Gulf kindles a spirit of enterprise

Since they were kids, the al-Awadhi brothers had dreamed of setting up their own restaurant business. But banks balked at the idea of two Emirati nationals opening an outlet serving and delivering “fusion” shawarmas, blending traditional and international ingredients in this staple meat and sauce sandwich.

Similar barriers are curbing the enterprise spirit of other aspiring small businesses. Although the issue is rising up the agenda with the creation of more venture capital funds and government-backed initiatives to support entrepreneurship, this area of financing has yet to take off.

And, culturally, nationals have to be lured out of the public sector into the tougher conditions of expatriate-dominated private enterprise if the Arab world is to create the 100m jobs needed for its fast-growing population by 2020.