UAE-based financial technology start-up Monami Tech closed a seed funding round of $1 million, the first of additional financing rounds that will help the company expand across the Arabian Gulf region.
The money raised is the first tranche of a total series A round that is expected to raise over $3m and will close over the next 90 days. The lead investor is PGH Holdings, an investment vehicle led by American payments innovator Henry Helgeson, the founder and chief executive of Massachusetts-based Cayan, a provider of payment technologies and merchant services.
“Our US-based investors and strategic partners will play a key role in helping Monami Tech achieve its strategic objectives,” said Ammar Afif, founder and managing director of Monami Tech, which specialises in helping financial services companies leverage the benefits of digital technology to enhance customer experience.
In the Middle East region, funding available to fintech start-ups has surged by 270 per cent in 2017 alone, according to Wamda, a platform of integrated programs that aims to accelerate entrepreneurship ecosystems throughout the Mena region. It is also expecting the number of fintech players to go beyond 250 in 2020.
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“We are excited to partner with the management team of Monami Tech as they try to innovate and disrupt the instant lending landscape,” said Paul Vienneau, chief technology officer at Cayan, who will take a board seat on behalf of PGH as part of this investment.
Monami's expansion includes Bahrain and Saudi Arabia, the Arab world's largest economy.
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
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