DUBAI // Diya Khalil still remembers a conversation five years ago that gave him the inspiration for his charitable initiative and, since spring, his business.
Mr Khalil was at a function in Dubai in 2009 when a German expatriate told him she took used printer cartridges and batteries on trips home because she could not dispose of them correctly in the UAE.
“Speaking to her was a spark that made me think there probably were more people who would like to recycle if they had the opportunity to do so,” he said.
So the Jordanian set up recycling collection points at several spots in Dubai, collecting 25 tonnes of plastics, metal, paper and other recyclables in a three-year campaign.
Proceeds from the sale of the materials, about Dh20,000, were donated to the Dubai Autism Centre.
The modest success of the scheme inspired the engineer, who holds a full-time job with a Dubai energy monitoring company, to set up his own business, collecting recyclable items from villa communities in Dubai and selling them to companies that process them for reuse.
The company, Green Truck, was set up after Mr Khalil’s business plan won a competition by the local chapter of Acumen, a global non-profit venture fund.
Competition sponsor Venture 7 Capital, a private investment office, provided the funds to start the company.
Since last month, Green Truck has been servicing 60 paying clients in villa communities. For Dh100 a month, customers are provided with a bin in which they put paper, plastics, glass, drink cans and used electronics.
The waste is collected once a week and taken to EnviroServe, a Dubai company with which Mr Khalil is in partnership.
Staff of the company, which specialises in the recycling refrigeration and air-conditioning gases, and electronics, further separate the recyclable waste, which is then sold for reprocessing.
A key factor in the scheme’s success will be expanding the number of customers.
Mr Khalil said he had chosen to focus on freehold communities because Dubai Municipality had recently rolled out plans for recycling in other villa communities.
He is also relying on a client base that is much more interested in recycling that the mainstream public.
“Most people take this very seriously and, for them, it is important,” said Mr Khalil of his customers.
Properly segregating the waste is the main challenge for recycling schemes targeting the general public.
But that is not the case with Kate Tavener, 35, who lives in Jumeirah Park with her husband and young child.
“When I left Australia five years ago, every single thing in the house had to be recycled as a way of reducing the amount of waste that goes to landfill,” Mrs Tavener said.
She said she had been disappointed by the lack of recycling facilities in the UAE.
Mrs Tavener said companies managing freehold communities should offer door-to-door recycling schemes for its residents but, ultimately, her family was happy to foot the bill.
“It is a step in the right direction,” she said.
“It is fantastic to be able to recycle most of our waste.”
The scheme is allowing Canadian Ali Mokdad, who also lives in Jumeirah Park, to go back to recycling after a five-year gap.
Mr Mokdad, 31, gave it up when he moved to Dubai and saw a collection lorry mix items from recycling bins with general waste in International City.
“I saw that and I was just shocked,” he said.
“I stopped recycling, thinking what is the point? But I always felt guilty not doing it.”
Mr Mokdad said he now felt good to be able to go back to recycling and hopes the new service will be a success.
“It is a great start-up and I hope it really picks up,” he said.
For more information, visit www.greentruck.ae.
vtodorova@thenational.ae
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
UAE currency: the story behind the money in your pockets