The UAE government's new set of economic initiatives will bolster the growth of small-and-medium-enterprises (SMEs) and "crystalise efforts" to back entrepreneurs, the chief executive of Dubai SME said.
On June 28, Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, announced new initiatives aimed at supporting family companies, helping start-ups and attracting more skilled workers to the UAE.
"The digital economy is the future economy, the business model will change, that change is not easy and needs perseverance," Abdul Basit Al Janahi, chief executive of Dubai SMEs said at a press conference on Tuesday. "Everybody knows that entrepreneurship and SMEs are the beginning of everything. From a regulatory point of view ... the initiatives make our lives and the entrepreneurs' lives easier."
The initiatives are part of the UAE's drive to become a knowledge-based economy. They include an entrepreneurial academy (Skill-Up Academy), a new platform to support the growth of start-ups (Scale-Up Platform) and an online portal to provide investors with comprehensive information about investment opportunities in the UAE.
In addition, an accelerator for family-owned businesses will help them access new markets. An economic research institute established in collaboration with leading universities will drive R&D and a global investment conference (Investopia) will be held in March next year.
Dubai SME also said its new digital crowdfunding platform received 543 requests for funds from entrepreneurs since its launch in May. Of these, it approved 44 requests to go live on the platform, where backers can select and support projects.
Dubai Next, the not-for-profit crowdfunding platform operated by Dubai SME, received total funding requests for more than Dh27.7 million.
The selected projects received 72 funding contributions from 58 investors, Dubai SME officials said at the press conference.
Dubai Next has helped to "democratise and simplify" fund-raising for SMEs, Mr Al Janahi said.
The platform collects the funds in an Escrow account in MBRF and guarantees the project to encourage investors, Mr Al Janahi said.
Dubai Next has helped Emirati start-up Padel 26 to raise the capital required to launch, generating Dh100,000 on the platform with the rest of the capital provided by The Mohammed Bin Rashid Fund.
Padel 26, a project that involves indoor doubles courts for the sport of padel, is the first project to raise capital on Dubai Next.
Crowdfunding involves sourcing small amounts of money to support a single commercial venture.
Dubai Next allows individuals and companies to support a project initiated by a friend of family member.
The amount can be refunded if the project fails to reach its target fund amount. Entrepreneurs retain 100 per cent ownership of their project and the platform cannot be used to offer equity.
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
The%20specs
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
CHATGPT%20ENTERPRISE%20FEATURES
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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)
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
UAE currency: the story behind the money in your pockets
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
The%20specs
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WE%20NO%20LONGER%20PREFER%20MOUNTAINS
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
More from Neighbourhood Watch:
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Bawaal%20
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The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
UAE currency: the story behind the money in your pockets
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
FROM%20THE%20ASHES
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BMW%20M4%20Competition
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Honeymoonish
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