Besides their focus on niche groups of customers, a luxury pet hotel, an organic restaurant and a gourmet snack maker may seem to have little else in common.
But Cloud9, Slices and Popular Popcorn have each received funding from the Khalifa Fund For Enterprise Development, based in Abu Dhabi. The organisation supports about 100 new ventures each year that are owned by UAE nationals, with up to Dh3 million (US$816,771) in loans or a maximum of Dh10m in project investments.
"We're trying to create a culture of entrepreneurship," says Hussain Al Nowais, the chairman of the Khalifa Fund.
"Traditionally, the first thing that comes to mind [among] young nationals is being employed by a government organisation," he adds. "The government has a ceiling to how many people they can employ."
Since it launched nearly five years ago, the Khalifa Fund has provided almost Dh650m in financial support to about 365 projects. It has also expanded its presence in the UAE by opening additional branches in Abu Dhabi, as well as Fujairah, Ras Al Khaimah and Ajman, which support entrepreneurs from any emirate.
Here, Mr Al Nowais speaks to The Nationalabout how aspiring business owners can boost their odds of obtaining support through the Khalifa Fund.
Know your market
Conveying ambition is one of the most important traits to get across to Khalifa Fund representatives during a consultation about a new business idea. But even more important is selling the right idea.
Some applicants have come looking to start a brick factory, for example, because they believe the construction industry is still as hot as it was during the boom years. "Then you show this person that the demand has gone down; that there's an oversupply of bricks in this country," Mr Al Nowais says.
"They become sensitive and say, 'If others fail, I can succeed.' No, you can't, because the market has parameters."
Consider new growth areas
Entrepreneurs may have a better chance of getting the green light and access to a pool of Dh10m in funds, under a programme called Tasnea. "We help people establish medium and small [ventures] that try to use raw material coming out of major government-owned enterprises [such as] Emirates Steel and Emal [Emirates Aluminium]," Mr Al Nowais says.
"The idea here is to add value to products you're creating here," he says. "We train them and help them with marketing."
Fill skills gaps
The Khalifa Fund conducts what is known as a gap analysis. "We assess the skill-set of the individual - be it a woman or man, healthy or disabled, young or old," Mr Al Nowais says.
"We assess their passion, train them then develop [their idea] into a commercial business in cooperation with various entities."
Training comes in the form of one-month, tailor-made courses on topics such as how to run a business, and is provided through a partnership with the Higher Colleges of Technology. Additional education and insight is provided to aspiring business owners through an entrepreneurship support department as well as working professionals who act as volunteer mentors.
"We try very hard to take the best of the individuals and develop it," Mr Al Nowais says. "Sometimes we succeed; sometimes we fail."
Stick with the business
Some local entrepreneurs say their applications have been rejected for having business partners who are not Emirati, and for not wanting to locate their proposed venture within the UAE. Those entrepreneurs that have been approved for support from the Khalifa Fund are visited by monitors each month, who help check up on operations, challenges people are facing but also ensure UAE nationals are still the ones driving the business forward.
"Now, naturally they need help, so they could get expats here to help them with certain skills and expertise, which we support," says Mr Al Nowais.
nparmar@thenational.ae
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
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
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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