Gulf stymies the start-up spirit

Life for budding entrepreneurs in the Gulf can be tough. Governments dominate economic life, merchant families control most of the private sector and local banks are reluctant to lend to unproved businessmen, even at the best of times.

Nor are specialised, start-up financing firms much help in the hydro-carbon rich region.

In the west, venture capital firms have backed many promising entrepreneurs with funding and guidance, helping nurture corporate titans such as Google, Apple and Genentech, the US biotechnology group.