Talal Al Ajmi
Talal Al Ajmi is a pioneering Kuwaiti entrepreneur known for his diverse ventures in finance and luxury. He founded VI Markets and Development Holding, a successful financial services firm, and has also created businesses like Canteen and 20 Grams Cafe. Among his notable achievements is The Fragrance Kitchen (TFK), a partnership brand that has redefined luxury fragrances with its unique and bold offerings, gaining significant appeal among perfume lovers in the region.
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Can you tell us about your journey as a young Kuwaiti entrepreneur? What initially drew you to a career in finance and entrepreneurship?
In 2003, while studying in Jordan, I became interested in the growing stock market and foreign exchange (FX) trading. After returning to Kuwait, I realized the lack of exposure to these markets in the region. A chance meeting with the CEO of a major GCC company led to a role in Kuwait, where I gained experience managing a brokerage firm. This challenge inspired me to promote market awareness in Kuwait.
When I founded my own company, we started with limited resources but focused on educating people about trading. Unlike competitors, we offered free seminars, building trust and a loyal community. Our success caught the attention of One Financial Markets, which partnered with us, giving us the credibility to expand. Eventually, I managed operations across the GCC and in Dubai. Today, we’re the largest broker in the region, handling around USD 300 billion in monthly trading volume. Our success is driven by transparency, trust, and a partnership with a UK FCA-licensed broker.
After founding VI Markets, my entrepreneurial passion grew, leading me to establish Development Holding Company (DHC). At DHC, we invest in various sectors, including FMCG, specialty coffee (20 grams), niche perfumery (The Fragrance Kitchen), and more, empowering companies and building success stories. VI Markets has become one of the most successful brokerage firms in Kuwait and the Middle East. The company later partnered with Axi to offer tailored online trading services, allowing investors to trade forex, CFDs, indices, commodities, energies, equities, cryptocurrencies, and futures.
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Development Holding includes a range of ventures like Canteen, 20 Grams Cafe, and The Fragrance Kitchen (TFK). How does TFK fit into your broader vision for luxury brands?
The Fragrance Kitchen (TFK) reflects my vision to create a distinctive portfolio of luxury brands that blend tradition with innovation. TFK offers fragrances inspired by Kuwaiti heritage, designed to appeal globally, and serves as a platform for self-expression and luxury.
Each venture within Development Holding is focused on setting new industry standards, with an emphasis on quality, experience, and identity. For TFK, this means crafting unique, high-quality perfumes while promoting Middle Eastern craftsmanship and storytelling on the global stage. It complements our other ventures by adding a premium lifestyle element, reinforcing our dedication to excellence and cultural pride across various industries.
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What inspired you to create The Fragrance Kitchen (TFK), and what sets it apart in the luxury fragrance market?
At its core, TFK is much more than just a collection of high-quality perfumes. It is about creating an emotional connection between the fragrance and the wearer, forging an intimate link with the cultural stories embedded in every scent. TFK was originally created by Shiekh Majed Al Sabah, and in 2023 DHC acquired a percentage of TFK, and started to develop the brand internally and externally.
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Education and empowerment are close to your heart, as seen with your Yasmeen platform for women’s empowerment. What motivated you to launch Yasmeen, and what impact have you seen so far?
Yasmeen is a platform created to empower women in business and financial investment, offering structured training and education on commerce and global financial markets. Founded in 2016 by VI Markets, a representative of One Financial Markets in the Middle East, the initiative was inspired by Mr. Talal Ajmi’s desire to encourage Arab women to engage more confidently in trading. He recognized that many women were interested in trading but hesitant to participate in mixed sessions, prompting him to create a space where they could learn and lead.
Yasmeen is the first initiative of its kind to offer tailored education and trading services specifically for women, addressing their unique needs in the Arabic-speaking world. With a focus on women empowering women, Yasmeen serves the growing number of financially active women in the Middle East, particularly those who run businesses or manage investments. The platform fosters a supportive community where women can share experiences and learn from others, encouraging them to pursue their career ambitions and overcome common challenges.
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With a portfolio as diverse as yours, how do you manage your focus and energy across Development Holding’s various companies?
Balancing a diverse portfolio requires strategic prioritization and a strong, empowered team. At Development Holding, I approach each venture with a clear vision, ensuring they align with our core values while maintaining distinct identities and growth paths. This allows me to focus where needed, without overextending myself.
The key to success is trust and delegation. I’ve learned to invest in talented individuals and give them the autonomy to handle daily operations. My role is to provide overall direction, stay connected to the bigger picture, and step in when innovation or expansion opportunities arise. Regular check-ins and clear communication ensure alignment with long-term goals.
I also dedicate time each week to focus on specific aspects of each business, whether it’s guiding TFK’s market expansion or maintaining quality at Canteen and 20 Grams Cafe. This approach keeps me engaged without losing sight of the broader vision for Development Holding.
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Your passion for Manchester United and unique watches is well-known. How do these interests shape your perspective on business and lifestyle?
My passion for Manchester United and unique watches reflects my approach to business and lifestyle. Supporting Manchester United has taught me the value of resilience, teamwork, and excellence. The club’s ability to adapt under pressure and maintain a loyal global fanbase inspires me to build businesses that are both enduring and adaptable, with a focus on long-term brand legacy through consistency.
My love for unique watches stems from my appreciation for detail, craftsmanship, and individuality. Just as each watch combines tradition and innovation, I apply the same principles to Development Holding’s brands. Collecting watches reminds me of the importance of precision and quality in business, where each part of the portfolio must work seamlessly together. These interests help me maintain a balance between honoring heritage and pursuing a forward-thinking vision in both business and life.
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Looking ahead, what are your aspirations for Development Holding and VI Markets? Are there new industries or markets you’re aiming to explore?
Looking ahead, my vision for Development Holding and VI Markets focuses on growth, innovation, and regional influence. For Development Holding, I aim to transform our brands into global industry leaders while remaining rooted in the values and culture of the GCC. I’m particularly interested in expanding into sectors that promote lifestyle and well-being, such as luxury hospitality, wellness, and tech-driven retail experiences.
For VI Markets, the priority is enhancing our services and expanding our presence in the MENA region. We’re exploring new financial products, digital solutions, and expanding our educational programs to meet the needs of a tech-driven market. My goal is to make VI Markets the leading platform for trading and investing, known not only for its volume but for the trust and value we deliver to clients.
New opportunities in both geographic markets and industries are ahead. With the right partnerships and a focus on innovation, I envision our companies setting new benchmarks for quality, reliability, and relevance in every sector we enter.
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What guidance would you offer to young entrepreneurs in Kuwait or the Middle East who are looking to make their mark in the business world?
For young entrepreneurs in Kuwait and the Middle East, the key to success starts with a genuine passion for your work. Passion is what keeps you motivated through challenges, which are inevitable in any business journey.
It’s also crucial to deeply understand your market. When I began, I noticed a gap in financial education and FX trading in Kuwait, which shaped my strategy and helped me offer unique value. Knowing your market enables you to anticipate needs and provide services that truly resonate.
Building relationships and credibility is vital, especially in the Middle East, where trust is essential. Focus on creating strong, dependable connections with clients, partners, and your team, and always operate with integrity. This will create a loyal network that supports your growth.
Adopting a learning mindset is another important trait. Be open to continual learning and self-improvement. When I started managing a brokerage firm, I lacked extensive management experience, but I was willing to learn fast. Don’t let knowledge gaps hold you back—seek the skills you need and surround yourself with people you can learn from.
Innovation and adding value to your industry are also key. For example, offering free trading seminars was a new approach in Kuwait that changed the financial education landscape. Innovation doesn’t always mean creating something entirely new; sometimes it’s about doing things differently or finding ways to improve existing practices.
Finally, resilience and focus are crucial. The path to success is rarely straight, so persistence is essential. Stick to your vision, overcome setbacks, and remain focused on your goals. It’s your determination that will help you push through obstacles.
Young entrepreneurs in the region have great potential to make an impact. With dedication, a willingness to learn, and a clear sense of purpose, they can leave a lasting impression on their industries and communities.