The young entrepreneur Mohammed Abedin organised the Middle East's largest urban art exhibition last year.
He didn't do it from a large office with an experienced events team, but from his bedroom and entirely on his own.
The event was held last May at the Dubai International Financial Centre and displayed work from 100 local artists. It included popular DJs, rappers and dancers all working for free. The invitation list alone exceeded 7,000.
"I launched it all from my bedroom and didn't spend a fil in marketing," says Mr Abedin, 23. "It was crazy."
Mr Abedin positioned his event to "go viral", a dream of many start-up companies that is tricky to pull off.
His motivation was not purely altruistic. He was promoting his creation Mega, a 20cm faceless doll he describes as a "3D blank canvas". Largely due to the success of the event, he hopes to soon begin selling the doll around the world.
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Editor's Pick - Oil and gold climb amid uncertainty in the region
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The Mega doll has a disproportionately large head, robot-like ears and a slouched posture reminiscent of a grumpy teenager. It is white and ready to be doodled, painted or sketched on.
Before the exhibition in May, Mr Abedin contacted 100 local artists to put their stamps on Megas he provided. He then displayed their creations at the event.
"Immediately I had 100 brand ambassadors talking about the product on Twitter and Facebook," he says. "In over a month and a half, you can also imagine the traffic that went through the DIFC, but you also had the right people walking through."
The entrepreneur was quickly contacted by small retailers and galleries, and this interest gave his confidence a boost. On a whim, Mr Abedin decided to call Virgin Megastore.
The retailer bought 900 dolls to sell in its Dubai shops and has since purchased another 1,000 to sell the product in other GCC countries.
The Mega is a good fit for Virgin's young, trendy customer base, says Almir Smajlovic, the senior marketing specialist for the Middle East at Virgin Megastore.
"It's like a 3D canvas for people who are artistic and like to design toys," Mr Smajlovic says. "It's sort of like [the popular US product] Kidrobot. It started as a vinyl toy and now it is a huge brand."
Last August, Mr Abedin and five of his artists held weekly events in Virgin's store at the Mall of the Emirates. The painting sessions became events, with Time Out Dubai encouraging people to go there just to see the art being made.
Virgin and Mr Abedin are now set to launch a Middle East-wide competition to market the product. Budding artists will be able to buy Mega, customise it and send in pictures of their creations.
The partnership will announce a winner at the Film and Comic Conference at the Abu Dhabi National Exhibition Centre on April 29.
Through his website, foo-dog.com, Mr Abedin is also looking to develop consulting services and sell a Mega clothing range.
But it hasn't all been plain sailing. Days before the exhibition, Mr Abedin's shipment of dolls was delayed from the maker in China. He had the 100 customised dolls on show, but none to sell.
Being a shrewd marketeer, Mr Abedin told customers he was sold out, which added to the product's reputation on social-media sites.
It was also at this point, having spent all his savings and awaiting payment from Virgin, that Mr Abedin applied to the Khalifa Fund, which supplies financing for small and medium-sized businesses in the UAE.
"They saw that I had out my own money in," he says. "I was 'skin in' and I now have a loan for four years but pay nothing for the first year."
He declines to say how much the fund provided.
Mr Abedin plans to fly to London next month to negotiate with a distributor and says he has already signed a deal in the US.
"It's being called the Mega invasion," he says.
rjones@thenational.ae
Every
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
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The Case For Trump
By Victor Davis Hanson
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Results:
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Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
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8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
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Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
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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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
