Adam Ridgeway is the managing director of MediaCubed, a three-pronged media agency that he set up in Dubai three years ago. Originally from the United Kingdom, Mr Ridgeway has lived in the UAE for four years and says his entrepreneurial spirit is self taught, while his financial mistakes have shaped the person he is today.
Describe your financial journey so far.
Starting a business anywhere in the world is expensive, so for the past three-and-a-half years, my investment has been poured strategically into the businesses. My parents invested in building a family, which was their future, with some clever and a few not so lucrative investments, but successful nonetheless. My financial investments have been focused on building the businesses. I realise this affects your day-to-day disposable income, but through the difficult days I had support and in the brighter days, I am now able to support them. I didn't really have the guidance or nurturing for being an entrepreneur - it wasn't taught at school and my peers didn't share the same attitude. So my finances were sporadic with some horrendous decisions. Looking back, I'm thankful for making these decisions and being the person I am now.
Are you a spender or a saver?
I'm an investor of ideas, businesses and people. Personally, I am still investing in the businesses.
What's your philosophy regarding money?
Someone recently shared a fantastic analogy. You spend on rubbish, on good you don't. I like to spend on things I see have equal or greater value to the cost associated. I'm not a huge fan of money itself, but I like what opportunities it can offer.
What is MediaCubed?
It's a media agency with three companies in the group: AdBrand, which covers advertising, branding, design and the Web, Dotcasting, an online talent and casting agency, and MediaCubed, which is a network for the media industry.
How hard is it to set up a company in the UAE?
With a great idea, self-belief and the ability to over-deliver on what you offer sets you up for an easier journey. The financial investment needed for starting up is high if you have the ideas but no backing, which often deters an entrepreneur. However, if you have self-belief and can portray it well, all you need is one opportunity and you'll make it work.
What have been your biggest business challenges here?
Time lines are by far the greatest challenge. Everything I do is with an immediate, gung-ho attitude. It's tough finding the equilibrium. Yes can be applied to nearly every question, therefore challenges are much less; it depends on your mind set.
Did you make any financial mistakes along the way?
On the way to where I am now, of course! That's the beauty about being able to reflect on that. I've invested in people and promises who didn't deliver - that would be my greatest "error", but not mistake. Approaching a situation and considering a business decision without emotion helps to reduce the chances of a financial mistake.
Do you believe in planning for the future?
Absolutely. In the past year, I've focused on what is important to me, what am I doing this for - as I said, my parents were focused on building a family and living a fruitful life. My focus is on building the businesses and providing opportunities. Where will I be in 10 years? Hopefully, still doing what I love - with whom I love.
Is money important to you?
Business is my passion; earning money simply isn't the focus.
What is your idea of financial freedom?
Your business being able to support yourself, your loved ones and others at will.
What do you enjoy spending money on?
Anything that will bring a smile to someone's face.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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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
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
SPECS
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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.
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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