The Sharjah Entrepreneurship Centre, which has supported more than 150 start-ups since it was established in 2016, aims to increase this number to 100 companies a year and establish its own fund in 2023 to invest in potential ideas and ventures.
Sheraa plans to capitalise on its existing strengths in 2023 and will focus on three industries — education technology (EdTech), clean technology (CleanTech) and creative industries, such as art and culture — with the aim of producing unicorns, or companies with a valuation of $1 billion or more, chief executive Najla Al Midfa said.
“We aim to support 100 start-ups a year, without losing a personal touch with the founders and their teams. So far, we are averaging 20 a year and it will be a big jump,” Ms Al Midfa told The National ahead of this weekend's two-day Sharjah Entrepreneurship Festival 2022, which is organised by Sheera.
“We also need to think about generating new capital for start-ups and are planning to establish our own fund. The initiative is at an early stage and still being studied … on how we can support them [start-ups] through funding not just using equity ... equity funding is one instrument but what are the other instruments whether it's revenue sharing or some form of debt.”
Sheraa, which means to sail in Arabic, is Sharjah’s initiative to develop a robust ecosystem for entrepreneurship and innovation in the northern emirate.
By the end of 2021, it had supported 122 start-ups that have raised a cumulative total of $128 million in investments, generated $187 million in revenue, and created 1,400 jobs. This year, Sheraa supported 40 start-ups.
In the past few years, it is great to see Sharjah putting itself on the map of the global start-up ecosystem
Najla Al Midfa,
chief executive of Sheraa
Headquartered at the Sharjah Research, Technology and Innovation Park, the non-profit government organisation also has innovation hubs at the American University of Sharjah and University of Sharjah.
“Sharjah already has natural strengths in three sectors — EdTech, CleanTech and [the] creative economy. If we continue to build up on these strengths, we are more likely to be on a journey to support start-ups in becoming the next unicorns,” Ms Al Midfa said.
Currently, Sheraa does not take equity in the start-ups that it supports but it helps them to access funding through its corporate partners such as Air Arabia, Crescent Enterprises, Sharjah Media City and SRTIP. So far, it has been able to support start-ups with $1.5 million in grant funding.
“This is quite valuable for start-ups as they don’t need to dilute their equity at an early stage. On average, they [start-ups] are provided with $30,000 to $50,000 in grants,” Ms Al Midfa said.
“We also help them in securing contracts or POCs [proof of concepts] that are paid, so they deploy their solutions, products, and services at customers’ sites and get paid for it — that is our way of facilitating capital for them.”
A POC is what start-ups use to demonstrate to a corporation that their technology is financially viable.
Over the years, Sheraa has improved the brand image of Sharjah and made the emirate a new magnet for entrepreneurs, said Ms Al Midfa.
“These are some of our biggest accomplishments. We were very lucky to have a strong education base with top universities in the emirate. When we started, we already had 30,000 students … a huge talent base … at one place and it made our life much easier.
“Six years ago, no one was thinking about Sharjah when it comes to start-ups … the first name [had] always been Dubai. In the past few years, it is great to see Sharjah putting itself on the map of the global start-up ecosystem,” Ms Al Midfa said.
In June 2020, Sharjah was ranked first in a list of high-growth, activation-phase start-up ecosystems globally.
According to the Global Start-up Ecosystem Report, launched by policy advisory and research organisation Start-up Genome, an activation-phase ecosystem is characterised as having up to 1,000 start-ups.
Despite various positive catalysts, “fresh capital” is one area where accelerators and policymakers need to focus on, Ms Al Midfa said.
“That’s an area that we still need to develop in Sharjah … to be honest there aren’t many VCs [venture capitalists] in Sharjah … most of them are in Dubai or Abu Dhabi or Cairo that are the big epicentres of start-ups.
“We need to develop [the] funding landscape further in Sharjah. At early stages, we do have entities like Crescent Ventures, but we would like to see more … Sheraa is acting as a catalyst to encourage more Sharjah investors to invest in Sharjah entrepreneurs.”
Despite the Covid-19 pandemic, regional start-ups continued to boom and attract financing to support their operations.
Total financing from venture capital funds in the Middle East surged 132 per cent to almost $2 billion last year, with the total number of deals up 5 per cent to 410, according to data platform Magnitt.
“I am very proud of our response to Covid. We pivoted very quickly and moved our programmes online,” Ms Al Midfa said.
Ms Al Midfa said Sheera accelerated the adoption of new technologies and “now it’s much easier to tap into global markets, now you can hire talent from anywhere in the world”.
During the pandemic, Sheraa created a $1 million Start-up Solidarity Fund to help companies struggling to cope with the impact of Covid-19.
It also launched a Dh1 million initiative to help regional start-ups within the health and food technology space, which are working to mitigate challenges posed by the coronavirus.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
THE DETAILS
Solo: A Star Wars Story
Director: Ron Howard
2/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
More from Neighbourhood Watch:
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
States of Passion by Nihad Sirees,
Pushkin Press
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
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
More on Quran memorisation:
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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.
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How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
