Abu Dhabi’s Hub71 has selected 15 start-ups to join its tech system, increasing the total number of start-ups at the technology hub to 240.
The latest companies to join Hub71 represent various sectors including HealthTech, FinTech and EdTech and come from different countries including the UAE, US, New Zealand, Egypt, the Netherlands and the UK, Hub71 said in a statement on Thursday.
“Each start-up has undergone a rigorous selection process, having been selected based on their unique capabilities and potential to grow as a global tech company out of Abu Dhabi,” said Ahmad Alwan, deputy chief executive of Hub71.
“By attracting and scaling start-ups with solutions that make a difference in people’s lives, we aim to make an impact on Abu Dhabi’s economy and society and continue bolstering its position as a leading global innovation hub.”
Hub71, which is backed by the Abu Dhabi government and sovereign wealth fund Mubadala Investment Company, supports the growth and development of tech start-ups at all stages with incentives and access to investors, corporations, government entities and academic institutions.
Start-ups at the hub raised nearly Dh4.5 billion ($1.22 billion) in funding globally until the end of 2022, Mr Alwan told The National in March.
Hub71 more than doubled its start-up numbers to over 200 last year, securing 41 deals with corporate partners worth Dh160 million, he said.
More than 900 jobs have been created since Hub71's inception, he added.
Among the new companies joining the hub in its first cohort of this year are Exsurgo, which delivers non-pharmaceutical treatments for neurological conditions using neuroscience and data analytics; Ovasave, a start-up that provides women with access to fertility and egg-freezing services through a vetted network; Subsbase, which simplifies recurring payments for businesses; and Inovat, a digital value added tax refund solution.
Hub71 received 70 per cent more applications to join its start-up community compared to the previous cohort, including a significant increase in high-quality early-stage start-ups, it said.
List of start-ups joining Hub71
♦ Cypherleak, a cyber risk monitoring solution
♦ Elmawkaa, an automated marketplace for building materials
♦ Exsurgo, a neuroscience and data analytics company
♦ Fuze, a full-stack digital assets infrastructure platform
♦ Inovat, a digital VAT refund solution
♦ LivLyt, a subscription platform for tech devices
♦ Mashvisor, a platform that combines services for real estate investing
♦ MediJobs, a professional network for healthcare professionals
♦ Ovasave, a tech platform that provides women access to fertility services
♦ Rabbit Mart, a grocery service with tech-enabled, hyper-local fulfilment centres
♦ SubsBase, a subscription management platform for recurring payments
♦ Synapse Analytics, a data science, machine learning and AI company
♦ The Editing, a compact gene editing system
♦ Qureos, a mentorship platform for graduates transitioning to the workplace
♦ Zest Equity, a platform for all venture investors across emerging markets
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The National's picks
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Living in...
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Grand Hustle/Epic/Cactus Jack
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
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- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
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Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Living in...
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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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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.
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
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The%20specs
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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