We all love a success story, be it in sports, music, science, or in business. Nothing captures the imagination more than the story of the dark horse that rises to prominence. For me, I have always been inspired by the stories of the business start-ups that become behemoths. The bold entrepreneurs who start from zero and go on to transform entire industries with their innovations. These are the ones that captivate generations and in doing so leave their mark on our society.
Arguably the most exciting time in these entrepreneurial journeys is the transition from start-up to scale-up. It’s at that moment when all the stars seem to align: the innovative idea, the right amount of patience, hospitable market conditions, and perhaps most importantly – adequate funding.
During this decisive phase, the need for capital will almost certainly intensify. The leaders of promising start-ups suddenly realise that the funding they require to scale is more critical than the funding they needed when they started their business. Maybe they need this vital capital injection to purchase assets, to manage increasing orders, or to capture as much of the market in as little time as possible.
However, start-ups being unable to easily access the investment capital they need is an enduring global challenge. Today, many ventures fail because they run out of cash, even though we are told the market is flush with capital. Crunchbase, a US-based prospecting platform for investors, confirmed that start-ups closed out 2020 in a much stronger position than when they started the year, with global venture funding up 4 per cent year-on-year to $300 billion.
Despite the rise in venture funding, start-up capital is unevenly divided across sectors. Internationally, start-up funding tends to be concentrated in certain top-of-mind technology sectors such as FinTech, HealthTech and EdTech; it stands to reason, given the unlimited potential of these sectors to generate ideas, solutions and innovation with positive impact. On the other hand, start-ups in less consumer-focused sectors – such as industrial technology, logistics and agricultural technology – may find it more difficult to capture attention despite the benefits they bring to society.
On top of that, according to the audit and financial advisory Deloitte, the chances of a new enterprise to ascend as a scale-up is around 0.5 per cent, which means that only one out of 200 surviving new enterprises will become a scale-up.
Start-ups must assess all options to scale if they are to have a chance of success. They have a host of choices when it comes to raising capital and must cultivate an open-minded approach to how they source funding.
Angel investors, for example, are a highly effective source especially in the pre-seed or seed stages. These are typically high-net-worth individuals (HNWIs) who provide early support for start-ups in the form of equity funding, but they can also provide guidance and connections. A similar source is family offices which are private wealth management firms that invest on behalf of HNWIs or their families.
Venture capital is another credible route for start-ups. Venture capitalists or VCs may be HNWIs or companies that provide start-up funding for a percentage of equity. Once they invest, VCs tend to become actively involved in the start-up and can play a pivotal role in the post-investment phase by facilitating corporate growth.
In my view, start-ups should also be aware of what types of government funding or support are available. If your innovative idea contributes to a priority sector or will produce residual benefits for broader society, then there could be practical support available. This support can involve funding but might also extend to incentives such as mentorship or access to markets.
Additionally, incubators or accelerators provide an avenue for start-ups to access critical support, in the form of networking, mentorship, resources, as well as being a gateway to other investors. Some of these programmes, particularly those run by for-profit accelerators, may also offer seed investment for an equity stake in the start-up.
By being aware of what potential options are out there and being committed to source these options, start-ups have a chance to scale successfully. We have observed this first-hand across the UAE. In 2020, start-ups in the Middle East and North Africa secured record funding of more than $1bn, the first time Mena start-ups surpassed the $1bn barrier, according to MAGNiTT’s 2021 Emerging Venture Markets report. The UAE ranked first among innovation hubs, accounting for the lion’s share of total funding and the highest number of deals in Mena.
Overall, this strong performance reflects the UAE’s stance on start-ups and also the enabling ecosystem that we have created. In Abu Dhabi we have made it our mission to support innovation-focused companies by offering pathways to capital, market opportunities and talent. We have also designed an enabling business environment that includes building robust capital markets that provide financing, alternative expansion plans and exit options for start-ups.
Here in Abu Dhabi the leaders of promising start-ups can find several options to scale. It’s up to them to seek them out.
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Copa del Rey
Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
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
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
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
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
