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In this interview, Mohamed Al Banna talks about Dubai's past, present and future, how to get through the crisis and what opportunities it could give.
Mohamed Al Banna, Group CEO & Managing Director at LEAD Ventures, talks about the opportunities and challenges in Dubai's business landscape. He highlights the importance of building relationships and having the right budget in order to succeed, as well as adopting a mindset of "giving and taking" and being open to collaboration. He also reflects on Dubai's past and present, marked by visionary leadership and a focus on innovation and growth.
Al Banna believes that the current crypto crisis is similar to the 2008 financial crisis. For him, the web3 market is a great opportunity for talented people in Dubai, particularly with the 10-year golden visa for artists and creators, and is involved in business that support them with services like company formation, PR, marketing, business development, and market research.
Dubai is the land of opportunity, with a diverse population and clear leadership vision, but at the same time it can be a challenging market due to the high level of competition. To succeed in business in Dubai, it is important to build a strong network and have a considerable budget.
Companies should not expect to make quick profits, but instead approach opportunities with the mindset of "giving and taking" and being open to sharing resources with others. It's not just about finding low hanging fruit, but mostly about the relationships one can build with other businesses to be able to access it.
Dubai's past is marked by visionary leadership that focused on collaboration and taking opportunities, even in the face of risk and limitations. Sheikh Rashid bin Saeed Al Maktoum, the founder of Dubai, was known for giving land to non-Emiratis and encouraging them to build a legacy, while Sheikh Mohammed bin Rashid, the current leader, has a reputation for being quiet and steadfast, even during times of crisis.
He made this approach visible during the 2008 financial crisis, and has continued to lead Dubai towards success and innovation, such as with the development of the Burj Khalifa and now the Metaverse and NFT.
LEAD Ventures, led by Mohamed Al Banna, offers companies and individuals various options for entering the Dubai market and succeeding in business. They provide services such as market research, business development, PR, and marketing, and can also act as an advisor for a trial period before committing to a long-term partnership. Furthermore, LEAD Ventures is a mentorship and investment firm that helps startups and entrepreneurs turn their ideas into a thriving business.
His company also offers a full package option, which includes everything from company formation to visa assistance, and the support of Sheikh Juma bin Maktoum Al Maktoum as a strategic partner. This option is ideal for big brands looking to make a big impact in the market.
For example, a company may provide a three to six months trial period, mentorship and advice, or a full package that includes company formation, office, visa, and strategic partnership. Mohamed Al Banna also acts as a mentor for students at Hamdan Bin Mohammed Smart University, guiding them through the process of creating and growing their own businesses.
The organization invests in a wide range of sectors and has a strong focus on partnership and collaboration. Company also acts as a bridge for the startups to connect with the right universities, government and experienced entrepreneurs.
Al Banna experienced a financial crisis in 2008. He saw the crisis as an opportunity to find new ways to make money. After gaining a lot of experience, he founded his main company, LEAD Ventures, and achieved great success with it.
He believes that the current crypto crisis, similar to the 2008 financial crisis, is normal in the sense that the fluctuation goes up and down just like real estate and stock exchange.
How to succeed even in crisis times?
It is vital to be flexible. Try to recognize a gap in the market because it is a great opportunity to open new departments to serve certain activities to succeed. Also, find new strategies to implement new solutions in the market. Stay positive, and realistic, reorganise your team and try to cut costs wisely. Remember if there is a problem in the market, there is always a solution. And where the solution is there is a moment you can succeed.
Additionally, the key to success is collaboration, joining hands with other companies and learning from them until you make it happen. Mohamed Al Banna suggested to companies to work together during the corona crisis of 2020, sharing office spaces and salaries to survive the pandemic. He also recommends smart collaborations to make the best out of the situation.
The web3 market presents a great opportunity for talented people, particularly in Dubai with its 10-year golden visa for artists and creators. The leaders of the emirates are trying to support this tendency by offering visas to the professionals and providing resources for them to create something new.
Mohamed Al Banna is involved in business that offer packages for talented people to pay for services such as company formation, PR, marketing, business development, and market research. He also offers advisory services for a short period of time.
Additionally, he is open to creating partnerships with talented people like Ellen Sheidlin and Pokras Lampas, by merging their brands and creating something new which will be a win-win situation for both parties.
Lead Ventures founder Mohamed Al Banna believes in the power of energy and the law of attraction and is committed to supporting and investing in startups, by providing mentorship and guidance, financial and strategic support, and also by being a partner and collaborator, and bringing his own reputation and network to help startups succeed.
I'll tell you one funny thing happened the moment I shook his hand. So I just closed my eyes for 2 seconds and then I opened them, I said, “Okay, I took enough energy”. He started laughing. So I believe in energy and the law of attraction.
He emphasizes on giving and how it can bring a positive impact to our life, by using small gestures to make people smile and feel happy. Moreover, Mohamed Al Banna claims that his emotions at a young age were transformed into positive motivation, which changed his life in many ways and helped him achieve great success.
The interview conducted by Daria Ivanova, external reporter for Durov's Code.