The improving economic indicators come as Dubai implements a series of measures to stimulate the economy, attract investors and create more jobs. Sarah Dea / The National
The improving economic indicators come as Dubai implements a series of measures to stimulate the economy, attract investors and create more jobs. Sarah Dea / The National

DIFC partners with UK's Startupbootcamp on FinTech



Dubai International Financial Centre said on Tuesday it has partnered with UK-based Startupbootcamp for the development of a FinTech venture capital ecosystem in the region.

"To date we have invested in and accelerated more than 200 FinTech and InsurTech startups. We are now excited about expanding our global FinTech and InsurTech footprint to Dubai and look forward to collaborating with DIFC,” said Carsten Koelbek, Chairman of Startupbootcamp said in a statement.

The partnership will look to set up multiple programmes for early-stage startups in the fields of FinTech, InsurTech and RegTech, the companies said.

Gulf financial centres in Dubai, Abu Dhabi as well as Bahrain have launched several FinTech programmes to attract venture capital and drive innovation into their economies. Earlier this month, Abu Dhabi Global Market, the UAE capital’s financial free zone, concluded its third round of applications for its Regulatory Laboratory (RegLab) programme.

FinTech Hive at DIFC, a start-up accelerator in Dubai’s financial free zone, last month invited applications for its 2018 programme starting May 20. The programme was launched last year in partnership with Accenture, the New York-listed technology firm, and is one of the first FinTech accelerators in the Middle East, Africa and South Asia region.

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DIFC’s newly launched programme with Startupbootcamp will focus on “providing the necessary guidance and mentorship to support the qualifying early stage startups during their incubation period,” the parties said in a statement.

They will look also look to jointly “nurture” local and regional venture capital ecosystem,

“This collaboration will help stimulate the development of complementary products and services and promote the entrepreneurial surge in the UAE, which will attract more venture capital into the region,” the DIFC added in the statement.

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

The Matrix Resurrections

Director: Lana Wachowski

Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Draw

Quarter-finals

Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)

RB Leipzig (GER) v Atletico Madrid (ESP)

Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)

Atalanta (ITA) v Paris Saint-Germain (FRA)

Ties to be played August 12-15 in Lisbon

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

New Zealand 21 British & Irish Lions 24

New Zealand
Penalties: Barrett (7)

British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell 
 

Tenet

Director: Christopher Nolan

Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh 

Rating: 5/5