Fincasa, an investment advisory firm, has teamed up with IMT Business School of Dubai to support start-ups and boost the entrepreneurship ecosystem in the UAE.
Under the agreement, Fincasa will fund business ideas by IMT Business School students and provide mentoring to turn them into successful start-ups. The initiative will “breed new businesses, create employment and help the UAE economy grow”, the entities said in a joint statement on Sunday.
“We get a lot of funding requests … a difficult choice indeed is to select the worthiest ones,” Sayed Varis, chief executive of Fincasa, said.
“If things go as planned, we could see scores of start-ups being created through our collaborative efforts. Instead of becoming job-seekers, we will see IMT Business School produce job-creators through the start-ups.”
Mr Varis did not disclose the amount that Fincasa will invest in the start-ups.
Venture capital investments in early-stage start-ups are growing in Middle East and North Africa as companies tap into post-pandemic opportunities, especially within the technology sector.
Despite the pandemic-related challenges, Mena start-ups secured $1.03 billion in funding last year, up 13 per cent compared to 2019, according to data platform Magnitt.
However, the total deal count was down by 13 per cent to 496 transactions. FinTech and e-commerce retained the top spots by number of deals and together accounted for 24 per cent of all deals, according to Magnitt.
Saudi Arabia, the UAE and Egypt– the Arab world’s three biggest economies – accounted for 68 per cent of the total deals disclosed last year.
The UAE has introduced various measures, including more business-friendly legislation and attractive visas over the last year to help start-ups.
The Emirates ranked first in the region and fourth globally in the latest Global Entrepreneurship Index, outperforming major global economies such as the US, the UK, Australia, some EU countries, China, Japan and South Korea.
The UAE also placed second in an index of national governments' response to Covid-19 and its impact on the entrepreneurial sector, according to the Ministry of Economy.
“The UAE ecosystem for the start-up has never been better, but you still need the right skills and knowledge to be successful. This collaboration has the potential to revolutionise the start-up scenario in [the] UAE,” Subhajyoti Ray, director of IMT Business School, said.
Established in 2006, IMT Business School offers undergraduate and graduate degrees in Business Administration.
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Courtesy: Crystal Intelligence
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
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Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
