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.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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The%20specs
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MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
Read more from Aya Iskandarani
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
more from Janine di Giovanni
The%20Super%20Mario%20Bros%20Movie
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'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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UAE currency: the story behind the money in your pockets
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
'Lost in Space'
Creators: Matt Sazama, Burk Sharpless, Irwin Allen
Stars: Molly Parker, Toby Stephens, Maxwell Jenkins
Rating: 4/5
