Rizek, an Abu Dhabi-based start-up, raised $3.5 million (Dh12.85bn) in seed funding that will help the service marketplace firm boost the regional gig economy.
The round of funding by strategic investors including Abu Dhabi Investment Office (Adio), E-tech investments, Rozana Investments and others took Rizek’s financing raised so far to Dh5m, it said in a statement on Saturday.
The company aims to increase job opportunities for gig workers, allowing them to earn service-based income through the portal, it said.
“Rizek is part of a new generation of start-ups thriving within the Abu Dhabi innovation ecosystem,” Adio’s director general, Tariq Bin Hendi, said. “Adio's investment will fuel the next stage of the company’s growth while helping to connect more freelancers and SMEs with potential commercial opportunities.”
Adio, a central government hub to support private sector investment in the emirate, invested in Rizek through its Ventures Fund, a Ghadan 21 initiative created to support innovation-focused start-ups in Abu Dhabi.
In light of the current economic challenges, Rizek said it intends to strengthen and maintain a fair marketplace, where customers get quality services at prices that is fair both to them and the provider.
“Most of the big cities in the region have a service-based economy. However, the way these services are delivered happens to be outdated and costly,” Abdallah Abu-Sheikh, founder and chief executive of Rizek, said.
“We at Rizek believe that the region needs an inclusive platform where customers can view all their options before commissioning the services.”
The start-up also plans to work with freelancers and SME service providers to improve their skills and help them land more opportunities. It also plans to work with government bodies to help their employees upgrade their skills.
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
