For the second year running, social enterprise start-ups in the UAE have the chance to compete against each other for cash prizes to grow their businesses.
Sameeha Khan volunteers for Dubai+Acumen, the group organising the competition.
Here she explains how the competition works and why social enterprises are a crucial part of the UAE business ecosystem.
Can you tell us about Dubai+Acumen?
Acumen is a non-profit organisation based in New York that raises charitable donations to invest social enterprises and ideas that are changing the way the world tackles poverty. Dubai+Acumen is a volunteer-led group that supports Acumen’s mission. The chapter was formed in 2009.
Who else is organising this event? And if you are volunteers, does that mean you all have day jobs?
Yes, we do all have other jobs. There are five of us: I am a consultant for start-ups and small and medium enterprises; Natasha D'Souza is in investor relations at an entity belonging to Dubai Holding; Jean Pierre Aramouni is a consultant for the World Bank; Christine Azavedo is a teacher and founder of a Dubai-based education start-up; and Leigh-Ann Lanier is business communications manager at Dow Chemical. We are the chapter leaders for this year; helping social enterprises was an idea that intrigued all of us.
What is meant by a “social enterprise” and why is it important that these types of businesses are part of the start-up ecosystem?
Entrepreneurship is all about maximising profit and return. We wanted to add a social aspect to the business model, which includes adding social value with respect to current social problems. Social entrepreneurs also assess the profitability of the business by assessing how much social value they have added, yet ensuring the business is run on a sustainable model.
The Business Plan Competition is one way you support social enterprises. How does it work?
We asked prospective participants to send us an outline of their ideas. The deadline for this was October 23. Tomorrow candidates will attend a workshop at DIFC to refine their business plans. This is also open to the general public and it’s free. Ten finalists will be chosen at the start of November and they will receive one-to-one mentorship. The grande finale is on November 23 and two winners will be chosen.
What criteria will be used to choose the winner? And what are the prizes?
We will look at whether the idea is original and relevant; whether it has effect and scalability; whether the business model is self-sustaining. The competition is open to anyone based in the UAE over the age of 21. The grand prize, being put up by Venture 7 Capital, is Dh100,000. The second award is the Dow prize for sustainability worth Dh50,000.
You said the workshop tomorrow is open to all. What’s being discussed?
We’ve got a number of professionals and trailblazers lined up. “Social Enterprise 101” and “Social Impact Measurement” – two talks providing insight into the nature of social enterprises – will be given by C3 Consult and Coach for a Cause. Management consultancy firm Oliver Wyman will speak on the topic of Business Plan Basics; design agency Xische will speak about branding; and private equity firm Venture 7 Capital will talk about raising funds.
The competition also ran last year. Who won and how are they doing?
Back to Basics was one of the two companies that won last year. It’s a training company with a social effect. It offers training on paediatric first aid and child injury prevention. It’s done really, really well since last year. They were awarded a contract by the Abu Dhabi Health Authority to develop and develop and train 100 hospital practitioners. The other company was Buksha, a sustainable cultural and tourism venture and helps the poor in a dignified manner by giving them their own business to run which we hope are going to be sustainable and profitable. They are still [start-up] mode. Tracy Fountain of Back to Basics will be on of the judges at the grande finale on November 23.
lgutcher@thenational.ae
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
The five pillars of Islam
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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 specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
Company%20Profile
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Company%20Profile
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY%20PROFILE
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The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
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.”