BizXchange brings businesses together and offers them a way to barter their goods and services. Ajay Goplani, the company's general manager for the UAE, explains the benefits of the system.
So how does BizXchange work?
We are a business-to-business barter exchange. We make it possible for companies to trade their goods and services within the network without using cash. Transactions are settled primarily in the form of BizX trade credits, which are equal to the local currency. This allows the buying company to preserve cash and reduce budgeted expenses. The selling company can use up spare capacity and excess inventory, and gain market share. Every member company has a dedicated account manager who develops bespoke transactions to satisfy their needs. Our members also have an online account which helps track debits and credits.
Is bartering popular?
Yes. The International Reciprocal Trade Association estimates that 30 per cent of the world's business is done on a barter basis and more than 65 per cent of Fortune 500 companies use barter to boost their bottom line numbers. The concept is particularly popular in developing economies. Mercedes-Benz traded buses for US$44 million (Dh161.6m) of Ecuadorian bananas and Thailand offered rice for Russian fighter jets. Generally, we do well in good economic times and we see a huge increase in demand for our services in downward cycles.
Can you give me an example from the UAE?
BizXchange was established in the US in 1992 and we opened here in 2007. We now work with more than 200 companies that we manage through our regional office in Dubai. We have a width of partners in many industries from florists and barbers to airlines and hoteliers. We have saved our clients approximately $400m in cash to date. BizXchange facilitated trade between Arab Media Group (AMG) and Al Nabooda Automobiles, the dealer in Dubai and the Northern Emirates for Audi, Porsche and Volkswagen. AMG bought 25 cars using unsold advertising space on their radio stations and in their print media to new clients channelled through BizX. Al Nabooda for its part accepted payment in BizX trade credits. The company uses those credits to pay for budgeted business and marketing expenses it would otherwise have paid cash for. Each day is a new experience. We trade airlines, electronics, media, printing, hotel rooms, rounds of golf, chocolates, watches - the list is long.
And how does BizXchange profit?
There is a sign-up membership fee of Dh5,000 for the business to join the network and a transaction fee on each exchange. Our dropout rate is hardly 5 to 10 per cent and we get lots of new members based on referrals. Word of mouth is good. It means our existing members have had a good experience. We were listed 14th in the Dubai SME 100, a ranking of the top performing small businesses. That shows that the work and energy we have put into the business has been recognised.
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A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
COMPANY PROFILE
Company name: Alaan
Started: 2021
Based: Dubai
Founders: Parthi Duraisamy and Karun Kurien
Sector: FinTech
Investment stage: $7 million raised in total — $2.5 million in a seed round and $4.5 million in a pre-series A round
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
TO CATCH A KILLER
Director: Damian Szifron
Stars: Shailene Woodley, Ben Mendelsohn, Ralph Ineson
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The Lowdown
Us
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Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
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Stars: Shah Rukh Khan, Deepika Padukone, John Abraham
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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