The Mohammed Bin Rashid Innovation Fund is inviting applications from start-ups around the world and will select up to 25 local and international companies for its first accelerator programme to boost innovation in the UAE.
The accelerator is open to online applications until February 7 and the company finalists will be announced by April 7, Alex Collins, the managing director of Innovation Accelerator, said on Monday. He said the programme expects to receive at least 10 times the applications than the number of companies the fund plans to accept in the first year.
“That will be the first group of companies and we expect them to be between 20 to 25 in the first year,” said Mr Collins. “It can be more start-ups if the companies are amazing, but this is our ambition and we don’t want to take less than that [number in the programme].”
Like other countries in the Middle East and North Africa, the UAE - the second-biggest Arab economy - aims to widen the contribution of start-ups and small to medium enterprises to its gross domestic product as it seeks to diversify its revenue streams and cut dependence on oil proceeds to fuel the economy.
Several initiatives at the state level and those from two of the country's financial hubs – Dubai International Financial Centre and Abu Dhabi Global Markets – in financial technology are running concurrently to develop and nurture start-ups. The nascent FinTech sector in MEA is set to capture 8 per cent of financial services revenue in the region by 2022.
With a total of $67 million (Dh246.1m) in FinTech venture capital funding, the UAE has been the top investment destination in the region since 2010. But of the $50 billion that has been invested in FinTech companies globally since 2010, only 1 per cent was directed to MEA, according to a report by Accenture and DIFC’s start-up accelerator, FinTech Hive.
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UAE Innovation Month to promote nation’s creative thinkers
UAE Innovation Month kicks off in Abu Dhabi
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A consortium of four Abu Dhabi organisations including the Department of Culture and Tourism and Etihad Aviation Group in February partnered with venture capital company Wamda Capital to launch an accelerator programme for travel and tourism-focused start-ups.
However, the Dh2bn Mohammed Bin Rashid Innovation Fund is focused on innovations in seven key areas of the UAE economy including space, water, technology, education, health and renewable energy. The fund, launched in 2015 and operated by Emirates Development Bank, acts on behalf of the UAE government to provide a guarantee as security to a financier, an incentive to encourage the issuance of a loan and to reduce collateral required from the businesses.
“The launch is all about bringing practical services to help businesses move to the next stage of growth, focused on stimulating UAE economy, Mr Collins said. “What we are doing in the launch is a broad campaign for all seven sector to see where the most demand is and where the most innovation is coming from.”
The accelerator, part of the UAE National Innovation Strategy, was launched by Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai and Minister of Finance, who said the programme offers an opportunity to build a nation-wide culture of innovation aimed at attracting the best talent and ultimately creating a tangible positive affect on the UAE's economy.
The first priority of the programme is to target businesses in the UAE to help them expand to international markets. The second objective is to identify innovations not yet present in the Middle East and bring those innovators to the Emirates.
“The accelerator will prepare them for the right strategy, getting them access to the right funding sources, making them pitch-ready,” Mr Collins said.
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Results
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