DisruptAD, venture capital platform of Abu Dhabi's holding company ADQ, and Cairo-based seed and early stage venture capital firm, Flat6Labs, are launching a new start-up accelerator in the capital.
The new programme, called Ignite, will support early stage companies with Dh120 million in funding over three years and provide other benefits including office space and mentorship, the entities said in a joint statement on Wednesday.
It plans to invest in 20 start-ups every year.
This initiative is part of DisruptAD’s broader mission to support 1,000 start-ups over the next five years and create a local community of founders, fund managers, incubators and accelerators in Abu Dhabi.
“Flat6Labs’ presence in Abu Dhabi opens up exciting new possibilities, not only for this programme but for the long-term evolution of Abu Dhabi as a global start-up destination,” Ramez El-Serafy, chief executive of Flat6Labs, said.
“Together, we will harness our accumulated knowledge and experience to better serve the entrepreneurial ecosystem and create unique opportunities for promising start-ups.”
Applications for the first cycle will be open until April 30. Selected companies will get an opportunity to benefit from a seed investment worth up to Dh550,000, together with follow-on funding of up to Dh2m.
Start-ups will also receive customised support designed to help them scale and grow their businesses to become regional champions, Flat6Labs said in a statement. The programme will organise Flat6Labs demo days and support fundraising needed for start-ups to flourish in Abu Dhabi, it added.
Founded in 2011, Flat6Labs has invested in more than 300 start-ups with a combined investment value of around $35 million, creating more than 8,000 jobs across various industries in Middle East and North Africa region, the company said.
Currently, it is managing a number of seed funds with total assets under management exceeding $45m, with more than 20 institutional investors and limited partners.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
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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
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Pakistan T20 series squad
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
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- Tom Ince (winger): signed from Derby County for £7.7m
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- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
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THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
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UAE central contracts
Full time contracts
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Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
