Shaimaa Ibrahim

Hustler entrepreneurs are willing to work hard and put in a constant effort more than innovative entrepreneurs. They often start small and work towards growing a bigger business with hard work rather than capital, unlike innovative entrepreneurs.

This type of entrepreneurs usually studies all project-related factors including the investments, the project’s resources, and the risks they might face throughout their journey toward achieving all planned objectives.

Characteristics of hustler entrepreneurs

Hustler entrepreneurs are fond of unlocking opportunities to grow and broaden existing ideas; they work hard to create such opportunities rather than waiting for them.

A hustler entrepreneur is an enthusiastic business-oriented individual who is always prepared and dutiful and never lacks self-discipline or follow-through. Hustler entrepreneurs tend to be very focused and will get rid of all forms of distractions, favoring risks over short-term comfort.

Failure is not an option for hustler entrepreneurs. They always go for their goals to grow their projects even though it takes a long time to realize their ambitions, unlike other entrepreneurs

Advantages of being a hustler entrepreneur:

• Diligence and constant hard work
• Dedication and commitment
• Facing risks boldly

Disadvantages of being a hustler entrepreneur

Hustler entrepreneurs just work harder and are willing to get their hands dirty; they often do not see the value of raising capital opposite to working harder. 

Translation: Noha Gad

As organizations across the MEA region increasingly embrace digitalization strategies and rapidly shift toward cloud migration, we will inevitably see an expansion of the threat surface area. The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organizations to improve their security postures. This will drive strong demand for security solutions over the next few years until the situation stabilizes.

With a share of 19.2%, the banking, financial services, and insurance (BFSI) vertical will be the MEA region’s biggest spender on security solutions and services this year and will remain so through 2026. Cybersecurity remains a top priority for the industry, with BFSI organizations continuing to spend on enhancing security in their application and development environments, strengthening customer trust in digital services, and developing security for cloud migration. 

In this regard, Sharikat Mubasher conducted an interview with Youssef Mohamed, Founder and Chief Technology Officer of Buguard, the Cairo-based offensive security and dark web monitoring company, discussing the company’s latest fund round and how the proceeds will be used. Mohamed also discussed the recently launched product and the company’s expansion plan across the GCC, especially Saudi Arabia. 

How will you allocate the proceeds of the company’s recent seed round? 

Our $500,000 seed fund raise, led by A15, is our first external funding. Following a very successful first half of 2023, we are keen to build on our rapid momentum by growing our team, ramping up product development and sales, signing new strategic partnerships and expanding regionally.

Would you please give us more details regarding your newly launched product “Dark Atlas”? 

Our newest product is Dark Atlas, a SaaS product for dark web monitoring and account takeover prevention. Dark Atlas has several competitive differentiators; the product is much broader and deeper and monitors for malware such as Redline, Raccoon, and Vidar - the root causes of most material data breach incidents. These are a serious threat as they steal saved credentials from victims’ browsers and have the relevant URL within which the credentials can be used. 

Dark Atlas also monitors dark web marketplaces, hacking forums, underground channels, and private clouds to identify and help neutralize breaches across different venues. 

How do you see the future of cybersecurity companies in Egypt? 

We will continue to see the growth of the cybersecurity sector in Egypt for several reasons. As Egypt continues to undergo rapid digital transformation, the threat of cybersecurity becomes more real and therefore will need to be greater addressed, resulting in a growth of the industry. 

Additionally, we are seeing a lot of support for cybersecurity from the Egyptian government as it plays a vital role in assisting Egypt’s strategy and 2030 vision for digital transformation. Collaboration between the private sector and government is imperative for the continued development of cybersecurity and for the prevention of cyberthreats.

What makes Buguard unique among its competitors in the market? What are the extra services you offer to your clients? 

As a multinational cybersecurity firm, we offer a range of offensive security services including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence and red teaming. 

By performing different security assessments on the scope, we can identify security vulnerabilities on our client’s network, application, or code, and analyse the risk and its impact on the organization. 

It is important we guarantee our clients are equipped to continually prevent, identify, and respond to cyberattacks by utilizing our awareness of attackers’ techniques to penetrate defenses, in-depth knowledge of the newest security tools, and a dedication to innovation. 

We recently announced the launch of Dark Atlas, our new SaaS product for dark web monitoring and account takeover prevention. Dark Atlas specifically monitors compromised devices for information stealer malware, dark web marketplaces, hacking forums, underground channels, and private clouds to identify and help neutralize breaches across different venues. 

Who are the company’s most important clients in Egypt and in the MENA region? and who are the clients you are targeting in the coming phase? 

All our clients are important. We are sector agnostic and work with several companies in Egypt who are paving the way in their respective fields. Examples include Paymob, Rabbit and Thndr. We have also developed a global client base spanning Saudi Arabia, the United States, France, Australia and the UAE. 

What is Buguard’s expansion plan in the GCC, especially in Saudi Arabia? How do you see the Saudi market attractive to your business? 

Definitely. GCC expansion, particularly to Saudi Arabia, is a priority for us this year. The recent funding will help us fulfil our significant growth potential and expand our market reach. 

Saudi Arabia has increased its investment in cybersecurity, and the government has formed several regulatory frameworks and laws to protect businesses from cyber threats, emphasizing the Kingdom’s dedication to cybersecurity and the sector’s maturity. 

The Cyber Security Market is projected to grow at a CAGR of 12.4% between 2020 and 2026, with The National Cybersecurity Authority also setting out minimum standards for cybersecurity, as businesses are advised to adopt these measures to ensure the safety of their data.

As KSA and the GCC move forward with their rapid technological advancements, it is vital for businesses to have the right cybersecurity infrastructure in place to prevent any vulnerabilities. 

How does the world of dark web cyber threats affect companies’ growth and performance? 

The dark web threat is very real, dynamic, and growing. It can be a very dangerous place and is a haven for cybercriminals stealing and compromising personal credentials – which is still the most common cause of a data breach. The impact of the dark web, if not regulated can be significant, resulting in financial loss, reputation damage for the business, and a loss of stakeholder trust. 

In the UAE alone, cyber-attacks increased by 71% in 2021, and PwC data shows 58% of Middle East organizations anticipate a rise in cyber spending, up from 43%. As the GCC region rapidly transforms digitally, more and more companies will adopt greater cybersecurity measures, as the impact of an attack increases and systems grow more complex

In today's dynamic business landscape, service provider companies play a pivotal role in facilitating organizational growth and efficiency. These entities offer a diverse range of specialized services, spanning from IT solutions to marketing consultancy, catering to the multifaceted needs of modern enterprises. By outsourcing non-core functions to these expert firms, businesses can streamline operations, leverage advanced technologies, and access specialized expertise that may not be available in-house. Service provider companies not only alleviate the burden of managing certain aspects of operations but also empower organizations to focus on their core competencies, driving innovation and strategic advancement.

Furthermore, service provider companies act as catalysts for business transformation, particularly in an era where agility and adaptability are paramount. Through their tailored solutions and industry insights, these firms enable businesses to navigate complex challenges, seize emerging opportunities, and stay ahead of the competition. Moreover, the flexibility offered by service provider companies allows organizations to scale their operations more efficiently, responding swiftly to market fluctuations and evolving customer demands. Ultimately, by partnering with service provider companies, businesses can unlock new levels of productivity, agility, and competitiveness, positioning themselves for sustained success in today's rapidly evolving business landscape.

A comparison of the two joining processes shows that friction stir welds are stronger and they are flush with the parent material. They have improved sealing with void-free and leak-proof joints, and they provide tight tolerances due to reduced heat distortion.

Here are some of the details that I believe you will find interesting when comparing the processes.

• Weld performance. The tensile strength performance of friction stir welded aluminium alloys is superior to fusion welding, with joint efficiencies measuring 83% or higher. Data also shows that the performance of friction stir welds in aluminium alloys is superior to that of fusion processes in terms of fatigue. In addition, FSW displays a high degree of repeatability, with low scatter in the data. Experience and extensive testing show that a FSW joint is usually stronger than a fusion weld
• Weld structure. Apart from the performance difference, there are also visual differences between FSW and fusion welds. Viewed from the cross-section, the MIG weld builds up. The filler material has a different chemical composition compared to the parent material. Meanwhile, the FSW weld is in principle flush with the material which is being welded. No filler material is used.
• Corrosion resistance. Corrosion resistance of FSW welds in common 5xxx and 6xxx aluminium alloys is comparable to the parent material and often exceeds that of fusion welds. This is related to a finer microstructure, absence of porosity and no addition of other materials (filler). Tests of friction stir welded 6082 performed by Hydro revealed that, after 1,000 hours of SWAAT testing, neither yield nor ultimate strength were affected. Through the correct control of the FSW parameters, this performance can even be improved. Variation of welding speed and tool rotation can have a positive impact on the corrosion resistance in the weld.

Those are the key points, but friction stir welding provides other benefits, too. One is that you achieve minimal distortion after welding compared to fusion welding. Another is simply the end result, with FSW giving you a nice flat surface with little-to-no need for grinding or brushing.

Lastly, this is a full-to-half automated process that reduces man-hours in the shop for welding and assembly.

Fusion welding is a fine joining process for aluminium. But friction stir welding (FSW) is probably a little more efficient in certain applications, and I will explain why.

A comparison of the two joining processes shows that friction stir welds are stronger and they are flush with the parent material. They have improved sealing with void-free and leak-proof joints, and they provide tight tolerances due to reduced heat distortion.

Here are some of the details that I believe you will find interesting when comparing the processes.

Weld performance. The tensile strength performance of friction stir welded aluminium alloys is superior to fusion welding, with joint efficiencies measuring 83% or higher. Data also shows that the performance of friction stir welds in aluminium alloys is superior to that of fusion processes in terms of fatigue. In addition, FSW displays a high degree of repeatability, with low scatter in the data. Experience and extensive testing show that a FSW joint is usually stronger than a fusion weld
Weld structure. Apart from the performance difference, there are also visual differences between FSW and fusion welds. Viewed from the cross-section, the MIG weld builds up. The filler material has a different chemical composition compared to the parent material. Meanwhile, the FSW weld is in principle flush with the material which is being welded. No filler material is used.
Corrosion resistance. Corrosion resistance of FSW welds in common 5xxx and 6xxx aluminium alloys is comparable to the parent material and often exceeds that of fusion welds. This is related to a finer microstructure, absence of porosity and no addition of other materials (filler). Tests of friction stir welded 6082 performed by Hydro revealed that, after 1,000 hours of SWAAT testing, neither yield nor ultimate strength were affected. Through the correct control of the FSW parameters, this performance can even be improved. Variation of welding speed and tool rotation can have a positive impact on the corrosion resistance in the weld.

Those are the key points, but friction stir welding provides other benefits, too. One is that you achieve minimal distortion after welding compared to fusion welding. Another is simply the end result, with FSW giving you a nice flat surface with little-to-no need for grinding or brushing.

Lastly, this is a full-to-half automated process that reduces man-hours in the shop for welding and assembly.

A comparison of the two joining processes shows that friction stir welds are stronger and they are flush with the parent material. They have improved sealing with void-free and leak-proof joints, and they provide tight tolerances due to reduced heat distortion.

Here are some of the details that I believe you will find interesting when comparing the processes.

Weld performance. The tensile strength performance of friction stir welded aluminium alloys is superior to fusion welding, with joint efficiencies measuring 83% or higher. Data also shows that the performance of friction stir welds in aluminium alloys is superior to that of fusion processes in terms of fatigue. In addition, FSW displays a high degree of repeatability, with low scatter in the data. Experience and extensive testing show that a FSW joint is usually stronger than a fusion weld
Weld structure. Apart from the performance difference, there are also visual differences between FSW and fusion welds. Viewed from the cross-section, the MIG weld builds up. The filler material has a different chemical composition compared to the parent material. Meanwhile, the FSW weld is in principle flush with the material which is being welded. No filler material is used.
Corrosion resistance. Corrosion resistance of FSW welds in common 5xxx and 6xxx aluminium alloys is comparable to the parent material and often exceeds that of fusion welds. This is related to a finer microstructure, absence of porosity and no addition of other materials (filler). Tests of friction stir welded 6082 performed by Hydro revealed that, after 1,000 hours of SWAAT testing, neither yield nor ultimate strength were affected. Through the correct control of the FSW parameters, this performance can even be improved. Variation of welding speed and tool rotation can have a positive impact on the corrosion resistance in the weld.

Those are the key points, but friction stir welding provides other benefits, too. One is that you achieve minimal distortion after welding compared to fusion welding. Another is simply the end result, with FSW giving you a nice flat surface with little-to-no need for grinding or brushing.

Lastly, this is a full-to-half automated process that reduces man-hours in the shop for welding and assembly.

A comparison of the two joining processes shows that friction stir welds are stronger and they are flush with the parent material. They have improved sealing with void-free and leak-proof joints, and they provide tight tolerances due to reduced heat distortion.

Here are some of the details that I believe you will find interesting when comparing the processes.

Weld performance. The tensile strength performance of friction stir welded aluminium alloys is superior to fusion welding, with joint efficiencies measuring 83% or higher. Data also shows that the performance of friction stir welds in aluminium alloys is superior to that of fusion processes in terms of fatigue. In addition, FSW displays a high degree of repeatability, with low scatter in the data. Experience and extensive testing show that a FSW joint is usually stronger than a fusion weld
Weld structure. Apart from the performance difference, there are also visual differences between FSW and fusion welds. Viewed from the cross-section, the MIG weld builds up. The filler material has a different chemical composition compared to the parent material. Meanwhile, the FSW weld is in principle flush with the material which is being welded. No filler material is used.
Corrosion resistance. Corrosion resistance of FSW welds in common 5xxx and 6xxx aluminium alloys is comparable to the parent material and often exceeds that of fusion welds. This is related to a finer microstructure, absence of porosity and no addition of other materials (filler). Tests of friction stir welded 6082 performed by Hydro revealed that, after 1,000 hours of SWAAT testing, neither yield nor ultimate strength were affected. Through the correct control of the FSW parameters, this performance can even be improved. Variation of welding speed and tool rotation can have a positive impact on the corrosion resistance in the weld.

Those are the key points, but friction stir welding provides other benefits, too. One is that you achieve minimal distortion after welding compared to fusion welding. Another is simply the end result, with FSW giving you a nice flat surface with little-to-no need for grinding or brushing. Lastly, this is a full-to-half automated process that reduces man-hours in the shop for welding and assembly.

Abhishek Datta is the associate vice president at the Continental Group, an insurance intermediary and financial services solution provider in the GCC. 

The year 2022 was difficult for even the most savvy investors. It was marked by a confused mixture of market forces, policy moves by Central Banks, and, to some extent, the hangover of the easy-money regime that prevailed over the last decade.

Across the developing world, both bonds and stocks witnessed a significant downturn. That upended the conventional 60:40 portfolio intended to reduce volatility and protect portfolio values. In fact, even gold, despite its time-tested hedging capability, did not appreciate as anticipated in the calendar year. 

The zero-interest regime, coupled with quantitative easing, undertaken to alleviate the economic fallout from the pandemic, unleashed a financial rollercoaster. The subsequent uneven rebound in economic activity gave rise to inflationary pressures, which necessitated interest rate hikes. As a result, some stocks that had thus far witnessed stratospheric growth due to low rates nosedived quickly. Throughout 2022, successive interest rate hikes and tightening money supply had a negative impact on stock market returns.

Factors like “sticky inflation”, followed by one of the fastest interest rate hikes, reverberated through the markets. Generally, high rates discourage individuals and institutions from borrowing to scale and grow their ventures, eventually leading to slower economic growth. However, the impact isn’t uniform across the board. Strategic dollar-cost averaging has still made investing in markets attractive in the long term. Meanwhile, this unprecedented phase, punctuated by shifting geopolitical winds, has been positive for several GCC countries.

War and its zero-sum economics

The fragile state of a globalised economic world was highlighted by the Russian invasion of Ukraine. Initially, the knock-on impact was on the energy and food sectors, as critical supply lines were disrupted. The deficit snowballed into retail inflation, with costs passing on to customers. The retail inflation in the UAE verged on about 5 per cent in 2022. If anything, such cascade effects reinforced the need for alternative sources and diversification. 

Though the Russia-Ukraine conflict gave investors exposed to the energy sector a windfall (S&P 500’s top performer of 2022 with a 58 per cent year-on-year spike), it came at the expense of many others. The war had a strange impact on many economies reeling from uncontrolled inflation — such as Turkey, where Borsa Istanbul gained 103 per cent in dollars fuelled by local investors pumping money into equities in search of returns and companies boosting their profits despite the economic hardships. 

Crypto crumbles in times of crisis

Blockchain-based virtual currencies, dubbed “digital gold” for their hedging capability by virtue of induced scarcity, exposed their structural flaws in 2022. Years of meteoric growth, fuelled by inherent qualities such as immutable ledger and transactability, came crashing down as the noose of "red tape" began to tighten globally. Safe to say that, with the downfall of reputable exchanges such as FTX, cryptocurrencies have a long and bumpy road to resurgence. 

Financial rebalancing impacting startup investments

Even the startup scene has not been unaffected by market developments. Startups have seen markdowns across the board in their valuations. For example, valuations in the Indian startup scene have declined, with serious markdowns for darlings like Byju's, PharmEasy, Oyo, and Ola, to name a few. Keeping up with excessive cash burn in a significantly higher-interest-rate regime during an economic slowdown is proving to be difficult for a lot of them.

The Softbank group lost about $32 billion in its Vision funds for the year ending March 2023. It is planning layoffs of about 30 per cent of the staff as fresh fund flows dropped to about 10 per cent compared to last year. However, there is still interest in investments in the AI space, with Softbank keen on deploying capital into Generative AI. Layoffs are the new normal for tech firms. According to consulting firm Challenger, Gray & Christmas Inc., the tech industry announced job cuts of 97,171 employees in 2022, which is the highest since the dot-com crash.

The startup funding situation in the Middle East and North Africa, too, has been par for the course. Mena startups recorded $919 million in equity financing from January–May 2023. The corresponding figure for 2022 stood at $1.45 billion according to Wamda. The number of deals, too, reduced significantly year-on-year, from 378 to 181 in 2023. The considerable shortfall is consistent with the ongoing “funding winter” globally. 

Whims of asset classes in 2022

The New York Times, at the tail-end of 2022, published an article titled ‘Chamath Palihapitiya, the “SPAC King”, is over it’. It signalled the nadir of the SPAC market after rising interest rates rendered the practice of blank-check companies showing faux profits untenable. Needless to say, many sponsors of SPAC companies raked in significant returns during the peak pandemic, just as many lost their capital to short squeezing in 2022. Likewise, the ESG segment, which saw an upturn following the heightened awareness of sustainability in 2021, witnessed a lull as investments plunged by 76 per cent globally. The purported risk-mitigation element of ESG funds was thus called into question. 

A defining moment in the financial markets in 2022 was the bursting of the “meme stock” bubble. The frenzy, which had culminated in the creation of a dedicated “meme stock” index in the yesteryear, died down as many ETFs tracking a basket of such stocks plummeted noticeably through 2022 with each passing interest-rate hike. For investors, it was a reality check on structural vulnerabilities and the sustainability of speculative assets. Both equity and fixed-income ETFs saw a muted performance but showed glimpses of promise, especially in nascent markets such as the Middle East. 

All in all, the year 2022 offered investors a steep learning curve. It underscored how geopolitical faultlines have a direct bearing on ROI while reinforcing the need to balance externalities such as deglobalisation and the energy crisis with financial fundamentals. In other words, it upheld the rebalancing imperative in investments, echoing how strategic exposure to different asset classes and geographies is a prerequisite to wealth preservation and management. 

From the Middle East and Africa’s standpoint, the year 2022 was about maximising the virtues of geopolitical non-partisanship by negotiating favourable terms in trade deals linked to domestic prices and inflation. At a time when financial markets are highly sensitive to geopolitical winds, MEA benefitted significantly by resisting the urge to cosy up to certain “blocs”. Such foundations will allow regional investors to build failure-proof portfolios in the times to come. 

The company also named Mohammed bin Abdullah Al Khereiji as the Vice Chairman for the next three years.

The two officials will be in position for the new board term, which started on 30 June 2023, until 29 June 2026, according to the resolutions of the ordinary general meeting (OGM) that was held on 25 May this year.

It is worth mentioning that Yanbu Cement of SAR 236.25 million, which equals SAR 1.50 per share, for the first half (H1) of 2023 on 20 June 2023.

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