Dubai has announced the launch of a new venture capital finance fund with about Dh370 million ($100.7m) to bolster start-up projects in the emirate and promote its ambition of becoming a global FinTech hub.
The launch of the Venture Capital Fund for Start-ups was approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, on Wednesday after he led a meeting of the Executive Council, Dubai Media Office said on Twitter.
The new fund, set to be launched in June 2022, aims to “promote the economic growth of the emirate and consolidate its position as a global centre for financial technology (FinTech) and innovation in investment capital”, the tweet said.
“We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement issued by the Dubai Media Office.
“With a flexible legislative system, robust financing tools, an effective regulatory environment and most importantly, dynamic public and private sectors, Dubai has established itself as the city of entrepreneurs and risk-tolerant investors.
“Dubai has been able to attract the best talent and investors from around the world to forge partnerships and mutually benefit from the tremendous opportunities offered.”
The fund is expected to contribute about Dh3 billion to Dubai's gross domestic product during the implementation period, which will run for eight years, extendable for two additional years, the statement said.
It will be managed by the Dubai International Financial Centre, in partnership with international organisations.
The move will also help to create “more than 8,000 jobs for emerging talents”, strengthening Dubai’s position as a regional centre for entrepreneurship and FinTech, while attracting investors from around the world, the statement said.
The demand for FinTech services has grown during the coronavirus pandemic as more people use internet banking to transfer money and pay for e-commerce transactions.
Globally, FinTech funding surged 68 per cent annually to $210 billion in 2021, a report by consultancy firm KPMG found.
Investment in FinTech companies in Europe, the Middle East and Africa stood at $77.4bn from 1,859 deals last year. The Middle East, in particular, continued to report strong activity, with $75m raised by Bahrain-based Rain and $50m by UAE-based Tabby in the second half of the year.
Growth in the FinTech deal sizes in the Middle East and Africa will be primarily driven by the payments sector this year, KPMG said.
In the Middle East, more than 800 FinTech companies operating in segments including payments, InsureTech and cyber security will raise more than $2bn in venture capital funding to boost their growth by 2022, Mashreq said in February, citing data from the Middle East Institute.
Dubai is also boosting its VC capabilities and is among the top 35 most attractive cities in the world when it comes to attracting venture capital and the funding of start-ups, according to the first Innovation in Business Index from Finom, a business-to-business financial platform in Europe.
The emirate was ranked 30th in terms of its ability to attract venture capital and 32nd in a category that evaluated how well start-ups are funded, the global index, which assessed more than 100 cities around the world, found.
Dubai also scored favourably in categories such as IT and software, artificial intelligence and machine learning, and FinTech innovation.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
UAE currency: the story behind the money in your pockets
CHATGPT%20ENTERPRISE%20FEATURES
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UAE currency: the story behind the money in your pockets
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
