With events such as the Etihad Abu Dhabi Formula One Grand Prix at the Yas Marina circuit, the UAE has become synonymous with rapid development and well-balanced growth. Andrej Isakovic/AFP
With events such as the Etihad Abu Dhabi Formula One Grand Prix at the Yas Marina circuit, the UAE has become synonymous with rapid development and well-balanced growth. Andrej Isakovic/AFP

Five entrepreneurship lessons from the UAE



As we celebrated the UAE’s 46th National Day over the weekend, I could not help but state again, as I do every year, that if there were a role model that I look up to, if there was anything that inspires me, then the UAE and our leadership will always top my list.

The strategies the Government has adopted to build a world-class global hub can teach entrepreneurs valuable lessons that can be applied in managing their businesses.

Although the country has a surplus of oil that should secure its future for years to come, the government has opted for diversification from day one, as well as adapting itself to the continuous market and technological changes.

In addition, the UAE appreciates the importance of planning ahead, and that is evident when Sheikh Mohammed bin Rashid, Vice-President, Prime Minister and the Ruler of Dubai, announced the UAE Centennial Plan 2071, to make the UAE the best country in the world.

So what valuable lessons can entrepreneurs learn from the UAE’s 46 years of success?

1) Diversify your income stream

What is admirable in the UAE’s case is how it depends on different sources of revenue, with Dubai as a leading example. The country became a centre for regional and international conferences and exhibitions, a leader in regional arts and cultural events and hubs with the establishment of Dubai Design District, the Louvre Abu Dhabi Museum, Dubai’s Opera, Sharjah Art Foundation, and the soon to be opened Guggenheim Museum.

In addition, the country encourages international start-ups and small businesses to set up through free zones such as in Abu Dhabi's Twofour54, home to The National, Dubai's Jebel Ali Free Zone, and Ras Al Khaima's Free Trade Zone.

2) Adapt to change

In a fast-changing world, if your business does not adapt, and embrace changes you will fall behind. The UAE not only knows that, but also has adapted it in its government strategies. The country embraces the latest technological advancements such as incorporating drones in government services, appointing a Minister of State for Artificial Intelligence, as well investing in infrastructure, while providing a tolerant community that is home to more than 200 nationalities who reside here. The UAE has also embraced social media, and its large influence in our lives, and now hosts an annual Social Media Summit in Dubai. The beauty about it is that it is done without jeopardising the country’s identity, culture, or traditions.

3) Building a brand

When you mention the UAE to someone, many would point out the luxurious hotels, high-end fashion, Formula 1, Burj Al Arab, and police who drive Bentleys and Bugattis. The UAE has thus become a brand associated with modernity, luxury, comfort, and high technology.  When it comes to 5-star hospitality, shopping, and a luxurious comfortable lifestyle, few in the world can compare to the UAE.

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Read more:

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Over the past 46 years, the country has slowly laid a foundation for this from emphasising tourism, embracing unique architecture, constructing the world’s largest shopping malls, indoor skiing facility, and hosting world-class conventions and events such as the Etihad Formula 1 Grand Prix and the Red Bull Air Race, building mega theme parks such as LegoLand and Ferarri World and attracting world-class chefs and operators to open their restaurants here such as Zuma, Coya, and La Petite Maison.

4) Set a clear goal with a strict deadline

If there is anyone who gets things done when he says he will, then it would be Sheikh Mohammed with his vision to become “a leader in the global economy, enhancing the wellbeing of our people and creating an environment that attracts business and individuals”. The UAE is now synonymous with punctuality, and getting things done efficiently without jeopardising quality. This has increased investors’ trust and attracted people to establish businesses in the country where they know that the Government is just as passionate as them about sustaining a thriving business environment.

5) Make everybody part of your plan

While the country is effective at initiating and achieving goals, it ensures that it includes its people and residents in the process. For instance, when coming up with the logo for Dubai’s Expo 2020, the competition was open to everyone in the UAE to submit his or her designs. In addition, to celebrate Abu Dhabi’s Golden Jubilee, the Government of Abu Dhabi initiated a campaign “Imagine Abu Dhabi” that encourages residents and citizens to send ideas and development suggestions concerning the emirate.

In the past, we may have looked at developed countries and learned from them, but the UAE has established itself as a world-class developed country itself in an exceptionally short-time, attracting people to learn from its success.

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Who are the Sacklers?

The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.

Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma. 

It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.

Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".

The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.

Members of the Sackler family are rarely seen in public.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

THE TWIN BIO

Their favourite city: Dubai

Their favourite food: Khaleeji

Their favourite past-time : walking on the beach

Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3