The Cloud, a virtual kitchen start-up based in Abu Dhabi's Hub71, has secured $10 million in series A funding that it will use to expand operations in the GCC and Europe.
The investment round was led by Dubai-based Middle East Venture Partners (MEVP), Riyadh-based Olayan Financing Company, with participation from Saudi Arabia's Rua Growth Fund, The Cloud said on Wednesday.
The company, which recently opened its regional headquarters in Saudi Arabia, plans to expand to Kuwait next to boost its GCC footprint, with France and Italy as its next target markets in Europe, George Karam, co-founder and chief executive of The Cloud, told The National.
The company is currently present in the UAE, Belgium, Lithuania, the Netherlands, Romania, the US and the UK.
“We will utilise this funding to expand into Saudi Arabia, make an even bigger impact on restaurant owners and further bolster our talent and infrastructure,” Mr Karam said.
“Growing the brand regionally and globally” will result in “delivering strong returns for our investors”, he added.
Cloud or virtual kitchens — also known as ghost or dark kitchens — are commercial spaces built to prepare food specifically only for deliveries, with multiple brands able to operate from that centralised premises.
Food companies accept orders through mobile applications which are then delivered by the likes of Zomato, Deliveroo, Talabat and Careem.
The kitchens benefited greatly from the shift to online services during the coronavirus crisis, which forced people to rely more on apps and delivery services for food. The trend has continued and is expected to grow further as consumers enjoy its convenience, variety and discounts on offer.
The global cloud kitchen market is expected to hit $112.7 billion by 2030, from $29.4bn in 2020, expanding at an annual compound rate of about 13 per cent, according to data from Allied Market Research.
The Cloud's latest funding, which follows investment rounds in 2019 and 2020, the second of which was also led by MEVP, will also help the start-up expand and accelerate the development of its artificial intelligence-powered kitchen matching platform.
It also shows the continued growth of Middle East start-ups, which are contributing to economies through their platforms, helping users conduct hassle-free activities and transactions.
The company's expansion is “yet another example of the region’s growing ability to foster talented entrepreneurs and enable them to build innovative technology solutions that are scalable and competitive at the global stage”, said Turki Aljoaib, managing partner of Rua Growth Fund.
Hub71, Abu Dhabi's global technology ecosystem, is now home to more than 170 start-ups, and those in the pre-seed, seed and series A stages have collectively raised more than $67m.
Last month, it welcomed a new batch of start-ups able to tap into additional resources to scale up their businesses.
The UAE capital is also accelerating its efforts to boost the cloud kitchen sector. Earlier this year, US-based technology start-up Reef, backed by Abu Dhabi's Mubadala Capital, partnered with Americana Group — the largest food and beverage operator in the Middle East — to open cloud kitchens in the region.
Dubai, meanwhile, is home to Kitopi, a cloud kitchen start-up that began four years ago and is now said to be valued at $1bn.
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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