Entrepreneurs
The Art of Gemstones: FURA Gems’ Global Impact on the Luxury Market
FURA Gems has catapulted itself to be the leader in coloured gemstones rapidly by promoting ethical mining and excellence in the production of gems. Since 2017, FURA has been remarkably successful at sourcing and selling the most prized coloured gems like emeralds, rubies, and sapphires. Headquartered in Dubai, United Arab Emirates, and spanning three continents, FURA makes ripples not only in the gemstone business but also in new benchmarks for transparency, sustainability, and quality.
FURA Gems was founded by Dev Shetty to revolutionize the coloured gemstone market by providing the consumer with directly mined, traceable, and ethically sourced gems from their mines. In just a few years, the company has built itself quite an exciting portfolio of mining assets, including operations in Colombia, Mozambique, and Australia. In 2021, FURA’s mining efforts produced around six million carats of Mozambican rubies and 300,000 carats of Colombian emeralds, establishing the company as one of the leading producers of colored gemstones globally.
In 2022, FURA hogged the headlines with the “Estrela de FURA” ruby, the largest gem-quality ruby ever mined. Weighing in at an impressive 101 carats, it was sold through an auction by Sotheby’s in 2023 for $34.8 million-the largest price ever achieved for a ruby. A sale of such magnitude catapulted FURA into the lead as one of the critical players making waves in the luxury gem market. Its operations cover three continents that give the company a kind of exclusivity in the production and sale of colored gemstones. FURA produces its rubies and sapphires in Australia and Mozambique, respectively, while its emerald operations are found in Colombia. No other company is producing all three major colored gemstones on a global scale, a position FURA has taken singly for its advantage. This strategic presence has enabled the company to control key markets and serve a wide range of international buyers through a variety of gem auctions scheduled throughout the year.
Auctions are a part and parcel of FURA’s business model, through which the top-quality gems are offered to industry professionals and luxury buyers. The company hosts around eight auctions every year in mainly international hubs for the trading of gemstones, including Bangkok and Bogotá. FURA’s auctions have become a huge source of excitement for the entire gemstone industry. FURA generally gives collectors and investors the chance to view rare and prized stones when offering such gems at each of the auctions.
FURA Gems is also very dedicated to corporate social responsibility and sustainable mining practices. The company has undertaken several activities to benefit the communities it operates within. For example, in Mozambique, it enabled education for locals by providing a primary school, and in Colombia, the FURA only established an all-female wash plant located at the Coscuez emerald mine-an industry first for the gemstone industry. These projects demonstrate FURA’s commitment to empowering grassroots communities and empowering women for the cause in traditionally male-dominated industries.
In its other pioneering initiative, FURA Gems is leading innovation in the gemstone world with traceability of its gems. The company uses block chain technology developed by Gübelin Gem Lab and Everledger to ensure traceability of each journey of its gemstones from mine to market while being transparent in ethical sourcing. This has, on both counts, raised the reputation level of FURA but also set a new industry standard altogether.
The company sets out to have minimal environmental footprints, including the implementation of water management and recycling of waste at its mine sites. It reforests and reclaims land after closing its mines, in an endeavour to return the sites to its natural landscape as much as it can. Keeping in view the expansion, FURA Gems will continue to focus on producing world-class colored gems while remaining on the ethical, sustainable, and responsible approach towards community development. The newly established operations outside Sri Lanka have been changing the face of the gemstone industry with a global approach, igniting the way towards hand-in-hand luxury and responsibility walking together.
FURA Gems is much more than a mining company; it is the pioneer shaping tomorrow’s coloured gemstone market for investors, collectors, and gem enthusiasts alike.
Entrepreneurs
Quick Commerce at Its Best: InstaShop’s Success Story in the Middle East
InstaShop, the e-commerce platform launched in 2015 by a Dubai-based firm, had drastically evolved from being just a grocery delivery service to being among the largest quick-commerce giants in the Middle East. Fuelled by innovation, adaptability, and an awareness of the needs within the local market, Instashop has become a widely trusted marketplace. Today, the use of this business has 21 categories of shopping, and currently, it is an easy, one-stop place in digital life to get everything under the sun in everyday life. Delivery Hero had acquired InstaShop for a landmark $360 million back in August 2020, and this entity continues to mould the future of quick commerce, delivering a high-speed shopping experience in the UAE as well as Egypt with more geographic expansion on its cards.
The InstaShop story begins with Greek entrepreneurs Ioanna Angelidaki and John Tsioris, who started the platform as a tool for connecting customers directly with a network of local retailers. What started out as a grocery delivery app quickly evolved, incorporating a range of services and product categories spanning from electronics and pharmaceuticals to fresh produce and pet supplies. More than that, the value proposition of InstaShop is rooted in its accessibility and versatility: “With just a few taps, customers can order almost anything they want – making shopping experiences streamlined to one particular app catering to diverse consumer needs.” Great breadth and adaptability have made InstaShop a great choice for saving both time and effort by way of considerable everyday purchases among urban residents.
InstaShop became an essential shopping tool for users as the demand for online services mushroomed during the COVID-19 pandemic. The app witnessed a 70% rise in downloads and the order volume grew with hikes in average basket size during this period. However, growth was not short-lived as it helped to cater to the growing users’ transition toward digital solutions for convenience even after the peak of the pandemic. With “quick commerce” – 30- to 60-minute delivery – InstaShop filled an important lacuna in the Middle Eastern market of having customers accustomed to being served promptly. Thus, it not only makes InstaShop stand out from the traditional online marketplaces but also caters to the newer expectations that modern consumers have regarding the instant availability of goods.
Having now stepped out as an independent brand within the portfolio of the global Delivery Hero group, InstaShop expanded to capture customers in Egypt and brief explorations of the Greek market before an exit at the end of 2023. On the other hand, expanding into new markets displays that the brand is on a growth pursuit while remaining stable at the roots in their major markets. While InstaShop serves its B2C space, it has ventured into the B2B space as well. InstaShop is using its logistics capabilities to get businesses quicker access to fast-selling products. The company maintains a profitable model by collecting commissions from partner shops. This is a model that will prop up large ambitions toward future innovations and market extensions.
InstaShop got inroads when global online food ordering industry leader Delivery Hero acquired it. This allows InstaShop to scale while enjoying the logistical experience and regional knowledge that Delivery Hero offers. By keeping its brand identity and management, InstaShop truly embodies the resilience and flexibility this market requires to compete with different undertakings in a rapidly changing digital economy. Its influence over the Middle Eastern e-commerce sector is thus an indication of local innovations’ ability to make a global impact.
InstaShop differs itself in the marketplace by the customer-centric service with delivery tracking and various product recommendations to perfect the platform where its users have an outstanding experience. With its focus on speed, efficiency, and customer satisfaction, InstaShop has set a benchmark as the pioneer in the MENA region’s quick-commerce sector. InstaShop looks forward to the extension of its influence in the MENA region as the company seeks to be a leader in rapid online retailing.
InstaShop had never imagined that an end on its business would lead to a new beginning when Delivery Hero bought out the company. With ambitious plans to lead the quick-commerce market in MENA, InstaShop continues to innovate and expand its reach, changing the way online shopping transforms with strong convictions towards convenience, speed, and wide service offerings. InstaShop has provided an example for the agility and customer-centric services in the evolving digital marketplace. This is the success story of the company as a tale of hope for digital transformation and an exemplary model for how technology can make life much easier in this rat race of today.
Entrepreneurs
Connecting Visions: IEDEA’s Role in the Asian Business Landscape
Starting in 2006 by Malini N. Menon, IEDEA is growing to be a significant base for the global linkage of Asian businesses and organizations operating out of Dubai. Over these years, the network and acumen of IEDEA have been leveraged to develop forums for connecting the business leader, policymakers, and innovators in addressing the needs for economic and social growth of the region. Through events, digital initiatives, and strategic partnerships, IEDEA has actually led to further ties that strengthen the Asian economies, building an unparalled room for both corporate and government initiatives in the dynamic leadership led by this platform.
Its headquarter at the Dubai Multi Commodities Centre, IEDEA boasts an impressive background of becoming the official outreach partner to various high-profile initiatives launched by the UAE Government. Such events include the World Government Summit, Dubai Investment Week, and the Global Women’s Forum Dubai, among others. IEDEA is also a strategic partner to Dubai Cares, a prominent UAE-based charity organization, which, in large measure, supports social development efforts in the area of education for children and youth in developing countries.
Some of the flagship initiatives by IEDEA include the Asian Business Leadership Forum (ABLF), which honours top business achievers across Asia. This event, under the patronage of Nahyan bin Mubarak Al Nahyan, the UAE’s Minister of Tolerance, provides a platform for acknowledging leaders who have made significant contributions to Asia’s business landscape. Since its inception, ABLF has been in the spotlight of the powerful players from policymakers to CEOs. It has helped in developing influential business relationships across the Gulf, India, and Southeast Asia. The ABLF Awards, now running into their tenth year in 2017, recognized Sheikha Fatima bint Mubarak for her work toward women’s empowerment, among others, as well as distinguished business leaders such as Ratan Tata, Kiran Mazumdar Shaw, and Khalifa bin Salman Al Khalifa.
More than the awards given annually, the impact of IEDEA extends through ABLF Talks TV – a unique series of episodes, which started in 2019, in partnership with CNBC Arabia that featured insights of Asian leaders in three minutes of episodes. This serves as a source of inspiration offering lessons on leadership from among the top executives, officials, and industry pioneers. In complementing the larger goals of the UAE, it has created an environment where businesses can grow and expand across borders with purpose-driven strategies, which is where IEDEA efforts toward actionable knowledge come in.
The agency’s commitment to economic and social prosperity also saw it support the UAE’s National Program for Happiness and Wellbeing, aimed at promoting happiness as a lifestyle in the UAE. IEDEA is also an outreach partner for the Mohammed bin Rashid Centre for Government Innovation, a testament to its commitment to innovative solutions in governance.
To commemorate and expand India-UAE ties, IEDEA also helped support the publishing endeavour India and the UAE: In Celebration of Legendary Friendship by former Indian Consul-General Venu Rajamony. The book is based on the development and journey of the UAE-India relationship, underlined with mutual respect and cooperation by both nations. Building on this theme, IEDEA’s India-UAE Knowledge Forum works as a platform in developing public-private partnerships in the space of education and human resource development, a step towards strengthening regional ties.
From creating the Asian Business Awards Middle East to launching OneAsia2020 with former Thai Prime Minister Thaksin Shinawatra, IEDEA has been a pioneer in Asian collaboration in all of these initiatives: they seek to address Asia’s most serious issues related to social cohesion and economic empowerment by gathering together a collective of visionary leaders committed to sustainable development.
Today, the extensive portfolio of initiatives, partnerships, and events that IEDEA has undertaken puts it at the forefront of transformative Asian business and economic collaboration. With visionary insights combined with strategic networking, IEDEA is poised to bridge gaps within Asia’s thriving economies, continuing to nurture a resilient and interconnected business ecosystem for the future.
Entrepreneurs
HADID’s Journey to Becoming a Global Leader in Aviation Services
HADID International Services FZE is an international giant when it comes to services in the domain of aviation, setting benchmark levels for safety, innovation, and customer-centric solutions. Conceived by the visionary Baha Eddin Hadid, the UAE-based company started from humble regional roots and transformed into a global trusted aviation partner to its customers. Starting with commercial airlines, private operators, and international organizations, HADID has emerged as the pioneering name in aviation services. Headquartered in Dubai Airport Freezone, the company is strategically positioned in one of the world’s most dynamic aviation hubs, stretching its impacts across multiple continents and leading the industry with operational excellence.
Informational Paragraphs: HADID International Services started its mission quite clearly-ensuring timely, premier aviation solutions tailored to the specific needs of clients in the Middle East and North Africa. It has gradually expanded its operation over the years, growing from providing regional support alone into a full service global aviator. HADID opened its first office in the UAE in 1999 under the Sharjah Airport Freezone. This milestone proved to be a turning point for the company in pursuing its mission to become a regional power, and in 2003, HADID relocated its headquarters to DAFZA to position the company at the heart of global air transit.
HADID rapidly embraced technology into aviation management with its early systems. In 2002, the organization produced the world’s first commercially available flight management system named MASTER. This later developed into COMPASS, which happens to be the advanced Customer Relationship Management (CRM) tool to contribute to the facilitation of all flight-based activities globally. It also marked a new benchmark in aeronautic technology because it helped ensure client experiences and complex flight operations could now be delivered effectively regardless of how dispersed in time and regulatory environments were. It was the first of its kind in the aviation business market by offering such an innovative approach through COMPASS.
Further extending its global ambitions, HADID continued to foray into the European, UK, and United States markets in 2006. Being a member of the National Business Aviation Association (NBAA) also added to the company’s repute within the business aviation community. By 2010, the HADID had expanded into New Delhi, India, and beyond Asia as well, with robust bases in a number of other international markets. Their reputation for reliability and innovation made them one of the preferred partners among business leaders, government agencies, and private jet operators worldwide.
On the continent, HADID achieved some really important steps: opening its office in Niger in 2012 and joining AfBAA as a founding member in 2013. These strategic steps further supported HADID’s penetration across the entire African continent while strengthening its commitment to nurturing growth and cooperation within the aviation industry on a global scale. In 2018, HADID took the investment to Italy’s Riviera Airport by infusing 2.5 million euros into the Fixed Base Operator, FBO, under the HADID Riviera, thus showing its commitment to advancing business aviation infrastructure in Europe.
Today, HADID is a trusted and established ground-handling partner of IATA, representing its commitment toward industry standards and ensuring safe operation. This company, through its operations, secures relationships that represent excellence in service delivery, whether at ground handling or strategic aviation solutions. HADID has been emphasizing compliance and innovation throughout the journey. With ISO 9001, ISO 14001, and OHSAS 18001, the company assures its clients of high-quality, environmentally friendly, and safe aviation services. All its offerings, ranging from flight planning, charter management, on-ground support, to maintenance services, make it a comprehensive one-stop solution for all global aviation needs.
This UAE-based aviation leader exemplifies the vision and entrepreneurial spirit that have made the Middle East a critical hub in the global aviation landscape. As HADID International Services continues to soar, it stays committed to innovation, client-focused solutions, and sustainable practices meant to advance aviation in the best way possible. With a legacy of over four decades, HADID is a testament to visionary leadership being the transformative power of relentless excellence.
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