Dubai’s co-working platform Letswork agreed to buy Krow, a Portugal-based competitor, for an undisclosed amount.
Founded in 2019, Letswork enables users to work from a network of co-working spaces, hotels and cafes around the world through a single membership.
The acquisition, which marks the start-up's entry into the European market, comes at a time when it is “looking at expansion opportunities in the growing future of work sector”, Letswork said in a statement on Tuesday.
We are excited to be flagbearers of the UAE across Europe and beyond
Omar Almheiri,
co-founder and chief technology officer of Letswork
“As remote working becomes a permanent part of people’s lives, Letswork has been successful in building a loyal customer base in the UAE. We can’t wait to replicate this success in new markets,” Hamza Khan, co-founder and chief executive of Letswork, said.
As a part of the deal, Krow’s founders – Paulo Palha and Joana Balaguer – will join Letswork as country managers for Spain and Portugal, respectively, the Dubai start-up said.
“Krow has always believed in working together with the right partners and the acquisition has given us a chance to be a part of a much bigger family with the same vision,” Mr Palha said.
Founded last year, Krow offers a growing network of remote work points in Portugal.
Using Letswork’s channel, users can also rent meeting rooms, offices and creative spaces through the on-demand booking platform. The platform has partnered with more than 150 spaces across the UAE and Bahrain, with more than 30,000 members from freelancers to remote working corporations.
“Being one of the first Emirati-founded tech start-ups to expand globally is a major milestone,” said Omar Almheiri, co-founder and chief technology officer of Letswork.
“We are excited to be flagbearers of the UAE across Europe and beyond.”
Letswork aims to add as many as 1,000 spaces across its network by the end of this year. It is also looking at other markets in a bid to strengthen its product, it said.
The company had recently raised an undisclosed sum from Silicon Valley-based 500 Global, Saudi Arabia-based Sanabil Investments and other angel investors.
It was also one of three start-ups to launch out of Emaar Properties’ E25 entrepreneurship programme. The company counts Hilton, Marriott, Accor and Emaar Hospitality Group among its clients.
Last year, it launched one of the world’s first integrated booking platforms for hotel meeting rooms. This software-as-a-service solution enables hotels to provide real-time availability, control and intelligence across their meeting and business centre facilities to customers looking for short-term workspace solutions.
The%20specs
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%C2%A0profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
England-South Africa Test series
1st Test England win by 211 runs at Lord's, London
2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham
3rd Test July 27-31 at The Oval, London
4th Test August 4-8 at Old Trafford, Manchester
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
The five pillars of Islam
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
