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Capital adequacy of applicants to be assessed on a case-by-case basis
Saudi Arabia's central bank is reviewing licence requests for two digital banks to operate in the kingdom, the Saudi Arabian Monetary Authority (SAMA) confirmed to Zawya on the phone.
“Work is underway to evaluate these two licence requests,” Yazeed Alsheikh, director for general of banking control at SAMA, was earlier quoted as saying in local daily Aleqtisadiyah.
He added that the policy for granting licenses for digital banks is done through a comprehensive evaluation process that takes into account what added value a provider can bring to the Saudi banking sector.
Earlier this week, SAMA issued licensing guidelines for digital-only banks in Saudi Arabia.
It stipulated that online banks must set up as a locally incorporated joint-stock company and maintain a physical presence in the kingdom.
The Saudi regulator will assess the adequacy of capital of applicants “on a case-by-case basis considering the scale, nature and complexity of the operations,” SAMA said.
source: zawya
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Advisers and investors said that the Foreign Capital Investment Law will contribute to establishing new investment entities and open up investment and employment opportunities in the Sultanate, directly or indirectly.
The new law will help combat illicit trade and regulate the labour market, said observers, noting that the Sultanate’s business infrastructure is now ready to attract investments, with penalties stated in the new law serving as a deterent against fraud.
Ahmed bin Abdulkareem al-Hooti, Oman Chamber of Commerce and Industry (OCCI) Board Member, said that the Foreign Capital Investment Law is an element among a set of laws that regulate commercial and economic activities, as well as investment in general.
Al-Hooti pointed out that the Foreign Capital Investment Law also functions alongside the Law on Partnership Between Public and Private Sectors, Privatization Law, Investment Law and Bankruptcy Law. This is in addition to the establishment of the Commercial Arbitration Centre, which will help investors in decision making.
Meanwhile, Dr. Yousef bin Hamad al-Balushi, CEO of Investment Smart Portal, said that investment, in general, and foreign investment, in particular, assume great significance in any development process, and this prompts all countries to grab investment opportunities.
He added that there is currently an urgent need to speed up steps towards encouraging and attracting investments, locally and internationally, for a variety of realities dictated by the growing stage, which has almost attained its prime in infrastructure and legislations.
This, in turn, dictates transformation into a new model that is capable of yielding fruits, in terms of major investments, and maximizing benefits from the Sultanate’s preparedness and high status among world countries.
The Foreign Capital Investment Law enables the investor to exclusively own the land of a project or share it with another foreign investor or Omani investor, said Dr.
Adil al-Maqdadi, a former Associate Professor, Faculty of Law, Sultan Qaboos University (SQU), an advocate and legal adviser at the Office of Dr.
Ahmed Said al-Jahwari Legal Consultants. This law has not imposed any bottom-line capital for his company, unlike the previous law, which imposes a minimum of RO15,000 for approaching an investment venture.
source: omannews
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The Annual Investment Meeting is All Set to Launch the UAE Emirates Startup Roadshow on 17th and 20th September, 2020
19 Aug 2020 Written by Admin AdminThe Annual Investment Meeting in partnership with their Sustainable Partner, Bedayat by Sustainable City presents the UAE Emirates Startup Roadshow to be held on 17th and 20th September, 2020.
Aligning with precautionary measures, smart solutions and a resilient environment, the UAE Emirates Startup Roadshow is all set to cover four emirates: Dubai, Ras Al Khaimah, Abu Dhabi, Sharjah across an agile platform.
Two competitions will be hosted on one day beginning in Dubai, Ras Al Khaimah following with Sharjah and Abu Dhabi respectively. The chosen winners will receive numerous benefits such as access to all the features of Digital AIM 2020 -- a special digital edition of The Annual Investment Meeting, this year.
In addition, the winners from all emirates will also be provided with a virtual exhibition kiosk, a viable chance at potential meeting with investors and access to participating at the AIM Global National Champions League 2020, for a prize of USD 50,000 (USD10,000 per winner)
In collaboration with the Annual Investment Meeting’s Sustainable Partner, Bedayat at the Sustainable City, an active initiative has been taken to organize mentoring sessions prior to the pitch competition and provide 4 winners from each emirate a tour at Sustainable City along with a workshop.
Mr. Karim El-Jisr, Chief Sustainability Officer at Diamond Developers and Executive Director for SEE Institute said, “The UAE Emirates Startup Roadshow is a smart initiative that provides the necessary resources for businesses to move to the next stage of growth by encouraging diversification, determination and efficiency.
Our Sustainable Partner, Bedayat at the Sustainable City is going to add an exceptional touch by organizing a mentoring session prior to the competition. This is indeed very special as UAE is the home base for AIM.”
UAE is home to various futuristic, smart and resilient projects, with potential start-ups gaining recognition round the clock.
In 2020, investments in Middle East start-ups are set to exceed $1bn.
In addition, the UAE has accounted for 60% of total funding across the Middle East and North Africa. MENA's startups have seen a steady increase in funding in Q1 2020. $277M was invested in 108 startup investment deals in MENA, an increase of 2% in total funding from Q1 2019 to Q1 2020 as derived from data platforms, MAGNiTT and SME10x.
The Annual Investment Meeting cordially invites all keen investors looking to expand their business portfolio across the emirates to participate in a ground-breaking experience - the UAE Emirates Startup Roadshow.
Fetchr secured at least $15 million in fresh funding to expand in Saudi Arabia as part of a turnaround plan that saved the Dubai-based courier app from collapse.
The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25 million, according to documents seen by Bloomberg. The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show.
Fetchr’s interim Chief Executive Officer Mazen Mamlouk confirmed the details of the financing round.
The company, which offers delivery and logistics services to e-commerce firms, late last year had to consider selling the business or filing for bankruptcy due to a “rapidly diminishing” financial performance. It was able to raise $10 million in bridge finance, which diluted existing shareholders to almost zero, according to a letter to investors seen by Bloomberg in December.
One of Middle East’s Largest Startups Narrowly Averts Collapse
Since then, the company has brought in new management, reduced the rate at which it burns cash and closed operations in Jordan, Bahrain and Oman, according to the latest documents. It also cut about 1,230 jobs.
Mamlouk will soon pass the reins to Hussein Wehbe -- the former managing director of United Parcel Service Inc.’s Middle East business - but will remain as an adviser with Fetchr, he said by phone.
Representatives for BECO, CMA CGM and Tamer Group didn’t immediately respond to emails seeking comment.
Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300 million in a 2017 fund-raising round. Silicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital were among its backers.
Fetchr’s turnaround is overseen by prominent businessmen such as Iyad Malas, the former chief executive officer of Majid Al Futtaim, Gate Capital founder Munther Hilal and Hussein Hachem, who led logistics firm Aramex for five years.
source: bloomberg
Dubai Chamber Prioritizing CSR Initatives Made Businesses Respond Better To The COVID-19 Crisis
31 Jul 2020 Written by Admin AdminA Dubai Chamber survey showed that giving importance to employee health, safety, and wellbeing helped the business community in responding maturely to the crisis and ensuring business continuity.
Businesses in Dubai that prioritized corporate social responsibility (CSR) initiatives have been able to better respond to the COVID-19 crisis, as per a recent study carried out by Dubai Chamber of Commerce and Industry’s Centre for Responsible Business.
The survey, conducted in May and June 2020, showed that giving importance and adhering to institutional guidelines on employee health, safety and wellbeing, has helped the business community in responding maturely to the crisis and ensuring business continuity.
This study is a follow up to an in-depth report recently published by Dubai Chamber, entitled Corporate Social Responsibility in Dubai: Current Practices, Challenges and Future Opportunities, which revealed that more businesses now consistently engage in CSR initiatives that suit and align with their business strategies.
Referring to recent CSR activities, respondents to the survey said they considered such efforts as an obligation or “the right thing to do” as opposed to viewing them as activities that help gain better reputation for the firm.
The study also showed that other factors such as digital preparedness, advanced IT infrastructure, and technically aware employees have helped Dubai businesses in ensuring a smooth transition to remote working structures.
However, with restrictions on face-to-face meetings and events, many surveyed organizations have stated that they quickly shifted employee volunteering activities to digital platforms, to explore new ways of creating social impact and giving back to the community.
Over 70% of surveyed organizations reported that the board of directors are involved with CSR initiatives, while 68% of respondents reported advanced CSR practices with employee volunteering.
Overall, 76% of responding Dubai companies were found to be engaged in CSR initiatives.
Findings in the comprehensive report show that “improving the community” was the top motivating factor behind CSR initiatives for 80% of companies, while “improve revenue” was the least motivational factor.
source: entrepreneur
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued law No. (4) of 2020 on Saturday, outlining the regulations governing drone activity in Dubai, a statement issued by the Dubai Media Office said.
The law aims to reduce risks associated with drone activity and specifies the duties and responsibilities of relevant authorities. The new law also seeks to help Dubai promote itself as a hub for drone manufacturing, smart transportation and innovation in the sector, and enable public and private entities to use drones and provide drone-related services.
The law applies to the activity of all types of drones across Dubai and its free zones. Drones that are used for military purposes are exempted from this law. However, they should coordinate with the Dubai Civil Aviation Authority to ensure safety and avoid endangering civil aviation operations.
Rules for flying drones in the emirate were first introduced in 2017.
Dubai Civil Aviation Authority
According to the law, the Dubai Civil Aviation Authority is tasked with overseeing the implementation of the law and managing all related operations and activities in line with federal legislations and international treaties and conventions. This also includes monitoring and controlling drone activity in their designated airspace and outlining the conditions and procedures for issuing permits and conducting trials.
The DCAA is also tasked with identifying and approving the designated areas and heights within which the operations and trials of drones can be conducted.
Dubai Air Navigation Services
Dubai Air Navigation Services is tasked with streamlining the activity of drones within Dubai's airspace and demarcating the airspace within which they can operate in order to support Dubai Civil Aviation Authority in monitoring drone activity.
Dubai Air Navigation Services is also tasked with providing air navigation services and air traffic movement and meteorological information to drone operators so that they can operate safely.
Dubai Aviation Engineering Projects
Dubai Aviation Engineering Projects is tasked with setting specifications, standards and conditions for 'Drone Airports' and presenting them to the Dubai Civil Aviation Authority for approval. Dubai Aviation Engineering Projects is also tasked with ensuring the design and plans of 'Drone Airports' are aligned with urban plans and transportation regulations in the city.
Dubai Police
The law tasks Dubai Police with managing all the security aspects of drone activity and coordinating with the Dubai Civil Aviation Authority to put in place security measures to prevent the illegal use of drones and crimes committed by using drones, as well as measures to deal with the loss of control of drones, especially when they are flying outside their designated areas and not complying with regulations.
Licence for drone activity
According to the law, all drone-related operations require a licence from the Dubai Civil Aviation Authority. It outlines the conditions for the use of drones and various permitted drone activities including those that are related to government operations, commercial activity, scientific and research activities, leisure, or activities specified by the Dubai Civil Aviation Authority's Managing Director.
The DCAA Managing Director is also in charge of listing the permitted categories for drone operations in Dubai. Anyone who possesses a drone should register it with the Dubai Civil Aviation Authority.
The Dubai Civil Aviation Authority, in coordination with the Telecommunications Regulatory Authority, is tasked with outlining the procedures for the use of radio frequencies for drones and their systems and remote-control stations.
As per the law, a permit from the Dubai Civil Aviation Authority is required for developing infrastructure for the operation of drones. The permit will be issued in coordination with the Dubai Aviation Engineering Projects and other relevant authorities, in accordance with relevant regulations and conditions.
The law prohibits any person from establishing or operating airports for drones or making any modification on such facilities before obtaining a permit from the Dubai Civil Aviation Authority. This permit will be issued in coordination with the Dubai Aviation Engineering Projects and other concerned authorities.
When using airports and airstrips, drone operators must comply with the rules and safety standards set by the Dubai Civil Aviation Authority.
Refueling, power and operational safety certificate
In accordance with the law, a permit from the Dubai Civil Aviation Authority is required to supply drones with fuel or power. This permit will be issued in coordination with the Dubai Aviation Engineering Projects and other relevant authorities.
Prior to operating drones, its systems and airport strips, operators are required to obtain an operational safety certificate.
Mandatory guidelines for operating drones
The law specifies the guidelines that operators, pilots, supervisors and crew members should comply with including safety requirements and procedures, manufacturer's instructions, and security requirements set by the Dubai Civil Aviation Authority in coordination with the Dubai Air Navigation Services and relevant authorities.
Use of airspace
The airspace and areas designated for drones will be determined by the Director General of the Dubai Civil Aviation Authority. The Dubai Air Navigation Services is responsible for determining the air routes in which drones may fly according to pre-planned and approved procedure set out by the Dubai Civil Aviation Authority.
Controlled airspace and prohibited areas
In accordance with the law, all individuals, other than authorised personnel, are prohibited from operating drones in controlled airspaces designated for civilian or military aircraft.
The Dubai Civil Aviation Authority may allow select drone operations in controlled airspace in accordance with specific regulations, provided they do not affect civil aviation.
All individuals are prohibited from operating drones in restricted and dangerous areas.
The Dubai Civil Aviation Authority in coordination with Dubai Police may allow government agencies to use drones for security, rescue, firefighting, surveillance or other purposes that are in the public interest.
Drones for public services
Subject to the approval of the Dubai Civil Aviation Authority, government authorities may use drones for providing public services, control and inspection processes, data collection and statistics, ambulance services, firefighting, traffic monitoring, conducting monitoring required for environmental, health, planning and construction compliance, infrastructure, ports, beaches, sea ports, air surveys, and search and rescue operations, in accordance with the regulations adopted by the Dubai Civil Aviation Authority.
Acts of unlawful interference
According to the law, acts of unlawful interference, which endanger the safety of civil aviation and air transport include illegal seizure of drones, illegal control of their operating systems, any act that is deemed illegal as per regulations, and installation of any weapon, device or dangerous substance or prohibited materials on drones. Any individual who carries out any of these acts is subject to legal action.
Confidentiality and data protection
Anyone who uses a drone must take all necessary measures to avoid violating the privacy of individuals, as well as the privacy of private property and commercial assets and maintain the confidentiality of legally protected data.
Using recording, photography or remote sensing equipment to violate the freedom and privacy of individuals or families, as well as photographing facilities, buildings and restricted or prohibited areas without authorisation from concerned entities, and installing any equipment to collect information and data illegally, are strictly prohibited by law.
Punishments, violations and compensation for damages
Without prejudice to any other legislation, tough penalties including imprisonment and/or fines, could be applied to anyone who endangers the safety and security of the airspace, or designs, manufactures, assembles or modifies drones and its systems, and develops simulation and training systems, or imports or sells drones, parts or systems in the Emirate without permission from the Dubai Civil Aviation Authority, as well as anyone who operates drones in violation of the provisions of the new law.
Any individual causing damage due to drone operations shall be responsible for damage compensation and removal of the cause of damage during the period determined by the Dubai Civil Aviation Authority.
In case of delay, the Authority is authorised to remove the cause of damage, in addition to charging the person or party responsible for the damage 20 per cent of the cost of removing the damage.
Anyone with a grievance may submit a written appeal to the Director General of the Dubai Civil Aviation Authority (DAA) against the decisions, procedures or measures taken against him or her in accordance with this law, within 30 days of the date of the actions. The grievance will be reviewed within 30 days of its submission by a committee formed by the Director General of the Authority.
Apart from decisions made by the Chairman of The Executive Council of Dubai in accordance with the provisions of this law, the Director General of the Dubai Civil Aviation Authority shall issue the decisions required to implement the provisions of this law. Any provisions of other legislations that conflict with or contradict the provisions of the new law shall be considered void.
The law will be published in the Official Gazette and is effective from the date of its publication.
source: khaleejtimes
أبو ظبي تعلن عن مشروع "ائتلاف المشاريع الناشئة" دعماً لرواد أعمال المنشآت الصغيرة والمتوسطة
03 Jul 2020 Written by Admin Adminأعلنت دائرة أبو ظبي للتنمية الاقتصادية في 2 يوليو/تموز عزمها تنفيذ مشروع "ائتلاف المشاريع الناشئة الصغيرة والمتوسطة" وذلك بالتعاون مع أكثر من 40 جهة حكومية وبمشاركة من الحكومة الاتحادية والفعاليات الاقتصادية في القطاع الخاص.
مشروع استراتيجي وأهداف طموحة
تأتي أهداف المشروع بحسب رئيس دائرة التنمية الاقتصادية السيد محمد علي الشرفاء، لتسهيل التبادل المعرفي والابتكار ودعم وتعزيز التنافسية للشركات الناشئة الصغيرة والمتوسطة حيث يركز المشروع على الشركات الناشطة في المجالات التي تتطلب مهارات عالية لاسيما في قطاعات الرعاية الصحية وتقنية المعلومات والحلول المبتكرة. كما يستهدف المشروع دعم رواد أعمال المشاريع الصغيرة والمتوسطة بناءً على تقييم ودراسة وضعها الحالي، إستناداً إلى التجارب الدولية في هذا المجال.
وعد رئيس دائرة التنمية الاقتصادية هذا المشروع "مشروعاً استراتيجياً" يأتي في إطار حرص حكومة أبوظبي على تعزيز وتمكين دور الشركات الناشئة الصغيرة والمتوسطة للمساهمة الفاعلة في الناتج المحلي الإجمالي لإمارة أبوظبي معتبراً بأن قطاع الشركات الناشئة الصغيرة والمتوسطة محرك أساسي للنمو الاقتصادي للإمارة ودولة الإمارات بشكل عام، ويأتي تعزيز قدرته التنافسية ودعم منظومة الابتكار في أعماله هدفاً استراتيجياً لتحقيق رؤية قيادة حكومة دولة الإمارات للخمسين عاماً المقبلة.
تحديد للأدوات والوسائل وتعيين لجان
وفي إطار تنفيذ المشروع، حددت دائرة التنمية الاقتصادية الأدوات والوسائل لتمكين تحقيق أهداف المشروع، ويأتي أهمها: إنشاء منصة رقمية، تنظيم ورش عمل، وإعداد برامج ريادة الأعمال، بالإضافة إلى إقامة دورات تدريب وتأهيل وإعداد الدراسات الاستقصائية والتحليلية وعقد جلسات نقاش مفتوحة مع أصحاب المشاريع والجهات الحكومية الداعمة.
كما حددت الدائرة عدداً من اللجان المعنية بتحقيق أهداف المشروع وهي: اللجنة التوجيهية لاتخاذ القرارات ووضع السياسات الداعمة، اللجنة الاستشارية المكونة من فريق متخصص يشرف على آليات العمل بين جميع الأطراف المعنية، ولجنة التعاون المكونة من قادة وفرق العمل مهمتها الإشراف على التنفيذ، ومكتب الدعم الخاص بمبادرة دائرة التنمية الاقتصادية في أبوظبي.
موقع المشاريع الصغيرة والمتوسطة ومساهمتها في اقتصاد أبوظبي
تشير بيانات مركز إحصاء أبوظبي إلى أن إجمالي أعداد المشاريع متناهية الصغر والصغيرة والمتوسطة في إمارة أبو ظبي تبلغ 54 ألفاً و234 منشأة وتمثل نحو 92% من إجمالي الشركات المسجلة في دائرة أبوظبي، فيما تبلغ القيمة الإجمالية لإنتاجها حوالي الـ 324 ملياراً و741 مليوناً و88 ألف درهماً، بنسبة مساهمة تبلغ حوالي الـ 34% من إجمالي الناتج المحلي لإمارة أبوظبي، وذلك بحسب إحصاءات عام 2018.
تتنوع أنشطة المشاريع الناشئة والصغيرة والمتوسطة والكبيرة ما بين التعدين واستثمار المحاجر والصناعات التحويلية ومشاريع إمدادات الطاقة والقطاع الصحي والنقل بالإضافة إلى نشاطها في قطاع المعلومات والاتصالات والتكنولوجيا المالية والتأمين والعقارات وأنشطة أخرى.
وتشهد إمارة أبو ظبي في الأعوام السابقة اهتماماً كبيراً من الجانب الحكومي للمشاريع الناشئة والمشاريع الصغيرة والمتوسط، ومن ضمن ذلك إطلاق غرفة تجارة وصناعة أبو ظبي جائزة "المنشآت الصغيرة والمتوسطة" في عام 2018، بالإضافة إلى عدد كبير من مبادرات التمويل والتدريب والتأهيل لأصحاب المنشآت الصغيرة والمتوسطة، ويأتي هذا في إطار الخطة الحكومية الرامية إلى تنويع الاقتصاد الإماراتي والتقليل من اعتماده على الواردات النفطية وتحقيق أهداف التنمية المستدامة.
Abu Dhabi's ADQ launches Dh1.1bn fund to invest in Asian start-ups
01 Jun 2020 Written by Admin AdminThe fund will help early-stage Indian and Southeast Asian companies to set up base in Masdar City
ADQ, one of the region’s largest holding companies, launched a Dh1.1 billion venture fund to invest in early-stage Indian and Southeast Asian start-ups and help them set up a base in Abu Dhabi’s Masdar City.
Alpha Wave Incubation (AWI) Fund will be based at the emirate’s financial hub, Abu Dhabi Global Market, the company said in a statement on Wednesday. The programme will be managed by New York-based Falcon Edge Capital.
AWI will help the budding Asian businesses gain market access to the UAE and the broader Middle East North Africa region.
These companies will benefit from the “exceptional digital infrastructure” already in place as well as highly advanced regulatory frameworks and other R&D initiatives, it said.
“As a national champion for the Abu Dhabi government, we are working to embed a performance culture across our broad portfolio that includes many of our emirate’s most important strategic commercial entities,” Mohammed Hassan Alsuwaidi, chief executive of ADQ, said.
ADQ is looking to maximise long-term impact of its investment on society, and will invest in companies that are “pioneering cutting-edge technologies and developing new and innovative business models”, he said.
“Nurturing Abu Dhabi’s start-up ecosystem will attract entrepreneurial talent, create jobs and other opportunities, particularly for those working in data science, artificial intelligence and other knowledge-based industries,” Mr Alsuwaidi said.
Mayank Singhal, head of venture capital and technology at ADQ, said AWI will help the company invest in start-ups that will generate sustainable, long-term financial returns and bring young entrepreneurs to Abu Dhabi.
"We will aim to support them in ways that accelerate their development to create a new wave of winners in the tech landscape," he said.
"These start-ups will also benefit from access to ADQ’s leading companies in sectors such as healthcare, food and agri-business, utilities and FinTech.”
ADQ, formally known as Abu Dhabi Developmental Holding Company, has a portfolio of conglomerates, spanning key sectors of Abu Dhabi’s non-oil economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.
Its portfolio includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services (Seha), insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company, among others.
Last week ADQ agreed to acquire a 50 per cent stake in Al Dahra Holding, an Abu Dhabi-based multinational animal feed and essential food commodities specialist firm, as it expands its portfolio of food and agriculture businesses.
The move is part of state-controlled ADQ’s strategy to support the country's agri-foods sector ecosystem and boost sustainable and diversified food supply in the UAE, it said in a May 13 statement.
In April, ADQ fully acquired National Petroleum Construction Company after buying 30 per cent stake it did not control from minority shareholder Consolidated Contractors International Company for an undisclosed sum.
Abu Dhabi–based NPCC is an engineering, procurement and construction company involved in a number of oil and gas projects in the GCC, South Asia and Southeast Asia.
source: thenational
Total gross deposits of private sector in UAE banks hit AED1.076 trillion in March
02 May 2020 Written by Admin AdminThe total gross deposits of the private sector in the UAE banks amounted to circa AED1.076 trillion by the end of March 2020, a 1.7 percent growth of AED18 billion from AED1.058 trillion in December 2019, figures by the Central Bank of the United Arab Emirates have shown.
These deposits account for around 58 percent of the total gross deposits held by the UAE banks, which stood at around AED1.852 trillion by the end of the same month.
In the meantime, the domestic credit to private sector amounted to AED1.149 trillion, a growth of 1.3 percent from AED1.134.6 trillion in December 2019.
The growth in private sector credit is a significant indicator of its contribution to economic activity and reflects increase in the sector's investment activity.
source: wam.ae
Dubai Startup Hub Launches Weekly Digital Meetup Series To Support Entrepreneurs
02 May 2020 Written by Admin AdminThe move is in line with its support of business continuity and commitments towards fostering entrepreneurship in the Emirate following the global novel coronavirus (COVID-19) outbreak.
Dubai Startup Hub, an entrepreneurship initiative of Dubai Chamber of Commerce and Industry, has taken its events online to support new members, as well as continue delivery of all its programs and activities digitally.
The move is in line with its support of business continuity and commitments towards fostering entrepreneurship in the Emirate following the global novel coronavirus (COVID-19) outbreak.
The digital initiatives are also geared towards helping startups sustain and grow amid challenging market conditions as a result of the ongoing pandemic.
Dubai Startup Hub will also launch an additional service to support startups with online mentorship during these extraordinary circumstances. The mentorship will include specialized entrepreneurship guidance and support with reviewing business models, improving and rehearsing investor pitches, and navigating the current business environment.
Natalia Sycheva, Manager of Entrepreneurship, at Dubai Chamber of Commerce and Industry, said in a statement that the smart transformation of services has become an urgent necessity for all institutions who serve innovators and entrepreneurs today.
“Organizing a digital networking platform and delivering educational and acceleration programs online is an important step that allows us to continue serving entrepreneurs at all times and enhances Dubai’s position as a global destination for entrepreneurship,” she said.
Sycheva added that entrepreneurs have been keen to use modern technology in exploring new business ideas and finding solutions to address current business challenges.
“The live interaction of participants with the moderators and among each other encourages them to explore new features and formats of this kind of webinars, which save time and effort, and facilitate a positive competitive environment,” Sycheva noted..
Dubai Startup Hub, launched by Dubai Chamber in 2016, embodies the value of public-private partnership to encourage innovation and entrepreneurship, and is a valuable resource for entrepreneurs in Dubai.
Being a part of the Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a variety of programs and services.
source: entrepreneur
Dubai Chamber Launches 10 Weeks Online Pitch Bootchamp for Smartprenuer 5.0 Competition Finalists
02 May 2020 Written by Admin Admin50 startup finalists who qualified for the second phase of the Dubai Smartpreneur Competition have enrolled in 10-week online bootcamp
Dubai Startup Hub, the entrepreneur initiative by Dubai Chamber of Commerce & Industry, has launched the Smartpreneur 5.0 Online Pitch Bootcamp.
This, first-of-its-kind 10 week training program is for the 50 finalists who qualified for the second phase of the fifth Dubai Smartpreneur competition.
The specialized online training program will run from April 19 to June 30, 2020. This program has replaced the traditional two day training to ensure that these promising ventures are supported in the current difficult times, and that they are able to sustain and grow their business in 2020.
Entrepreneurs will benefit from more than 100 individual and group online training workshops, which will be organized throughout the two and a half month program.
On the sidelines of the training program, Dubai Startup Hub also launched the Startup Pitch Guide 2020 on how to deliver an impactful investor pitch.. Dubai Chamber has prepared this guide based on global best practices that are compatible with the business environment in the emirate. Participants in the competition and other entrepreneurs can benefit from the guide to achieve positive, encouraging results when presenting their ideas to investors.
The training program includes a diverse mix of activities, including working on pitches by using the Chamber’s guide, participating in a series of online training workshops and webinars with winners and previous participants of the Dubai Smartpreneur Competition.
The training program also includes 4 weeks of one-to-one work with startup business coaches to improve business and financial models of the startups and running a simulation of the contest with the finalists as judges.
Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber pointed out that this training program is the first of its kind, innovative training model that takes into account the exceptional circumstances we are in and how to enhance the capabilities and skills of the entrepreneurs and startups to sustain and grow in such situations.
It also demonstrates the pioneering role of Dubai Chamber in providing innovative support for entrepreneurs in uncertain times rather than stopping these services.
She stressed that the Smartpreneur entrepreneurs are different as they are vetted, well-trained, and are guided to build a real business.
Sycheva also remarked on the launch of the Guide which is prepared by experts and is a training and educational tool for entrepreneurs and startups on how to present their ideas.
The Smartpreneur competition aims to assist technologyentrepreneurs to be part of Dubai’s strategic initiatives, in addition to enhancing the role of these entrepreneurs in the evolving business ecosystem of the Emirate and its position as the global hub for innovation.
More than 1,600 participants have gone through the Dubai Smartpreneur Competition over the last four years, which is reflective of its effectiveness and influence in attracting an increasing number of international startups.
Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform for startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.
Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a set of programs and services such as Market Access Program, Emirati Development Program, Dubai Smartpreneur Competition and Co-Founder Dubai Program, among others.
source: dubaichamber
Dubai Chamber Launches Fifth Cycle Of Dubai Smartpreneur Competition
30 Jan 2020 Written by Admin AdminDubai Startup Hub has launched the fifth cycle of its Dubai Smartpreneur Competition that seeks submissions from startups offering solutions related to the Expo 2020 Dubai.
Dubai Startup Hub, the entrepreneurship arm of Dubai Chamber of Commerce and Industry, has launched the fifth cycle of its Dubai Smartpreneur Competition that seeks submissions from startups offering solutions related to the Expo 2020 Dubai sub-themes of Opportunity, Mobility and Sustainability.
Open to all entrepreneurs in the UAE and abroad, the competition gives founders an opportunity to become part of Dubai Government’s strategy to elevate the city into a global platform for innovative startups. This year’s edition is also in line with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform the emirate into one of the world’s smartest cities.
The Dubai Smartpreneur Competition awards the top three winners a combined total of AED150,000 in cash prizes, in addition to a startup support package, mentorship opportunities, access to overseas trade missions, and Dubai Chamber events and trainings.
To be eligible to participate, a startup company’s product or service must have launched no earlier than 2017 and either be based in, or operate in, the UAE. The startup needs to have a minimum viable product and applicants must be 21 years of age or older. Startups must submit their entries in English through the Dubai Startup Hub website by the February 26 deadline.
His Excellency Hisham Al Shirawi, 2nd Vice Chairman of Dubai Chamber, said in a statement that the annual competition has been one of Dubai Startup Hub’s most successful initiatives to date, which has supported Dubai Chamber’s comprehensive entrepreneurship strategy of empowering entrepreneurs and providing them with the knowledge and tools they need to thrive and grow.
More than 1,600 smart business ideas have been submitted over the last four cycles of the competition with an increasing number of international submissions, he said, reflecting Dubai’s status as a magnet from promising startups.
- E. Al Shirawi added: “Startups are a key source of innovation in Dubai as they bring cutting-edge solutions to the market. By aligning this year’s competition with Expo 2020 Dubai, we are creating more opportunities and benefits for participating startups and positioning Dubai as innovation leader.”
This year’s edition of the competition was launched on Sunday at a ceremony attended by Dubai Chamber officials, previous competition winners and contestants, members of the local startup community, and representatives from Expo 2020 Dubai and DP World.
Following the submission deadline, entries will be evaluated and shortlisted with the selected candidates then qualifying for the training phase of the competition. The top 50 startups will also get to participate in a four-day bootcamp, and the top 10 startups will have the opportunity to exhibit at Expo 2020 Dubai to meet with potential investors and business partners. Winners will be announced at an awards ceremony in April 2020.
Last year’s winners included Denarii Cash, a mobile application helping overseas workers to send money claimed the first place prize, Arabee, a high specification platform providing an online multi-format Arabic language programme, and Xpence, a digital-only intelligent business bank account designed by entrepreneurs for entrepreneurs.
Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform to connect startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.
souece: entrepreneur
