Sarwa, a low-cost investment advisory platform that launched in Dubai last year, plans to expand its services to the wider Middle East and North Africa after securing $1.3 million (Dh4.7m) of funding from investors including Middle East Venture Partners, one of the region's largest venture capital firms.
The company aims to raise an additional $2m to $4m in a further financing round planned for 2019, said Mark Chahwan, chief executive and co-founder of Sarwa. "Up until now we've been very lean and focused on establishing ourselves in the UAE market, but now we can refine our product and grow," he said.
The company expects to obtain a full operating licence by the end of this month or in October. At present, Sarwa has a FinTech testing licence from the Dubai Financial Services Authority, which permits it to work with a limited number of clients in the UAE.
“We’ll soon be able to expand our reach,” Mr Chahwan said. The main targets are Saudi Arabia and Egypt, the largest markets in the region.
“Our business model requires scale, as it’s about democratising wealth management by dramatically reducing the cost of investment,” he said. Sarwa is seeing monthly growth of around 20 per cent with more than 1,000 registered users, it says.
Low-cost, or “robo”, advisers offer automated, low-fee, investment and wealth management services via digital platforms. The industry is relatively nascent and exists mainly in the United States and Canada, where Betterment, the biggest robo-adviser with an estimated $10 billion of assets under management, is the best-known example.
Global assets under management by robo-advisers are expected to grow by 68 per cent annually to $2.2 trillion by 2020, according to a 2015 report by consultancy AT Kearney.
Many countries in the Middle East are striving to become hubs for the FinTech sector, which is seen as a key driver of economic growth, and free zones including the UAE's Dubai International Financial Centre and Abu Dhabi Global Market have developed strategies to lure FinTech start-ups including robo-advisers.
Sarwa, which began operations in December as part of DIFC's Fintech Hive accelerator programme, claims to be the first regulated robo-advisory in the Middle East. Last year, Wahed Invest based in New York, which says it is the world's first Sharia-compliant robo-adviser, launched operations in the UAE.
Sarwa's pre-Series A funding round, completed this week, brings its total funding to more than $1.5m since inception, with capital from a range of global and regional VCs including MEVP, Abu Dhabi's Shorooq Investments, 500 Startups from California, Dubai's Women's Angel Investor Network, Saudi Arabia's Hala Ventures and Lebanon's Saned Partners, Sarwa said on Monday.
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Read more:
Generation Start-up: Low-cost investment firm Sarwa seeks to challenge industry's high fees
Exclusive: First Islamic robo-adviser to launch in Mena
The mission to improve ethics among UAE financial advisory firms
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The company will launch a mobile app next year to improve its reach and ease of use, and recruit three more staff to support planned growth, Mr Chahwan said. The company recently hired a compliance officer to help obtain the full operational licence.
Sarwa offers a range of portfolio models assigned to investors based on appetite for risk. The portfolios use six exchange-traded funds (four stock ETFs and two bond ETFs) from Vanguard and Blackrock, the two biggest ETF providers in the world.
Exchange-traded funds are traded like stocks on exchanges and the average fee ranges between 1 to 2 per cent. In comparison, robo-advisory companies can charge as low as 0.25 per cent in the US, while in Europe the average is 0.75 per cent. As a result, their services are increasingly popular with young professionals in underserved markets.
The Middle East is perceived as a high-growth market due to its young affluent population and high smartphone penetration, according to Sarwa, which says it charges an annual fee of 0.85 per cent per year to clients, on a monthly basis.
The minimum investment amount is $2,500 but the plan is to reduce this over time, its co-founder said.
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
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
Everton%20Fixtures
%3Cp%3EApril%2015%20-%20Chelsea%20(A)%3Cbr%3EApril%2021%20-%20N.%20Forest%20(H)%3Cbr%3EApril%2024%20-%20Liverpool%20(H)%3Cbr%3EApril%2027%20-%20Brentford%20(H)%3Cbr%3EMay%203%20-%20Luton%20Town%20(A)%3Cbr%3EMay%2011%20-%20Sheff%20Utd%20(H)%3Cbr%3EMay%2019%20-%20Arsenal%20(A)%3C%2Fp%3E%0A
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
The%20specs
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company%20Profile
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
HOW%20TO%20ACTIVATE%20THE%20GEMINI%20SHORTCUT%20ON%20CHROME%20CANARY
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