Chapter 62: The Grindstone Strikes
The moment he entered, Sulayman strode toward me in a single breath and pulled me into a fierce embrace.
What do you think?
This is the result of a carefully cultivated friendship—built entirely online.
“Hahaha! After seeing all the Korean food and attractions you sent me, I could hardly contain my excitement. I was dying to come to Korea as soon as possible.”
His eyes practically radiated warmth and affection.
“You won’t be disappointed. I’ll make sure you experience the true taste of Korea.”
“Anything you recommend is more than welcome. But let’s save the catching up for later. Today is an official occasion, after all.”
“Of course, Hyung-nim.”
The room had fallen completely silent.
The rapid exchange of Arabic had left the other attendees dumbfounded, their eyes locked on me in utter bewilderment.
Even CEO Lee Jong-hoon, sitting nearby, looked equally stunned.
His expression screamed:
‘You’re this close to him?’
Of course, this wasn’t just a coincidence.
I had put in extensive groundwork behind the scenes.
I pored over UAE culture and Islamic traditions, racking my brain over what might interest Sulayman.
Fortunately, Sulayman loved the bait I sent him via DM and shared all sorts of updates about his life, down to the smallest details.
A quick glance to the side revealed Choi Myung-goo from Osung Ventures.
His expression was sour enough to curdle milk.
Of course, he was anxious.
After all, a junior from Buksan Ventures was here, casually exchanging brotherly banter with the key player of the economic delegation.
Sulayman returned to his seat, now completely composed.
His expression was now so cold and detached that it was hard to believe he was the same person who had been laughing warmly just moments ago.
Once the room settled from the unexpected spectacle, the forum officially began.
A balding man launched into a passionate speech about the importance of startups and recent trends in entrepreneurship.
To be honest, I wasn’t really paying attention.
Next was a session for venture industry professionals to share their suggestions.
“To foster a society-wide entrepreneurial spirit and sustain the youth startup boom, we need consistent policy support from a long-term perspective.”
This, too, felt like mere lip service.
The so-called “suggestions” were nothing more than minor complaints.
No one dared to drop a bombshell that would truly shake things up.
Then, the real event began.
“Next, we’ll discuss the EN Project, a key initiative under the MOU signed with the UAE Ministry of Economy. But before that, let’s give a warm round of applause to Vice President Sulayman of Norooq Partners, who has come a long way to be here today.”
Now, the real game is starting.
Clap! Clap! Clap! Clap!
Watching the elderly executives clap furiously to make a good impression, I couldn’t help but chuckle.
Sulayman stood up, his white ghutra 1(A ghutra (غترة) is a traditional Middle Eastern headdress commonly worn by men, particularly in the Arabian Peninsula. It is a square or rectangular piece of cloth, usually made of cotton, and is typically folded into a triangle and draped over the head. It is often secured with an agal (a black, doubled cord) to keep it in place) flowing, and offered a faint, almost imperceptible smile as he bowed his head.
The interpreter beside him began translating his words simultaneously.
“It is a pleasure to be here. I am Sulayman of Norooq Partners. I consider it an honor to take part in this historic moment as we seek the partners who will shape the future of the UAE.”
Our dear Sulayman Hyung-nim.
Back at the hackathon, he had seemed quiet and reserved, but now—his charisma was on another level.
The moment he began to speak in earnest, his sheer presence seemed to shift the very atmosphere in the room.
Even the seasoned venture capital executives, usually confident wherever they went, were visibly tense, swallowing dryly as they struggled to maintain their composure.
These were people accustomed to being treated with respect wherever they went, yet here they were, visibly on edge.
“The UAE is committed to fostering the next generation of unicorn companies that will lead the post-oil era, and we see Korea as our partner in this endeavor. I have no doubt that increased exchange and investment between our nations will elevate our relationship to new heights.”
Sulayman’s deep-set eyes gleamed with intensity.
“The first step is always the most crucial. Therefore, I promise that the startup selected for this EN Project will receive not only access to our full suite of corporate development programs but also Norooq Partners’ unwavering support as it expands across the Middle East.”
The venture capital representatives’ eyes sparkled as if stars were about to pour out.
Full backing from Norooq Partners in the Middle Eastern market?
It was practically a cheat code.
After all, Norooq Partners had the unwavering backing of the UAE royal family.
The influence amassed by the UAE’s royal family, built on a foundation of immense oil wealth, was nothing short of absolute—at least in the Middle Eastern market.
In short, for any startup, being selected for the EN Project was akin to winning the lottery.
And, of course, securing a spot in the economic delegation came with the added prestige of being recognized as one of Korea’s leading venture capital firms.
With that, Sulayman wrapped up his speech, concluding with the customary formalities.
A heavy tension settled over the conference room.
“We will now have a brief Q&A session. If you have any questions for Vice President Sulayman, please raise your hand.”
Barely had the words left his mouth when every executive in the room shot their hands up, as if competing to be the first.
Sulayman scanned the eager faces with calm, assessing eyes before pointing at one person.
The man, visibly pleased, quickly grabbed the microphone.
“Ahem… This is Park Myeong-gil, CEO of Daehan Venture Investments. I’m curious—does Norooq Partners have a specific industry preference for the startups you’re looking for?”
It was a critical question.
After all, understanding the client’s needs was key to securing a deal.
“Hmm… Preferred industries?”
Sulayman stroked his dark, thick beard in thought before answering.
“We don’t have a fixed preference. However—automotive, defense, secondary batteries, semiconductors… We will be avoiding industries that already have a profound impact on modern markets. The UAE government is already directly negotiating contracts and partnerships with global giants in those sectors. Keep in mind that we are not looking for established giants—we seek emerging startups with high potential, those that are just beginning to sprout.”
The expressions on the executives’ faces grew even more complicated.
It must be puzzling.
What card could they play to win him over?
A few more questions were exchanged before the floor was officially opened for venture capital firms to pitch their startups.
Starting from the far-left seat, each representative was given a brief window to speak in counterclockwise order.
“The startup we’re presenting, Big Baron Co., Ltd., specializes in manufacturing industrial printers—”
“Maru India Co., Ltd. is a food wholesale brokerage service optimized for halal markets—”
The whole scene felt oddly reminiscent of the once-popular idol audition program Pick Me Up.
Everyone was passionately pitching the startups they had accelerated, but Sulayman’s reaction remained indifferent, almost disinterested.
As the session neared its end, Choi Myung-goo of Osung Ventures fixed Sulayman with a confident gaze.
“I’m Choi Myung-goo from Osung Ventures. Our firm has maintained strong ties with the UAE for quite some time. In fact, Osung Electronics has even provided technical support in the past.”
Choi Myung-goo casually slipped in the influence of his parent company.
And it seemed to work.
A flicker of interest crossed Sulayman’s face.
“Oh? A subsidiary of that Osung?”
“Hahaha. That’s right. Osung has long taken a keen interest in the Middle Eastern market, actively engaging in various business ventures. We take pride in our deep understanding of this region.”
Sensing the conversation was flowing in his favor, a triumphant smile spread across Choi Myung-goo’s face.
“At Osung Ventures, we’ve recently turned our attention to the Middle Eastern cosmetics market. Many mistakenly assume that women in Middle Eastern countries, with their traditional attire like abayas and hijabs, have little demand for cosmetics. But only those unfamiliar with the region would think that way. In reality, Middle Eastern women have an exceptionally high frequency of using both skincare and color cosmetics.”
Sulayman nodded in agreement.
“Correct. You’re well-informed.”
“Especially due to the region’s desert climate, where the heat and dryness are extreme, there is a particularly strong interest in moisturizing products.”
He came prepared.
It was obvious how much effort had gone into this.
“Korea is a country deeply invested in cosmetics. The fact that the term ‘K-Beauty’ was even coined speaks for itself. The brand Royal Beauty, which Osung Ventures has invested in, has an identity that perfectly aligns with the Middle Eastern beauty market.”
“Oh?”
Sulayman’s interest was piqued, and Choi Myung-goo, sensing an opportunity, continued with a self-assured smile.
“With the explosive spread of Korean dramas and K-pop through platforms like YouTube and social media, the demand for cosmetics used by Hallyu celebrities has skyrocketed. Recently, word has spread that many of these celebrities are avid users of Royal Beauty’s moisturizing products and functional sheet masks. On top of that, the company has even signed advertising contracts with these celebrities, further amplifying its marketing impact.”
If they had managed to sign those kinds of celebrity endorsements, it was safe to assume that the majority of their funds had been funneled into marketing.
“Additionally, given the Middle East’s youth-dominated demographics, we’re considering differentiated sales strategies with locally customized packaging. Partnering with Norooq Partners could amplify this synergy even further. That concludes my presentation.”
As the lengthy pitch came to an end, Sulayman let out a quiet murmur of admiration.
“As expected of Osung. I can tell you’ve thoroughly researched and analyzed the Middle Eastern market.”
“Naturally.”
For a moment, I thought I saw a sharp glint flash in Sulayman’s eyes—or was it just my imagination?
“Norooq Partners has already conducted a preliminary review of the companies you’ve proposed based on the IR materials we received in advance. In Royal Beauty’s case, we found records of past Draize tests—experiments where chemicals were dripped into the eyes of restrained rabbits. Not only that, but there were also tests where cosmetic ingredients were repeatedly applied to shaved guinea pigs. What are your thoughts on this?”
The unexpected question hit like a bolt from the blue.
Choi Myung-goo was so taken aback that his jaw practically quivered as he stammered out a response.
“Th-That was… It was a one-time test conducted in the early days. We no longer conduct animal testing.”
“Stains, no matter how much you try to wash them away, always leave a trace. The fact that it was done at all is what matters—not whether it’s still happening now.”
The atmosphere took a sudden and uncomfortable turn, and Choi Myung-goo’s face grew pale.
“Since you’ve studied the Middle Eastern cosmetics market so thoroughly, I’m sure you’re well aware—survey results indicate that Middle Eastern consumers are willing to pay a premium for cosmetics that have not been tested on animals. The opposition to animal testing here is particularly strong. So, if your company’s past experiments were to come to light… do you really believe consumers would simply overlook it?”
“Th-That’s…”
Choi Myung-goo was utterly speechless, the sharp remark cutting straight to the core of the issue.
In the end, with no real defense to offer, he slumped into his seat, looking like a lifeless doll whose soul had been sucked out.
Now, it was our turn.
And there was something that had already been agreed upon between me and CEO Lee Jong-hoon.
“I’m Song Dae-woon, VC at Buksan Ventures. We have several startups that could generate strong synergy with Norooq Partners. The first one I’d like to introduce is the game development company, Studio SH.”
Finally, it was time to launch the well-honed grindstone that would take down Goliath.
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