It is a big claim, but Maya Alghaith is certain of it. Joining the female entrepreneurship programme Women-able has been the best decision of her business life.
“I never realised how much I would learn during this process. The mentors’ guidance makes you want to be the best in your field,” says Ms Alghaith, the co-founder of Health Gate, which designs and produces its own natural sanitary products in the UAE.
“They don’t give you the answer. They don’t hold your hand. But they make you dig deep within yourself and find what is important to you, why you are doing it. All the ladies in the group are like-minded and you can rely on them.”
Ms Alghaith, who is from Bulgaria but has lived in the UAE since 1999, launched her company at the end of 2013 and currently sells 10,000 packs a month of her breathable sanitary products. But Ms Alghaith, who says the company had a 160 per cent turnover increase from 2014 to 2015, was looking to expand into new markets when she heard about Women-able at the start of this year.
The initiative, run by the training and coaching company, grow.ME, in association with the Cherie Blair Foundation for Women, launched in March. It provides education for female entrepreneurs, mentoring by business owners, introductions and guidance plus a support network.
It attracted 145 applicants when the programme launched in February, 100 of whom were accepted. There are now 25 finalists left.
“We have three categories of women who we are working with which is what makes our programme quite different,” says Maria Pearson, the chief executive of grow. ME.
“A third of the women we selected had an idea, but they didn’t know how to take that idea forward. We had women who had started within a one to three-year time frame but they got stuck. They started and launched and had a couple of customers but literally stopped. Then we had small businesses that were looking to grow and scale and looking to expand into new markets or bring a new product to market.”
Nida Sumar is a member of the third category, having already founded Keza, a company which produces a dining app currently in the beta testing phase. It allows diners to view and review a restaurant’s dishes, plus place an order, call the waiter, split the bill and even pay for it, all from a mobile phone. It is expected to become more widely available in December.
“You are taking away the wasted time,” says Ms Sumar, 28, whose family is from Pakistan, although she was born and raised in the UAE.
She came up with the idea after a disastrous dinner with friends at a top Dubai restaurant a few years ago when their orders became mixed up, inspiring her to develop the business last November.
Ms Sumar, both a chartered financial analyst and a trained chef, had experience working in her family business before she set up her company but was looking for support.
“I do have experience in a few areas. However there are other things, like the network. Those are things I didn’t get exposure to from the family business, which closes you down in a limited network,” she says.
For Health Gate’s Ms Alghaith, the opportunity to take her business to the next level inspired her to apply for Women-able. She stumbled upon her business idea while working as a manager for an automobile company. A good friend was diagnosed with cervical cancer in her early 30s and wanting to find out why, Ms Alghaith embarked on a search for answers.
“I realised that it came down to what we put on our bodies,” she claims. “Everyone checks the ingredients of what we eat, what we drink and what we wear and the cosmetics we use. But the one thing we never check is what we use every month, our sanitary products. Manufacturers can use anything in making them and the trouble is that most of them contain dioxin, a toxic [substance] stronger even than arsenic.”
Early on in her journey she read about negative ions, atoms charged with an extra electron which are generated naturally by evaporating water, ocean surf and waterfalls, and the positive influence they can have on our health.
She decided to combine the two by creating sanitary products with a negative ion strip.
“We create wonderful sanitary napkins free of pollutants and chemicals that actually improve our health and well-being,” she claims. “Anion has a signature green stripe that contains high concentrations of negative ions.”
The two entrepreneurs and the rest of the finalists are now learning about finance, marketing, pricing, how to talk to customers, close a deal and pitch to investors – which will come in handy on November 21 when the programme comes to a close.
“We will pitch to a host of people who could be investors or potential clients, people from the ecosystem, so this is a programme trying to get us to be ready for that day,” adds Ms Sumar. “If someone invests in your company then that’s a huge win.”
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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.”
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Match statistics
Abu Dhabi Harlequins 36 Bahrain 32
Harlequins
Tries: Penalty 2, Stevenson, Teasdale, Semple
Cons: Stevenson 2
Pens: Stevenson
Bahrain
Tries: Wallace 2, Heath, Evans, Behan
Cons: Radley 2
Pen: Radley
Man of the match: Craig Nutt (Harlequins)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
Results:
Women:
1. Rhiannan Iffland (AUS) 322.95 points
2. Lysanne Richard (CAN) 285.75
3. Ellie Smart (USA) 277.70
Men:
1. Gary Hunt (GBR) 431.55
2. Constantin Popovici (ROU) 424.65
3. Oleksiy Prygorov (UKR) 392.30
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5