Why buy when you can rent what you need at a fraction of the cost?
That's the philosophy that led to the setting up of BorrowMe, an online marketplace that lists for rent all kinds of items people require in their daily lives — from power tools and ladders to kayaks and board games.
“The idea is simple. If you only need something for a short time, just borrow it,” says Nour Sabri, 43, who founded the company just over six months ago.
People in the UAE can borrow products for an agreed-upon price and return them when done, he says, adding that the rental agreement can be securely completed through the company’s platform.
Meanwhile, owners can make some extra cash by renting out their unused everyday items.
Mr Sabri launched the online platform in August last year. Since then, BorrowMe has listed more than 1,100 items and registered 12,000 site visits. Among the more unusual listings are a clown air dancer, a wood-fired pizza oven and a luxury yacht. The aim, Mr Sabri says, is to have at least 3,000 items and 30,000 site visits by the end of 2022.
The idea is simple. If you only need something for a short time, just borrow it
Nour Sabri,
founder and chief executive of BorrowMe
BorrowMe has also onboarded 30 item rental businesses in the UAE, and the target is to get 100 such retailers to join the platform by the year-end, Mr Sabri says.
The company’s ultimate vision is to be the Amazon of lending and borrowing items in the Middle East, says the entrepreneur.
Mr Sabri's inspiration to launch BorrowMe was two global companies: the UK-based Fat Llama, a peer-to-peer rental platform, and the Netherlands' sharing platform Peerby.
“Both these start-ups have strong investor backing and are very well-funded. That gave me the confidence to replicate this model in the UAE.”
Marketplaces for rentals are loosely based on the idea of collaborative consumption. It offers people the traditional benefits of ownership without paying large sums of money for the items. The concept is gaining traction as users become more aware of the impact of wasteful consumption on the environment.
The sharing economy globally is growing at 30 per cent year-on-year, according to PwC, and is expected to reach $335 billion by 2025, from $15bn in 2013.
The GCC sharing economy was valued at $10.7bn in 2016, with the UAE commanding the largest share at $5.57bn, as per Strategy& estimates.
More than 10 per cent of consumers in the UAE have already tried renting a product in the past year, driven primarily by affordability and the non-requirement of long-term commitment, says Sandeep Ganediwalla, managing partner of Redseer Middle East, an Indian research company.
“Increasing sustainability is also becoming important in consumer decision-making,” he points out.
This adoption can “more than double in the coming two to three years, if issues around trust, authenticity, hygiene and high-quality customer experience are built”, says Mr Ganediwalla.
But such marketplaces face several challenges to grow beyond niche communities and geographies. The average value of a transaction is often low, as is the frequency from demand-side renters, business analysts say.
And unlike purchase-based platforms, owners who supply the goods need to co-ordinate logistics both ways, which can lead to friction.
“The rental sector for products also needs to address issues around hygiene, depending on the category they are operating in, to unlock the growth,” adds Mr Ganediwalla.
BorrowMe is accessible on the web and on mobile phones. Owners have to upload a photo of the item they want to rent out — along with a description and price. Borrowers can schedule a rental for as long as they want and then need to return the item in the same condition at the end of the period.
Both parties agree on a convenient time and place for the handover. Built-in secure messaging allows owners to communicate with borrowers at ease, according to the company.
Almost anything you own can be rented out, or permanently sold if you prefer, whether it be a camera that’s been collecting dust or a bike currently locked up in storage, the company says.
“It’s easy and, quite frankly, it’s fun,” Mr Sabri says.
As a next step, he plans to tap hotels and Airbnb management companies with a dedicated page on the company’s website to attract tourists.
“Tourists can simply borrow many of the items they need when travelling, avoiding the trouble of carrying them and — more importantly — buying them,” he adds.
BorrowMe has already signed a preliminary agreement with Houst, a UK-based Airbnb management company, which has about 250 properties in Dubai.
An Iraqi by birth, Mr Sabri grew up in New Zealand and has been living in the UAE since 2008. He has an MBA degree from the London Business School and has worked with global firms including IBM, Bain & Company, EY, PwC and HP, across several countries.
He previously co-founded another start-up in New Zealand in 2006 — called MetalAndSteel.com — a B2B platform that specialises in trading metal and steel products and services.
Mr Sabri initially funded BorrowMe with about $150,000 of his own money, before raising $50,000 from an angel investor. The money was used to buy the BorrowMe domain, create the branding, design and build the website and support business development, the founder says. He also contracted a search engine optimisation expert to improve BorrowMe’s online ranking.
“I am now seeking $500,000 in additional funds in the next 12 months. I will use these funds on technology development, marketing campaigns and operational expansion,” Mr Sabri says.
The start-up currently operates in the UAE and eventually plans to expand across the GCC and Egypt. “I would like to start in Saudi Arabia next, because it’s a much larger country and has a progressive vision for business expansion,” Mr Sabri says.
To fund BorrowMe’s ambitious expansion plan, Mr Sabri plans to raise another $3 million in the next two to five years.
Asked if he plans to eventually list the company, Mr Sabri says: “Absolutely. After we achieve success with our business model and gain momentum, we plan to list BorrowMe in the stock market.”
Currently, BorrowMe isn’t charging any fees or commissions for transactions on its platform. But it intends to start charging a 20 per cent commission on all transactions in about a year’s time. “I plan to start monetising the business in about a year,” he says.
Besides charging a commission on each transaction, Mr Sabri plans to start offering a delivery service for items as well as product insurance to diversify his revenue streams.
“Having companies advertise on our site will be another means of generating revenue.”
Plans are also under way to collaborate with global e-commerce platform Shopify. “We will be developing BorrowMe plug-ins on Shopify. And we will charge a monthly subscription fee for accessing our website through Shopify,” Mr Sabri explains.
Q&A with Nour Sabri, founder and chief executive of BorrowMe
How did the pandemic affect your business?
People have seemed a bit reluctant to meet with others face to face, and BorrowMe’s business model is dependent on this sort of interaction. This situation has resulted in a slow start, but we anticipate a much higher volume once the pandemic is not a factor.
If you had a chance to do it all over again, what would you do differently?
Instead of putting so much money into technology development, we would have allocated more funds for marketing and business development. Also, even though hindsight is 20/20, it would have been better to have launched before the pandemic.
Where do you see the company in the next five years?
I see BorrowMe becoming the Amazon for item lending and borrowing in the Middle East. We are currently operating in the UAE and plan to expand to all GCC countries and Egypt.
What is the biggest lesson you learnt from setting up BorrowMe?
At BorrowMe, we learnt that having great technology alone is not enough to create a successful business. All great businesses need equally great marketing, which is why having an excellent marketeer is invaluable.
If you could go back and change one thing about your business, what would it be?
In comparison to C2C sharing, B2B and B2C are less fraught with complications. Item rental businesses usually have more guarantees that items will be in an excellent condition and the transactions are more secure. There is less chance for a conflict between renters and providers.
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
BLACK%20ADAM
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TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
MATCH INFO
Final: England v South Africa, Saturday, 1pm
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
Read more from Aya Iskandarani
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
A%20QUIET%20PLACE
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Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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.”
FIXTURES
Saturday
5.30pm: Shabab Al Ahli v Al Wahda
5.30pm: Khorfakkan v Baniyas
8.15pm: Hatta v Ajman
8.15pm: Sharjah v Al Ain
Sunday
5.30pm: Kalba v Al Jazira
5.30pm: Fujairah v Al Dhafra
8.15pm: Al Nasr v Al Wasl
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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RACE CARD
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
