Majid Al Futtaim, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, has launched a new initiative to boost local start-ups by connecting them with global market opportunities.
The Dubai-based company has rolled out Launchpad X concept store – a collaborative commercial store for entrepreneurs.
It includes local start-ups and winners from Majid Al Futtaim’s launchpad accelerator programme that was announced last year to build entrepreneurship and support small and medium enterprises.
Located in City Centre Mirdif, the concept store houses local brands that have displayed “outstanding innovation, creativity and growth potential”, the company said in a statement on Thursday.
It connects these businesses with the “unparalleled go-to-market opportunities” offered by Majid Al Futtaim shopping malls.
The concept store marks the “next major milestone in Majid Al Futtaim’s strategic focus to help unlock the incredible potential of start-ups in the region”, Fuad Sharaf, managing director of the UAE shopping malls at Majid Al Futtaim Properties, said.
“We are confident that Launchpad X will not only connect the region’s leading start-ups to new opportunities that strengthen their commercial footprint but also be a catalyst for innovation and a powerful force for driving the region’s economic development.”
The brands showcased at Launchpad X include luxury home fragrances company Wallace & Co, sustainable luxury fashion and home essentials brand Reform, active and loungewear brand LC, healthy snacks for families Koala Picks, upcoming trainers and streetwear boutique HypeSelection, premium coffee spot Blue Matcha, women’s boutique Bambah and Egyptian sustainable and ethnic crafts brand Kiliim.
Last month, Majid Al Futtaim Holding reported a sharp rise in its first-half profit and revenue on the back of the robust economic momentum of its UAE home market.
Net profit for the six-month period to the end of the June soared an annual 74 per cent to Dh1.7 billion ($463 million) from the same period a year ago, while revenue for the reporting period climbed 5 per cent to Dh18.9 billion.
Launched in 2022, the company’s launchpad accelerator programme offers successful participants access to innovative technology, mentorship, training and market opportunities.
It facilitates local brands across segments such as fashion and lifestyle, leisure, ClimateTech and community.
Nearly 50 per cent of its initial cohort of winners were female entrepreneurs, who gained access to various growth opportunities such as accelerating customer acquisition, improving operational efficiencies and access to new revenue streams.
ENGLAND SQUAD
Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)
Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)
Midfielders: Foden (Manchester City), Henderson (Liverpool), Grealish (Aston Villa), Mount (Chelsea), Rice (West Ham), Ward-Prowse (Southampton), Winks (Tottenham)
Forwards: Abraham (Chelsea), Calvert-Lewin (Everton), Kane (Tottenham), Rashford (Manchester United), Sancho (Borussia Dortmund), Sterling (Manchester City)
HEADLINE HERE
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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.
RESULTS
6.30pm Handicap (TB) $68,000 (Dirt) 1,200m
Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)
7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
Winner Dubai Future, Frankie Dettori, Saeed bin Suroor
7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard
8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
Winner Secret Ambition, Tadhg O’Shea, Satish Seemar
9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
Winner Topper Bill, Richard Mullen, Satish Seemar
9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Winner Man Of Promise, William Buick, Charlie Appleby
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.
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
UAE currency: the story behind the money in your pockets
Abu Dhabi Sustainability Week
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
