UAE car-sharing platform ekar has been ranked as the best start-up to work for in the Emirates this year by professional network LinkedIn.
Dubai-based buy-now-pay-later (BNPL) company Postpay, Abu Dhabi agriculture technology start-up Pure Harvest Smart Farms, sustainable active wear brand The Giving Movement and e-commerce and supply chain company Right Farm complete the top five in the LinkedIn Top Start-ups List 2022.
Other sought-after start-up employers in the UAE include BNPL company Tabby, low-cost robo-advisory Sarwa, investment platform baraka, e-commerce aggregator Opontia and property technology start-up Huspy, LinkedIn said.
While global hiring was trending downwards in many markets, the UAE recorded an 8.2 per cent increase in hiring this year, LinkedIn said. Companies on the UAE list are “hiring and actively looking for talent”, it added.
“This year’s list has witnessed the emergence of many start-ups from financial backgrounds with over half the list consisting of FinTechs, signalling the increase in popularity and adoption of innovative FinTech solutions by UAE entrepreneurs and consumers,” Salma Altantawy, senior news editor at LinkedIn, said.
The global Top Start-ups List is an annual ranking of emerging start-ups to work for and is based on LinkedIn data, the company said on Wednesday.
The four criteria LinkedIn used to identify the best start-ups in the UAE were employment growth, engagement with employees, job interest and talent attraction. The start-ups were analysed from July last year until the end of June this year.
Small and medium enterprises (SMEs) are the backbone of the UAE economy. More than 400,000 SMEs operate in the country.
They represent more than 60 per cent of the UAE’s non-oil economy and provide employment opportunities for 86 per cent of the workforce in the private sector, the Khalifa Fund for Enterprise Development reports.
This year’s list has witnessed the emergence of many start-ups from financial backgrounds, with over half the list consisting of FinTechs
Salma Altantawy,
senior news editor at LinkedIn
Start-ups in the UAE raised $699 million in the first half of 2022, ranking the country as the leading destination for venture capital financing in the Middle East and North Africa region, data platform Magnitt reported.
The Emirates was also the leader in terms of deals, which grew by 10 per cent in the first half of 2022 compared with a year ago. Regional investors have been attracted to digital services offered by FinTech, e-commerce and transport and logistics start-ups, Magnitt data showed.
“Albeit a more nascent sector regionally, the start-ups and venture capital space is facing unprecedented growth despite the economic downturn that is sweeping the globe,” Ms Altantawy said.
“The start-ups on this list are those that are successful in navigating the evolution of consumer and business needs, leading the way through the new world of work.”
To be eligible for the UAE Top Start-ups list, a company has to be privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the Emirates, LinkedIn said.
Start-ups that laid off 10 per cent or more of their workforce within the methodology time frame were ineligible.
LinkedIn found that most successful start-ups in the UAE are those that prioritise sustainable solutions.
For instance, start-ups such as Pure Harvest Smart Farms and Right Farm ventured into AgriTech to reimagine food supply.
Such innovative solutions are essential for food security, especially in this region, which faces higher risks of droughts and food shortages due to climate change, LinkedIn said.
Other start-ups, such as The Giving Movement, are doing their part by producing streetwear using sustainable materials and donating a percentage of their proceeds to different causes, LinkedIn said.
“BNPL platforms like Postpay and Tabby are a testament to the growth of the FinTech sector, unlike other regions where such start-ups are on the decline,” the network said.
“With financial independence becoming crucial in today’s uncertain climate, a lot of retail investors are turning to FinTech companies like Sarwa, baraka and Huspy to invest their money in stocks, houses and digital currencies.”
Postpay secured an equity investment of $10m in June last year that will help it to serve retail groups and brands across the GCC and the rest of the Mena region.
Abu Dhabi-based Pure Harvest Smart Farms raised $181m in its latest funding round in June as it looks to expand further into the GCC and Asia. The latest financing brought the AgTech company’s total funding to $387.1m and made it among the most-funded start-ups in the region.
Meanwhile, the best start-ups to work for in Saudi Arabia are BNPL company Tamara, digital marketplace Sary, online grocery delivery business Nana, e-commerce enablement platform Zid and payment app Tweeq, LinkedIn says.
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Best start-ups to work for in the UAE:
- ekar
- Postpay
- Pure Harvest Smart Farms
- The Giving Movement
- Right Farm
- Tabby
- Sarwa
- Baraka
- Opontia
- Huspy
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- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
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Sector: Luxury leather goods
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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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How much do leading UAE’s UK curriculum schools charge for Year 6?
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- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
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- Dubai English Speaking School – Dh51,269
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How to avoid crypto fraud
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