Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
When Omar Onsi launched his payments processor company NymCard, he already had a wealth of experience in navigating the tricky world of entrepreneurship. As a serial entrepreneur, he built companies from scratch, scaled them successfully and even experienced disruption along the way.
“I love business, I love selling things, I love building things,” says Mr Onsi, who before NymCard founded other major telecommunication start-ups, including a Skype-like voice over internet protocol company called Nymgo.
The idea of NymCard came when Mr Onsi was unable to get a payment card issued when he was operating out of Lebanon.
“That got me … [and I] decided to take on the challenge and really work on that big problem,” he says.
We built our technology from ground up, and we're offering it over open APIs
He launched NymCard in 2018. The company focuses on processing transactions and issuing cards, including online cards on behalf of banks, financial institutions and FinTechs that could connect with mobile platforms.
NymCard does not compete with payment giants such as MasterCard and Visa, instead it works with them, enabling digital and mobile-first applications to process payments.
The company is also building its own technology to process transactions, which Mr Onsi says is a market gap that NymCard plans to address.
“The current players in this business are all legacy players, specifically, the ones serving the Mena region … they don't own the technology and they're extremely slow and expensive,” he says.
“We built our technology from ground up, and we're offering it over open APIs [application programming interface]. This is something that still does not exist.”
Companies like NymCard are disrupting a $200 billion digital payments industry in the Middle East and North Africa region, which is booming due to an online-only pivot of some of the local lenders as they cater to a tech-savvy millennial customer base, and a rise in e-commerce transactions. The Covid-19 pandemic has further fuelled the boom in digital and contactless payments, fast tracking the region’s journey to reduce its reliance on cash.
Mr Onsi says there is a huge potential to disrupt the card payments industry in the Middle East if the regulations keep pace with the speed of changes.
“The more regulation moves with us at our speed, the more we can serve the market … the demand is massive out there,” he says, particularly in countries with large unbanked populations in the Mena region.
Last year, it teamed up with Iraq-based International Network for Cards, Digital Payment Service and Visa to roll out a digital prepaid payment card called Neo. The users can top up the card through INC’s offline network of agents but the entire 'know your customer' process for the card is done online and powered by NymCard.
“Iraq is the second largest under banked market in the Mena region. It is still a cash-based economy, but at the same time, everyone is on a smartphone [since they are] connected to the internet,” says Mr Onsi.
“People were always looking for a way to pay online, and Visa and MasterCard, can make that happen, but the infrastructure is still not there. We helped our clients to issue the first Visa virtual card in Iraq.”
In Jordan – another promising Middle East market for digital payments – NymCard collaborated with Invest Bank to roll out a mobile payments app called Yap this year. The company enabled app users to link their Invest Bank debit or credit cards to Yap’s digital wallet and make contactless payments.
Going forward, NymCard plans to expand into more “offline” markets but it is not losing sight of markets such as the UAE, Saudi Arabia and Egypt. “There are lots of opportunities out there, but you need to know how to navigate through that and customise your service, to make sure you're meeting what your clients are looking for,” he says.
The company has grown since it started operations, but the pace of expansion has accelerated significantly after Mr Onsi decided to relocate the firm to Abu Dhabi’s tech accelerator Hub71 in 2019.
NymCard has received an in-principle approval from Abu Dhabi Global Market’s Financial Services Regulatory Authority, which allows it to hold money, transfer funds, carry out currency exchange transactions and complement its current scope of activities. The ADGM's FSRA approval will also enable the company to work more closely with global players such as Visa, MasterCard and Western Union.
To further fuel its growth, Mr Onsi and his team have raised $12 million in seed funding from investors. Most funds have been invested into research and development, which is a core area of focus for the company.
“We're handling people's money here and it's a highly regulated business. You cannot build a simple POS [point of sale technology] that breaks in the middle, and you lose customer funds or get hacked. So most of our funding goes into the R&D in building the platform.”
NymCard is in hiring mode to support its expansion, Mr Onsi says. The start-up currently employs 30 to 35 people, but it expects to bring another 35 people onboard by the end of 2021.
Going forward, Mr Onsi hopes the technology that NymCard is building will help it replace the “large legacy players”. He did not disclose the payment volume NymCard is currently processing but said he expects it to grow in the future.
“We would definitely be much more mature, larger and [will be] processing significant volumes of payment transactions. That's where we see ourselves in the short to medium term.”
Q&A with Omar Onsi, founder of NymCard
What skills have you learned from your businesses?
I would say communication. You can never really have enough of that skill. There's always room to improve it. Entrepreneurs, employees and team members ... they [all] take things for granted; like how the message is going to go across. This is a skill that [an entrepreneur] needs to keep working on and improving as you go.
What are some of the things you would have done differently if you have a chance to start over?
It’s validating the partners you're going to work with. These partners can be employees, board members or investors. So, when you reflect back, you say, ‘Well, I wish I validated that partnership before I signed on it'. This has always been a common one between all the businesses that I’ve been through.
What is your advice to early stage entrepreneurs who are trying to make it big?
You know, as an entrepreneur, building a company from scratch is never easy, no matter what the business model is. And the only way to make it is to have that persistence and believe in your business. And you don't give up, no matter how hard it gets. But at the same time, be very open to a lot of advice from people that you believe would know more than you. Don't be too stubborn and say ‘this is my conviction, I'm not going to change it’ –that's wrong. Be very persistent but [also] very keen to take in the feedback and filter through the noise.
Do you have any role models in business?
Many years ago, I was in a Hilton Hotel and they had a biography of Conrad Hilton in the drawer next to the bed. I read that, and I believe that guy was an amazing entrepreneur. The journey that he went through, I still reflect on it today and [relate to] the ups and downs that he had to go through. He had lived through the Great Depression, but was persistent and created that massive brand, which is Hilton today. That inspired me at that time and still does.
Results
2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)
2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash
3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly
3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson
4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer
4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson
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Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
UAE currency: the story behind the money in your pockets
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.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
