Life of Pi to bridge the funds gap



A new company is attempting to help bridge a US$3.5 billion (Dh12.85bn) funding gap for the Middle East's poorest entrepreneurs by linking them to microcredit loans bankrolled by the social media generation.

Pi Slice, a start-up based in Dubai, intends to serve as a platform for individuals and companies seeking to raise capital through crowdfunding.

This method is similar to that used by websites such as Kickstarter, but in Pi Slice's case it is aimed at supporting Palestinian farmers and providing jobs for the region's unemployed youth.

The company, founded by the former banker Genny Ghanimeh, aims to help provide greater access to finance for an estimated 3 million households eligible for microfinancing that do not currently receive it.

"Our ambition is to be the first online microfinance bank in the Middle East and the mentor of choice for every young social entrepreneur in the region," said Ms Ghanimeh. The company launched its Web-based funding platform yesterday, a date known as "Pi day" in reference to the mathematical symbol. Ms Ghanimeh said the firm intended to register with the Dubai International Financial Centre.

She said she got the idea during a trek on Tanzania's Mount Kilimanjaro, where she realised that donating $250 to her guide would support the growth of his business and allow his daughter to go to school.

Investors' funds are guaranteed by partner institutions in Lebanon, Jordan, Palestine and Iraq. The company plans to expand to Egypt, Yemen, Morocco and Tunisia.

Typically, microfinance loans range between a few hundred to a few thousand dollars and bear an average annual interest rate of 25 per cent, said David Langlois, the chief operating officer of Microworld, an arm of the Paris-based non-profit organisation Planet Finance, which supports microfinance firms.

"What we're looking for is setting up local initiatives to direct local investors and support local projects that make sense for them," he said.

The firm's focus on channelling investment within the Mena region could help to bridge a funding gap normally filled by non-governmental organisations, said Anwar Abu Sbaitan, the chief executive at Rasmala Investment Bank. "I've seen an exodus of Arab capital from the West back into the region ... A lot of money is waiting to fund such projects."

The Mena region has "the lowest access to finance in the world...", said Heather Henyon, a managing partner of Balthazar Capital and formerly general manager of Grameen-Jameel, the microfinance firm pioneered by Muhammad Yunus, the Bangladeshi Nobel laureate.

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

What is a calorie?

A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.

One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.

A kilocalorie represents a 1,000 true calories of energy.

Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.

Alcohol contains about seven calories a gram. 

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.

 

There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.

 

More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.

 

The total figure for the entire world was 654,000 in 2018.

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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 specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

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 specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

NO OTHER LAND

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

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

UAE%20medallists%20at%20Asian%20Games%202023
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INDIA SQUAD

Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami

About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

UAE currency: the story behind the money in your pockets
THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The years Ramadan fell in May

1987

1954

1921

1888

Results

2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar

3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar

4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash

4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash

5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi

6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy

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

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
SPECS
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Pathaan
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