Budding entrepreneurs rewarded for their ‘smart developments’



Henry Saba, 16, in his final year at the International School of Choueifat in Abu Dhabi, wants to shake up the iPhone accessory market.
Instead of buying many iPhone cases, "what if users could buy one iPhone case that could replace every other case that was, is, and ever will be in the market"?
Mr Saba, along with his Emirati partner Ameera Haider, came up with the Pixelcase – an iPhone case with a display that can "dynamically change as per the user's demands".
If you want a particular colour on the case, or a picture of yourself on a particular day, the display can change to whatever you want, he said.
Mr Saba and Ms Haider won second place in the Abu Dhabi group of the Akoun Business Idea Competition, run by the Abu Dhabi Department of Economic Development.
That means they will receive Dh15,000 to make the Pixelcase a reality.
The prize money will allow Mr Saba to hire a web designer and a software engineer to design the application that will operate the case.
Nora Al Katri, a 19-year-old media student at Ras Al Khaimah's Higher Colleges of Technology Women's College, won first prize for a smart vending machine that dispenses books.
"It's called Tanmiya Thakeya – which means 'Smart Development' in English," said Ms Al Katri.
"It's a vending machine where you can buy a book at any time. You can choose the book and the machine will contain a smart tablet on which you can find a book, read reviews, put your comments online and tweet about your purchases," said Ms Al Katri.
"These machines will be a place to sell Emirati books. We all read books, but we forget about Emirati books," she says. "It'll give people a chance to read books from the country."
The competition, which this year received 224 entries from teams of schoolchildren, awards funding and mentoring to budding school-age entrepreneurs.
Twenty-three workshops were held in universities and colleges across the UAE, with Anas Bukhash, an Emirati entrepreneur and photographer, mentoring students as part of the scheme.
"The Abu Dhabi Department of Economic Development is proud to have inspired numerous young people to create award-winning business ideas," said Fahad Al Raqbani, the director general of the Abu Dhabi Council for Economic Development. "And we are determined to help them turn these ideas into successful enterprises."
Both of the competition's prize winners have high ambitions.
Mr Saba aims to study electrical engineering and computer science in the United States, because "to manage a tech company, you can't just know about software – you have to learn about hardware too".
Ms Al Katri, who won a Dh25,000 prize for her literary vending machine, is just as optimistic.
"I want to see it everywhere I go," she said.
abouyamourn@thenational.ae
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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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.”

Liverpool’s fixtures until end of 2019

Saturday, November 30, Brighton (h)

Wednesday, December 4, Everton (h)

Saturday, December 7, Bournemouth (a)

Tuesday, December 10, Salzburg (a) CL

Saturday, December 14, Watford (h)

Tuesday, December 17, Aston Villa (a) League Cup

Wednesday, December 18, Club World Cup in Qatar

Saturday, December 21, Club World Cup in Qatar

Thursday, December 26, Leicester (a)

Sunday, December 29, Wolves (h)

The biog

Name: Marie Byrne

Nationality: Irish

Favourite film: The Shawshank Redemption

Book: Seagull by Jonathan Livingston

Life lesson: A person is not old until regret takes the place of their dreams

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton

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Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

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