Crowdfunding is the process of raising capital by asking a large number of people, often over the internet, to give small sums of money. However ubiquitous it might be today, it has, quite literally, indie origins. According to Fundable, a major crowdfunding platform, the first successful example of its use was in 1997, when a British band used it to raise money for a tour.
It has come a long way since then, with governments and big business now using it as a strategy for growth. In 2012, former US president Barack Obama signed the Jumpstart Our Business Startups Act, which legalised equity crowdfunding. In 2018, its global market size was worth $84 billion.
Now, this modern way of raising money is set to play an important part in the UAE's economy. At the final Cabinet meeting to be held at Expo 2020 Dubai, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced that the government had approved the use of crowdfunding in the public and private sectors to finance new projects and encourage entrepreneurship and innovation. This will be done via the new UAE System for Crowdfunding Platform Operators, which will be regulated by the Securities and Commodities Authority.
The rise of start-ups and venture capital firms in modern business has shown that innovative revenue sources are perhaps as important for success as the marketability of new products. The government's decision to bring itself closer to these modern trends is an attempt boost flexibility and variety in its markets, and strengthen the UAE's wider goal of economic diversification.
Supporting the private sector, particularly small and medium size enterprises, is part of this strategy. Unlike government projects, creating this environment cannot be controlled centrally. Instead, it can only be encouraged and supported. Bridging the gap between the public sector and private firms by allowing both to access crowdfunding should help edge the UAE towards an economy where both parties work better together.
In the same session, a new law was announced that will allow many retail businesses to list on the country's financial markets to attract new commercial relationships. This comes as part of Dubai's plans to list 10 government and state-owned companies on the emirate's financial market, hoping to increase its value to more than $815bn. Just one public offering of Adnoc Drilling raised $1.1bn last October.
In a sign of quite how much it takes to build a leading economy in the 21st century, not all the announcements were about money and enterprise. The Cabinet also adopted the UAE Gender Balance Council Strategy 2022-2026, which seeks to bring more women to leadership positions. A new system to compensate victims of workplace injuries in the private sector was also revealed.
Expo 2020 Dubai is coming to a close in the Emirates, but the country's focus on some of the event's key themes, such as innovation, business and inclusiveness, is not. By holding meetings at the site – which itself will transform into a new commercial and residential district – the country's leaders are offering signs of how they plan to ensure a strong and prosperous future.
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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COMPANY%20PROFILE
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U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
