Sagarika Khalkho is announced as the winner of a 5 week intensive Academy Entrepreneurship programme by Mind Cloud, Sagarika Khalkho is announced as the winner today. Reem Mohammed / The National
Sagarika Khalkho is announced as the winner of a 5 week intensive Academy Entrepreneurship programme by Mind Cloud, Sagarika Khalkho is announced as the winner today. Reem Mohammed / The National

Women face entrepreneurship challenges but leadership programmes help



A lack of capital, male dominance and a fear of failure are among a series of challenges facing women who want to set up their own business in the UAE, female entrepreneurs have said. 
Managing a balance between work and family life is also a major hurdle when setting up a business, said women finishing a course with Mind Cloud Academy, a newly established business leadership programme that is the first in Dubai to be KHDA-approved.  
However, despite the challenges, women who take the plunge are pleased with the decision. 
"There is nothing worse than having to wake up every morning to mindlessly go work for a job you do not care about. However, there is never a dull moment when you are passionate about what you do for a living," said Mahnaz Liaghat, owner of interior design company MDP Interior. 
"Male prejudice and stereotyping are among the challenges that I fight constantly. Some of the people I am competing with are not qualified in the interior design field or might have only financial backgrounds and nothing else but I feel completely responsible and passionate about any project I work on." 
The UAE is keen to encourage more women like Ms Liaghat, from Bahrain, and formed the Gender Balance Council in 2015 as it aims to become one of the world's top countries for gender equality by 2021. 
Of course, there is work to be done as the UAE ranks 85 out of 122 countries in the Gender Progress Index but it tops the GCC and, in a country where more than 60 per cent of Emirati graduates are women, there is significant hope that even more women will delve into the business world. 
Sagarika Khalkho set up her online company commerce connect in 2014 after spotting a gap in the market. 
"After gaining experience in the business and commerce fields, I found there was a need for companies to develop business-to-business connections, so I help companies outside the UAE that want to do trade here to connect with companies located here, or vice versa," said the Indian. 
Ms Khalkho, who has lived in Dubai since 2003, said that the Mind Cloud programme has affected how she runs her business. 
"I totally changed the way I run the business after joining the academy programme. It provided me with connections and a business platform," she said. "One of the topics that I believe will incredibly affect my business is what Expo 2020 is expecting from business owners." 
For Mrs Liaghat, 57, the Mind Cloud course was also beneficial. "The programme was like a wake-up call. It helped me to understand and overcome many of the challenges, find solutions and know where to go to get help," she said. 
Najia Maqsood, a Pakistani who has lived in Dubai for 10 years, believes that women need to step out of their comfort zones to be a success. 
"I believe women should take up more intellectually demanding roles and not just softer parts of the business, such as jobs related to human resources or more back-end jobs where they get minimal customer or external market exposure," she said.
"Another factor I have noticed very clearly is that women fear sounding aggressive or not lady-like when they negotiate or demand equal, fair salaries." 
Ms Maqsood, who worked in the banking sector for five years, joined Mind Cloud as she wants to set up a humanitarian association that tackles the problem of educating refugee children. 
She said she is facing challenges with her business, " including the financial support, regulations and the approvals required" but that being part of an entrepreneur project helps. 
"There is a major education crisis in the Middle East and I worked with online technologies that made me think about providing education through an online platform. For example, teaching refugee children online by using Skype." 
Genny Ghanimeh, the chief executive and founder of Mind Cloud Academy, set up her enterprise last year as a means to help other entrepreneurs like herself face the challenges of business ownership. 
"Lack of financial and business skills, access to networks and mentors and a lack of self-belief in their power and talent are among the major challenges faced by female entrepreneurs," Mrs Ghanimeh said.
There are four groups of people who join the Mind Cloud programme - aspiring entrepreneurs who want to open their own new venture; small business owners struggling with finding new growth channels or wanting to test their existing business model; the corporate employees who want to learn to be more entrepreneurial, understand new market trends and insights; and fresh graduates interested in figuring out their passion. 
"Mind Cloud Academy is an initiative that seeks to provide the tool sets required by small and medium enterprise owners to scale up their businesses," Mrs Ghanimeh said. 
"The programme that was introduced recently consists of 10 courses, designed specifically to address the challenges with a focus on business entrepreneurship and mindful self-development." 
For more information, visit mindcloudacademy.com.

SPECS
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COMPANY%20PROFILE%20
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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

TOP%2010%20MOST%20POLLUTED%20CITIES
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The%20specs
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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

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
SPECS
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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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)

The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

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.”

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY%20PROFILE
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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

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
The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km