For over a century, America was the legendary land of opportunity. Geography was destiny in business. Success required going where industry and capital connected.
No more. Opportunity is everywhere and anywhere: whether that's Dubai or Detroit, Sharjah or Sydney, Abu Dhabi or Athens. Geographical limitations pale as technology bleeds into every sector – so anyone, anywhere can build a world-bettering business and profit.
When I began managing money professionally more than 50 years ago, location was key. In the 1970s and 1980s, business builders flocked to California’s Silicon Valley – where myriad technology firms blossomed in a modern, quasi-gold rush. Bankers eager to cash in followed. Menlo Park’s Sand Hill Road became the world’s venture capital epicentre. Speciality investment banks made fortunes underwriting tech initial public offerings for start-up Davids that became Goliaths. The nouveau riche needed lawyers, accountants and wealth management – hence, other firms followed.
Like mine! In 1979, I launched my firm in Woodside, California, on Silicon Valley’s outskirts – in my basement with nothing. No fancy office. No hifalutin degree. But it was the land of opportunity. All that money sloshing around meant numerous investors needing help building the financial futures they dreamt of – while I built my firm. Oceans of opportunity – vastly more than there were in Alabama, Albania or almost anywhere.
Now? Everything has changed. Financial services are fully globalised. My firm has offices spanning four continents – including an institutional office in Dubai’s International Finance Centre, a high-net-worth facility in Riyadh, and clients worldwide. Our home base is now Dallas, Texas, but it could be almost anywhere. Financing flows far more freely than ever. While venture capital funding has soared with volatile ups and downs in the US, it has grown even faster outside. While still below 2021’s all-time peak, 2024’s $334 billion in venture capital investment was up 6.7 per cent from 2023 and marked the third-best year ever.
Venture capital firms are increasingly backing start-ups outside the US. Some estimate that more than 90 per cent of 2011’s global venture capital financing landed in the country. In recent years, Dealroom reveals, funding has been bouncing at around 50-50, and in some years, non-American funding was actually higher, percentage-wise. The broad Europe, Middle East and Africa region lured $69 billion in 2023 – four times 2014’s $17 billion.
That cooled slightly in 2024, but the $56 billion still shows venture capital is increasingly active globally. You see this dramatically every year when the Expand North Star conference comes to Dubai, connecting thousands of start-ups from all over the world with a similarly global investor audience. And now, with giants such as Amazon funding start-ups, you may not even need traditional venture capital investment.
Private equity is also increasingly active worldwide. The 10 largest private equity firms have evolved to be fully global – unlike 10 years ago – providing capital banks never did. In 2024, global private equity deal value rose 14 per cent, rebounding from 2022 and 2023 declines, led by the US and Europe, according to McKinsey data.
In all regions, but particularly in the Middle East, with major local players such as the Abu Dhabi Investment Council and Mubadala, a steady staircase of financing opportunity from teensy to gargantuan is a quick Google search away. Hence, there are more than 1,250 “unicorns” – start-ups valued at over $1 billion – globally as of December across 57 nations. Yes, many are American. But more than 500 are outside the US. Increasingly, location is not a valid objection to launching your company.
Have an idea? The internet lets you locate nearby funding from your couch. World Bank data shows 78 per cent of the Middle East and North Africa’s populace uses the web, higher than the global overall rate of 67 per cent. While the US and many western nations are higher still, those averages don’t apply to you personally. It’s all up to you solely.
Across most nations, online resources can walk you simply and easily through the process of registering your new start-up. Business operations, tech support, legal advice, tax help and more can be handled remotely, too – and it's cheaper than ever. Harness it. Then build. Let your actions better your customers’ and employees’ lives. Anyone can do it, anywhere. Use it.
Few will. Starting a business remains a process of continuing hard work and worry. That they don’t is your opening. Profits are the payoff. Capitalism’s beauty is the decentralised harnessing of creativity, its mantra: you never know what succeeds until you try.
Yes, you may fail. But failure isn’t fatal. I failed for 10 years before succeeding. It is how you learn. Failure delivers important lessons about what works and what must change. Heed them. Then try again. Persistence pays.
The barriers to entry are broken. What is stopping you?
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
UAE currency: the story behind the money in your pockets
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UAE%20PREMIERSHIP
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
COMPANY%20PROFILE
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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A%20QUIET%20PLACE
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The Case For Trump
By Victor Davis Hanson
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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MADAME%20WEB
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The%20specs
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UAE currency: the story behind the money in your pockets
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
How Beautiful this world is!
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
