Supermodel-turned-businesswoman Tyra Banks picked Abu Dhabi as the first international market for her premium ice cream brand, Smize Cream.
“I picked Abu Dhabi for my brand’s global expansion because I am inspired by what the UAE has achieved in the past 50 years,” the businesswoman told the Access Abu Dhabi event in the capital on Thursday.
“It has evolved from the sand to the Moon. The country’s beauty and warmth touch me. Also, its progress on female empowerment.”
Ms Banks headlined the inaugural session of the Access Granted talk series, an initiative powered by the Abu Dhabi Investment Office (Adio) and Maven Global that aims to help US companies led by women and minority entrepreneurs to expand in Abu Dhabi and serve as a gateway for the wider Middle East market.
The programme is part of the emirate's strategy to attract global companies to set up their regional bases in Abu Dhabi.
Ms Banks, a former fashion model, is now a media and business pioneer whose portfolio includes the production company, Bankable Productions, which has made shows such as The Tyra Banks Show and America’s Next Top Model.
She is part of the Women of Web3 delegation, a team of female US technology entrepreneurs who shared their insights and are exploring Abu Dhabi as a gateway for global expansion of their companies.
“We will have ice cream scoop shops in Abu Dhabi, while B2B will contribute the bulk of our revenue. We will sell in bulk to the transportation sector, airlines, cruises, stadiums and arenas. We just closed a big deal,” Ms Banks said.
Smize Cream will also be launched in the metaverse in Los Angeles within a month, she said.
“It will be a luxurious, decadent digital experience. You can sign up now and get on the waiting list to get a non-fungible token. I want to make NFTs and the metaverse accessible,” she said.
"You can penetrate the market if you can be innovative. It’s all about working hard to attain your dreams," Ms Banks told the audience of entrepreneurs and businesswomen.
“I’m attracted to taking risk and bringing in revenue. I want to break down the doors now so people at a later date don’t get any bumps or bruises. Young people come up to me and tell me they don’t feel the pain because I’ve made it easier for them. This makes me wake up every day.
“Don’t be ashamed, do your cold calls and cold emails. The four most important words are ‘Who do you know?’ to connect me with to take me to the next level,” she advised entrepreneurs.
Meanwhile, Abu Dhabi wants to celebrate entrepreneurs, build support structures for them and create a navigable path free of any hurdles, according to Abdulla Al Shamsi, acting director general of the Abu Dhabi Investment Office.
“There has been a significant drive within the UAE government to support opportunities for women. About 66 per cent of our public sector employees are women,” he said.
“Opportunities shall be driven through innovation, creativity and challenging the status quo. We are here to remove hurdles, change regulations when necessary and learn from the business community. We are heading towards a knowledge-based economy.”
As part of the Access Abu Dhabi initiative, the Adio will help expose businesses to the emirate’s enabling ecosystem, find them a location and source funding equity, he said.
“We are creating a platform for people to thrive. People are the backbone of our knowledge-based economy,” Mr Al Shamsi said.
As part of the Access Abu Dhabi programme, delegations of notable Americans will gain an insider's experience of Abu Dhabi’s advanced infrastructure, hyper connectivity, competitive talent pool, lifestyle and business opportunities.
These groups will help to spread the word of the emirate’s advantages among their respective communities back home, Adio said.
The UAE and US have enjoyed strong ties for decades. The Emirates has been the top export market for US goods in the entire Mena region since 2009, with a value of $14.75 billion, the UAE embassy in Washington has said.
Dubai Bling season three
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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.”
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
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- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Company: Rent Your Wardrobe
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
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