Abu Dhabi's technology start-up centre Hub71 has accepted 16 new budding businesses to its growing community.
The list of new companies features early-stage start-ups with diverse representation from leading international tech hubs including the UK, US and South Korea.
They include Pakistan’s first digital bank, TAG; UAE-based Trade Capital Partners, a platform that boosts access to working capital for start-ups and small to medium-sized enterprises in emerging markets; and Zywa, the first neobank for teenagers in the Middle East and North Africa region.
The start-ups, which have already raised more Dh231 million ($63m) in funding, will benefit from structured programmes to boost investment potential, and a new range of flexible incentives, that allow founders to choose the level of support based on their start-up needs, Hub71 said in a statement.
“Our first cohort of the year reflects our ambition of matching our pace with that of global tech start-ups that have the highest growth potential," said Badr Al Olama, acting chief executive of Hub71.
"What makes Hub71 so different is our founder-centric approach that puts emphasis on building leaders and teams to sustain exponential growth for start-ups."
Hub71 is a flagship initiative of the Dh50bn Ghadan 21 economic stimulus programme and was founded by the Abu Dhabi government, Mubadala Investment Company, Abu Dhabi Global Market, Microsoft and Japan's SoftBank Group in 2019. It helps entrepreneurs to build tech companies with a global outreach, as the emirate seeks to diversify its economy away from oil.
Its start-ups have so far raised Dh1.5 billion of investment through the tech ecosystem’s corporate partners. The companies have been responsible for creating 1,000 new jobs.
The UAE, the Arab world's second-largest economy, has taken various steps to encourage entrepreneurship in an effort to fuel its post-oil economy.
Last year, the country unveiled the Entrepreneurial Nation initiative, which aims make the Emirates home to 20 unicorns — a term referring to start-ups valued at more than $1bn — by 2031, as well as to attract and expand small and medium enterprises.
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Q1, 2022 start-ups
- Letswork – an app that connects users with workspaces across the UAE via a single membership.
- Genify - an AI fintech company helping banks and other FinTech companies bring intelligent features to their consumer-facing offerings, thanks to powerful APIs.
- Zywa - the first neo bank for teenagers in Mena.
- Tickitto – provides a B2B marketplace for tickets to live events and cultural experiences so that consumer platforms can start selling tickets to customers and increase wallet share.
- DarDoc - provides primary healthcare services that aim to make accessibility of healthcare from anywhere a reality.
- Trade Capital Partners - a digital trade finance company that offers working capital solutions to small and medium-sized companies and growth start-ups in emerging markets.
- Dtonic Corporation - Dtonic is a big data solution provider specialising in technologies that process Spatio-temporal data quickly and efficiently.
- Alliance Care Technologies - provides analytical and productivity tools to hospitals, physicians, and patients.
- MonkiBox - an award-winning, research-driven early learning subscription program that supports babies’ cognitive and motor development.
- FinFlx - the first comprehensive gratuity platform in the MENA region to automate gratuity management, forecasting, and reporting.
- BridgerPay - a SaaS company that built a bridge between merchants and payment providers to manage multiple payment providers, save failed transactions and cart abandonment.
- Erad - a data-first web platform that allows SMEs to manage revenue and transform monthly recurring revenue into upfront capital.
- TAG - reimagining the essence of banking by equipping and empowering the segments that have long been ignored by brick-and-mortar banks.
- Purpl - it aims to become the partner of choice for the yearly $7BN remittances coming into Lebanon.
- Doctoori - provides high-quality, reliable, and easily accessible health information in Arabic.
- Ostaz - a digital educational platform that aims at promoting education.
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Results
2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)
2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash
3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly
3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson
4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer
4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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
