About seven years ago Hans Schwab watched the airline he founded go under as a result of a risky business decision.
But Mr Schwab is not a man to give up easily.
He has just co-founded his sixth venture, a company that produces mobile phone applications for business travellers. "I'm an entrepreneur at heart. I have created several companies throughout my life," says Mr Schwab, a Swiss national who lives in Abu Dhabi.
His most successful venture was a video communications company he co-founded, which attracted investors including Intel and Microsoft.
His biggest failure: an airline for business travellers that agreed to issue shares for a deferred payment to an investor. However, the investor went bankrupt, leaving the otherwise healthy firm with a hole of almost 10 million Swiss francs (Dh39.6m). "I think (the judge) gave us a week (to find the money), and I said I don't think that I'm going to need that because I'll need a month to even explain to the potential investor how we even got there," he says.
"We had to shut down the operation and it was a really, really neat project."
Mr Schwab then worked for a company that manufactures ink for banknotes, which was one of the former airline's clients, before leaving last year to spend more time with his family. And it was during a trip to Geneva in January that he came up with the idea for his first app.
"The day before flying back to Abu Dhabi I went to the Davidoff store and bought a box of cigars to bring back here," he recalls. "I got back to the hotel, took one out the box and went down to the bar of the hotel and was just about to light it when [someone said,] 'wow. stop, stop, stop. What are you doing'?
"He said 'there are new laws. You can't do that'. I kind of missed that. I knew they were passing a law but I didn't know how severe they would be," says Mr Schwab.
The hotel employee said it was building a terrace for cigar smokers and the idea for Terrace-Apps, Mr Schwab's new company, was born. It has produced two apps for iPhones so far. The first, which was released only three weeks ago, displays locations for cigar sellers and smoking lounges in cities around the world and the second finds spas. They each feature about 2,000 locations and cost US$4.99 (Dh18.32).
Mr Schwab originally wanted to create a social network based on clothing brands that people wear, but he was told by a media adviser based in the US that nothing great would be developed outside of Silicon Valley. "I said 'you know what, thank you very much but I can show you that it is possible somewhere else'. Abu Dhabi is a great place to do that, first of all because of its location, because of manpower and because of the cultural diversity," he says.
Terrace-Apps is trying to find a sponsor to make the next app free, which will complement Global Agenda, a website Mr Schwab created. From the online portal www.gagenda.com, the site displays details of events run by organisations such as the UN and World Economic Forum, which is where Mr Schwab once worked, as well as major sporting tournaments such as Formula 1. "What I have experienced [is that] suddenly you read in the newspaper that a conference just finished today and you should have been there," he says. "You could have networked but you just didn't know about it."
Experts say Mr Schwab is a serial entrepreneur, much like other individuals such as Amazon.com's founder, Jeff Bezos, or the founder of Easyjet, Sir Stelios Haji-Ioannou.
"These entrepreneurs are interested in creating, the buzz, energy and excitement that goes with it, even the long hours and the adrenaline pushes, and this is something that managing an established company cannot give them," says Stephan Schubert, an affiliate professor of entrepreneurship at Insead business school in Abu Dhabi. "As a result, their urge or drive to create will lead them from venture to venture."
gduncan@thenational.ae
Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
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
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
More from Neighbourhood Watch:
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
