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.
Honeymoonish
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The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
