Marrakech entrepreneuse Raja Bikhtancer, 26, beside the 2010 Peugeot Partner in which she travels the city overseeing two companies she founded: estate agency Karrefour Imo Consulting and ice cube producer AJARPRO. Photo by John Thorne for The National
Raja Bikhtancer, 26, founded two companies in Marrakech, an estate agency and an ice cube producer.

Mena nations focus on jobs for youth



MARRAKECH, MOROCCO // The sun was pouring down on the city, and Raja Bikhtancer was racing along an avenue with 220 kilograms of ice cubes in the back of her car.

"I'm not worried that they'll melt; not my ice cubes," said Ms Bikhtancer, 26, who makes ice to sell to Marrakech's restaurants and hotels. "I just like doing things quickly."

Across town, about 1,000 business leaders and officials attending a World Economic Forum conference last week were debating how Middle Eastern and North African countries struggling with high unemployment can help ambitious young people such as Ms Bikhtancer.

She is just one member of a young generation from across the region pushing to establish itself as economies shift towards the private sector.

"Many countries have highly educated people but are not benefiting from them," said Steen Lau Jorgensen, the director of the World Bank's human development section for the Middle East and North Africa, speaking by phone from Washington. "Not enough people are learning about technical fields and entrepreneurship."

While economies have grown across the Middle East and in North Africa, about a quarter of the region's young people remain unemployed.

A major problem is strict labour laws that discourage hiring, while another is that governments have spent lavishly but not strategically on education, said Mr Jorgensen. "There's a mismatch between the skills taught and the needs of the market."

One example is Algeria, where the government is investing in housing and infrastructure.

"There's a huge need for qualified engineers, top technicians and managers," said Mohamed Bahloul, the director of a private management school in the city of Oran. "Investors - national or international - have to devote a lot of time to finding the right employees."

To begin addressing this demand, the Algerian government has opened state management schools around the country, Mr Bahloul said.

Morocco, meanwhile, has sought to brighten its business climate by slashing the amount of capital required to register a company, soon to be zero.

That policy helped lure the Moroccan IT worker Younes Qassimi, 28, from Dubai back to his hometown of Agadir.

In 2007, he launched the web design company Synergie Media using 10,000 Moroccan dirhams (Dh4,550) he earned by overhauling the computers at a local bookshop.

"I could have stayed in Dubai," said Mr Qassimi. "But I wanted to prove to myself and my friends that starting from nothing, you could do something."

However, Mr Qassimi's attitude is rare despite recent education reform in Morocco, said Kristen Edgar Potter, the education department director for the Morocco office of the US Agency for International Development.

"There are opportunities in the private sector, but people need to be thinking more about them, as well as entrepreneurship opportunities," she said.

The Moroccan government has sought to encourage such thinking through the National Agency for the Promotion of Employment and Skills (Anapec), which offers job placement and support for business start-ups.

"Job placement has been successful," said Hamid Ferg, the director of Anapec's Marrakech office. "But there's a lack of entrepreneurial spirit; we're looking for people with a genuine desire to launch their own business."

Under a programme called Moukawalati - or, "My Business" - the state guarantees 85 per cent of the total capital, which comes mainly as a bank loan.

However, few proposals survive the gauntlet of approval by both Anapec and bank officers, said Mr Ferg. Of 160 applications so far this year in Marrakech, only 13 have led to businesses launching.

"We're not seeing many original ideas," said Mr Ferg. "In general, it's standard stuff like textiles and agriculture."

One exception is Ms Bikhtancer, who races through the streets of Marrakech to deliver her ice cubes.

The daughter of a Marrakech butcher, she used the Moukawalati programme in 2007 to start Karrefour Imo Consulting, an estate agency and building maintenance company catering to European expatriates.

"Then came the crisis in Europe; I couldn't just sit on my hands," said Ms Bikhtancer. "I had to go from the service sector to producing something."

Four months ago, she used profits from Karrefour Imo Consulting to buy 10 ice-cube machines.

"Top-notch machines," she said. "Ordinary ice cubes take 18 to 20 minutes to melt in a glass of Coca-Cola; mine take 35 minutes."

The buildings of Marrakech receded in the rear-view mirror as Ms Bikhtancer guided her car into the Royal Decameron Issil, a gated resort near a golf course at the edge of town.

At the back door of the kitchen, the 22 bags of ice cubes were unloaded and weighed, and their arrival was recorded in a ledger.

A moment later Ms Bikhtancer was speeding off again in her silver-grey car. "I always like to go fast," she said, whirling into a roundabout. "You can't wait for things to happen; you have to make them happen."

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Naga

Director: Meshal Al Jaser

Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad

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

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Aayan’s records

Youngest UAE men’s cricketer
When he debuted against Bangladesh aged 16 years and 314 days, he became the youngest ever to play for the men’s senior team. He broke the record set by his World Cup squad-mate, Alishan Sharafu, of 17 years and 44 days.

Youngest wicket-taker
After taking the wicket of Bangladesh’s Litton Das on debut in Dubai, Aayan became the youngest male cricketer to take a wicket against a Full Member nation in a T20 international.

Youngest in T20 World Cup history?
Aayan does not turn 17 until November 15 – which is two days after the T20 World Cup final at the MCG. If he does play in the competition, he will be its youngest ever player. Pakistan’s Mohammed Amir, who was 17 years and 55 days when he played in 2009, currently holds the record.

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.
How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Top 10 most competitive economies

1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway

Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.

As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.

Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.

Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.

Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test India won by innings and 53 runs at Colombo
  • 3rd Test August 12-16 at Pallekele
Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.