Shunji Sugaya
A Japanese company founder who turned down an offer from SoftBank to buy his start-up idea when he was 23 is now set to become a billionaire.
In 2000, Shunji Sugaya won an award at a business contest where SoftBank founder Masayoshi Son was a judge.
He sent Mr Son an email to thank him and the two met. Before long, SoftBank offered to buy Mr Sugaya's idea for $2.8 million (Dh10.28m) or convince him to join the company and receive stock options.
Mr Sugaya turned it down.
“It gave me a big boost in confidence as I was a student – I was so happy I could dance,” he said. “We were very grateful for the offer but we politely declined and decided to do it ourselves.”
So Mr Sugaya started his own company, Optim, which now provides business management platforms using artificial intelligence and Internet of Things technology.
The bet paid off, with Mr Sugaya moving ever closer to joining the ranks of billionaires in Japan alongside Mr Son.
Optim’s shares have gained 79 per cent this year and Mr Sugaya’s net worth, derived mainly from his stake of about 64 per cent in the company, has surged to about $990m, according to a calculation by the Bloomberg Billionaires Index that excludes shares pledged as collateral.
The coronavirus has hastened a shift from analogue to digital business practices at companies in Japan, according to Mr Sugaya, 43, who is Optim’s president.
“Digitisation has progressed at great speed during the past three months,” he said. “It feels like quite a tailwind.”
Mr Sugaya was a computer programmer as far back as elementary school, when he created games and sold them to his friends for a few hundred yen.
Optim, which he founded in 2000, started out providing internet video-advertising services.
It got into AI and IoT as it worked with telecoms company Nippon Telegraph & Telephone Corporation to create an internet connection service.
Optim’s technologies, which have since expanded to include remote control support tools, are now used in industries including construction, health care, retail and finance.
Major business partners include SoftBank, Japanese telecoms operator KDDI and manufacturing multinational Komatsu, according to the company’s website.
The company posted revenue of $62.5m in its last fiscal year, and made $1.1m in profit. It has a market value of about $1.6 billion.
“I really don’t care” about the money, Mr Sugaya said. “In 20 years, I want us to be a company that people would point to and say, ‘Optim changed all kinds of industries with AI and IoT’.”
Bill Gates
Bill Gates, already the world’s second-richest person, received an added boost as his investment in used-car platform Vroom more than doubled on the company’s first day of trading.
Shares of New York-based Vroom soared 118 per cent on Tuesday, lifting the value of Mr Gates’s holding of about 6 per cent by more than $175m.
The stock climbed again Wednesday, advancing 16 per cent to $55.44. It lost some of its gains in the market rout, closing on Thursday at $45.60.
Mr Gates, 64, who owns the stake through Cascade Investment, has a net worth of $115.1bn, according to the Bloomberg Billionaires Index.
The Microsoft co-founder trails only Amazon’s Jeff Bezos, whose fortune has increased by $41.3bn this year and now stands at $156.2bn.
Vroom, which sells used vehicles online, is also backed by L Catterton, General Catalyst Partners and T Rowe Price Associates.
While demand for used cars has weakened during the pandemic, Vroom sold more units in March and April than in any previous two-month period, according to filings.
Trevor Milton
The founder of Tesla competitor Nikola saw his fortune grow to $9bn after shares of the electric lorry company more than doubled.
The company's shares rose 104 per cent on its third day of trading on the Nasdaq after a reverse merger with VectoIQ Acquisition Corporation.
Trevor Milton, Nikola’s chairman and founder, has already set lofty goals.
The company, which also makes hydrogen-powered lorries, said last week that pre-orders for its vehicles topped $10bn and it expects to start generating revenue in 2021.
The stock rose higher on Monday after Mr Milton tweeted that the company would begin taking reservations for its zero-emission lorry, called the Badger, later this month.
Mr Milton is worth $7.1bn as of Thursday, according to Forbes.
Investor interest in Nikola is growing.
The Phoenix company has a $26.3bn market valuation, compared to around $3bn in a 2019 fundraising.
However, Nikola may struggle to create infrastructure such as hydrogen-refuelling stations for its fuel-cell vehicles.
David and Frederick Barclay
David Barclay’s sons will pay damages to their uncle, David’s twin brother Frederick, after admitting to bugging him at the Ritz Hotel in London.
Alistair Barclay “thought it necessary” to record Frederick and his daughter Amanda Barclay’s private conversations at the hotel because he “was very troubled” that the two posed “a significant risk of harm to his brothers Aidan and Howard Barclay”, and their interests, a lawyer for the sons said in a filing on June 8.
David Barclay’s sons will pay general damages for misuse of private information and breaches of confidence, the lawyer said.
They will attempt to agree to the levels of compensation privately, but will seek a judge’s ruling if they fail, the lawyer said.
The admissions may be an attempt to resolve a legal spat that has opened a window into the relationship between the reclusive billionaire twins.
The Barclay clan controls the Daily Telegraph newspaper and other businesses at the heart of the UK establishment.
"We do not dispute that the recordings were made and discussed between us," David's sons said on Monday.
“We did not conspire to injure any business or financial interest of Sir Frederick or Amanda. That was never our intention and there was no conspiracy as alleged.”
They contest Frederick and Amanda’s claims that they suffered economic loss as a result of the recordings and say they are applying to the court for those claims to be struck out.
Alistair Barclay purchased an “off-the-shelf” recording device from a central London shop, according to the filing.
The bug was put in the conservatory at the Ritz in early November until mid-January, according to the filing. The bug was placed to capture private discussions between Frederick and Amanda, who were negotiating the sale of the historic hotel near Buckingham Palace.
Frederick Barclay declined to comment on his nephew's defence.
The Ritz was sold for around £800m (Dh3.72 trillion) in March.
Daniel Kretinsky
Daniel Kretinsky’s bet on Macy’s turned out to be short but profitable, and the Czech billionaire might jump back into the stock again if the price is right.
His company Vesa Equity Investment said on Tuesday it owned 0.7 per cent of the US department-store chain, down from the 5 per cent stake unveiled less than a month ago.
The investment, billed as a strategic move at the time, coincided with a 65 per cent surge in the stock.
Mr Kretinsky made roughly $36m if he bought Macy’s shares the day before disclosing his 5 per cent stake and sold them on Tuesday.
“The reason for our exit certainly isn’t lack of confidence in the company’s future or in the management’s abilities,” said Vesa Equity spokesman Daniel Castvaj.
“We will continue closely watching Macy’s and the US retail market in general and we are not ruling out returning among the shareholders of this company.”
Macy’s is beginning to reopen stores following weeks of lockdowns.
The company just reported a 45 per cent quarterly sales slump and a net loss of $630m.
Despite the recent rebound, the stock has fallen about 48 per cent this year. It was removed from the benchmark S&P 500 Index in March, and Fitch cut the company’s credit rating to junk in April.
Mr Kretinsky is known for making contrarian bets, and he has had a few in the retail sector.
Just a week after he disclosed his Macy’s stake, Vesa announced it owned 6 per cent of Foot Locker, another US retailer hard hit by the coronavirus pandemic.
The billionaire also amassed shares of French grocer Casino Guichard-Perrachon last year as it reeled from a long fight with short sellers. That move came after a $6.5bn takeover offer for German wholesaler Metro was rebuffed.
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
More coverage from the Future Forum
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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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
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
Global state-owned investor ranking by size
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
ZIMBABWE V UAE, ODI SERIES
All matches at the Harare Sports Club:
1st ODI, Wednesday - Zimbabwe won by 7 wickets
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Honeymoonish
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
UAE currency: the story behind the money in your pockets
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Sholto Byrnes on Myanmar politics
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
The specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
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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
COMPANY%20PROFILE
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The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- 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.
- 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.
- 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.
- 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.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
