'More brands will be built here': Dubai businesses report growth despite turbulent start of year

Founders of some of Dubai's most popular businesses say they are confident about growing their companies in the emirate despite a challenging year.

Speaking to The National at the Dubai-it Awards on Wednesday, various entrepreneurs praised the emirate as a catalyst for business growth, saying any slowdown caused by regional unrest has been mitigated by Dubai's resilience and versatility.

Izu Ani, the popular chef, has developed more than 30 hospitality projects, including Gaia, Carine and La Maison Ani, and has expanded his business into at least 10 countries. He said Dubai offered opportunities that encouraged people to pursue their ambitions.

“The tensions only affected me because of the environment I work in, hospitality, because it's also based on tourism,” he told The National. “But to be honest, it never affected my belief in where I live.

“For me, this place is the best place to live in the world. A lot of people come to Dubai having a transit mentality, but then when you focus on saying 'no, I want to live here and leave something here' it gets recognised.”

Show caption: Chef Izu Ani in La Maison Ani Restaurant in Knightsbridge, L…

The Dubai-it Awards, which took place in Expo City on Wednesday, do just that, rewarding individuals and companies for building successful businesses or delivering major projects in the emirate.

The initiative was launched under the directive of Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence.

Strong growth despite initial slowdown

Payments platform Ziina's transactions fell by up to 20 per cent earlier in the year but it has undergone a strong rebound, with volumes doubling and more businesses joining.

Faisal Toukan, co-founder and chief executive, told The National: “People feel they can come, build whatever their ambitions or desires are. They can achieve it here [in Dubai].”

The company, which provides payment services to consumers and small businesses, is now adding about 450 active new businesses a day, compared with 150 to 200 daily a year ago.

Mr Toukan said the figures reflect the increasing number of entrepreneurs setting up businesses in the UAE despite the challenges faced throughout the year.

Charlie Wright, founder of health and wellness company Humantra, also acknowledged this has been “the most challenging” year of his career.

But despite this, his business has continued to grow, with the team expanding from about 10 employees to more than 40.

Show caption: The Dubai-it Awards reward individuals and companies for bui…

The company, which was founded in Dubai and has since entered international markets, was recognised for its growth in the electrolyte drinks industry.

“I truly believe that more and more brands will be built here, will start here. We're seeing it now. Entrepreneurs still come into the region,” he said.

Having moved to Dubai 13 years ago, he said the city had pushed him to work harder and think beyond what he initially believed was possible, but he admitted that “building businesses is the hardest thing in the world”.

“I think people show you on social media this highlights reel of what life can look like – with fast cars and lots of money and stuff – but the reality of it is it's incredibly difficult,” Mr Wright added.

For most of the Dubai-it Award winners, the emirate has been central to their success from the beginning.

Mr Toukan said the speed at which businesses could develop in Dubai was one of the main reasons entrepreneurs were drawn to the city.

Moving to Dubai from Silicon Valley, he said the emirate is where ambitious people are encouraged to act quickly. Five years later, his company has processed more than $1.5 billion in payments and is expanding services beyond money transfers.

For Mr Wright, who arrived in the emirate more than a decade ago, receiving an award for a company he had built in Dubai was something he could never have imagined.

“When I came here 13 years ago, I had no idea. I mean, if you told me I'd be stood in this room today, I would be laughing you out of the room.”

Chef Izu shared a similar view, saying the recognition was particularly meaningful because he had come to the UAE from abroad and established his career here.

Building on Dubai's success

Ahmed bin Sulayem, executive chairman and chief executive of Dubai Multi Commodities Centre (DMCC), said the emirate's development had been driven by a willingness to pursue ideas that others initially considered unrealistic.

He recalled the doubts surrounding Dubai's plans to become a major gold and diamond-trading centre more than two decades ago. At the time, the emirate was better known for its traditional gold souq and had little of the infrastructure associated with established diamond markets.

Today, DMCC has become a major trading centre and has expanded into new industries, including technology, gaming, artificial intelligence and financial services.

Mr bin Sulayem said DMCC was approaching 2,000 financial services companies and had more than 4,000 businesses operating in technology-related sectors. He said Dubai's approach had been to pursue opportunities beyond established industries, creating new centres for businesses to operate and expand.

“We have a holistic ecosystem,” he said.