ABU DHABI // When Mohamed al Awadhi and his brother Payman decided to ditch lucrative careers with multinational companies to launch a shawarma restaurant, they knew cash would be an issue.
In addition to finding a suitable building, navigating their way through the tangle of bureaucratic paperwork and tracking down both ingredients and staff, one pricey hurdle remained. They had to lay their hands on Dh150,000 (US$41,000).
But that federal requirement was scrapped this week by order of Sheikh Khalifa bin Zayed, the President of the UAE, a move the brothers say came none too soon.
"Dh150,000 is a lot of money for any small business to find," said Mr al Awadhi, 35, whose restaurant, Wild Peeta, will open on Saturday.
"Finding such a large amount of money can be quite a problem for small and medium companies.
"I guess a lot of great ideas for new businesses have never actually made it because they couldn't find the Dh150,000 start-up money.
"It is wonderful that they have realised it has been a barrier and decided to abolish it."
Mr al Awadhi, who is from Dubai, said he and his brother approached banks, family and friends for their funding. He added that the change in policy would stimulate the launch of independent shops and give consumers more choice.
"Sheikh Khalifa and Sheikh Mohammed are huge supporters of small businesses," he said.
"They realise small businesses are crucial to the growth of the economy."
The change in law was announced this week, but the state news agency, WAM, did not provide details on precisely when the start-up cash condition was dropped.
Other entrepreneurs also welcomed the move, saying it was the latest effort by the Government to encourage the creation of small and medium-sized businesses.
Those types of companies have been hit hard by tight credit conditions during the financial crisis.
Bassel Ali, 27, of Syria, launched his Bassel Mohammed metalworking and carpentry company in Khalifa City A this year. He also struggled to raise the required cash.
"It was a setback, but once I had done it, the rest was easy for me," he said. "Scrapping this minimum amount is a mercy for entrepreneurs."
"Many people I know do not try to start their own companies because of the difficulty in overcoming this issue," he added.
"Also, the municipality knows that many people simply borrow the required amount, put it in their bank account, issue a bank statement and then withdraw it; so it is only a formality.
"I am happy that it is no longer a requirement."
Mohammed Abudullah Mohammed, 27, of Abu Dhabi, has been keen to launch his own internet cafe but has been put off by the high costs.
The decision to scrap the capital requirement was helpful, but other more significant financial barriers remained, he said.
"What makes people reluctant to start a business is high rents," he said. "Other issues include the monopoly over taxis or buses. Living expenses are high and many people cannot afford to start big businesses or even very small ones."
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RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
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
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
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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
