Marcela Sancho is the co-founder of House Of Pops, a “disruptive dessert company” producing natural ingredient ice lollies and vegan ice creams inspired by fruity Mexican paletas.
Ms Sancho grew up and worked in Costa Rica before moving to the UAE in 2016. After briefly working in Dubai hotels, she launched House of Pops with her business partner in September 2018. Ms Sancho, 33, lives in Jumeirah Lakes Towers in Dubai.
Did your upbringing shape your attitude towards work and money?
My mum is from a poor background but became a dentist, while my father is an engineer with the central bank. I was born in San Jose, the capital of Costa Rica, and had an elder brother. We were a middle-class family, super comfortable.
We had a beach house two hours away and we were there every weekend. My mum would make sure her practice finished at 5pm so she would be with us after school. She was aware she could make more money if she stayed later or worked weekends, but we’d be in the car to go to the beach at 5pm every Friday.
This gave me a grasp of having a balance between earning and enjoyment; you should enjoy things, not only be money-driven. I live by this still. Obviously, as a start-up, you need to go through a process of working 14 hours a day to deliver, but this is a transitory phase … it’s not how I would expect to live my life. Life is there to enjoy.
Did you work as a teenager?
I was in high school, 16, and decided to work a Christmas job. I was hired by a jewellery shop and worked non-stop 14-hour shifts. Because you were a temporary worker, you had no day off from December 1 until Christmas. It was a great experience. I love sales and talking to people, so it came naturally – but I was exhausted.
I made $400 (Dh1,470) and spent most of it on taxis going to work because I was exhausted and couldn’t wake up earlier to get the bus. There was no point really, but I wanted my own money. I learned a lot; it was a rush, in sales, to be able to understand a customer. But money-wise … it was terrible.
I studied culinary arts, then hotel management and my first (adult) job was as a front desk clerk. I was 23. My salary was around $500, but less taxis … I learned my lesson.
I'm at the stage of investing as I see the potential. Perhaps in a couple of years, I'll draw the line and start saving
What brought you to the UAE?
After doing corporate sales for a hotel in Costa Rica, I was a bit burned out. I was doing well but reached a limit. I was 28 and decided to have a sabbatical year in Thailand. Also, on my bucket list was an organic baking course in France. I was flying there but had a 24-hour layover and fell in love with Dubai. I ended up coming back in 2016 and started with Jumeirah’s front desk team.
How did House Of Pops come about?
We were not allowed to have “industrial” ice cream growing up. In Latin America, paletas was a natural treat mum would let you have.
I was happy there were a lot of healthy, natural products on the shelves here (in the UAE). People are health-conscious, but there was a clear gap.
I have a passion for food and was in between jobs. My co-founder has extensive experience in the ice cream business and we have this entrepreneurial mindset … with this mix of skills, we came up with House Of Pops.
How did you fund your venture?
All my savings went to the business. It took us six months to get it running. My business partner had a big (monetary) input. We were thinking big, the factory was certified for quality so we could develop ourselves. After one year, we broke even.
Are you saving again?
I’m not. I’m at the stage of investing as I see the potential. I am seeing how much I can develop the business. Perhaps in a couple of years, I’ll draw the line and start saving.
Are your pops a luxury?
It’s a lifestyle product. It’s not a luxury, rather it’s feel good. To come into this market where you have big competitors, you need to have a niche, something people find valuable in your product. We have an ice cream where you don’t have to compromise on taste, but have a nice, healthy treat instead. Health and wellness is the future of F&B.
What is your most cherished purchase?
It was a one-month vacation with my mum in Europe. We wanted to do a girls’ trip after she retired, we did it and it holds a special place for me.
What is your philosophy towards money?
I see it as a tool: to go on vacation, visit loved ones and treat yourself, but money is not my goal in life. It’s a nice thing to have. It can give you education, things to develop yourself. I don’t see it as an end, but a tool that gets you things you enjoy. I’m able to see my family more, take courses I’m interested in, learn another language.
Money enabled me to have a business; if I didn’t have it, I wouldn’t be able to open House Of Pops, which is a dream come true. Money doesn’t really make me happy, it’s what I do with it that counts.
What luxuries are important to you?
When I started the company, I realised time is the most valuable asset, so I try to optimise it whenever I can. For example, GreenParking is everywhere, it is expensive but is the closest to where you want to go. So, I just pay because you cannot get back time.
If I don’t have time, we order delivery because my health and lifestyle on a daily basis should be the best to bring the best out of me. These are smart things that make a difference in your daily routine, for me at least.
Also, I prefer to spend on experiences, not material goods. I wouldn’t go for a bag, I would invest in a nice trip, visit family as much as I can, spend on my personal trainer.
How has the pandemic impacted you?
We were well-established online and the business grew … very busy times. The consumer path changed. There was this message of “stay home, stay healthy” and that helped us.
Families were staying home and wanted to give kids something healthy, so sales increased a lot, although we struggled with raw materials coming to Dubai.
How are you planning for the future?
I'm getting married in July. It was supposed to happen last year but we had to postpone because of Covid-19.
House Of Pops is my pension, my retirement plan. We have geographic expansion plans. We’re going into franchise and I see myself in Dubai because this city has become our home. It enables you to explore your maximum potential. If you have the drive, you can become whatever you want.
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Zayed Sustainability Prize
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
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.”
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ETwin-turbo%2C%20V8%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%20and%20manual%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503%20bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E513Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh646%2C800%20(%24176%2C095)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
