W
hen Nafisa Rebello and Ekta Saran first visited an Artisans of the Emirates (Arte) market in Dubai a couple of years ago, they were shocked to discover how many people there were creating handmade goods in the UAE. “We couldn’t believe there were all these people making these things,” Rebello recalls.
“The more we went to these markets and came across new things that we had never seen before in Dubai, the more we realised that nobody else knew about them either,” Saran adds. “I would talk about it and people would be so surprised that you could get handmade goods here; and that there were hundreds of sellers around. There was a need to get the word out that these guys existed and were creating these amazing things.”
That, the duo say, is probably when the idea for their new e-commerce venture, Ideyna.com, was first born. Although, truth be told, it could have been sown at any point over the course of their nearly 20-year friendship which began when the ladies, both daughters of Indian expats who were brought up in Dubai, met in grade seven. Although Saran went off to study in Canada and Rebello studied in India, both returned to the UAE and, as fellow creatives, started working together as copywriters in the advertising industry and as TV producers and scriptwriters. Because they are not “designer-y” by nature, the ladies, now 32, have always been prone to picking up unique, handmade items on their travels, and to bringing back unusual gifts for each other.
Ideyna means “our hands” in Arabic (although regional dialects mean the word is pronounced differently depending on where you are in the Middle East, so don’t be scared about saying it out loud and getting it wrong). The idea behind the site is a simple one: to provide an online platform where designers/makers from the UAE can showcase and sell their handmade goods. “We are here to promote the smaller entrepreneur who is trying to do something unique, smaller brands that do not necessarily have the funds to promote themselves,” Saran explains.
“We were very sure about one thing from the beginning,” adds Rebello. “We do not want resellers on the site. If you source your products from elsewhere, rather than make them yourself, if you get them from various Asian countries and resell them here, for example, that’s not what we want. You can use raw materials from elsewhere, or you can have a small team that helps you make them, but they need to be made over here.”
The site features everything from art and accessories to clothing, jewellery and items for the home. There are “no edibles”, I’m informed, and accessories are so far proving particularly popular. Some of the products are exclusive to Ideyna and there’s the opportunity to customise certain items should you so desire.
There are more than 200 products on offer at present, from organic jute clutches from Ragmatazz and stylish leather-bound, recycled paper journals by Sourat Journal, to shell and lace pendants by Breeze Clothing and tapestry knit cushions by Finishing Touches. There’s art by the UAE-based, South African artist Eileen van der Merwe, whose Camel Landscapes are inspired by local topography, and soap bars by Desert Rose Handmade Soaps – check out the Creme Caramel Sea Salt Bar made from Moroccan Rhassoul Clay, cocoa butter, olive oil, coconut oil and coconut milk with a rich crème caramel aroma. Other highlights include the Pencil Coasters by Crafty Dust, which are made from the stubs of vibrantly coloured pencils, and the rustic, wheel-thrown stoneware by Maya’s.
From former chemists who crochet to women who are creating embroidered bags in their garages, Rebello and Saran are meeting a colourful set of characters along the way. Because of their background in television, the duo is always on the lookout for the stories behind the products, and is keen to come up with creative and original ways to promote their partners, from videos documenting how products are made to DIY projects and, eventually, workshops where successful sellers will be able to share their skills or offer advice to other upcoming entrepreneurs. “We want to help build that community locally,” says Saran.
“You don’t just come to Ideyna for a sale; we will have DIY tutorials with our sellers; we hope people will stay to read articles or watch videos; we hope they will stay to find out a little bit more and to learn something new. We don’t want to be just another e-commerce site,” adds Rebello.
Critically, sellers are responsible for controlling their own on-site “stores”. Although the team is always on hand to offer advice, assistance and support, once a seller receives approval and gains access to Ideyna, they are responsible for managing their own presence on the site in terms of setting their prices, uploading images, adding new products and so on. Ideyna is responsible for the delivery of items, whether locally or internationally. It is free to register and free to list – Ideyna only takes a percentage of profits when a sale is made. “So we make money only if they make money,” says Rebello.
The site has been “two very long years” in the making, says Rebello, and was officially launched last month. With no big corporate backers and limited funds at their disposal – “this is just our savings,” they say – the process became a collaborative effort. Rebello’s boyfriend, who has since become her husband, was responsible for the coding, while the company’s logo was created by an artist friend who was paid in LPs – and food. “A lot of people came together; we just pitched the idea to them and they helped if they could.”
In the process, the duo have joined a new wave of entrepreneurs pioneering smaller, web-based businesses with a more small-scale, niche proposition. “We are in a city that is slowly opening up to smaller entrepreneurs,” says Saran. “It’s nice to see these smaller things pop up – and do well. What’s really nice is that people are now quite accepting of this. Dubai is always going to be a big-brand city but I think at the same time people are looking for niche, unique things. And that works in our advantage.”
sdenman@thenational.ae
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Armies of Sand
By Kenneth Pollack (Oxford University Press)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Fight card
- Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
- Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
- Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
- Michael Lawal (UK) beat Tamas Kozma (Hungary) KO
- Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
- Darren Surtees (UK) beat Kane Baker (UK) KO
- Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
- Callum Smith (UK) beat George Groves (UK) KO
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE currency: the story behind the money in your pockets
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