• Tyra Banks, an American entrepreneur and supermodel, speaks at the Forbes 30/50 Summit in Abu Dhabi in March 2022. Ruel Pableo for The National
    Tyra Banks, an American entrepreneur and supermodel, speaks at the Forbes 30/50 Summit in Abu Dhabi in March 2022. Ruel Pableo for The National
  • Ms Banks plans to launch her latest venture, premium ice cream brand Smize Cream, in the UAE. AP
    Ms Banks plans to launch her latest venture, premium ice cream brand Smize Cream, in the UAE. AP
  • Ms Banks made history in 1991, booking 25 shows at Paris Fashion Week — more than any other model had walked in a season at the time. EPA
    Ms Banks made history in 1991, booking 25 shows at Paris Fashion Week — more than any other model had walked in a season at the time. EPA
  • As well as her talk show, 'The Tyra Banks Show', for which she won a Daytime Emmy Award in 2008, Ms Banks also hosted 'America’s Next Top Model', one of the most successful reality television shows. Getty
    As well as her talk show, 'The Tyra Banks Show', for which she won a Daytime Emmy Award in 2008, Ms Banks also hosted 'America’s Next Top Model', one of the most successful reality television shows. Getty
  • After attending Harvard Business School 10 years ago, Ms Banks now guest lectures business students at Stanford University on personal brand. Getty
    After attending Harvard Business School 10 years ago, Ms Banks now guest lectures business students at Stanford University on personal brand. Getty
  • Ms Banks will headline the inaugural session of the Access Granted talk series on May 26 in Abu Dhabi. EPA
    Ms Banks will headline the inaugural session of the Access Granted talk series on May 26 in Abu Dhabi. EPA
  • Ms Banks is now a media and business pioneer, whose portfolio includes the production company, Bankable Productions. EPA
    Ms Banks is now a media and business pioneer, whose portfolio includes the production company, Bankable Productions. EPA
  • Ms Banks will discuss the opportunities and challenges that exist for women in business and technology at an event in Abu Dhabi. Reuters
    Ms Banks will discuss the opportunities and challenges that exist for women in business and technology at an event in Abu Dhabi. Reuters
  • Ms Banks is part of a delegation of female US technology entrepreneurs who will explore Abu Dhabi as a gateway for global expansion of their companies. Reuters
    Ms Banks is part of a delegation of female US technology entrepreneurs who will explore Abu Dhabi as a gateway for global expansion of their companies. Reuters

Supermodel Tyra Banks picks Abu Dhabi as first market to expand her ice cream brand


Deepthi Nair
  • English
  • Arabic

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.

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, Abdulla Al Shamsi, acting director general of the Abu Dhabi Investment Office said. Khushnum Bhandari/The National
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, Abdulla Al Shamsi, acting director general of the Abu Dhabi Investment Office said. Khushnum Bhandari/The National

“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

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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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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How to protect yourself when air quality drops

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.

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • 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

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

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 

Investors: Seed funding, angel investors  

Updated: May 26, 2022, 2:02 PM