London Technology Club, an exclusive community of wealthy investors, is opening its first overseas investment hub in Dubai as it looks to tap a growing membership base in the Middle East and North Africa region.
The networking club, which matches investment opportunities in the technology sector with high net worth investors, chose the emirate for its first international base after its UK members called for meetings to be held there.
“We already intended to expand and become a global forum and network but more and more members were asking us, what about Dubai? It was a natural step for us as our first international offering,” Simon Pavitt, chief operating officer of LTC, told The National.
Founded in 2018 by London-based entrepreneur and investor Konstantin Sidorov – one of the early investors in Spotify whose other notable exits include Airbnb and Lyft – the LTC is an exclusive community of family offices, private and institutional investors, venture capital firms, entrepreneurs and technology experts.
The Club offers co-investment, thought leadership and relationship-building opportunities in the tech sector, hosting two events a month and offering access to competitive VC funds with attractive returns.
“At the events, we present members with founders or investment opportunities and also share ideas around thought leadership and where we believe the world is heading from technology point of view,” Mr Pavitt said.
More than half of the 87 members in London are ultra high net worth or high net worth individuals, he said, while 15 members are VC firms and the rest are made up of institutional investors such as Barclays Wealth and UBS.
“We're a mixture. We're all about bringing together VCs, tech pioneers, influencers et cetera and then investors to talk investments,” Mr Pavitt said.
In London, individual membership costs £8,000, while a corporate partner or VC pays £15,000 and institutional investors are charged £25,000.
In Dubai, membership will be charged at the equivalent of Dh40,000, Dh70,000 and Dh125,000 respectively.
The decision to expand to Dubai was fuelled by its members, Mr Pavitt said.
“We noticed more of our members were spending more time in Dubai, whether that's setting up businesses, investing or moving their family over there,” he said.
“It almost became a bit of a running joke that when we talked about our Christmas party, asking our members where they would be for the winter, they all said Dubai.”
LTC will have a bricks and mortar office in Dubai through its partnership with venture capital firm and LTC member Global Ventures, with the Club looking to grow its membership base in the UAE and wider region by a calendar of events.
Its first Dubai event for 70 guests was hosted at restaurant The Maine in Business Bay during the World Blockchain Summit this month. There are other events planned for Dubai and Abu Dhabi this year.
The UAE is a “natural place for people to convene,” said Mr Pavitt, adding that there is “a huge buzz” in the country around technology and progress with the company eyeing up investment opportunities in mobility, AI, FinTech, cyber security, DeepTech, BioTech, FoodTech and impact investments.
“Dubai is definitely a focus for us going forward. There's been a few marquee signature companies that have been built out of the region – its path to build unicorns has become clear,” he said.
With more wealthy investors looking at growth stage technology companies as part of a mixed portfolio, Mr Pavitt said there is an increasing appetite in the region for tech investments.
Future locations for potential LTC hubs include Geneva, Zurich, Miami, Berlin or Singapore, but choosing Dubai first “is a testament to the region and to Dubai, as a city”, Mr Pavitt said.
LTC has a long record of targeted investments, listing Revolut, Klarna and ATAI Life Sciences among its members’ direct investment portfolio.
“A lot of our opportunities are relatively well known brands,” Mr Pavitt said.
“But we like to say that venture capital is an access class, not an asset class with the ability to unlock these opportunities the main problem for investors. That's what we help unlock.”
Noor Sweid, general partner at Global Ventures, said Dubai, “a city bustling with entrepreneurs”, along with the wider Mena region has “become a global hotspot for tech innovation".
“It is also a part of the world that continues to attract sophisticated investors who see it as an ideal place to settle with their businesses and families,” she added.
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman
T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
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
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
More from Rashmee Roshan Lall
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
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
More from Neighbourhood Watch:
The years Ramadan fell in May
The five pillars of Islam
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Killing of Qassem Suleimani
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
Farmin – smart cities
Greener Crop – agriculture
Ipera.ai – space digitisation
Lune Technologies – fibre-optics
Monak – delivery
NutzenTech – environment
Nybl – machine learning
Occicor – shelf management
Olymon Solutions – smart automation
Pivony – user-generated data
PowerDev – energy big data
Sav – finance
Searover – renewables
Swftbox – delivery
Trade Capital Partners – FinTech
Valorafutbol – sports and entertainment
Workfam – employee engagement
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
Major matches on Manic Monday
Andy Murray (GBR) v Benoit Paire (FRA)
Grigor Dimitrov (BGR) v Roger Federer (SUI)
Rafael Nadal (ESP) v Gilles Muller (LUX)
Adrian Mannarino (FRA) Novak Djokovic (SRB)
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
T20 SQUADS
Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
