Shorooq Partners, an Abu Dhabi-based venture capital firm, launched SHFT Build, a founder programme for the Middle East, North Africa and Pakistan (Menap) region, aimed at supporting entrepreneurs.
The first edition of the programme will come at zero cost and zero equity for start-up founders, and will be focused on gaming technology, making it the first such platform in Menap, Shorooq Partners said.
The programme is being backed by Amazon Web Services, the cloud computing unit of the world's biggest e-marketplace, local entities Abu Dhabi Gaming and Sharjah Media City, game engine platform Unity Technologies, and regional companies Tamatem Games, Nifty Craft, Batal Gaming and Calyx.
"As investors, we have always played a proactive role in developing ecosystems within our core markets. SHFT as a platform was built to develop ecosystems around industries that are driving tomorrow's economy," Mahmoud Adi, founding partner of Shorooq Partners, said.
"This is to accelerate their development and support corporations, governments and founders to leverage opportunities presented by such industries."
The gaming market is booming worldwide after receiving a boost amid Covid-19 lockdowns over the past two years, and has become a lucrative business sector.
Globally, the industry has about three billion participants, according to gaming data provider Newzoo.
The market is expected to be valued at $339.95 billion by 2027, from $198.4bn in 2021 at a compound annual rate of 9 per cent, data from Mordor Intelligence shows.
Gaming market revenue in Mena and Turkey surged 15 per cent annually to $6.5bn in 2021, which is one of the highest in the world, according to RedSeer research released in January. The UAE, in particular, has become a gaming hotbed with mobile gamers on the rise. The Emirates was also ranked fifth globally for gaming influencers, according to a recent study by YouGov.
Participants of SHFT Build will be able to connect with teams who are developing technologies that are enhancing game efficiency, security, development and accessibility, all of which are expected to contribute to a holistic ecosystem.
SHFT Build will support founders looking to build start-ups in industries driven by frontier technology, such as GameTech, Web3 and blockchain applications, as well as CleanTech and ClimateTech, Shorooq said.
Game studios, developers, distribution platforms, developers of game engines and streaming platforms are encouraged to apply, with SHFT Build accepting founders from across the globe, it added.
Gaming is among the sectors highlighted in the Creatives Journey initiative, a major programme launched by the Dubai Culture and Arts Authority, and the Department of Economy and Tourism in December to support the creative economy.
The top 15 venture capital funds dedicated to gaming have about $5bn in assets under management as of this week — double what they had in mid-December — according to advisory firm Games One.
In December, Abu Dhabi Gaming and Mubadala Investment Company, the emirate's strategic investment arm, signed a preliminary agreement to develop an eSports ecosystem in Abu Dhabi in a bid to attract global talent and boost the local creative industry.
Founded in 2017, Shorooq Partners is the first regional VC company to be regulated by the Abu Dhabi Global Market and invests in Menap start-ups.
Last month, the company launched Bedaya Fund II, a $150 million fund aimed at supporting early-stage Menap start-ups that are active in FinTech, software, platform verticals and digital assets.
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
All or Nothing
Amazon Prime
Four stars
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
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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 Wednesday and the pair embraced but he failed to give her his backing as she cried a day earlier.
A spokesman said her upset was due to a personal matter.
Killing of Qassem Suleimani
ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
