Alia Al Mazrouei was listed as one of Forbes’ most 100 powerful Arab women in 2014. Christopher Pike / The National
Alia Al Mazrouei was listed as one of Forbes’ most 100 powerful Arab women in 2014. Christopher Pike / The National

Anjez: spreading stories of success among Emirati entrepreneurs



The opening of Alia Al Mazrouei’s nursery was a disaster, or at least it felt like that at the time.

It had taken a year and two months to gather all of the necessary approvals, and by the time the Little Haven Nursery finally launched in autumn 2014, it had managed to sign up only 20 children.

“I was really scared,” says the 35-year-old Emirati from Abu Dhabi.

But thankfully Ms Al Mazrouei, the co-founder of JF Street Food, formerly known as Just Falafel, knows how to create a successful business. A little over a year later, the enterprise is thriving, with 120 children on its books.

And that experience is exactly why Manar Al Hinai chose her to address a group of Emiratis who are interested in becoming entrepreneurs.

"She is on the board of the Abu Dhabi Chamber of Commerce and Industry, [and] of Al Mazrui Holdings. She was listed as one of Forbes' most 100 powerful Arab women in 2014," says Ms Al Hinai.

“She is the kind of person, along with the other speakers, that people want to come and meet. They have read about her success story but they never knew where they could meet her.”

Ms Al Hinai, an Emirati who is also from Abu Dhabi, devised the idea for the Anjez talks – a place where people could come and listen to the success stories of fellow Emirati entrepreneurs free of charge – as part of her interest in corporate social responsibility (CSR).

“My day job is that I am a senior vice president and director of corporate communications and CSR at Abu Dhabi Investment Company (InvestAD),” says Ms Al Hinai, who is in her 20s.

“I am very passionate about CSR. I started the CSR division at work [and] I got my company involved in community work. It was around August or September 2014 when I had this idea.”

She thought it might be hard to find speakers, but she soon realised that there were more success stories of Emirati entrepreneurs than she anticipated. And she had no idea it would be so popular. Ms Al Hinai limits the number of attendees to 100 at each talk to make it easier for people to mingle, and they are always overbooked.

“I did not expect that people were hungry for such events in Abu Dhabi. It’s great. Everyone has a business idea. They are serious with their notebooks, taking notes. Some of them leave and they tell us they felt very inspired and that the talks gave them the push to go on and finally launch their businesses,” she says.

Ali Al Saloom, a cultural consultant who writes a column for The National, Sheikh Abdul Aziz Al Nuaimi, and Mohammad Al Robaian, a brand strategist from Kuwait, were the first three speakers to feature.

“They all talk about their journey but we have a different focus for every talk,” says Ms Al Hinai, who also runs her own brand consultancy which has worked with small start-ups and international companies including Tory Burch, Swarovski and Jo Malone London.

Speakers at the Anjez events are all either people Ms Al Hinai has heard of or those followers on Instagram have recommended. And its supporters come from all across the region.

“For one of our talks we had people fly in from Saudi. I was shocked,” says Ms Al Hinai.

“I thought maybe people from Abu Dhabi and Dubai, but not people from Saudi and Bahrain, who would come and listen to the talks. A couple of girls, one was Saudi, one was Bahraini and the other was Omani. They told me bring it to Bahrain, bring it to Oman. We want to have a version of it there where we could also highlight our entrepreneurs.”

Ms Al Mazrouei is among the most successful Emirati entrepreneurs today but she almost wasn’t an entrepreneur at all. After graduating from United Arab Emirates University, she initially worked in HR. After completing her MBA and having her first child, she started Just Falafel with her friend Reema Shetty during the financial crisis.

“When you start a business there are always ups and downs. Every failure is a mistake but it is lesson learnt. And there is nothing called I can’t. If you don’t know something go and ask for help. No one is going to push you back,” she says.

She plans to share similar advice and speak about her experiences when she addresses attendees at the next Anjez event today.

“I will talk about the nursery. I will talk about where Just Falafel was and where it is today,” says Ms Al Mazrouei. “There is always a lesson to learn.”

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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

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Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

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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.”

MWTC

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ATP RANKINGS (NOVEMBER 4)

1. Rafael Nadal (ESP) 9,585 pts (+1)
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COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

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