They are still a year away from getting their degrees, and funding may be short, but that has not prevented a group of UAE University students from creating ambitious business ideas that might actually fill gaps in the market.
Yasser Labib Al Dehni, 24, wants to start a garage that custom-fits cars. While there are already such garages in the Emirates, Mr Al Dehni's unique selling point would be delivery of the customised car to a customer's doorstep. He plans to call his business Fast and Furious, after the Hollywood movie series of the same name.
"Most of the people in the UAE have the money and the will to customise their cars," Mr Al Dehni said. "All the 23 and 24-year-olds - we love cars."
Students came up with models for innovative and marketable projects for the Entrepreneurship Awareness Event, held for the first time at UAE University in Al Ain last month. In all, 34 student teams presented their business plans in the two-day event that had separate competition categories for male and female students.
"The events [were] to encourage Emirati students studying [an] entrepreneurship course to open new businesses," said Binta Abubakar, who teaches entrepreneurship and marketing at the university.
Columbia Business School in New York hosts an annual "Outrageous Business Plan Competition" to encourage off-beat ideas from students. Among the wacky but creative ideas that the university helped to showcase was Ramensquare, a vending machine that serves up Ramen noodles in three minutes.
While such creative incubators have yet to make it to UAE campuses, the idea of programmes and funds to showcase student business plans is becoming more popular in the Emirates. Big names in the corporate world have been partnering with local universities in recent years.
At the Entrepreneurship Awareness Event in Al Ain, representatives from the Khalifa Fund for Enterprise Development, the Abu Dhabi Chamber of Commerce and PepsiCo talked about women in business and ways to get trade licenses, motivating young Emiratis to become business people.
Naeema Mubarak Sarhan Salem Al Tamimi, 21, comes from a business family and wants to start a magazine geared towards Emirati women with a "passion for fashion, food and decor".
Her magazine, which would be called Local Trends, would be "a combination of the past and the present", Ms Al Tamimi said in a blog that she started this month after winning the prize for best business idea presented by a female student at last month's Entrepreneurship Awareness Event.
"Why? Because we have to keep our identity and never lose it even if we have passion [for] what is new and what is trending," she said.
The English-language magazine would be launched in Al Ain but would also target the GCC region because of the similarities among Gulf cultures, Ms Al Tamimi said.
"I did some research and I didn't find a competitor in the region," she said. "There are lifestyle and international [trends] magazines, but no magazine for Emirati ladies."
Abayas, for instance, could borrow ideas from the West and be made international, she said.
Her father and some of her brothers run companies in the UAE and abroad, and she would rely on family resources for funds.
The aim of the event in Al Ain was to demonstrate that each business needs to have a unique selling point to stand out. "We all can't make or sell cupcakes," Ms Abubakar said.
One of the business ideas that did not win was a portable oxygen bag to carry the gas in compressed form.
In the future, if any of the students find themselves in the right environment, their ideas can be marketed, Ms Abubakar said.
For instance, a garage for custom-fitting cars is a good idea because of young people's liking for individualised cars, she added.
While there may be a market for his concept, Mr Al Dehni acknowledged that he would face a challenge in funding his garage, which would be in Abu Dhabi.
He won the third prize among male students at the Entrepreneurship Awareness Event.
Mr Al Dehni plans to take up a job after graduation, save money, take bank loans and seek support from his family before getting into the driver's seat of his business.
"In two years I plan to start this business," he said.
ssahoo@thenational.ae
Origin
Dan Brown
Doubleday
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
UAE%20medallists%20at%20Asian%20Games%202023
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
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
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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.
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Fast%20X
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Louis%20Leterrier%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Vin%20Diesel%2C%20Michelle%20Rodriguez%2C%20Jason%20Statham%2C%20Tyrese%20Gibson%2C%20Ludacris%2C%20Jason%20Momoa%2C%20John%20Cena%2C%20Jordana%20Brewster%2C%20Nathalie%20Emmanuel%2C%20Sung%20Kang%2C%20Brie%20Larson%2C%20Helen%20Mirren%20and%20Charlize%20Theron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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
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
The%20specs
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MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
Company%20Profile
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TYPES%20OF%20ONLINE%20GIG%20WORK
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