Shorooq Partners, an Abu Dhabi-based venture capital firm, launched SHFT Build, a founder programme for the Middle East, North Africa and Pakistan (Menap) region, aimed at supporting entrepreneurs.
The first edition of the programme will come at zero cost and zero equity for start-up founders, and will be focused on gaming technology, making it the first such platform in Menap, Shorooq Partners said.
The programme is being backed by Amazon Web Services, the cloud computing unit of the world's biggest e-marketplace, local entities Abu Dhabi Gaming and Sharjah Media City, game engine platform Unity Technologies, and regional companies Tamatem Games, Nifty Craft, Batal Gaming and Calyx.
"As investors, we have always played a proactive role in developing ecosystems within our core markets. SHFT as a platform was built to develop ecosystems around industries that are driving tomorrow's economy," Mahmoud Adi, founding partner of Shorooq Partners, said.
"This is to accelerate their development and support corporations, governments and founders to leverage opportunities presented by such industries."
The gaming market is booming worldwide after receiving a boost amid Covid-19 lockdowns over the past two years, and has become a lucrative business sector.
Globally, the industry has about three billion participants, according to gaming data provider Newzoo.
The market is expected to be valued at $339.95 billion by 2027, from $198.4bn in 2021 at a compound annual rate of 9 per cent, data from Mordor Intelligence shows.
Gaming market revenue in Mena and Turkey surged 15 per cent annually to $6.5bn in 2021, which is one of the highest in the world, according to RedSeer research released in January. The UAE, in particular, has become a gaming hotbed with mobile gamers on the rise. The Emirates was also ranked fifth globally for gaming influencers, according to a recent study by YouGov.
Participants of SHFT Build will be able to connect with teams who are developing technologies that are enhancing game efficiency, security, development and accessibility, all of which are expected to contribute to a holistic ecosystem.
SHFT Build will support founders looking to build start-ups in industries driven by frontier technology, such as GameTech, Web3 and blockchain applications, as well as CleanTech and ClimateTech, Shorooq said.
Game studios, developers, distribution platforms, developers of game engines and streaming platforms are encouraged to apply, with SHFT Build accepting founders from across the globe, it added.
Gaming is among the sectors highlighted in the Creatives Journey initiative, a major programme launched by the Dubai Culture and Arts Authority, and the Department of Economy and Tourism in December to support the creative economy.
The top 15 venture capital funds dedicated to gaming have about $5bn in assets under management as of this week — double what they had in mid-December — according to advisory firm Games One.
In December, Abu Dhabi Gaming and Mubadala Investment Company, the emirate's strategic investment arm, signed a preliminary agreement to develop an eSports ecosystem in Abu Dhabi in a bid to attract global talent and boost the local creative industry.
Founded in 2017, Shorooq Partners is the first regional VC company to be regulated by the Abu Dhabi Global Market and invests in Menap start-ups.
Last month, the company launched Bedaya Fund II, a $150 million fund aimed at supporting early-stage Menap start-ups that are active in FinTech, software, platform verticals and digital assets.
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
Company%20profile
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The%20specs
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
The%20specs
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AT%20A%20GLANCE
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
