A real hub of entrepreneurship is being built in the UAE, says angel investor and advisor to high-growth start-ups Assia Grazioli-Venier.
Ms Grazioli-Venier, who is based in Los Angeles, is a partner and co-founder of Muse Capital, an early-stage investment fund that focuses on consumer-facing technologies, from FinTech to health care and entertainment.
She and business partner Rachel Springate are looking to invest in the Middle East after their first visit to Dubai late last year for Naseba Global WIL Economic Forum.
“There is a lot of positive, high-rise investment activity happening in the Middle East, especially in Dubai,” she says. “We are slowly seeing the rise of a real hub in the UAE.”
There has been a “large influx” of media and technology entrepreneurs to Dubai after the failure of some Middle Eastern companies elsewhere due to the Arab Spring, she says.
“There is definitely a growing appetite for entrepreneurship, especially among the younger generations,” she adds.
The recent success of e-commerce companies such as Souq.com has “increased international attention” to Mena start-ups, she believes, and initiatives, accelerators and partnerships for “young thinkers” are being provided by both the Government and corporations.
There is still a “deficit” of venture capitalists in the region but this, too, is changing, says Ms Grazioli-Venier. The older generation is used to “very fast returns through the more traditional vehicles of private equity and real estate” - but venture capital (VC) is a “completely different beast”, with an average five- to seven-year return and a slower deployment of capital.
Older, established investors will need to change some of their strategies, while education is also needed as to why VC is “also a viable investment vehicle”. But, she says, “smart money is trickling in” and, in addition to “seasoned investors” - such as Emirati Mohamed Alabbar - founder of e-commerce site noon.com, who bid against Amazon for Souq.com - the millennial children of wealthy families are starting to “aggressively tap into the digital market”.
Learning from established start-up markets such as Silicon Valley is “crucial” for the success of regional entrepreneurs, Ms Grazioli-Venier adds, pointing to the launch of a Bahrain base for the Californian 500 Startups, which has worked with cloud communications platform Twilio and social marketing software developer Wildfire, which was bought for Dh1.3 billion by Google.
Born in Rome and raised in the US, Ms Grazioli-Venier, 38, has lived in New York City, London, Milan and Stockholm. She has been on the board of directors of Italy's Juventus Football Club since 2012 - the first female and youngest board member in the club’s 120-year history – and was also an adviser to music streaming service Spotify for six years.
Ms Grazioli-Venier met business partner Rachel Springate when Ms Springate came in to pitch to Spotify four years ago. They became close friends and Ms Springate helped to nurse Ms Grazioli-Venier through late-stage breast cancer and a double mastectomy two years ago. By November they had come up with the idea for Muse. “Out of excruciating pain came extraordinary creativity,” Ms Grazioli-Venier says.
Now Muse wants to raise parts of its newest fund in the UAE, Ms Grazioli-Venier says, and she feels that there is, too, a “hunger” here in the UAE to invest in the US. Muse has also been asked to consult and help regional businesses looking to expand beyond the Middle East.
“We see this as an opportunity to help the region develop, whilst getting the region connected with some of the unicorns popping up at a rapid pace in the States,” she says. “Cross-pollination is key to growth in the region.”
One of the companies Muse has worked with is Qordoba, creators of the first machine-learning solution for localisation, which started in Dubai and is now having “huge success” in San Francisco, having raised $5 million in Series A funding last year.
“They are an example of a company that has left the region to build their product,” she says, “but eventually companies such as these will base themselves at home in the UAE.”
Of successful local start-ups such as Fetchr, Souqalmal.com, Bayzat, Careem and Laundrybox, she says. “We think they have a lot of potential to expand to other emerging markets and the success they’ve achieved already is extremely promising.”
Muse has invested in 14 companies so far. The latest is San Francisco-based Firefly, an out-of-home marketing company that puts digital marketing billboards on top of ride-sharing vehicles such as Uber, which show geo-targeted local advertising based on driver routes and location.
Despite being run by two women, Muse believes in all forms of diversity, says Ms Grazioli-Venier, and will not invest, for instance, in women-only companies. “Performance increases with diverse teams so we only invest in companies that have a diverse management team and workforce,” she says.
But the pair do insist on there being women in “high leadership positions” in the companies in which they invest. “Investing in women-led businesses is one way to empower women, in the short term, but it is not the right way to empower long term,” she says.
“The playing field is not level, but we cannot change that by marginalising the genders even further. It is diversity that breeds access and success.”
Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
Company%20profile
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COMPANY%20PROFILE
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Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
COMPANY%20PROFILE
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
UAE currency: the story behind the money in your pockets
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
RESULTS
5pm Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm Maiden (PA) Dh70,000 (D) 1,400m
Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.
6pm Maiden (PA) Dh70,000 (D) 1,600m
Winner Hameem, Jose Santiago, Abdallah Al Hammadi.
6.30pm Maiden (PA) Dh70,000 (D) 1,600m
Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.
7pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.
7.30pm Handicap (TB) Dh70,000 (D) 1,000m
Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.
8pm Handicap (PA) Dh70,000 (D) 1,000m
Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.
COMPANY%20PROFILE
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Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
COMPANY%20PROFILE%20
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Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Final: UAE beat Qatar by nine wickets
Third-place play-off: Kuwait beat Saudi Arabia by five runs
Table
1 UAE 5 5 0 10
2 Qatar 5 4 1 8
3 Saudi 5 3 2 6
4 Kuwait 5 2 3 4
5 Bahrain 5 1 4 2
6 Maldives 5 0 5 0
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.
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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