The UAE is aiming to become home to 20 unicorns or start-ups that have a valuation of $1bn, by 2031. Khushnum Bhandari/ The National
The UAE is aiming to become home to 20 unicorns or start-ups that have a valuation of $1bn, by 2031. Khushnum Bhandari/ The National
The UAE is aiming to become home to 20 unicorns or start-ups that have a valuation of $1bn, by 2031. Khushnum Bhandari/ The National
The UAE is aiming to become home to 20 unicorns or start-ups that have a valuation of $1bn, by 2031. Khushnum Bhandari/ The National

Facebook owner Meta introduces initiative to support UAE small businesses


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Facebook parent company Meta has announced a project to support start-ups and small and medium-sized businesses in the UAE, as the Arab world’s second-largest economy aims to become home to 20 unicorns, or start-ups valued at more than $1 billion, by 2031.

The new programme, called Boost with Facebook, was launched in partnership with The Entrepreneurial Nation, an initiative by the Ministry of Economy aimed at helping entrepreneurs to set up their businesses in the UAE, export their products and sell goods and services online.

“The partnership with Meta is in line with our vision to create a support mechanism for the UAE’s entrepreneurial ecosystem,” said Hassan Alsayegh, director of SMEs development at the Ministry of Economy.

“Meta is a key enabler of SMEs in the UAE and we look forward to continuing this strong partnership to empower the sector.”

Small and medium enterprises are the backbone of the UAE economy, and the government has introduced various economic support packages to help business owners weather the Covid-19 pandemic. It has also taken measures to create a more attractive environment for foreign investment by easing visa rules and streamlining company ownership laws and other legislation.

The Boost with Facebook initiative began recently with an online workshop. The session offered training to operators of small and medium-sized businesses on how they can activate their social commerce activities on Meta platforms and create online storefronts with Shops as well as ways to reach the right audiences with personalised advertisements.

“We are continuing those training efforts in partnership with the UAE Ministry of Economy, helping to further boost a burgeoning start-up ecosystem, to positively impact socio-economic growth in the UAE,” said Azzam Alameddin, public policy director for Middle East, North Africa and Turkey at Meta.

The Entrepreneurial Nation, a unified destination for start-ups from inception to growth, encompasses three stages or tracks ― the Skill-Up Academy, the Scale-Up programme and the Start-Up track.

The Skill-Up Academy is intended to equip participants with entrepreneurial skills and is suitable for a variety of participants, including students, recent graduates, employees, retirees, homemakers and jobseekers.

The Start-Up track targets entrepreneurs seeking to establish a business and offers incentives, products and services to support start-ups and innovative companies. This includes a partnership with Emirates Development Bank to open bank accounts as quickly as 48 hours.

The Scale-Up programme backs fast-growing, revenue-earning companies that are more than three years old to expand and eventually become unicorns.

The UAE is also planning to set up a Dh1bn ($272 million) private equity fund to provide financing for SMEs that are based in the country and operating in strategic sectors, Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs, said last year.

Sri Lanka's T20I squad

Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.

UAE currency: the story behind the money in your pockets
The specs

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Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

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Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

If you go

The Flights

Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.

The trip

Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: February 27, 2022, 10:35 AM`