Dubai's Network International bought Nairobi-based payments company DPO Group in July last year for $288m - a deal Botho Emerging Markets Group founder Isaac Kwaku Fokuo describes as a 'win-win' for both companies. Image courtesy of Network International
Dubai's Network International bought Nairobi-based payments company DPO Group in July last year for $288m - a deal Botho Emerging Markets Group founder Isaac Kwaku Fokuo describes as a 'win-win' for both companies. Image courtesy of Network International
Dubai's Network International bought Nairobi-based payments company DPO Group in July last year for $288m - a deal Botho Emerging Markets Group founder Isaac Kwaku Fokuo describes as a 'win-win' for both companies. Image courtesy of Network International
Dubai's Network International bought Nairobi-based payments company DPO Group in July last year for $288m - a deal Botho Emerging Markets Group founder Isaac Kwaku Fokuo describes as a 'win-win' for b

Why thoroughbreds will outpace unicorns in the race towards profitability


  • English
  • Arabic

Entrepreneurship will drive economic growth and innovation in the Middle East and Africa, but the short-term gains are more likely to be realised by tech-driven businesses that are focused on enterprises rather than consumers.

Covid-19 has exposed the volatility of the market, which can leave consumer-focused businesses more exposed.

While business-to-consumer (B2C) companies often require a long runway to achieve the kind of scale necessary for profitability, business-to-business (B2B) firms can generally achieve sustainability more quickly. Instead of B2C unicorns, entrepreneurs in the Middle East and Africa should consider how they can build B2B ‘thoroughbreds’.

Investor Micah Rosenbloom defines a thoroughbred as a company with transformative potential with exits in the neighbourhood of $100 million to $500m. While these opportunities may make headlines less frequently than unicorns, they play a catalytic role in the entrepreneurial ecosystem.

Unicorns are, quite literally, one-in-a-million whereas a small number of thoroughbreds can transform a local economy. Not only because they generate jobs but also because success stories inspire other entrepreneurs and investors to develop new ventures and drive a start-up culture.

The Middle East and Africa may be home to a young, digitally savvy population and the start-up cultures of Nairobi’s Silicon Valley and Dubai’s Silicon Oasis are gaining traction. But the reality is that venture-backed businesses face an expensive, uphill battle to achieve scale. The stories of local tech unicorns like Careem and Souq are the exception rather than the rule; the troubled tale of the listing of pan-African e-commerce company Jumia Group on the New York Stock Exchange should serve as a cautionary tale to ambitious entrepreneurs and investors. Given the reality of the road to exit, more entrepreneurs would be wise to focus on the market potential of the B2B sector.

Business-to-business spending in this region outpaces consumer spending, which opens the door to forward-thinking entrepreneurs to tackle enterprises’ pain points. While household consumption in Africa is expected to reach $2.1 trillion by 2025, spending by the continent’s businesses will reach $3.5tn over the same period, according to consultancy McKinsey. Similarly, in the Middle East, enterprise spending on software is projected to achieve double-digit growth in 2020, consultancy Gartner forecasts.

From financial services to logistics, many sectors are ripe for B2B disruption, and many entrepreneurs are taking note. Take Xpence, the UAE’s neobank for start-ups, which combines bookkeeping and banking in one app. They have a ready market in the country’s SME sector, representing 98 per cent of companies operating in the UAE and 52 per cent of non-oil GDP. In Ghana, supply chain platform Jetstream Africa is powering global trade logistics for African suppliers and exporters by enabling smaller suppliers to benefit from economies of scale usually only available to large corporations.

Entrepreneurs should focus more on forming deliberate alliances with B2B partners that can serve as customers and potential strategic partners. In a world of increased uncertainty, the thoroughbreds will emerge out of companies that can quickly identify synergies that may generate merger or cross-sell opportunities.

Enterprise partnerships are often the pre-cursor to acquisition. Given the cost of acquiring customers can be high in the Middle East and Africa relative to North America and Europe, offering a large corporation a means to solve its internal business challenges and better serve or extend its customer base is a surefire way for entrepreneurs to enhance their visibility in the market.

Ethiopian Airlines, Africa's largest airline, is a compelling example: it has acquired a 45 per cent stake in Zambian Airlines and 40 per cent of Asky Airlines. It also has plans to make strategic investments in Ghana, Malawi and other countries.

B2B businesses often offer a clear path to exit in a region where exit strategy can be challenging to predict. With IPO market readiness much lower relative to peers in mature markets, companies in the Middle East and Africa often turn to direct equity sales to local incumbents and multinationals.

For example, in July, Network International, a Dubai-based payments company, acquired Nairobi-based DPO Group, a payments services provider for African businesses, for $288 million. DPO Group will continue to operate under the same brand while being wholly owned by Network International. It’s a win-win: incumbents can access innovative, nimble approaches while promising entrepreneurs can tap a legacy customer base and the larger firm’s associated distribution channel.

The Middle East and Africa could be home to tech’s next gold rush. But for entrepreneurs in the region to strike it big, they must look at the opportunities that have been neglected – chief among them, booming enterprise spending. Instead of chasing consumer businesses dependent on massive amounts of cash and users, entrepreneurs should explore how they can create value for the local business community by finding innovative solutions to business challenges.

Isaac Kwaku Fokuo Jr is founder and principal of Botho Emerging Markets Group

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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The specs

Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel

Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power: 1877bhp

Torque: 2300Nm

Price: Dh7,500,00

On sale: Now

 

ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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Left Bank: Art, Passion and Rebirth of Paris 1940-1950

Agnes Poirer, Bloomsbury

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

Getting there

The flights

Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.

The stay

Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net 

Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama

Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

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.
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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

While you're here
Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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
MATCH STATS

Wolves 0

Aston Villa 1 (El Ghazi 90 4' pen)

Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)

Man of the match: Emi Martinez (Aston Villa)

match info

Athletic Bilbao 1 (Muniain 37')

Atletico Madrid 1 (Costa 39')

Man of the match  Iker Muniain (Athletic Bilbao)

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
SHAITTAN
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Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

RESULTS

5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel

LA LIGA FIXTURES

Friday Valladolid v Osasuna (Kick-off midnight UAE)

Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)

Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)

Monday Celta Vigo v Cadiz (midnight)

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

COMPANY%20PROFILE%20
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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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