue growth, which reflects our
commitment to delivering exceptional
services and solutions,” he says. “Our
team has expanded significantly, with
over 700 focused information and
communications technology (ICT)
professionals serving a growing
customer base in eight MENA countries
and across several industries, including
telco, government, oil and gas, retail, and
financial services.”
↑ Andrew Hanna
is the CEO of
ZainTECH.
Since launching in 2021, ZainTECH has been positioned to drive
the transformation of enterprise and government customers in the
MENA region by providing a centre of excellence and managed
solutions across cloud, cybersecurity, artificial intelligence (AI), big
data, digital solutions, drones, and robotics. “We work closely with
our customers to define and drive their business outcomes, ensuring
expedited delivery and risk mitigation by leveraging our extensive
network of regional centers of expertise, in-country cloud-based
platforms, and digital assets across the MENA,” Hanna says.
“ZainTECH’s holistic approach significantly reduces upfront capital
requirements, and propels businesses to new heights of digital
excellence, while driving a more sustainable future for companies
and the communities they serve.”
} ZainTECH also counts startups and SMEs as an important
segment of their clientele, and as such, Hanna says that the
enterprise makes it a point to offer customized solutions and
specialized expertise tailored to their unique requirements and
budget constraints. “Our scalable technology solutions empower

38 / E N T R E P R E N E U R . C O M / January 2024
“ Our team has expanded businesses to grow at their
own pace, and our wide
} Besides Hanna, the launch
event for the new ICT Hub
significantly, with portfolio of cloud, cybersecu-
rity, AI and big data, drones
was attended by Bader
Al-Kharafi, Vice Chairman
over 700 focused and robotics, and digital solu-
tions provide endless
and Group CEO of Zain,
Abdulla Belhoul, CEO of
information and possibilities for optimizing
operations and driving
TECOM Group, Ammar Al
Malik, Executive Vice
communications innovation,” Hanna explains.
It’s in line with this ethos
President of Commercial at
TECOM Group, and others.
technology (ICT) that ZainTECH recently
established a state-of-the-art
Commenting on the hub’s
launch, Al Malik says,
professionals serving a ICT Hub at Dubai Internet
City that will not only serve
“Cross-functional collabora-
tion is the cornerstone for
growing customer base as an operational centre of
excellence, but also drive
unleashing the full potential
of innovation at a scale that
in eight MENA countries technological initiatives and
synergies across business
transforms the way industries
operate. Dubai Internet City
and across several units. “Our new offices serve
as a testament to our
is aligned with the Dubai
Economic Agenda (D33)
industries, including unwavering commitment to
nurturing innovation and
mandate to catalyze such
collaborative synergies, and
telco, government, oil pioneering transformative
solutions that unleash bound-
ZainTECH’s new office
within our ecosystem ensures
and gas, retail, and less potential for our
customers,” Hanna says. “As
its talent pool across the
world can seamlessly
financial services.” the mission critical centre for
ZainTECH’s operations, our
exchange ideas and knowl-
edge from Dubai, a global
new ICT Hub will drive market of significance for
technological initiatives and innovators and digital
synergies across the business, transformation experts. We
empowering us to expand welcome ZainTECH to
↓ The management of Zain’s digital enterprise unit and target new markets.” benefit from the shared
ZainTECH and Dubai Internet City at the opening of
ZainTECH's new ICT hub in Dubai Internet City.
IMAGES COURTESY BLACKLANE

January 2024 / E N T R E P R E N E U R . C O M / 39
 B/ Strategies
OUR INDUSTRY-SPECIALIZED DIGITAL ADVISORS AND LOCAL DELIVERY
TEAMS WORK SIDE-BY-SIDE WITH OUR CUSTOMERS TO SIMPLIFY
THEIR DIGITAL TRANSFORMATION JOURNEYS, ENSURING THEY
FUTURE-PROOF THEIR OPERATIONS AND REMAIN COMPETITIVE.
knowledge pool and innovations
nurtured at our district.”
Here, Hanna notes that he finds
expanding into and becoming success-
ful in the UAE easier than in other
parts of the world, because “the UAE is
proving to be extremely industrious,”
he says. “There are very few commer-
cial entities and think tanks, let alone
government ministries or agencies
around the globe, which are taking
such an open and progressive approach
towards spreading knowledge about
emerging technologies in the way the
UAE is,” Hanna explains. “The UAE
was one of the first countries globally
to create a ministry dedicated to the
advancement of AI, and as countries
like the UAE and Saudi Arabia race to
purchase Nvidia chips, for example, it
is becoming clear that the evolution
and impact of technology innovation is
a strong indication of where national
and economic influence and prosperity
will be derived from in the future.”
} Meanwhile, with an aim to provide
customers with the solutions that can
fully maximize their gains from digital
transformation, ZainTECH has also
40 / E N T R E P R E N E U R . C O M / January 2024
recently embarked on an acquisition
spree, starting with buying BIOS
Middle East, a regional managed
secure cloud provider, and Adfolks, a
UAE-based cloud-native engineering
firm that provides a comprehensive
range of cloud transformation services.
“Most recently, during GITEX Global
2023, we announced entering an
agreement for the complete acquisition
of Specialized Technical Services
Company (STS), one of the pioneering
and largest digital transformation
solutions providers in the region and
the Kingdom of Jordan,” Hanna adds.
“This strategic move will enable
ZainTECH to expand its service
offerings to enterprises and govern-
ment bodies, access top talent, foster
innovation, and enhance its competi-
tive position across the region.”
} Now, looking back on ZainTECH’s
origins, Hanna believes that the
enterprise was able to start off on the
right foot thanks to the support it got
from its parent company, Zain Group,
especially with respect to access to
latest technologies as well as well-
trained staff. This, in turn, has set the
→ Bader Al-Kharafi, Vice-Chairman
and Group CEO of Zain, Abdulla
Belhoul CEO of TECOM Group, Andrew
Hanna CEO of ZainTECH, and Ammar
Al Malik, Executive Vice President of
Commercial at TECOM Group.
company up for long-term success.”
Since the time we were established,
we have been growing our capabili-
ties,” Hanna says. “We continue to
expand the breadth and depth of
our offerings organically, and
collaborate with technology
partners to provide our clients with
the best possible products and
services. At the same time, we have
been actively pursuing acquisitions
as part of our growth strategy by
identifying several entities that can
add significant value, while, at the
same time, leveraging their compe-
tencies and market experience.”
} Building a successful team has
also contributed to the company’s
results, and Hanna shares that his
secret to management is in delegat-
ing, recognizing, and rewarding his
staff, while also avoiding micro-
managing and criticizing. “I believe
in delegating authority to capable
individuals, and in order for this
approach to work, you have to
attract the right people to your
team,” he says. “I find that when
people have the skills, motivation,
and a strong sense of ownership,
they always go the extra mile and
succeed in everything they do.” That
said, the continued success of
ZainTECH lies in truly understand-
ing its customers’ technological
needs, Hanna says. “Technology is
developing at an extremely fast
pace, and enterprises can sometimes
become overwhelmed with respect
to what technologies and utilization
models they need to implement for
maximum impact,” he says. “Our
industry-specialized digital advisors
and local delivery teams work
side-by-side with our customers to
simplify their digital transformation
journeys, ensuring they future-proof
their operations, and remain
competitive.”
THE ART OF ELEVATION

O M N I YAT. C O M
 “ENTREPRENEURSHIP
IS A MINDSET MORE
THAN ANYTHING.
IT COMES WITH
RISK, AMBITION,
DEDICATION, AND THE
DRIVE TO SUCCEED.”

→ Hisham Mansour is
the co-founder and
Managing Director of
CFI Financial Group.

42 / E N T R E P R E N E U R . C O M / January 2024
CHARTING
THE

FUTURE
CFI CO-FOUNDER AND
MANAGING DIRECTOR

Hisham
Mansour
Artificial intelligence is the
way forward, according to
the entrepreneur behind
the MENA’s leading broker
by DEVINA DIVECHA

January 2024 / E N T R E P R E N E U R . C O M / 43
44 / E N T R E P R E N E U R . C O M / August
January2023
2024
← Having recently opened new branches in
Egypt, Kuwait, Palestine, and Oman, Hisham
Mansour’s goal is for CFI to become the
“ IN 2023, WE OPENED FIVE
leading broker worldwide.
O
ffering significant advancements in
efficiency, accuracy, and decision-mak-
ing capabilities, artificial intelligence
(AI) has become a pivotal component in
the field of online trading. One such
company aiming to fully utilize the
benefits of this technology is CFI
Financial Group, a global financial
markets provider with regulated entities
in several jurisdictions. And at the helm
of this enterprise is co-founder and
Managing Director, Hisham Mansour,
who has helped the company grow over
two decades, and also expertly navigated
the storm that was the COVID-19 crisis,
emerging triumphant on the other side.
The milestones the company achieved
in 2023 are thus a testament to the
efforts of Mansour and his team. “It truly
was a remarkable year, even by our high
standards,” Mansour says. “In 2023, we
opened five new entities in the MENA,
allowing us to continue building our
regional footprint, and setting our
position as the MENA’s leading broker, being the broker
with the most regulated entities in the region. Our new
branches in Egypt, Kuwait, Palestine, and Oman -which
add to our existing regulated entities in countries like
England, Cyprus, UAE, Jordan, Lebanon and Mauritius-
bring CFI’s award-winning trading services to these
local regions, and allow clients to see our offices,
experience personalized services, talk to the CFI team,
shake hands with them, and establish a real human
connection… Expanding into new markets is a natural
progression that complements our technological
advancements, allowing us to tap into diverse trading
ecosystems, address a broader audience, and meet the
increasing demand for sophisticated yet user-friendly
online trading solutions. Together, these initiatives are
the core of our mission of democratizing trading, and
ensuring that CFI remains at the forefront of the digital
finance revolution.”
CFI’s expansion went beyond just physical locations in
the last year- it also made substantial strides in technol-
ogy. “We worked relentlessly on introducing cutting-
edge AI tools for traders, partnering with Capitalise.ai,
and launching the beta of our own AI trading assistant,”
Mansour notes. “We are committed to adopting AI
technology in every way that will serve our traders best,
while staying close to clients to provide them with
exceptional, personalized support.” According to
NEW ENTITIES IN THE MENA,
ALLOWING US TO CONTINUE
BUILDING OUR REGIONAL
FOOTPRINT, AND SETTING
OUR POSITION AS THE MENA’S
LEADING BROKER, BEING
THE BROKER WITH THE MOST
REGULATED ENTITIES IN THE
REGION.”
Mansour, AI’s impact can be likened to that the internet
had not too long ago. “At CFI, we think of AI today as
people thought of the internet 30 years ago,” he says.
“Whether you liked or disliked it back then, the internet
made things easier and became an integral part of our
everyday lives. It revolutionized everything, including
trading. Now, we see AI as the next trading revolution,
which is why we have chosen to focus and lead specifi-
cally in this area.” On the CFI platform, AI tools like
Capitalise.ai’s code-free trading automation streamline
market analysis, backtesting, and trade execution,
thereby eliminating human emotions from trading, and
enhancing market efficiency. “By leveraging the
capabilities of AI, we can enhance our platform’s
decision-making processes, and ensure a competitive
edge in predictive analytics and risk management,”
Mansour adds.
T
his commitment to the balance of trading excel-
lence and technological innovation has led to the
company’s success, affirms Mansour, as he outlines
how the last 12 months have been greatly positive for
CFI. “Over the past fiscal year, we witnessed substantial
growth across key metrics, including a notable surge in
trading volume, robust revenue figures, and an expand-
ing user base,” Mansour reveals. “Our most recent statis-
tics point toward a 73% increase in active clients
compared to last year, as well as a 94% rise in daily
transactions. These positive trends underscore the
strength and vitality of CFI, and show the fruits of our
incredible collective team effort.” Introducing cutting-
edge tools that prominently feature advanced AI
capabilities also helped position the company as a
January 2024 / E N T R E P R E N E U R . C O M / 45
 → CFI has adopted artificial intelligence
(AI) technology aggressively over the last
few years. CFI’s AI Trading Assistant is
designed to empower traders with their
decision-making.

powerhouse in the financial industry. “We don’t follow

at CFI; we lead,” Mansour declares. “We have positioned
CFI as the vanguard of online trading by consistently
introducing industry-leading tools and staying ahead of
emerging trends, ensuring that our clients benefit from
the latest advancements, solidifying CFI’s standing as a
powerhouse in the financial industry.”

C
omplementing technology, people also play a huge
role. Mansor states, “At CFI, fostering a positive
workplace and cultivating a strong company
culture is paramount, laying the foundation for our
long-term success.” He proudly mentions the accom-
plishments of achieving seven Great Place to Work
certifications across the company’s global offices, and
almost doubling the team in the past year. But while all
these factors come into play, it would be fair to say that
behind the scenes of all this success is Mansour’s
entrepreneurial drive, which has been rooted in a
passion for innovation and commitment to excellence.
“Entrepreneurship is a mindset more than anything,”
Mansour says. “It comes with risk, ambition, dedication,
and the drive to succeed.” Mansour reveals here that he
had a rather early start in the world of business. “I have
always been entrepreneurial from a young age,” he
shares. “My father certainly played a role as well. He was
a trader in the financial markets with a company based business acumen; it necessitates trust, shared passion,
in London, and he wanted to teach me about entrepre- and a unified vision. And with the right people by your
neurship and business. So, he opened an account for me side, there is no limit to what you can accomplish.”
to manage when I was 16. We didn’t have the internet

then, so I used my phone to trade, and a pager to follow
up on the markets, when I was away from television or
the Reuters screen.”
When discussing individuals who played an important
role in his entrepreneurial success, Mansour also
highlights how his partnership with Eduardo Fakhoury
-a customer at Mansour’s previous startup, MIG Bank,
and now a valued friend and business partner- led to the
inception of CFI Financial Group in 2015, which until
then, had been an expansionary project to Beirut-based
Credit Financier Invest SAL that launched in 1998.
“Today, our results speak for themselves,” Mansour says.
“The CFI Group comprises 12+ global entities, 350+
employees, and a client base spread over 100 countries.
There are many reasons for our success. However, at the
base of it is the partnership and business relationship
Eduardo and I first built together. The moral is that
choosing who you enter business with is one of the most
important decisions you can make as an entrepreneur.
Selecting the right partnership extends beyond mere
H
owever, Mansour adds here that facing challenges
is inevitable for any entrepreneur. But he says it’s
essential to view them as opportunities for growth
and learning, rather than setbacks. “The same applies
even with failure,” he adds. “Consider how many famous
entrepreneurs failed before finding the idea that took
off. Before, I talked about my first entrepreneurial
venture, managing my first professional trading
account. It was something I took seriously. I would
follow the financial news on CNBC, and constantly
check prices from the pager. But, ultimately, I didn’t
make any money from this, and I actually lost some.
However, it gave me experience from which I benefited.
This is a philosophy I carry with me until today at CFI.”
Such lessons have thus paved the way for the fruitful
journey Mansour has had with CFI. “Witnessing the
growth and success of the company, reaching our 25th
anniversary, expanding into new markets, and stamping
our name as the MENA’s leading broker have all been
immensely gratifying,” he says. “However, the true

46 / E N T R E P R E N E U R . C O M / January 2024
“At CFI, we think of AI
today as people thought
of the internet 30 years
ago. Whether you liked or
disliked it back then, the
internet made things easier
and became an integral
part of our everyday lives.
Now, we see AI as the next
trading revolution, which
is why we have chosen to
focus and lead specifically
in this area.”
success lies in making our clients happy, and
empowering them to navigate the financial markets
with confidence and trust.” But while all of his
accomplishments have been exemplary, Mansour is
not resting on his laurels. Looking ahead to 2024 and
beyond, the entrepreneur anticipates that the
industry at large will shift towards an increased
reliance on AI-driven solutions. “But even as more
firms adopt AI as their technology develops, CFI is
strategically positioned to lead this charge,” he adds.
“By staying ahead of the curve, investing in research
and development, and continuously enhancing our AI
tools early on, we aim to set new standards and
redefine the possibilities within the online trading
landscape. CFI’s vision involves leveraging AI’s power
to revolutionize our clients’ trading experience. The
cornerstone of this vision is our AI Trading Assistant,
a groundbreaking tool designed to empower traders
by integrating this technology into their decision-
making processes. As we move forward, we are
committed to refining and expanding the capabilities
of this AI assistant, ensuring that it becomes an
indispensable asset for traders seeking efficiency,
precision, and a competitive edge.”
A
ll of this highlights CFI’s commitment to
technological innovation, strategic expansion,
and client empowerment. “As an entrepreneur,
my ultimate goal revolves around our vision of
empowering serious trading,” Mansour concludes. “I
want to see CFI become the leading broker worldwide,
not only in the MENA. I believe that everyone should
have access to cutting-edge tools, superior conditions,
robust platforms, comprehensive resources, and a
trusted partner that empowers them to confidently
navigate the financial markets. For CFI, the ideal
long-term outcome aligns with our mission to be at the
forefront of the financial industry, setting new
standards for excellence and innovation. I envision CFI
as a global leader in the online trading industry, and a
trusted partner for traders and investors worldwide,
offering unparalleled services, and fostering a commu-
nity of empowered individuals achieving their financial
goals.”
Devina Divecha is an independent writer,
editor, emcee and media consultant,
specialising in the hospitality and F&B
industry. With more than 10 years of
experience under her belt, her work has appeared in a
number of publications including Skift, SUPPER,
HOTELSmag, Destinations of the World News, Spinneys
Magazine, Entrepreneur Middle East, and more. She holds
a BSc in Business from the London School of Economics and
an MA in Magazine Journalism from the University of
Sheffield. devinadivecha.com
‘
TREP TALK
Hisham Mansour’s advice for entrepreneurs
in 2024
}EMBRACE INNOVATION AND TECHNOLOGY “In the rapidly
evolving business landscape, embracing innovation and
leveraging technology, especially AI, can provide a
competitive edge.”
}UNDERSTAND THE LOCAL DYNAMICS “Entrepreneurs
should have a deep understanding of the local market
dynamics, cultural nuances, and regulatory environment to
tailor their strategies effectively.”
}BUILD STRONG NETWORKS “Establishing strong
connections within the business community can open
doors to opportunities, partnerships, and valuable
insights.”
}ADAPTABILITY IS KEY “Given the dynamic nature of
markets, the ability to adapt to changes swiftly is crucial.
Stay agile and responsive to evolving trends.”
}INVEST IN CONTINUOUS LEARNING “Entrepreneurs should
prioritize continuous learning to stay ahead of industry
developments, new technologies, and emerging market
trends.”
} PRIORITIZE CUSTOMER EXPERIENCE “Focus on providing
exceptional customer experiences. Satisfied customers
become advocates and contribute to sustainable business
growth.”
January 2024 / E N T R E P R E N E U R . C O M / 47
FUN COMES
GUARANTEED
YOU DECIDE WHEN THE PARTY
STOPS WITH 24HR FOOD & DRINK.
NOW OPEN AT DUBAI DIGITAL PARK.

RADISSONHOTELS.COM/RED
 B/ Gear
#TamTalksTech
Gadgets and doodads that you might’ve missed out on,
sourced by a tech aficionado. b y TA M A R A C L A R K E
Work it out →
/Acer Chromebook Plus 515
The Acer Chromebook Plus 515,
which is powered by 13th Gen and
12th Gen Intel Core processors,
boasts of a large 15.6-inch Full HD
(1920 x 1080 resolution) display with
IPS technology and wide viewing
angles for optimal productivity. It also
features a fast-charging battery with
up to 10 hours of usage for efficient
multi-tasking. The Chromebook is available
with a vibrant touch or non-touch display,
both of which can be enjoyed in bright light
conditions, thanks to its anti-glare
technology. The laptop has between 8 GB
to 16 GB of LPDDR5X RAM, combined with
responsive SSD local storage options of up to
512 GB for the 15-inch version. In addition, you
can stay connected with reliable Wi-Fi 6E,
Bluetooth 5.1, and an array of ports for charging,
data transfer, and display extension, including
dual USB Type-C ports and HDMI. Even better,
with Acer Chromebook Plus 515 Enterprise,
Out Of Sight ←
/Huawei Eyewear 2
I M A G E S © A C E R | H U AW E I | J A B R A
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
workforces and IT departments can take
advantage of streamlined device enrollment,
infrastructure integration, and advanced security
settings to ensure data and application
protection. Managing updates, insight reports,
and technical issues have also been made easier
as it comes with ChromeOS troubleshooting
assistance and 24/7 IT admin support.
Huawei is taking wearable tech to the next level
with the launch of the Eyewear 2 smart glasses,
now available in two styles: Browline Eyewear
frames, as well as Rectangle Half-Frame Eyewear
frames. The Browline Eyewear design features a
4.7g ultra-light frame (excluding lenses) made
from β titanium, in a sleek Titanium Silver hue. The
streamlined floating frame creates the impression
of levitating lens, creating a space-age look, while
the Rectangle Half-Frame Eyewear has a longer
upper frame, which gives you a more vibrant and
casual look. These smart glasses feature an open
acoustic design, intuitive smart features, and a
comfortable and lightweight design for all-day
wear. The Eyewear 2 gives you 11 hours of
listening time, nine hours of calling, and up to four
Listen up ↓
/Jabra Elite 10
Jabra’s new Elite 10 earbuds are optimized
for enjoying content anywhere. They are
Jabra’s first earbuds to support Dolby Head
Tracking, which keeps you at the center of
sound as you move your head, enabling a
more natural listening experience. Paired
with Dolby Atmos, you can also expect
incredible detail and clarity. Elite 10
eliminates surrounding noise with Jabra
Advanced Active Noise Cancellation (ANC),
and it auto-adjusts for what’s around you.
Consequently, the earbuds automatically
switch to the highest ANC gain in noisier
environments, and reduce the gain in quiet
places. Designed for all-day comfort, the
Elite 10 offers Jabra ComfortFit technology
for the most natural, airy fit, with every
surface the ear touches made of soft silicon
as well. The Elite 10 is complete with six-mic
call technology, a six-hour battery (27 hours
with case), a pocket-friendly cradle
optimized for wireless charging, a Bluetooth
Multipoint connection, hands-free voice
assistance, as well as easy pairing.
days of standby time on a single, full charge.
Plus, if stored in the protective case, it can
maintain power for at least one month. Charging
up the eyewear is also fast and easy as a quick
10-minute charge gives you up to three hours of
music playback, and you can get a full charge in
just 50 minutes. Huawei Eyewear 2 comes with
multiple sensors on each side, including a large
touch area and a sliding sensor zone, which
allow you to use a variety of smart touch
controls. You can easily connect your glasses
with smartphones and tablets, and enjoy a
low-latency audio flow across multiple devices.
The new Huawei Eyewear 2 is compatible with
Huawei devices as well as Android and iOS
devices.
January 2024 / E N T R E P R E N E U R . C O M / 49
 B/ Gear

The Executive Selection

From better goods to better wardrobe bests, every issue, we choose a few items that make the approved
executive selection list. In this edition, our picks include a homegrown Saudi beauty brand, a vitalizing new
fragrance from Molton Brown, and more.

STEP OUT IN STYLE →

Asteri
Founded by Saudi entrepreneur Sara Al Rashed, Asteri is an
innovative clean beauty brand that aims to celebrate the
strength and uniqueness of Arab women. This would, therefore,
explain why Asteri chose to celebrate sisterhood in the “Modern
Arab Beauty” campaign that it put out to launch its second
collection of products. In line with Asteri’s mission to redefine
the way we experience cosmetics, this particular collection
features captivating colors, luxurious textures, and empowering
products that both embrace and celebrate one’s unique beauty.
Be it with the all-new Super Massive Kohl liner that comes in
three new shades, or with the Aria Highlighting and Contour
Sticks that allow you to sculpt your features to perfection, get
ready to see your entire look elevated thanks to Asteri.
asteribeauty.com

50 / E N T R E P R E N E U R . C O M / January 2024

↑ A STYLISH COMPANION FOR THE NEW YEAR
A. Lange & Söhne 1815 Annual Calendar
As we set forth into 2024, A. Lange & Söhne
has declared its 1815 Annual Calendar to be
“the perfect, elegant companion to take us
through the year in style,” and having
examined the said timepiece, we
wholeheartedly concur with the German
luxury watch manufacturer. The 1815 Annual
Calendar comes with analog displays for the
date, day of week, and month, as well as a
moon-phase display calculated to remain
accurate for 122.6 years. It comes with an
I M A G E S C O U R T E S Y A S T E R I | A . L A N G E & S Ö H N E | M O LT O N B R O W N | A R M A N I
elaborate calendar mechanism that
automatically recognizes which months have
OFF-GRID →/
Molton Brown
The wild meets the refined in the new Wild Mint and
Lavandin collection that’s been launched by British
fragrance maker Molton Brown. Created by Senior
Perfumer Nathalie Koobus, this fragrance is a modern
take on a classic fougère, and it is instantly
stimulating yet soothing. While the Eau de Toilette
features sensuous orris root against the grounding
influence of rich sandalwood and tonka bean, the Eau
de Parfum has creamy nutmeg as the signature note,
and as a warm balance to tonic mint, it leaves a dry
down that’s addictive, takes hold, and leaves a
naturally sophisticated impression. moltonbrown.com
EDITOR’S PICK
GIORGIO ARMANI MADE TO
MEASURE ↓
Ever wanted to design your look exactly
how you want it? The Giorgio Armani
Made to Measure service has
introduced a new and updated
complete digital configuration system –
the first of its kind in the world of luxury
fashion– for garment customization.
The innovative system makes use of
latest-generation 3D technology to give
clients access to the Giorgio Armani
Made to Measure atelier, as well as the
creative process to ‘construct’
complete looks by combining different
models, materials, and unique details.
The initial virtual design process will be
followed up by a video consultation or a
boutique appointment, where the client
will be assisted and advised by highly
qualified personnel in order to finalize
their choices. Note here that the Made
to Measure configurator allows clients
to select not only formal suits, jackets,
coats, evening wear, and shirts, but
also casual looks including leather
jackets, t-shirts, and denim pieces,
30 and 31 days; indeed, the display needs to
choosing even the model, material,
be manually adjusted only once a year, at the
lining, and type of button. armani.com
transition from the last day of February to the
first day of March. The argenté-coloured dial
makes an impression too, and with the
traditional railway-track minute scale, Arabic
numerals, and the axially symmetric
configuration of the three auxiliary dials, it
represents a subtle tribute to A. Lange &
Söhne founder Ferdinand Adolph Lange,
whose birth year is part of the watch family’s
name. alange-soehne.com
January 2024 / E N T R E P R E N E U R . C O M / 51
Manifesting Success
Seven steps that can help transform your professional life
M
anifesting is using the power of your mind to
change and create the reality you experience. To
manifest means to make it happen.
To me, manifestation is a self-development
practice and a way of living. It is rooted in
science, wisdom, and philosophy, and, when
practiced correctly, it can help improve every
area of your life. It helps you to unlock your
by ROXIE NAFOUSI
limitless potential, and it empowers you to reach your goals.
It is important to note that manifesting is not just about
wishful thinking, or about merely visualizing what you want,
and waiting for it to happen- which a common misconception
about manifestation. In fact, manifesting is about taking
action, being proactive, and taking control of your life. Count-
less celebrities, CEOs, and leaders have attributed theirsuc-
cess to manifestation. So, how does it really work? }}
January 2024 / E N T R E P R E N E U R . C O M / 53
 ‘T/ Skillset
↑ Roxie Nafousi’s debut book, Manifest: 7 Steps to Living Your Best Life, has become a global success since it entered the market in January 2022, and is
widely regarded as the must-have guide to manifestation.
I
n January 2022, I shared my own
seven-step guide to manifestation in
my book Manifest: 7 Steps To Living
Your Best Life to teach people
everything they needed to know about
manifestation. I used these steps to help
transform both my personal and
professional life, and now, hundreds of
thousands of people across the globe
have done the same. The steps are
practical, and easy to follow, and here I
am going to share a taster on how you
can use them to level up your career
and/or business.
STEP 1/
BE CLEAR IN YOUR VISION
To begin, you must first identify clear
and tangible goals for the next six
months/one year/five years. Remember
that we can’t get to where we want to go,
if we don’t first know where it is we are
headed. Clarify your goals, and be as
specific as you can with them. I
encourage you to be bold and
courageous with these goals. In other
words, dream big.
} Try this Do a visualization
meditation– neuroscience has proven
that regular visualizations will help
prime the subconscious parts of your
brain to help you to reach your goals.
STEP 2/
REMOVE FEAR AND DOUBT
We manifest what we believe we are
worthy of receiving. It is important to
54 / E N T R E P R E N E U R . C O M / January 2024
SEE CHALLENGES AS OPPORTUNITIES FOR GROWTH
AND FOR LEARNING. PERSIST THROUGH THEM, AND DO
NOT ALLOW THEM TO DETER YOU FROM YOUR PATH.
leave our insecurities at the door by
healing them, and letting them go. You
must stop standing in your own way. We
must build our self-worth, and start to
believe that we are capable of great
things. In my book, I provide lots of
guidance and tools to use to help you
unlock more confidence.
} Try this Repeat this positive
affirmation every day: “I am capable of
anything I put my mind to.”
STEP 3/
ALIGN YOUR BEHAVIOR
Do the work! Take action, be proactive,
and be willing to step outside your
comfort zone. This is how we create the
change we are seeking. Instead of
waiting for things to happen, go make
them happen. Show up as your future
self would, and be willing to take risks.
} Try this When making any decision,
ask yourself: “What would I do if fear or
doubt weren’t standing in my way?”
STEP 4/
OVERCOME TESTS FROM THE UNI-
VERSE
This step is all about the importance of
reframing challenges, rejections, and
obstacles. On any manifesting journey,
we will be faced with all three– it is an
inevitable part of life. But how we
respond determines where we end up.
See challenges as opportunities for
growth and for learning. Persist through
them, and do not allow them to deter
you from your path.
} Try this When faced with a challenge,
write down all the lessons you are
learning from it, and what you can do
differently next time.
STEP 5/
EMBRACE GRATITUDE
Developing an attitude of gratitude
encourages a positive mindset that will
influence our whole reality. It will allow
us to see more opportunities, and to sit
in an abundant mindset that will
ultimately help us to attract more
abundance to us.
} Try this Within my own company, I
ask each member of the team to send
through a gratitude list every Friday,
which we all read together. On these
lists, we write down all the good things
that happened at work in the week. It
reminds us of the progress we are making, and it
keeps us all feeling positive and motivated. It is an
Not For The
incredible practice for team morale. I highly
recommend trying it as a team, or even for yourself
at the end of each working week. Light-Hearted
STEP 6/ Navigating the realities of entrepreneurship
TURN ENVY INTO INSPIRATION by KEVIN ALDERWEIRELDT
It is easy to feel envious of our competitors, and it
can have negative repercussions. For example, it

might encourage us to copy what another
company or individual is doing, instead of staying
authentic to our own message or purpose. Envy
can also trigger insecurities or feelings of not being
enough, which can impact our behavior at work. I
encourage people to, instead, be inspired by other
peoples’ success, by allowing them to show you
what is possible.
} Try this Actively seek out inspiration. Read
books, speak to people, or watch documentaries
about people who have succeeded doing
something similar to you.
E
mbarking on an entrepreneurial journey often appears as a
glitzy expedition, glamourized by tales of success and
innovation. However, the truth reveals a landscape far from
these kinds of romanticized portrayals. Entrepreneurship
demands resilience, sacrifices, and an unwavering commit-
ment beyond the surface allure. Unraveling the myths, under-
standing purpose, embracing setbacks, mastering financial
acumen, and redefining competition constitute the crux of this
labyrinthine expedition. Understanding these realities is crucial
before diving headfirst into this world of business ownership.

STEP 7/
TRUST IN THE UNIVERSE
This final step is all about trust and surrender.
This allows us to navigate the inevitable ups and
downs of business with greater ease, and less
panic. We can trust that everything is working the
way it is supposed to and that good things are
coming our way.
This is just a small overview of the seven steps,
but I hope it’s clear to see how these practical steps
would help you to reach your goals. I strongly
encourage everyone to use them as a guide to help
them, no matter what stage of their career journey
they are at.
} Let’s start by busting a myth: it’s
not a glamorous world
The concept of being an entre-
preneur has been drastically
romanticized over the years,
often portrayed as a glamorous
lifestyle filled with wealth,
freedom, and endless possibili-
ties. However, this idealized
image is far from the reality, and
it’s important not to be deceived
by all the smoke and mirrors.
Entrepreneurship is a demand-
ing and challenging journey,
requiring unwavering dedication,
resilience, and a willingness to
make sacrifices.
The notion of an entrepreneur
working leisurely hours and
enjoying frequent vacations is }}

Roxie Nafousi is a self-development

coach, inspirational speaker, manifest-
ing expert, and two-time Sunday Times
bestselling author. Her commitment to
transforming the lives of people who
suffer with emotional and mental health issues, and
helping them to fulfil their potential, has seen her
become a renowned figure in the wellness world. Her
debut book, Manifest: 7 Steps to Living Your Best Life,
has become a global success since it entered the market
in January 2022, and is widely regarded as the must-
have guide to manifestation. Hailed as ‘the manifest-
ing queen’ by Forbes and Financial Times, Roxie
brings her unique approach to self-development
across the world, hosting corporate workshops for the
world’s largest companies including Google, Meta,
Rothschild, and many more. Roxie also hosts her own
sell-out workshops and webinars. roxienafousi.com

January 2024 / E N T R E P R E N E U R . C O M / 55
 ‘T/ Skillset

Seeking feedback is essential for growth

and development. While it’s natural to
turn to close friends and family for their
opinions, it’s important to seek feedback
from those who can provide objective
and critical assessments. Reach out to
experienced entrepreneurs, mentors, and
industry experts who can offer valuable
insights and guidance. Pitch them your
idea. If you don’t have anyone in your
network, reach out to people on Linke-
dIn; if the first person doesn’t respond,
it’s likely the 15th will. We are well versed
in the stories of entrepreneurs like Mark
Zuckerberg and Bill Gates who sought
feedback persistently in their early days,
shaping their revolutionary ideas based
on diverse viewpoints.
Purpose is the cornerstone of entrepre-
neurial success. It’s not merely about
starting a business; it’s about defining a
purpose and committing to it whole-
heartedly. Believing in your venture fuels
the drive necessary to withstand the
inevitable hurdles.

} Perseverance and resilience is key

Perseverance and resilience are non-
negotiable traits for entrepreneurs. The
path to success is rarely linear; it is often
marked by setbacks, failures, and
moments of self-doubt. Rejection
becomes a norm, with numerous no’s
before securing that pivotal yes– for
every 10 no’s, you get one yes, and that
a myth. Entrepreneurs are always on, constantly juggling responsibilities, single ‘yes’ will play a monumental role
responding to client demands, and working tirelessly to keep their businesses and become a driving force to push you
afloat. The expectation of uninterrupted breaks and personal time becomes a forward. Learning to celebrate these
distant memory as the demands of the business take precedence. victories, however small, becomes crucial
Embracing these sacrifices is an integral part of entrepreneurial growth. amidst a landscape riddled with
Without putting in the long hours and making personal adjustments, setbacks. The ability to persevere
achieving success becomes a distant dream. Entrepreneurs like Elon Musk through these challenges and maintain a
and Sara Blakely have emphasized the grueling realities behind their positive outlook is what distinguishes
successes. Musk, known for his ventures in SpaceX and Tesla, famously works successful entrepreneurs from those who
over 80 hours a week, showcasing the dedication and sacrifice required at the give up.
highest echelons of entrepreneurship. However, failures are inevitable in
entrepreneurship. It’s not the failure
} Take the time to figure out (and understand) your purpose itself, but the response to it that shapes
Before embarking on an entrepreneurial journey, it is crucial to have a clear an entrepreneur’s trajectory. Individuals
understanding of your purpose. What drives you? What problem are you like Oprah Winfrey and Steve Jobs faced
trying to solve? What impact do you want to make? Having a well-defined failures but emerged stronger, attributing
purpose provides the necessary motivation and direction to navigate the their success to the lessons learned from
challenges and setbacks that inevitably arise along the way. Entrepreneurship those setbacks. Entrepreneurship
requires a relentless drive and unwavering belief in what you are doing. The demands a robust spirit. Be prepared to
24/7 nature of the job demands a deep-rooted passion for your venture, as face competition, employee departures,
this fuel will keep you going when faced with obstacles and moments of major setbacks, and a constant stream of
doubt. challenges. The key is to not dwell on

56 / E N T R E P R E N E U R . C O M / January 2024
these setbacks, but to learn from
them, and focus on achieving your
goals.
} Build your financial acumen
As an entrepreneur, you wear
multiple hats, one of which is
crucial- the finance one. Financial
acumen is an essential skill for any
entrepreneur, and it poses immense
stress if left unmanaged. As a
business owner, you must have a firm
grasp of financial concepts, including
budgeting, cash flow management,
and investment strategies. Under-
standing your financial standing and
BEFORE EMBARKING ON
AN ENTREPRENEURIAL
JOURNEY, IT IS CRUCIAL
TO HAVE A CLEAR
UNDERSTANDING OF YOUR
PURPOSE. WHAT DRIVES
YOU? WHAT PROBLEM ARE
YOU TRYING TO SOLVE?
WHAT IMPACT DO YOU
WANT TO MAKE?
making informed financial decisions
is crucial for the long-term success of
your venture.
Maintaining healthy cash reserves is
paramount. Financial setbacks are
inevitable, and having a financial
cushion can provide much-needed
stability during difficult times.
Efficient cash flow management is
essential for ensuring that your
business has the resources it needs to
operate and grow.
Going back to Musk, his early
experiences with Zip2 and X.com
(later PayPal) demonstrated the
significance of financial acumen. His
ability to navigate financial chal-
lenges played a pivotal role in his
subsequent successes with SpaceX
and Tesla.
} Redefine what a competitor is
The conventional view of competition
solely among industry players is a
narrow perspective. Clients can also
be considered competitors, as they
have the potential to take your ideas,
and execute them themselves. This is
a common occurrence in the entre-
preneurial world, and it is important
to be prepared for this possibility.
When entering an industry
dominated by large established
companies, a small startup often
assumes the role of a challenger. In
these situations, building a strong
network of contacts and mentors can
provide invaluable support and
guidance. Always remember that
everything has been invented
before– instead of reinventing the
wheel, focus on innovation. There is
no need to start from scratch when
there are existing solutions available.
Instead, focus on improving upon
existing concepts and developing
unique solutions that address market
gaps and unmet needs. Entrepre-
neurs such as Jeff Bezos and Larry
Page focused on innovating existing
ideas, redefining industries through
ground-breaking innovations rather
than starting from scratch.
To conclude, entrepreneurship is a
challenging yet rewarding path. It
demands unwavering commitment,
resilience, and the ability to make
sacrifices. By understanding the
realities of entrepreneurship,
developing a clear purpose, fostering
perseverance, mastering financial
acumen, and redefining competition,
aspiring entrepreneurs can increase
their chances of success in this
dynamic and demanding world. I, for
one, wouldn’t want it any other way-
the ride is just too much fun.
Kevin Alderweireldt is the
founder and CEO of the
luxury creative technology
company, Bureau Béatrice.
A born entrepreneur, Kevin
is committed to working with luxury
brands that want to build more
meaningful consumer connections by
adopting creative brand experiences
through the use of emerging interactive
technologies, from gaming to augment-
ed reality and everything in between.
With over 21 years of invaluable
experience, Kevin, a successful business
owner and venture enthusiast with a
penchant for immersive experiences,
has built five thriving businesses
within the realms of creative design,
advertising, and immersive technology
across Europe and the Middle East
regions. bureaubeatrice.com
January 2024 / E N T R E P R E N E U R . C O M / 57
 | ENTREPRENEUR.COM | E N T R E P R E N E U R A L A R A B I YA . C O M

Sponsored by

THE RECAP

O
n December 6, 2023, at created the momentum to truly bounce
Fairmont The Palm in Dubai, back from any negative trends from the last
UAE, Entrepreneur Middle East couple of years, and successfully grow their
staged the Enterprise Agility businesses in 2023.
Awards 2023 to recognize the The trophies were presented to the
individuals and enterprises that have made winners by Wissam Younane, CEO of BNC
an outstanding contribution to the MENA’s Publishing, Rabih Najm, Managing Director
business ecosystem. of BNC Publishing, Suleiman Salloum, co-
The awards gala was supported by founder of Fluidmeet, Gregg Pearce, Head
Platinum Partners, Taraf Development and of (SVP) SOHO and SME at du, Saud Al
du, Gold Partners, Fluidmeet and Numai Real Nowais, Commercial Attache at the UAE
Estate, and Ecosystem Partner, in5. Embassy to the US, and H.E. Abdulla Al Saleh,
This edition of the Enterprise Agility Awards Undersecretary of the UAE Ministry of
recognized individuals and companies that Economy.

58 / E N T R E P R E N E U R . C O M / January 2024
 FASTEST EXPANDING BRAND / REEF Perfumes
FASTEST GROWTH IN REAL ESTATE / Osus
FASTEST GROWING APP OF THE YEAR / Vurse
INGENUITY IN DESIGN FOR EVENTS AND ENTERTAINMENT / M2L Concepts by Ayana Holding
LOGISTICS COMPANY OF THE YEAR / IQ Fulfillment
HOSPITALITY FIRM OF THE YEAR / Atelier House
DESIGN AND ARCHITECTURE FIRM OF THE YEAR / VX Studio
RETAIL COMPANY OF THE YEAR / Cardial
BTL COMPANY OF THE YEAR / Traffik 360
FINTECH COMPANY OF THE YEAR / PayTabs
ONLINE PLATFORM OF THE YEAR / crypto.com
HOLDING COMPANY OF THE YEAR / Ayana Holding
CORPORATE SERVICE PROVIDER OF THE YEAR / Virtuzone
GAMING AND ENTERTAINMENT INVESTORS OF THE YEAR / Shorooq Partners
FREE ZONE HUB OF THE YEAR / Ras Al Khaimah Economic Zone (RAKEZ)
DISRUPTOR OF THE YEAR / Seafood Souq
ECOSYSTEM ENABLER OF THE YEAR / Emirates Angels
DIGITAL INFLUENCER OF THE YEAR / James Webb (J Webby Can Eat)
CONSULTANT OF THE YEAR / Waleed Al Amiri
MEDIA PERSONALITY OF THE YEAR / Sheeraz Hasan, founder, Fame By Sheeraz
CRYPTO PERSONALITY OF THE YEAR / Bill Qian, Chairman, Cypher Capital
YOUNG ENTREPRENEUR OF THE YEAR / AlDhabi AlMheiri, founder of Rainbow Chimney
Educational Aids
ENTREPRENEUR OF THE YEAR / H.E. Asma Al Fahim, Chairwoman, Abu Dhabi
Businesswomen Council
VISIONARY OF THE YEAR / Talal Al Gaddah, Senior Executive Vice Chairman, MAG
BNC PUBLISHING CEO Wissam Younane
OUTSTANDING CONTRIBUTION TO BUSINESS / H.E. Abdulla Al Saleh, Under Secretary of
the UAE Ministry of Economy

WINNERS of the Enterprise Agility Awards 2023

January 2024 / E N T R E P R E N E U R . C O M / 59
 FREE ZONE HUB OF THE YEAR - Ras Al
Khaimah Economic Zone, RAKEZ

DIGITAL RETAIL COMPANY OF THE YEAR - Cardial

INFLUENCER OF
THE YEAR - James
Webb (J Webby
Can Eat)

OUTSTANDING CONTRIBUTION
TO BUSINESS - H.E. Abdulla Al
Saleh, Under Secretary of
the UAE Ministry of Economy
HOSPITALITY FIRM OF
THE YEAR - Atelier
House

60 / E N T R E P R E N E U R . C O M / January 2024
 MEDIA PERSONALITY
LOGISTICS COMPANY OF THE YEAR - IQ Fulfillment OF THE YEAR
Sheeraz Hasan

CORPORATE SERVICE PROVIDER OF

THE YEAR - Virtuzone

DISRUPTOR OF THE YEAR - Seafood Souq

January 2024 / E N T R E P R E N E U R . C O M / 61
 GAMING AND
ENTERTAINMENT
INVESTORS OF THE
YEAR - Shorooq
Partners

ONLINE PLATFORM OF THE YEAR - crypto.com FASTEST GROWTH IN REAL ESTATE - Osus

FASTEST GROWING APP OF

THE YEAR - Vurse

62 / E N T R E P R E N E U R . C O M / January 2024
 FASTEST EXPANDING BTL COMPANY OF THE YEAR - Traffik 360
BRAND - REEF Perfumes

FINTECH COMPANY OF THE YEAR - PayTabs

DESIGN AND ARCHITECTURE FIRM OF THE YEAR - VX Studio

January 2024 / E N T R E P R E N E U R . C O M / 63
 INGENUITY IN DESIGN FOR EVENTS AND
ENTERTAINMENT - M2L Concepts by Ayana Holding

CONSULTANT OF
THE YEAR - Waleed
Al Amiri

YOUNG ENTREPRENEUR OF
THE YEAR - AlDhabi AlMheiri, ENTREPRENEUR OF THE
founder of Rainbow Chimney YEAR - H.E. Asma Al
Educational Aids Fahim, Chairwoman, Abu
Dhabi Businesswomen
Council
VISIONARY OF THE
YEAR - Talal Al Gaddah,
Senior Executive Vice
Chairman, MAG

64 / E N T R E P R E N E U R . C O M / January 2024
ECOSYSTEM ENABLER OF THE YEAR - Emirates Angels

CRYPTO PERSONALITY OF
THE YEAR - Bill Qian,
Chairman of Cypher
Capital

HOLDING COMPANY OF THE YEAR - Ayana Holding

January 2024 / E N T R E P R E N E U R . C O M / 65
66 / E N T R E P R E N E U R . C O M / January 2024
January 2024 / E N T R E P R E N E U R . C O M / 67
 IMAGINE
YOUR
SPACE

Imagine a space where your inspiration At RAK Ceramics we help

can run free. A world that tells create the perfect living space,
your own story, every single day. for you and your loved ones. Imagine your space.

RAKCERAMICS.COM
 ↓ Aziz Gamil and
Mustafa Alelayawi
are the co-founders
of Santra.

Leveling the Playing Field

IMAGES COURTESY SANTRA

UAE-based online marketplace Santra is helping home-based businesses and entrepreneurs to thrive in an
ever-growing food industry b y A A L I A M E H R E E N A H M E D

January 2024 / E N T R E P R E N E U R . C O M / 69
 S/ Q&A
T
he potential economic empowerment that individuals can
achieve by running a home-based business is
considerable. However, within economies like the UAE’s,
where small and medium enterprises (SMEs) account for
95% of all businesses, there is a need to enhance
support for owners of home-based businesses. That
certainly is the driving factor behind Santra, a UAE-based
online marketplace that supports small business owners
and makers of homemade food and sweets. “Santra was inspired by
the need to address inefficiencies in the local F&B sector, where
businesses struggled with disjointed systems, and a lack of
integrated digital solutions,” says Aziz Gamil, co-founder and CEO of
Santra. “Envisioning a platform to streamline processes and enable
digital transformation, Santra aims to provide intuitive,
comprehensive tools for these businesses, enhancing operational
capabilities, and contributing to economic growth and innovation in
the region. The goal is to be a growth partner for clients, simplifying
the complexities of digital adoption.”
70 / E N T R E P R E N E U R . C O M / January 2024
L
aunched in 2022 by Gamil along
with co-founders Fatma Al Khaja
and Mustafa Alelayawai, Santra
offers digital solutions such as order
management systems, real-time inventory
tracking, integrated payment solutions, as
well as customer insights. Thus, with
these tools at their disposal, local food
businesses and home-based food brands
can attain logistical efficiency by reaching
larger customer bases by organizing
orders and delivery times on a single,
dedicated platform. And all of this, Gamil
says, allows small business owners a fight-
ing chance to compete against existing
larger chains as well. “We provide two
specialized apps: a customer app for easy
ordering and personalized experiences,
and a seller app for efficient business
management,” Gamil explains. “This
dual-app approach caters to both demand
and supply sides, ensuring efficient,
responsive service. Entrepreneurs start by
contacting us, followed by a demo and
trial period of our platform. We then
assist with onboarding, including setting
up profiles and menus. Comprehensive
training is provided for effective platform
use. Ongoing support helps businesses
grow and reach a broader customer base,
making our technology accessible even to
those with limited tech experience.
Santra’s solutions thus meet the unique
demands of the food industry.”
} Today, Santra is a platform where 90%
of its sellers are Emirati women- a
profound testament to Gamil and his
team’s commitment to fighting unem-
ployment and empowering female
entrepreneurs in the UAE. This senti-
ment, in fact, is what prompted Gamil to
launch this startup in the first place- and
it all started with a ‘santra,’ a word used to
describe the mandarin fruit in many
languages. “The startup’s name emerged
from a simple yet memorable incident
during my university days,” Gamil
narrates. “While in class, I was discreetly
enjoying a mandarin. This moment was
humorously captured on video by a
friend, and it led to a burst of laughter
and camaraderie among us. But later, as I
shared this light-hearted moment with
my now co-founders, Fatma and Mustafa,
it somehow sparked a deeper conversa-
tion about the challenges faced by local
 ONGOING SUPPORT HELPS BUSINESSES GROW AND REACH A BROADER CUSTOMER BASE,
MAKING OUR TECHNOLOGY ACCESSIBLE EVEN TO THOSE WITH LIMITED TECH EXPERIENCE.
SANTRA’S SOLUTIONS THUS MEET THE UNIQUE DEMANDS OF THE FOOD INDUSTRY.

brands and home-based food businesses. We realized that
many brilliant ideas and potential businesses, particularly led
by women, never reach their full potential, due to a lack of
accessible tools for managing and growing their operations.
The story behind Santra is therefore one that reflects the spirit
of spontaneity, innovation, and our commitment to uplifting
local communities, particularly women entrepreneurs in the
UAE.”
} Of course, it is no secret that the industry Santra operates
in is a rapidly growing one. Indeed, as per a report by Mordor
Intelligence, the food service market size is estimated at
US$16.92 billion in 2023, and it’s expected to reach $43.98
billion by 2029. In such a saturated market, the need to
differentiate from competitors increases- something that
Gamil is all too aware of. “Santra has been built with a series of
unique selling points in mind,” he says. “For starters, it has a
user-friendly interface allowing entrepreneurs with varying
levels of tech-savviness to manage their operations efficiently.
Secondly, our platform is highly adaptable, enabling home
businesses to maintain their unique identity, and meet their
specific needs. We also offer a one-stop-shop solution for
order, inventory, and customer relationship management,
which streamlines operations and enhances the customer
experience. With a focus on the regional market, we provide
localized support, and we understand cultural nuances, giving
home businesses an edge. And finally, our pricing model is
budget-friendly for home businesses, ensuring they only pay
for what they need with the flexibility to scale.”
} Nestled in the midst of this model to empower local home
businesses is Santra’s own gateway to earning its share of
revenue. “Our primary revenue stream comes from a modest
commission on each transaction processed through our
platform,” Gamil explains. “This aligns our success directly
with that of our clients, ensuring that we are motivated by a
shared goal of increasing their sales and operational through-
put. We focus on businesses that are agile and open to digital
transformation, yet may lack the resources to implement or
manage complex digital solutions on their own. By offering a
scalable and integrated platform, Santra becomes a powerful
tool in their growth, enabling them to compete more effec-
tively in the digital economy.” But Santra’s graph towards
achieving an efficient model of operation hasn’t necessarily
been linear. “One of the most significant challenges I faced in
leading Santra was the balancing act between rapid innovation
and sustainable growth,” Gamil admits. “In the tech startup
world, there’s immense pressure to move quickly and

→ Using the Santra

marketplace,
customers can
IMAGES COURTESY SANTRA

discover and order a

wide selection of
homemade food and
sweets, enjoy
exclusive offers, and
enjoy a seamless
checkout experience
with secure online
payment options.

January 2024 / E N T R E P R E N E U R . C O M / 71
 S/ Q&A
continuously innovate.
However, rapid develop-
ment often comes with
risks– both in terms of
product stability and team
burnout. Managing this
delicate balance was a
constant challenge. Another
major hurdle was in
introducing a new digital
solution to traditional
SMEs in the food sector,
which meant that we were
not just selling a product,
but also advocating for a
shift in operational
mindset. Many potential
clients were hesitant to
move away from established
methods to a digital
platform. Convincing them
required not just a solid
product, but also a deep
understanding of their pain
72 / E N T R E P R E N E U R . C O M / January 2024
points, as well as effective
communication of the
tangible benefits they would
gain.”
} In overcoming these
challenges, Gamil found
that it eventually opened
doors to investments for his
startup as well. “Santra’s
funding journey has been a
testament to our growth
and the confidence our
investors have in our vision,”
Gamil says. “We started in
2019, bootstrapped by
personal investments from
myself and close friends
who shared a belief in the
potential of our platform.
This initial phase was about
proving our concept,
gaining traction, and
refining our offerings. After
a year and a half of diligent
work and demonstrated
success, we raised our first
external capital of
$300,000. Our participa-
tion in the 2022 edition of
the startup event, GITEX
Global, was the next
significant milestone. The
exposure and networking
opportunities at such a
prestigious tech event
culminated in raising $1
million in pre-seed funding.
This infusion of capital
enabled us to further
enhance our product,
accelerate growth, and
expand our reach to
empower more local brands
in the food industry.”
} It is thus with that sense
of optimism that Gamil
hopes to lead his startup in
2024 and beyond. “Over the
next 6-12 months, Santra is
dedicated to enhancing our
platform with new,
client-requested features,
expanding our market reach
to welcome new clients,
deepen existing relation-
ships, and growing our
team with individuals
committed to innovation
and client value,” he
declares. “ This strategy is
aimed at strengthening our
service in the food sector
and supporting businesses
in adapting to a digital-first
approach. We want to
continue positioning Santra
in the market as a highly
accessible, customizable,
and supportive digital
platform tailored for home
businesses in the food
sector!”
← Santra’s vision is to be the
leading hub for home-based
businesses in the Middle East,
providing comprehensive
support services for
entrepreneurs and small
businesses.
'TREP
TALK
Aziz Gamil, co-founder
and CEO of Santra,
shares his tips for
entrepreneurs
}RECOGNIZE THE POWER
OF RESILIENCE AND
ADAPTABILITY “Being an
entrepreneur is not just
about having a great idea;
it’s about your capacity to
adapt to changing
circumstances, to learn
continuously, and to lead
your team through ups
and downs with a clear
vision and steady hand.”
}EMBRACE UNCERTAINTY
“I learned to be more
comfortable with
uncertainty. I realized that
not every decision will be
perfect, but being
paralyzed by fear of
making mistakes is far
worse. Adopting a mindset
of ‘learn fast, adapt
quickly’ helped me
navigate through
ambiguous situations.”
}PRIORITIZE TEAM
WELL-BEING “I learned the
importance of fostering a
work environment that
values not just productivity
but also well-being. This
meant sometimes taking a
step back to ensure our
team was not
overburdened, promoting
a culture where mental
health is as important as
meeting development
milestones.”
}FOCUS ON CUSTOMER
ENGAGEMENT AND
EDUCATION “We invested
significantly in customer
engagement. This involved
detailed demos,
workshops, and one-on-
one sessions to illustrate
the value of digital
adaptation in their
language, showing them
the direct impact on their
business efficiency and
growth.”
 S/ Finance

Shaking It Up
The state of play -and the road ahead- for startups and investment in the GCC
b y R YA A N S H A R I F

T
he Gulf Cooperation Council (GCC) has earned a reputation for being Unpredictable externalities
slowed business growth and
friendly to startups. Last year, just two of the countries in the region
suppressed investor appetite.
-unsurprisingly, the UAE and Saudi Arabia- drew in nearly 60% of the Now risk-averse, investors
US$3.2 billion that startups across the broader Middle East and North no longer tend to factor in
Africa managed to raise. From agritech to fintech, it would appear that speculative and intuitive
the GCC is the place to be. business attributes such as
And yet, we cannot ignore the falloff in investor activity. We live in a connected the founder’s “vibe” and
world, and international markets are in the middle of a capital crunch. Investment projections for revenue and
profit. Instead, they have
in the region this year has been muted, and it is reasonable to assume that 2023 reverted to the fundamentals,
will prove to not have been as fund-furious as 2022. asking to see hard data, and
poring over it for longer
periods. This has stretched
SO, WHERE DO WE STAND? us examine the trends that among the venture capitalists out funding cycles. And even
Below, we explore the made 2023 a rare “off ” year (VCs). In 2022, they were when they give the nod, they
reasons for this to set the for the GCC startup more willing to back hopefuls do so with the provision that
stage for what comes next. community. with a view to growing their they will be more intimately
How will startups go about investment significantly. But involved in the business.
funding themselves in 2024? 1/Risk-takers retreat There our globally connected This change in tempera-
Advice to follow, but first, let has been a mood swing economy got in the way. ment has had a knock-on

74 / E N T R E P R E N E U R . C O M / January 2024
 WHILE GLOBAL MACROECONOMIC CONDITIONS PERSIST, WE SHOULD EXPECT TO SEE VCS KEEP
THEIR HATCHES BATTENED. BUT EVEN AS INVESTORS PREPARE TO STICK TO THEIR 2023
STRATEGY, THERE IS NOTHING TO STOP STARTUPS ADOPTING NEW APPROACHES TO GET NOTICED.
effect on entrepreneurs.
More due diligence means
having to start funding cycles
earlier. It means more time
spent preparing narratives
and presentations, more calls
with backers, more pressure
to deliver results, and more
stress when things are not
ticking along as expected.
The one bright aspect of all
this extra scrutiny is that
founders get to pick the
brains of their experienced
backers more often.
2/Late to the party Wary
investors are less likely to get
in on the ground floor. We
have seen a sharp steer away
from early-stage engage-
ments. The potential
high-reward deals are simply
not enough to tempt backers.
But while they certainly
now favor the more solid
ground of later-stage rounds
and their long-term
viability, that is not to say
some investors cannot be
won over by a founder with
the right value proposition,
narrative, and presentation.
If they prepare themselves
adequately, there is still
room for such companies to
secure seed-stage funding
from angel investors, crowd-
funding platforms, and
accelerators.
3/Banking on alternative
sources of capital As VCs
have become more
discerning about the
companies they invest in,
some startups have looked
to banks to fill the void. Of
course, this leaves new
businesses open to the
immovable policies of
traditional lenders. The
startup needs to be sure it
has a solid credit history and
a robust business plan.
Banks have always been
more diligent in their
lending practices than
venture capitalists. They may
require borrowers to put up
collateral, or accept higher
interest rates.
However, for startups that
are unable to make headway
with investors, this may be
the only viable route.
Fortunately, the government
in the UAE has established
credit-guarantee schemes to
encourage banks to lend to
smaller enterprises. And the
UAE financial services
industry’s vigorous digital
transformation makes the
admin of loans cheaper and
decision times shorter.
WELL, WHAT HAPPENS NOW?
So, that is the state of play.
And as we move through
2024, we should not expect
to see much movement
towards the good old “funds
for all” days of 2022. While
global macroeconomic
conditions persist, we should
expect to see VCs keep their
hatches battened. But even
as investors prepare to stick
to their 2023 strategy, there
is nothing to stop startups
adopting new approaches to
get noticed.
A strong message will get
through. Remember what it
is you do, and make sure
others know it. That requires
a concise story, but it also
should be one that exposes
the strengths of your
offerings, and explains their
value clearly. Put it all on
paper, tweak it, optimize it,
and memorize it, so that
every time you get an
opportunity to tell your story,
you can do so quickly and
succinctly, even in a
high-pressure situation. That
peak investor scrutiny will
still be present, but if you can
convince them that you have
a deep understanding of your
operating market and all its
opportunities, threats, and
regulations, then you will
have their attention.
These encounters will be
more productive if you
understand your audience,
so target investors carefully,
and get to know how
risk-averse they are, and why.
Account for the type of
investor. A high-net-worth
individual (HNWI) or angel
will likely have lower
expectations when it comes
to returns (in respect of both
volume and time) when
compared with a VC. Also,
↓ Dubai International Financial Centre in the Special Economic Zone, a hub
for investment companies in the Middle East. Dubai, UAE.
January 2024 / E N T R E P R E N E U R . C O M / 75
while they tend to be more
cautious, the GCC’s family
offices may respond to the
right value proposition. Just
be sure to research what
fields they have been known
to target. Also, in the general
case, ensure you do not
target (for example) an
investor with a history of
Series B funding if you are
looking for seed-stage
backing.
IT’S ALL ABOUT THE SPARKLE
At the end of the day, it is
about the right individual
with the right interests in the
right setting at the right
time. After that, if presented
with the right bait, investors
will still bite. It is up to you,
the entrepreneur, to make
your vision sparkle for them
the way it sparkles for you.
Ryaan Sharif is
General Manager
at Flat6Labs UAE.
flat6labs.com/
Location/uae
 S/ Ecosystem

A Silicon Valley for Climate Tech?

It Could Well Be the UAE
As the UAE transitions to a more diversified economy, it is starting to build financial and other
infrastructure for startups and innovators b y D A N N Y K E N N E D Y

I
f one were to look at the track record of
the annually staged Conference of the
Parties (COP) of the United Nations
Framework Convention on Climate Change
(UNFCC), one could -arguably- say that
COPs are not known for their technology
showcases nor startup support efforts, so
much as their policy brawls and political
commitments- or lack therein. Anyone who is
surprised by side deals and compromises in
the UNFCCC process hasn’t been paying
attention since 1992.

If one were to look at the
track record of the annually
staged Conference of the
Parties (COP) of the United
Nations Framework
Convention on Climate
Change (UNFCC), one could
-arguably- say that COPs are
not known for their
technology showcases nor
startup support efforts, so
much as their policy brawls
and political commitments-
→ Dubai, UAE - A shot of
the Mohammed Bin
Rashid Al Maktoum Solar
Park, the largest
single-site solar plant in
the world.
or lack therein. Anyone who
is surprised by side deals
and compromises in the
UNFCCC process hasn’t
been paying attention since
1992.
But looking at the most
recent edition of COP staged
in the UAE in 2023, this
COP may be a little different
in that there’s an emphasis
on entrepreneurs and how
innovation is a lever we need
to use in our quest for
climate solutions.
Exponential energy tech
growth has in sight the 2°C
target for limiting global
warming, if not 1.5°C, all the
while; however, we have to
be wary of the authenticity
of these solutions.
Driving entrepreneurial
solutions may seem contrary
to some peoples’
preconception of the host
nation of COP28, the United
Arab Emirates (UAE), as an
oil-rich and relatively small
economy. While it is still not
doing enough per
London-based think tank
Carbon Tracker, it is
punching above its weight in
the energy transition in the
region. For example, earlier
this year, the UAE updated
its energy strategy to triple
the share of renewables by
2030, a position it had
taken into the COP, which
many others are now
endorsing. In fact, the UAE
expects that 55% of Abu
Dhabi’s electricity will come
from clean sources in 2025.
The UAE is changing. At
the crossroads of Africa,
Asia, and Europe, it is also a
global investment hub,
home to lots of big and
small companies across a
range of industries - and it
also has a lot of money.
That’s how the UAE was
able to go to Africa Climate
Week in September last
year, and commit over US$4
billion of finance on the
continent for clean energy.
Western countries didn’t do

76 / E N T R E P R E N E U R . C O M / January 2024
“ ONE THING WE’VE
LEARNT FROM BUILDING
ENTREPRENEUR
SUPPORT ECOSYSTEMS
IN 12 COUNTRIES FOR
20 YEARS IS THAT GOOD
IDEAS AND TALK ARE
NOT ENOUGH. WE NEED
CAPITAL, TALENT, AND
DEMAND TO COMBINE
IN A VIRTUOUS SPIRAL
AROUND THE IDEAS. THE
UAE HAS ALL THESE-
AND IT HAS PUT THEM
OUT THERE THROUGH
THIS YEAR’S COP.”
that. As someone who had never
worked in the Gulf states before,
I’m finding similarities to the
can-do culture of Silicon Valley,
where I have run the California
Clean Energy Fund for nearly a
decade.
} The next California?
It is interesting to think of
California at the turn of the last
century: like the UAE, it was a giant
of oil production in the world. If I’d
asked someone there in 1923
whether they thought it would be a
champion of a 100% renewable
future, including an electrification
disruption in internal combustion
engine-run cars, I doubt they
would. But by fostering a culture of
innovation and collaboration,
California has led the world in
multiple new industries over the
decades. The UAE seems to
understand this playbook, with the
↑ Danny Kennedy is the CEO of New Energy Nexus (NEX), the world’s leading
ecosystem of funds and accelerators supporting clean energy entrepreneurs.
current leaders acknowledging that
one day soon –how soon is the big
question we’re all fighting over- the
last barrel of oil will be shipped.
Given the US’ recent investment
surge in oil and gas production and
export, it is in American
multinationals’ interest to delay
renewables more than Middle East
national oil companies.
International Energy Agency
scenarios suggest that if the world
moves beyond “announced policy
scenarios” to “net zero emissions”
by 2050, North America’s share of
export sales goes from 20% of a big
number, to 20% of a much smaller
one. Whereas the national oil
companies of the Middle East gain
market share from around 40% to
60%, but from a much smaller
base. So, in the future, it is unclear
who the real champions of quitting
oil will be. The fact is, no one is
doing enough yet.
The proof will be in the pudding
of course, but there is lots going on
now even amongst some of the
UAE’s big businesses. Earlier this
year, Emirates Global Aluminium
(EGA) launched a green supply
chain program, and also purchased
clean energy certificates for 1.1
million megawatt hours of
January 2024 / E N T R E P R E N E U R . C O M / 77
electricity- to produce 80,000 tons
of solar aluminum. It’s not reducing
the greenhouse emitted from
aluminum production enough, but
this is one of those “hard to abate”
sectors we have to iterate.
Innovation along complex supply
chains like this –EGA has 3,000
vendors– is a lot of the work of the
energy transition that we still need
to do.
} Greenshoots of change
What is clear is that as the UAE
transitions to a more diversified
economy, it has built financial and
other infrastructure for startups
and innovators. I spent some time
prior to COP at the Abu Dhabi
Finance Week, an annual gathering
of investors, family offices, and
trustees from across the Gulf that
seemed to be high on
environmental, social, and
governance (ESG) principles, for
what it is worth. It convinced me
this country has fertile ground for
new technologies and businesses to
grow. That is why at New Energy
Nexus, we brought 50 climate tech
founders to the UAE during COP28
as part of the program we have
been running this year with the
COP28 Secretariat and the Abu
 S/ Ecosystem
WE ARE UNAPOLOGETICALLY LEVERAGING THE FACT THAT THE UAE IS A GOOD PLACE FOR STARTUPS TO
LAND AND TO FIND CAPITAL, AS WELL AS MENTORS, PARTNERS, AND CUSTOMERS, WHICH THEY NEED
TO SUCCEED. IF HALF OF THE COMPANIES WE BRING HERE CAN TAP INTO THE REGIONAL MARKET AND
OPEN CHANNELS FOR DISTRIBUTION TO COUNTRIES IN THE REGION, THE WORLD WILL BE BETTER FOR IT.”
↑ Abu Dhabi, UAE - October 2,
2023: Exhibitor stand at ADIPEC
2023 - the world's largest
exhibition and conference for the
global energy industry - under
the theme of 'Decarbonising.
Faster. Together.'
Dhabi Investment Office
(ADIO).
We have known some of
these climate tech startups
for years, like AltoTech,
which is bringing smart
controls to aircon loads in
Thailand. Others are part of
a new wave of two-wheeled
e-mobility sweeping Africa,
such as ZED Motors and
Mobility for Africa. With our
COP28 partners, we were
able to showcase these
startups to all kinds of
regulators, decision-makers,
and investors, connecting
them to more resources,
partners, and potential
customers. There will be
plenty of other connections
78 / E N T R E P R E N E U R . C O M / January 2024
to opportunity, starting with
close to a thousand
university-aged engineers
and others in Abu Dhabi at
the Student Energy Summit,
who represent key talent for
innovative companies.
Out of this one-off
program we aim to build an
ongoing engine of support
for climate startups in the
UAE with Hub71, which is
the nation’s leading tech
startup support
organization. We are
unapologetically leveraging
the fact that the UAE is a
good place for startups to
land, and to find capital, as
well as mentors, partners,
and customers, which they
need to succeed. If half of
the companies we bring here
can tap into the regional
market and open channels
for distribution to countries
in the region, the world will
be better for it.
ADIO has also been playing
an active role in supporting
the UAE’s sustainability
commitments where it has
also signed a trilateral
agreement with the Abu
Dhabi Department of
Energy (DoE) and Abu
Dhabi Future Energy
Company PJSC – Masdar, to
accelerate the hydrogen
economy in Abu Dhabi, and
position the UAE as a global
leader for the production
and export of low-carbon
hydrogen. This follows Abu
Dhabi’s recently launched
Low-Carbon Hydrogen
Policy, which creates a
framework to accelerate
production on a much larger
scale.
One thing we’ve learnt
from building entrepreneur
support ecosystems in 12
countries for 20 years is that
good ideas and talk are not
enough. We need capital,
talent, and demand to
combine in a virtuous spiral
around the ideas. The UAE
has all these– and it has put
them out there through last
year’s COP. Let’s see what
happens. No doubt it will
never be enough in the face
of the climate crises, but we
are seeding the field to see a
small crop of the solutions
we will need to harvest in
years to come.
Danny Kennedy
is the CEO of
New Energy
Nexus (NEX),
the world’s leading ecosystem
of funds and accelerators
supporting clean energy
entrepreneurs. NEX started in
Silicon Valley, and it now runs
programs in Australia, China,
India, Indonesia, Nigeria, the
Philippines, Singapore,
Thailand, Vietnam, Uganda,
and the USA. Since 2004, it
has accelerated over 900 clean
energy startups, supported
over 5000 entrepreneurs, and
mobilized over US$1.5 billion
in investment. Danny is also
an advisor to clean energy
companies in Australia,
China, Kenya, the Philippines,
the USA, and elsewhere.
Besides co-founding
Sungevity, a solar pioneer in
2007, he was the first backer of
a now $6 billion-worth solar
loan provider Mosaic in 2011,
and he was also the author of
a book on rooftop solar. He
speaks regularly to media and
at major conferences and is
co-host of the Audible podcast,
Climate of Change, with Cate
Blanchett.
newenergynexus.com
 Invests
In
Entrepreneurs
What Are
You Building?
Learn more at entrepreneur.vc

January 2024 / E N T R E P R E N E U R . C O M / 79
 S/ Q&A

IN FOCUS
A roundup of the up-and-coming startups in the Dubai-based Mohammed Bin Rashid
Innovation Fund (MBRIF) accelerator program that you should be keeping an eye on
by AALIA MEHREEN AHMED

A
midst the plethora of challenges that

Hulexo
/hulexo.com /
plague small and medium enterprises
(SMEs) in the UAE, the implementation
and management of enterprise
resource planning (ERP) systems is
one that often leads to much
inefficiency. While there are plenty of
statistics to highlight this, Huzaifa Hameed,
co-founder and CEO of Hulexo, a cloud-based
retail ERP system based in the UAE, personally
experienced this particular challenge. “As
someone who comes from a family of small
business owners, I witnessed firsthand the
challenges faced in trying to stay competitive
and make informed decisions in a fast-paced
retail landscape,” Hameed says. “As my co-
founders, Marwin Favila and Ibrahim Al Rachdi,
and I pursued studies in computer science and
artificial intelligence (AI), a vision began to
crystallize. The realization struck that the power
of AI could be harnessed to not only streamline,
but revolutionize, the retail sector. The idea
wasn’t just about automating processes; it was
about empowering retailers with insights that
could transform their decision-making
processes.”

} Hulexo was thus launched in 2021 in Abu Dhabi as an

ERP platform that helps retailers streamline operations
and make smarter decisions with an AI-powered decision
IMAGES COURTESY HULEXO

↑ Meet the Hulexo team: Huzaifa
Hameed (top right), CEO; Ibrahim
Al Rachdi (bottom right) Chief
Product Officer; Marwin Favila
(bottom left), Chief Technology
Officer; and Kunal Thadhani (top
left), Head of Marketing.
recommendation engine. And at its core, the startup aims
to address the many shortcomings of traditional ERP
systems. “The conventional ERP systems lacked the agility
and adaptability required to keep pace with rapidly
changing consumer behaviors and requirements of a
scaling business,” Hameed explains. “They were often
cumbersome, had poor support, and offered static insights

80 / E N T R E P R E N E U R . C O M / January 2024

that quickly became
outdated. The gap between
data collection and action-
able intelligence was a
challenge that many retailers
struggled to bridge. Driven
by a desire to make a
meaningful impact, we
decided to embark on a
journey to create an
AI-powered retail ERP
system.”
} The Hulexo platform thus
offers services such as
inventory management,
intelligent point of sale
(POS), purchase manage-
ment, and e-commerce
integration. But while data
collection is an important
part of any ERP system,
what Hulexo aims to provide
are actionable insights in the
form of reports and analyt-
ics. “The biggest differentia-
tion from our competition is
that all these systems leave it
to the retailer to make sense
of the data collected,
whereas our system uses a
robust AI decision-making
engine to process the data,
and suggest decisions in real
time, making the operations
and decision-making process
proactive, rather than
reactive,” Hameed elabo-
rates. “Moreover, Hulexo is
built using a rapid applica-
tion development (RAD)
technology, allowing us six
times faster customization
and implementation times,
as well as one-click integra-
tions to multiple third-party
applications like Shopify,
WooCommerce, Quick-
Books, and many more,
while syncing inventory and
other information in
real-time.”
} In the two years since its
inception, Hulexo has seen
its fair share of successful
projects with multiple
UAE-based retailers- these
include renowned names
like Adidas and DKNY, as
well as locally headquartered
brands such as Padel Life,
The Giving Movement,
Nauras Sandals, The First
Group, and Jimmy Le Bond.
“Hulexo is a team of highly
skilled professionals, with a
collective experience of over
30 years in the fields of
technology, data science, and
THE IDEA FOR HULEXO WASN’T JUST ABOUT AUTOMATING
PROCESSES; IT WAS ABOUT EMPOWERING RETAILERS WITH
INSIGHTS THAT COULD TRANSFORM THEIR DECISION-MAKING
PROCESSES
artificial intelligence,”
Hameed adds. “Last year, we
secured a pre-seed funding
round of US$215,000 by
UAE-based seed and
early-stage venture capital
(VC) firm Flat6Labs. It was a
pivotal milestone that
propelled us to achieve
product-market fit, and scale
our solutions to over 100
retailers. Currently, we are
actively seeking funding for
our next round to fuel our
expansion into the retail
markets of Saudi Arabia and
Qatar.”
} But while it may seem that
all the puzzle pieces are in
place for Hulexo right now,
that was far from the case
when Hameed and his
co-founders first ventured
into this business. “A
significant hurdle we faced
was the initial skepticism of
potential investors, who
were wary of the uncharted
territory of merging AI with
the intricacies of the retail
industry,” he recalls. “Pitch
after pitch, we faced
rejection, with many
→ Hulexo is an enterprise resource
planning platform that helps retailers
streamline operations as well as make
smarter decisions with an AI-powered
decision recommendation engine.
investors failing to grasp the
potential of our startup.
Moreover, we grappled with
the complexities of integrat-
ing AI algorithms with the
diverse operations of the
retail sector. In the quest to
create an inclusive solution
for SMEs, financial con-
straints loomed large.
Developing cutting-edge AI
technology required
substantial resources, and
we often found ourselves
stretched thin, not knowing
if we would make it till the
next payroll. We had to make
tough decisions about
prioritizing features,
allocating resources
efficiently, and finding
creative solutions to
financial constraints.”
} And with the monetary
challenges came moments of
self-doubt for the co-found-
ing trio, admits Hameed.
“Balancing the ambition to
push technological boundar-
ies with the need for a
practical, user-friendly
solution was an ongoing
struggle,” he adds. “The
January 2024 / E N T R E P R E N E U R . C O M / 81
pressure to deliver a product
that met the expectations of
both tech-savvy profession-
als as well as those unfamil-
iar with advanced technol-
ogy added another layer of
complexity.” For all the
entrepreneurs reading this
story, perhaps Hameed’s
blatant admission of the
challenges they faced -and
how they overcame them-
will prove to be a valuable
learning lesson on how to
tackle rejection. After all, at
the end of all these obstacles,
Hulexo’s potential was finally
realized- a turning point that
materialized as the afore-
mentioned pre-seed funding
round led by Flat6Labs.
“The story of overcoming
adversity became an integral
part of our company’s
identity, a testament to hard
work and persistence,”
Hameed says. “We reached a
pivotal moment in our
journey– the need for
funding to scale our
operations, and bring our
solution to a wider audience.
We decided to seek out
investors who shared our
 S/ Q&A

→ Dr. Raju Rhee is

vision for the future of retail. After months of the co-founder and
pitches, negotiations, and countless presen- Director for Growth
tations, the breakthrough came when at MayaMD.
Flat6Labs decided to lead the first round of
funding, injecting much-needed capital into
the company.”

} The company received another token of

validation when it was accepted into the
MBRIF Innovation Accelerator Program’s
seventh cohort in late 2023. “The MBRIF
program has provided us with everything our
startup needs to scale, from experienced
mentors to one-on-one consultations,”
Hameed says. “What I loved about the
program was the level of personalization and
catering to individual needs of our startups.”
Looking back at Hulexo’s growth trajectory
so far, Hameed maintains that it was the
impediments he and his co-founders faced
that strengthened their resolve to succeed.
“Each rejection, technical hurdle, and
financial constraint became a stepping-stone,

MayaMD
pushing us to refine our approach, strength-
en our technology, and find innovative
solutions,” he says. “The setbacks became the
catalyst for creative problem-solving and
/mayamd.ai /
collaborative thinking. In the end, the

challenges encountered along the way were
not roadblocks, but essential chapters in the
story of Hulexo. They shaped the resilience of
the team, refined the product, and ultimately
contributed to the system’s success in making
a lasting impact on the retail industry.”
} But regardless of tough times and
rewarding moments, Hameed’s conviction in
his startup’s potential has been a constant
since day one- and it is precisely that
confidence that he hopes to carry forward as
the company looks ahead to the future. “The
mission was always clear: to empower
retailers, especially small and medium-sized
businesses, with the tools they needed to
thrive in an increasingly digital and data-
driven world,” Hameed reveals. “For us, the
journey isn’t just about building a successful
business; it is about empowering retailers to
utilize their full potential. The personal
satisfaction derived from seeing businesses
I
f there is one nation that has strived to leave no stone
unturned in its journey towards digitizing healthcare,
then it is almost certainly the UAE. A June 2022 report
by McKinsey & Co. shows that the combined digital
health market in the KSA and UAE will potentially reach
US$4 billion by 2026, while another study by Statista
shows that the UAE’s digital healthcare market will
have a projected market volume of $811.30 million by 2028.
Aiming to make its presence felt in the midst of this
booming sector is MayaMD, a US-headquartered
healthtech platform powered by artificial intelligence (AI)
that has now made its way to the Emirates.
} “MayaMD is an AI-based virtual triaging (the preliminary assessment of
patients that determines the nature and urgency of treatment required)
platform that can be used for chronic care management, remote patient
monitoring, patient engagement, and post-discharge care,” says Dr. Raju
I M A G E S C O U R T E S Y M AYA M D

grow and thrive fueled the passion that
ignited the journey in the first place. In the
end, it’s not just about technology; it is a
testament to the transformative power of
combining passion, innovation, and a
genuine desire to make a positive impact on
the world.”
Rhee, co-founder and Director for Growth at MayaMD. “We are therefore
trying to solve three key problems in healthcare: rising costs of healthcare,
shortage of healthcare workforce, and patient engagement. These prob-
lems exist in different forms in developed and developing countries.
Moreover, many doctors face burn out in developing countries, because of
the sheer load of patients, and this also affects the quality of care. We thus
started MayaMD to solve all these issues.”

82 / E N T R E P R E N E U R . C O M / January 2024
} Launched in 2021, MayaMD has
branches in North America as well as
India, with the UAE being the latest
addition to its geographical presence.
With the ability to process 8,000
clinical conditions in less than two
minutes with more than 90%
accuracy, the MayaMD platform aims
to help healthcare providers better
manage their patients with personal-
ized care programs and engagement
solutions. A major point of focus for
the startup has therefore been to
alleviate challenges related to patient
engagement. “Modern healthcare
consumers expect more personalized,
accessible, and responsive healthcare
services- this includes digital access
to health information, telemedicine
options, and more involvement in
their care decisions,” Dr. Rhee
explains. “The healthcare industry
has been relatively slow in adopting
new technologies that could enhance
patient engagement, such as digital
health platforms, electronic health
records, and AI-based tools. Effective
patient engagement requires clear
communication between healthcare
providers and patients. However,
barriers such as language, literacy,
and cultural differences can hinder
this, impacting patient satisfaction,
and adherence to treatment plans. At
MayaMD, we believe that embracing
digital health can transform patient
experiences in improving clinical
outcomes, and it is beneficial to the
entire healthcare ecosystem.”
} But while the wellbeing of patients
is central to a well-functioning
healthcare system, the other two
challenges -rising costs, and shortage
of workforce- are equally concerning,
Dr. Rhee warns. “Healthcare costs are
escalating globally, putting a
significant financial strain on both
governments and individuals,” he
shares. “This increase is driven by
factors like the rising price of medical
treatments, pharmaceuticals, and
advanced medical technologies. High
costs can also limit access to quality
healthcare for many individuals,
especially in underprivileged or rural
communities. Moreover, the global
shortage of healthcare workers,
including doctors, nurses, and allied
health professionals, has been
exacerbated by an aging healthcare
workforce, and insufficient numbers
of new graduates entering the field.
Workforce shortages can lead to
increased workloads for existing staff,
which, in turn, compromises the
quality of patient care, and leads to
higher burnout rates among health-
care professionals.”
} It is to address the aforementioned
obstacles that MayaMD has come up
with a three-pronged business model.
The first of these is a software as a
service (SaaS) licence model for large
hospitals, while the second is a
pay-per-usage model for small
clinics. “Under the SaaS model, large
AT MAYAMD, WE BELIEVE THAT EMBRACING DIGITAL
HEALTH CAN TRANSFORM PATIENT EXPERIENCES IN
IMPROVING CLINICAL OUTCOMES AND ARE BENEFICIAL
TO THE ENTIRE HEALTHCARE ECOSYSTEM.
↓ MayaMD aims to solve three key
problems in healthcare: rising costs of
healthcare, shortage of healthcare
workforce and patient engagement
hospitals purchase a subscription to
MayaMD’s services, and pay a
recurring fee (monthly or annually)
for continuous access to the plat-
form,” Dr. Rhee explains. “This
provides hospitals with consistent,
up-to-date access to MayaMD’s
AI-based virtual triaging and chronic
care management tools. It ensures
they have the latest features, security
updates, and technical support. The
service can also be customized and
scaled according to the size and
specific needs of each hospital,
ensuring a flexible and responsive
solution. Small clinics, on the other
hand, are charged based on their
actual usage of MayaMD’s services.
This could be calculated based on the
number of patients triaged, consulta-
tions conducted, or a similar metric.
This model is financially accessible
for smaller clinics, as it doesn’t
require a large upfront investment.”
} According to Dr. Rhee, these two
approaches have ensured steady,
predictable revenue streams for
MayaMD, while also enabling
long-term relationships with
prominent healthcare stakeholders.
“It also facilitates comprehensive
integration of MayaMD into hospital
systems, allowing for more extensive
data collection, and refinement of AI
algorithms,” Dr. Rhee says. “Specifi-
cally with our model for small clinics,
it opens up the platform to a broader
market, and encourages clinics to use
the service more as they grow.” Mean-
while, the third and final aspect of
MayaMD’s business model is a
revenue-sharing deal with healthcare
providers that is reserved for
specialized services like investiga-
tions, procedures, and patient
engagement modules. “This model
encourages healthcare providers to
utilize MayaMD’s services, as it aligns
the cost with their own revenue
January 2024 / E N T R E P R E N E U R . C O M / 83
 S/ Q&A
generation,” Dr. Rhee explains. “MayaMD then receives a
percentage of the revenue generated from these services.
For example, if MayaMD’s platform is used to facilitate a
medical procedure or investigation, a portion of the fee
charged to the patient is shared with MayaMD.”
} Having adopted such a widely encompassing model,
MayaMD has entered into the early revenue stage, with
six enterprise customers, in the two years since its launch.
“We are also doing some pilots with large corporate
players like LG and Nissan Automobiles,” Dr. Rhee
reveals. “We were a part of the LG Nova program, an
initiative by LG that aims to support future-oriented and
sustainable startups, and we have also received a grant
from Nissan for a pilot project. Already, we have more
than 500,000 downloads across iOS and Android
platforms. In simplified language, MayaMD functions as a
doctor’s brain that can be placed anywhere as a digital
screen.” As for its entry into the MENA region, it was
through MayaMD’s participation in 2023’s edition of
GITEX Global, an annual tech and startup event that
takes place in Dubai, that the startup made its way to the
UAE. “It was here that we first came to know about the
MBRIF Innovation Accelerator program,” Dr. Rhee adds.
“That interaction at GITEX revealed a mutual alignment
of goals and interests between our startup and MBRIF,
particularly in fostering innovation in the healthcare
technology sector. The MBRIF team’s insights have been
invaluable in navigating the regional market. Plus, their
ability to provide support tailored to our specific needs
and challenges has been a significant factor. Their
approach goes beyond financial assistance, encompassing
mentorship, strategic advice, and operational support.”
As Dr. Rhee and his team now hope to expand May-
aMD’s presence in the UAE and the wider region, they
hope to do so by striking a healthy balance between digital
innovation and human connection. “The Emirates’ focus
on innovation, particularly in technology sectors, aligns
well with our vision and mission, offering an environment
where cutting-edge solutions are welcomed,” Dr. Rhee
says. “But we also believe that the best healthcare
solutions emerge from a harmonious balance between
cutting-edge technology and the compassionate, empa-
thetic touch that only human healthcare professionals can
provide. At MayaMD, our methods and strategies are
geared towards nurturing this balance, and ensuring our
technology acts as a tool to enhance human connections
in healthcare, rather than replace them.”
84 / E N T R E P R E N E U R . C O M / January 2024
Below Farm
/belowfarm.ae /
T
emperatures that range between 15-24°C, wet
and nutritive soil, and dark, cool conditions aren’t
necessarily the phrases one would choose to
describe the landscapes of the UAE. But did you
know these conditions are an absolute must
when cultivating mushrooms? And yet, in a tale
of achieving the seemingly impossible, Below
Farm, an agritech company located in the
capital city of Abu Dhabi, has found a way to grow
mushrooms in the UAE all year round using local raw
materials. “Established in 2021, with the first
mushrooms harvested from the farm in Abu Dhabi in
2022, we have worked hard to localize the cultivation of
mushrooms for arid climates,” says Liliana Slowinska,
co-founder and Business Development Director of
Below Farm. “This requires a complex controlled
environment system, which has been optimized for the
hot, dry desert environment. But we have taken it one
step further, growing on substrate materials -such as
palm leaves from date farms- that are locally available.”
} Slowinska conceptualized the idea for Below Farm with her
husband, Wojciech Slowinski (who is Below Farm’s Technical
Director), and they were soon joined by a third co-founder,
Bronte Weir, with whom Slowinska had been acquainted with
during her corporate career in the fast-moving consumer goods
(FMCG) industry. But the three co-founders’ dynamic with
mushroom farming goes way beyond a collectively created
business idea. You see, as natives of Poland, all of them have been
accustomed to the act of mushroom picking- a tradition that has
been followed in the Slavic country for centuries, with the
knowledge of particular species regularly passed from generation
to generation. Combining such experiences with their individual
expertise, the trio decided to target a niche within the UAE’s
agricultural sector. “The UAE’s focus on food security has created
an enabling environment for startups, but there was no one
operating in the mushroom space,” says Weir, who is also Below
Farm’s Managing Director. “We saw the opportunity, and taking
inspiration from our founders’ home country of Poland, where
I M A G E S C O U R T E S Y B E L O W FA R M
mushroom foraging is a core part of the heritage, we set off on
our journey to grow mushrooms in the desert.”
}It is thus with this sentiment that the vision for Below Farm
took birth. “In its simplest form, Below Farm is a mushroom
farm,” Slowinski explains. “We grow fresh, edible mushrooms and
sell them to restaurants, retailers, and direct to consumers via our
online website. We also have an expanding range of value-added
mushroom-related products:
from mushroom chips to MUSHROOMS ARE NATURE’S TOOL IN THE CIRCULAR ECONOMY,
Lion’s Mane mushroom THEY BREAK DOWN ORGANIC MATTER THAT OTHERWISE WOULDN’T
powder, to home grow kits,
and lots more to come. Our
BE RECYCLED, AND BRING IT BACK INTO THE CIRCLE OF LIFE.
vision is to build and own the
nascent mushroom category
in the Middle East, that is
booming in the rest of the
world.” Produced with no
pesticides or fertilizers, Below
Farm uses fully automated
controlled environment
systems, adopting an indoor
vertical farming technique
that requires minimal space,
and can be set up anywhere,
effectively negating the need
for arable land. “Mushrooms
are nature’s tool in the circular
economy, they break down
organic matter that otherwise
wouldn’t be recycled, and
bring it back into the circle of
life,” Slowinska adds. “Our
substrate is made from date
palm leaves, a byproduct of ↑ Bronte Weir, Wojciech Slowinski, and Liliana Slowinska, co-founders, Below Farm,
the UAE’s hundreds of
millions of date trees- date of the amazing actions key spent substrate, and give it to plans won’t be limited to
farming accounts for 35% of stakeholders from both the local farms to improve soil monetary-related metrics
the country’s agriculture. We public and private sectors quality. Additionally, we have alone. “Founder-funded to
work with our customers and have been doing in the UAE plans to install a biogas date, the business is generat-
partners to explore their waste to support the country’s reactor to supplement our ing revenue, growing rapidly,
organic matter as potential transition to a circular more energy intensive reinvesting all profits into
materials to grow mushrooms economy,” Slowinski elabo- production processes.” expanding the business,”
on, while reducing the rates. “We are also working Slowinski says. “But our team
partner’s waste to landfill.” with Expo City Dubai to }Below Farm’s efforts to of 11, working passionately to
collect spent coffee grounds constantly improve its bring the mushrooming trend
}Below Farm’s commitment from the cafe outlets on-site offering is what eventually led of fungi-based products to
to fostering a circular and incorporate it into our to its enrolment in the consumers in the Middle
economy has undoubtedly substrate, and we are always MBRIF Innovation Accelera- East, is also committed to
been well received in the looking for new materials to tor Program. “MBRIF is a educating people on the
UAE- after all, the country’s upcycle into nutritious food.” prominent local platform that benefits mushrooms can have
government has even set up a Indeed, the search for new has been recommended to us on their wellness as well as
Circular Economy Policy that substrate materials appears to by fellow entrepreneurs in the the wellbeing of the planet. In
offers a framework to be a major driving factor in all UAE ecosystem, and so the 2024, we plan to open the
determine the nation’s the goals that the Below Farm opportunity for the visibility, region’s first mushroom
approach to achieving team is working towards. connections and mentorship experience and education
sustainable governance as “With circularity in mind, we that the program provides center, where people can
well as the ideal use of natural are not only looking at was impossible to ignore,” engage with the wonders that
resources. “Our efforts have upcycling inbound materials, Weir adds. Currently in the the fungi kingdom has to
recently been recognized in but also making use of our scaleup stage of its growth, offer. From our home in the
the UAE Circular Economy own waste,” Weir says. “Spent Below Farm is stuck with “the UAE, we are looking to scale
Landscape Report published mushroom substrate is high ‘good problem’ of more across the Middle Eastern
by the UAE Ministry of in organic matter, making it demand versus supply,” markets, harnessing our
Climate Change and Environ- desirable for use as a soil Slowinska says. But, as it position as the go-to fungi
ment, which highlights some conditioner- we compost our stands, the company’s growth experts!”

January 2024 / E N T R E P R E N E U R . C O M / 85
 S/ Q&A
Faceki
/faceki.com/
I
t is now widely recognized that cyber
threats pose a significant threat to
businesses, irrespective of their size or
location. In fact, in a 2023 State of
Cybersecurity report by ISACA, a US-based
global information technology (IT) services
and consulting platform, notes that a
staggering 48% of organizations reported
an increase in cyberattacks in 2023, as
compared to 2022. In such a landscape, UAE-
based online fraud prevention platform Faceki
has come up with a service that can easily
eliminate any possibility of fraud and
impersonation while acquiring customers.
“Faceki specializes in online fraud prevention,
through innovative customer onboarding
solutions that include password-less biometric
authentication, know your customer (KYC)
identity verification, know your business (KYB)
verification, and anti-money laundering (AML)
tools,” says Hamza Al-Ghatam, co-founder and
CEO of Faceki. “We thus ensure that only the
right individuals access online services, and
accounts. At Faceki, we help organizations
create secure and user-friendly experiences by
utilizing our award-winning preoperatory facial
recognition technology.”
} Launched in Bahrain in 2022, the startup made its way to the
UAE in the same year. Based out of the Dubai International
Financial Center (DIFC), Faceki today offers its services to over
195 countries. As a platform that supports over 35 global
languages, its application programming interface (API) and
software development kit (SDK) come with the promise of easy
integration into any given business’ existing infrastructure.
Moreover, its services can also be customized to business-specif-
ic needs. “At Faceki, our groundbreaking feature is our
cutting-edge ‘Passive Liveness’ detection technology,” Al-Gha-
tam adds. “This advanced technology ensures that the indi-
vidual utilizing your services is indeed a genuine person,
eliminating any possibility of imposters attempting to deceive
the system with photographs or video recordings to gain
unauthorized access to your valuable information or funds.”
86 / E N T R E P R E N E U R . C O M / January 2024
→ Hamza
Al-Ghatam is
the co-founder
and CEO of
Faceki.
However, as a customer, it is possible that you have experi-
enced frustration with the multiple attempts sometimes
required to complete online verification processes. But all of
that won’t be an issue with Faceki, Al-Ghatam promises. “The
remarkable aspect of Faceki is that it doesn’t burden users with
any additional actions, such as smiling, blinking, or turning
their heads during onboarding,” he says. “With our revolution-
ary single-snap technology, the verification process becomes
effortless and impressively 10 times faster. Most importantly,
our ‘Passive Liveness’ detection guarantees that only the
rightful individual can access your exceptional services.”
} Already, Faceki’s solutions have been favored by prominent
local firms such as DIFC Courts, Dubai-based global digital
vault Tejouri, and Dubai-based Web3 firm Meta Crypto. And
according to Al-Ghatam, Faceki’s results so far are a direct
validation of the quality of services it offers. “As a B2B soft-
ware-as-a-service (SaaS) company, our cutting-edge solutions
are available in both cloud and on-premise options,” he
continues. “By subscribing to our service, organizations gain
access to our powerful tools for user verification performed by
Faceki, and are billed based on the number of verifications
conducted. Our services thus cater to businesses in various
industries, including fintech, governments, delivery, security,
recruitment, and many more, providing support for documents
and IDs from over 195 countries worldwide.” But as much as
I M A G E S C O U R T E S Y FA C E K I
Faceki remains massively tech-driven, much of its success
appears to be rooted in its ability to understand customer
needs. “At Faceki, we thrive on innovation- it is the driving
force behind our technology and business,” Al-Ghatam says.
“What sets us apart is our ability to bring innovative technolo-
gies that simplify the onboarding process and detect fraud. But
we also strongly believe that in order to push innovation even
 ↓ Asif Mugloo is
the co-founder and
CEO of Hekayati.

AT FACEKI, WE HELP ORGANIZATIONS CREATE

SECURE AND USER-FRIENDLY EXPERIENCES BY
UTILIZING OUR AWARD WINNING PREOPERATORY
FACIAL RECOGNITION TECHNOLOGY.

further, we must forge a While it is true that the market

stronger human connection
with our customers and end
users. By truly understanding
their needs, behaviors, likes,
and dislikes, we can not only
protect them, but also make
accessing digital services a
breeze. To achieve this, we
conduct interviews and
facilitate discussion circles to
gain a deeper understanding of
their requirements, and gather
more accurate feedback.”
has become highly competitive,
there are numerous extraordi-
nary platforms and programs
available in the country to
support startup growth. The
likes of the MBRIF and Dubai
Future Foundation offer
invaluable opportunities for
entrepreneurs.” With regards
to the MBRIF Innovation
Accelerator program in
particular, Al-Ghatam believes
that it could hold the key to

} According to Al-Ghatam, there
couldn’t have been a more ideal
location to bring all of these
thought processes to fruition
Hekayati
unlocking opportunities for
Faceki. “This program is truly
extraordinary, boasting an
impressive history of empower- /hekayati.com/
ing groundbreaking startups to

than the Emirate of Dubai.
“Dubai is an incredibly enticing
market for startups due to its
well-established infrastructure,
regulatory framework, and
rapid growth,” he says. “These
factors have been nurtured by
the government’s commitment
to innovation and excellence.
↓ Faceki’s solutions have been favored by prominent local firms such as
DIFC Courts, Dubai-based global digital vault Tejouri, and Dubai-based Web3
firm Meta Crypto.
F
reach their goals and create
value by seamlessly integrating
them into the Dubai ecosys-
or those of us who’ve grown up
tem,” Al-Ghatam says. “And so, reading books, there would’ve
I believe it possesses the undoubtedly been moments in our
potential to expedite growth childhood where we imagined
and foster invaluable opportu-
nities for a more promising
ourselves to be the main characters
future for Faceki.” of a story. But what if there was a
way for children to be the star of
their own personalized stories? Well,
that is exactly what UAE-based
personalized children’s content platform
Hekayati has set out to do. “At Hekayati, we
are on a mission to revolutionize children’s
literature by transforming each story into a
magical adventure, uniquely designed for
every young reader,” says Asif Mugloo,
founder and CEO of Hekayati. “By making
each child the hero of their own story, we
build their morale, and boost their
confidence. In a world dominated by
generic content, we recognized a gap in the
market for personalized narratives that
resonate with a child’s individuality.”

January 2024 / E N T R E P R E N E U R . C O M / 87
 S/ Q&A
}Launched in 2021, the
Hekayati platform’s services
work in the following order: a
parent or guardian can pick
out a story their child likes on
the site, and then submit
information about the child’s
name, gender, and also
choose an online avatar. The
book is then developed, and it
can then be reviewed by the
adult, following which it can
be ordered and delivered to
the provided address. All of
these efforts, as per Mugloo,
have been a conscious effort
to move away from stereo-
typical narratives within
literature meant for children.
“Hekayati aims to solve the
challenge of disengagement
from traditional storytelling
methods that are stereotypi-
cal,” Mugloo says. “Our
inspiration stems from the
belief that every child
deserves a story that reflects
their dreams, interests, and
aspirations. From forging
impactful partnerships to
guiding our creative
endeavors, my focus is on
ensuring that Hekayati
continues to be a beacon of
innovation in the realm of
personalized children’s
stories.”
}Now, take a moment to
consider the implications of
such personalized children’s
stories during a time when, as
per a 2020 Annual Literacy
Survey conducted by the
UK-based National Literacy
Trust, one in three youngsters
aged 9-18 said they didn’t see
themselves in what they read.
The same survey noted that
this statistic is higher for
younger kids, as well as
children from ethnic minority
backgrounds and lower
income homes. As such, what
Hekayati aims to achieve
through “integrating a child’s
name and likeness into
88 / E N T R E P R E N E U R . C O M / January 2024
→ By integrating a child's name and likeness into personalized tales,
Hekayati offers a chance to allow greater diversity and inclusion in the
stories children read.
captivating narratives” is a
chance to allow greater
diversity and inclusion in the
stories children read today.
}“The unique selling
proposition of Hekayati lies
in our ability to personalize
stories as every child is
unique,” Mugloo adds.
“Unlike generic children’s
books, our personalized
storybooks are tailored to
feature a child as the main
character, creating a highly
engaging and relatable
experience. Our personalized
storybooks are crafted with a
human touch, ensuring that
the emotional and personal
aspects of storytelling are not
lost in the digital realm.
Moreover, our regional expert
authors, illustrators, editors,
etc. still make sure what we
craft is not lost on our
regional values and culture.”
}So far, Hekayati has
launched its personalized
storybook offerings in the
UAE, and it has slowly been
expanding into Saudi Arabia
and other parts of the GCC.
While the sale of these books
result in a major part of its
revenue model, the startup
has also managed to clinch
some productive partnerships
along the way. “We constantly
explore collaborative
opportunities with strategic
partners, such as football
clubs and educational
institutions, to expand our
reach and impact,” Mugloo
explains. “For example, we
achieved a significant
milestone through collabora-
tions with esteemed partners
like Expo 2020 Dubai and Al
Ain Football Club. We’ve also
secured initial angel
investment as funding, which
has allowed us to establish
our brand presence and
commence operations
effectively. The journey of
Hekayati in Dubai has been
equally challenging and
rewarding.”
As of now, despite contin-
ued growth, Mugloo believes
there is still much more that
his startup needs to work
towards. And one direct
reflection of that attitude lies
in his answer to being asked
why he chose the MBRIF
Innovation Accelerator
Program. “I think it has been
the other way round,” he says.
“We are quite pleased to be
selected in the latest cohort.
This gives us validation that
what we are working towards
is something that resonates
with experts in the region. We
wanted to get into the
MBRIF program, as it has a
reputation of identifying
scalable business and leading
innovation initiatives in the
region.”
}And as per Mugloo, the
program’s dedication towards
supporting startups has been
congruent with Hekayati’s
own vision for growth and
development. “The compre-
hensive support, ranging
from strategic guidance to
access to funding and market
insights, makes MBRIF an
ideal partner in our journey,”
Mugloo adds. “Additionally,
the program’s commitment to
fostering innovation and
collaboration perfectly
complements our goals,
making it a strategic choice
for advancing Hekayati in the
dynamic landscape of Dubai.”
So, where does Mugloo
hope for his startup to reach
from this point forth?
“Looking ahead, we envision
substantial growth and
market expansion, as we
continue to forge partner-
ships and explore innovative
avenues within the personal-
ized children’s content space,”
he declares. “I believe the
unique blend of personalized
storytelling and strategic
collaborations positions
Hekayati for sustained
success and positive impact
in the long term.”
 Gold Partner

| JANUARY 31ST
| Venue: TBC

Recognising the
achievements of the
real estate giants in
the Middle East!

FOR NOMINATIONS
VIBHA MEHTA +971 58 6314145
vibha@bncpublishing.net

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 In The Loop/

Milestone Moment
Saudi Arabia-based Tamara has become the Kingdom’s first homegrown fintech unicorn

incredible team, investors, Tamara’s Series C round is

and the collaborative spirit
that makes this region a
great place for talent to
flourish.”
Founded in 2020 by
Alsukhan alongwith Turki
Bin Zarah and
Abdulmohsen Al Babtain,
Tamara today operates in
the KSA, UAE, and Kuwait,
and it has more than 10
million users. The fintech
platform also has over
30,000 partner merchants,
↑ Tamara co-founders Abdulmajeed Alsukhan, Turki Bin Zarah
and has generated six times
and Abdulmohsen Al Babtain
annual run rate revenue
among the largest
investments made in a
fintech company in the
region, and it follows debt
financing led by Goldman
Sachs and Shorooq Partners
in November last year, a
move that was aimed at
upsizing Tamara’s
warehouse facility to up to
$400 million.
“As we set our sights on
becoming the next big giant
in shopping, payments and
banking, we remain ever
grateful for the significant

D
growth in less than two opportunity in this
ecember 2023 saw firm, and Impulse, a years. underpenetrated and
Tamara, a KSA-based Kuwait-based venture Since its inception, underserved banking and
buy-now-pay-later capital company. A few of Tamara’s partners have financial services
(BNPL) fintech Tamara’s existing investors included regional and global landscape,” Alsukhan
startup, secure also took part in this round, brands such as Shein, Ikea, added. “Furthermore, the
US$340 million in a including Coatue, a Jarir, Noon, eXtra and Saudi Central Bank (SAMA)
Series C equity US-headquartered global Farfetch, as well as local has been instrumental in
funding round led by two investment firm, Endeavor small and medium creating an enabling
Saudi-based entities, Catalyst, a US- businesses. Currently, over environment for Saudi
namely, SNB Capital, a headquartered VC firm that one-third of Tamara’s users companies like Tamara to
regional financial focuses on emerging start their shopping journey grow and innovate in the
institution, and Sanabil markets, and Checkout.com, from the app itself, which Saudi fintech sector.”
Investments, a sovereign a UK-headquartered global has led to a significantly Tamara’s unicorn status
wealth fund wholly owned digital payments platform. higher return on advertising comes at a time when the
by the Public Investment Commenting on the spend for Tamara’s partner BNPL market is rapidly
Fund (PIF). milestone moment, merchants. Recently, growing in Saudi Arabia. As
With the completion of Abdulmajeed Alsukhan, Tamara has also taken the per the SAMA Fintech 2022
this Series C round, co-founder and CEO of decision to remove late report, the number of
Tamara’s business valuation Tamara, said, “Saudi Arabia payment fees, highlighting customers registered with a
has reached $1 billion, deserves its place on the its dedication to offering BNPL service went from
making it the first world stage for financial financial solutions that align 76,000 in 2020, to three
homegrown fintech unicorn technology. Just as Tamara with Shariah principles, million in 2021, and
to come out of the Kingdom was created by local customer centricity and reached 10 million in 2022.
of Saudi Arabia. entrepreneurs, nurtured by transparency. The company’s The same report notes that
I M A G E C O U R T E S Y TA M A R A

This round also saw the
participation of of Shorooq
Partners, a UAE-
headquartered MENAP-
focused tech investor;
Pinnacle Capital, a KSA-
based premier investment
a supportive local ecosystem
and market regulators, we
stand here today, humbled
and hungry, ready for our
own leapfrog moment. This
achievement is a testament
to the ecosystem, to our
offerings have thus made it a
commerce enabler to its
partners through the surge
in high intent shoppers
resulting from co-marketing
and a flexible, seamless
payment journey.
with nearly 30% of the
Saudi population using
BNPL, the industry is being
driven by a number of
factors, including the
increasing popularity of
e-commerce. tamara.co

90 / E N T R E P R E N E U R . C O M / January 2024