Julie Audette runs The Movement, a bicycle shop within the Dubai Garden Centre. Lee Hoagland / The National
Julie Audette runs The Movement, a bicycle shop within the Dubai Garden Centre. Lee Hoagland / The National

#UAEinnovators: Canadian gets wheels rolling on Dubai bike shop



Julie Audette never considered running her own business, she just thought about running.

The former athlete turned corporate sports manager is an avid triathlon competitor. And to complement the competitive sport, she decided to ship her favourite bicycle brand, Linus, built in California, back to the UAE.

It was the appreciation among passers-by of the bike – designed for daily errands rather than as a sports bike – that gave the Canadian an idea.

As someone who believes in the power of positive thinking, she wanted to make a difference to her community. And with she and her husband Rooman Latif keen cyclists, opening a bike shop selling the brand was a way to make that happen.

It was about 18 months ago that the idea became an ambition when an Emirati stopped his car in the street and offered her husband Dh10,000 for his bike.

“It was a Dh2,500 bike and my husband didn’t sell it,” she says. “But it proved there was a real desire for these bikes and we came up with the idea for the shop. We called it The Movement.”

After canvassing local bike shops about what customers wanted, the idea became reality. The Movement opened in October 2014 in Dubai’s Garden Centre on Sheikh Zayed Road as a family-centric bike centre.

According to the brand, Linus bikes are inspired by the French bicycle design of the 1950s and ‘60s. It’s a bicycle “that preserves the simple elegance and pure form of that golden era, but has all the benefits of modern comfort and reliability”.

“I had seen the Linus brand grow from home and spread right down the west coast of North America,” says Ms Audette, who moved to the UAE three-and-a-half years ago. “The fact that it is beautifully retro and built for short rides meant it was a perfect addition to my ‘other’ bike – I have one serious bike which I use for training and competition.

“The Linus has accessories, such as panniers and baskets, which means you can use it to pop out for the a pint of milk and anything which stops us in the UAE climbing into our cars has to be a good thing. I really am not looking to make a million, I really want to make a difference to the UAE.”

Before embarking on the venture, the fledgling entrepreneur says she had to take a deep breath to ensure her business plan was correct.

While she expected to sell 400 bikes in her first year, the businesswoman says in reality she only has seven months to achieve her target because being outside on a bike is not practical five months of the year.

However, The Movement sold 100 bikes in its first three weeks and the months of planning, customer research, investments and bureaucracy bore fruit. More than 60 per cent of her customers are women, many of whom until now felt no bike brands in Dubai suited their needs, being either too technical or uncomfortable. Ms Audette now has plans to set up shop in Abu Dhabi in October.

“The bikes are wonderfully simple, being either one or three gears,” she says. “We offer a teaching and getting-back-on-the-bike service for those who have been out of the saddle for a while. I believe in the bikes passionately and after I open in Abu Dhabi we will look at distributing them to other retailers but not as The Movement, The Movement is me.”

ascott@thenational.ae

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Starring: Judi Dench, Sophie Cookson, Tereza Srbova

Rating: 3/5 stars

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

RESULTS
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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

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The five pillars of Islam

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Blonde
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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.”