In a tie up with other entities Dubai Airport Freezone Authority set up Goodforce Labs, an incubator to support Islamic ethical startups. Courtesy Dafza
In a tie up with other entities Dubai Airport Freezone Authority set up Goodforce Labs, an incubator to support Islamic ethical startups. Courtesy Dafza

Dafza with other entities launches incubator for Islamic ethical start-ups



In a tie-up with other entities Dubai Airport Freezone Authority set up an incubator to support Islamic ethical start-ups, the authority said on Monday.

Goodforce Labs has been established in collaboration with Dubai Islamic Economy Development Centre, which is tasked with bolstering Dubai's position as a world capital of Islamic economy and London-based Technolera, a venture building company that scales up start-ups, the authority said in a statement. The incubator will help start-ups generate Dh50 million in annual revenues.

“The incubator...will work to overcome obstacles facing startups, allowing them to grow and expand in international markets, transforming Islamic ethical economy sectors into global sectors that reach ethical and Islamic markets,” the authority said.

“The higher goal of this initiative is enhancing Islamic ethical economy start-ups to become globally competitive, in addition to transforming local products into international products with significant social impact and influence.”

Islamic finance is viewed as a key growth area by financial hubs in the Middle East and Asia. Dubai, the commercial and business hub of the Middle East, is aspiring to become the leader in Islamic economy. Ethical investing has been gaining traction globally. According to Global Impact Investing Network’s 2016 survey, respondents committed a total of  $22.1 billion into nearly 8,000 impact investments and these investors manage nearly $114bn in impact investing assets.

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"Hosting Goodforce Labs confirms our pivotal role as an essential and active partner in bolstering Dubai's position as a capital of Islamic economy," said Nasser Al Madani, assistant director general of Dafza. The incubator "will be pivotal in supporting Islamic industries, developing the Halal sector, and spreading the Islamic lifestyle."

Goodforce Labs will help start-ups and entrepreneurs to start, manage, and develop their businesses into global social impact driven companies, Dafza said.

A number of start-ups have already joined the incubator. They include: Growmada, an electronic platform for selling handicrafts from developing countries; Waqf 2.0, a cloud-based platform for managing Awqaf; Zileej, a company specialising in disciplined entertainment products; Rabia Z, which designs modest women's clothing; iWealth, a digital tool for financial literacy for the youth; and Smart Halal, an e-learning platform for Halal and ethical food industry professionals.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

MATCH INFO

BRIGHTON 0

MANCHESTER UNITED 3

McTominay 44'

Mata 73'

Pogba 80'

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
All%20We%20Imagine%20as%20Light
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UAE currency: the story behind the money in your pockets
THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
SCORES IN BRIEF

New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)

Company%20profile
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Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

GCC-UK%20Growth
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List of UAE medal winners

Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)

Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)

Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)