Hub71 is looking for 10 promising start-ups to form the first-ever Team UAE to participate in the Entrepreneurship World Cup 2020 at the Misk Global Forum in Riyadh in October.
The Abu Dhabi-based tech accelerator will select start-ups from the early-stage to growth phase in all sectors from the seven emirates. It will select the firms throughout July and August and the deadline for applying is August 20.
“As the official national organiser for the UAE, we are continuing our hunt for the most innovative start-ups … specifically looking for start-ups who believe they have what it takes to represent the UAE on a global stage,” said Ahmad Alwan, head of strategy and corporate development at Hub71.
Team UAE’s participation in this event will not only showcase the innovation in tech sector but “it will embody this nation’s passion and drive in one team”, he added.
The Entrepreneurship World Cup is one of the largest global initiatives for entrepreneurs with entries from 187 countries. It attracted more than 100,000 applicants in its inaugural edition last year.
Team UAE start-ups can win prizes including “$1 million (Dh3.67m) in cash, additional funding opportunities, access to accelerator programmes, resources and in-kind prizes worth a combined over $75m”, Hub71 said .
“Entrepreneurs are risk takers and industry disruptors, accustomed to facing challenges head on,” said Jonathan Ortmans, president of Global Entrepreneurship Network that provides a platform of programmes and initiatives to help new firms start and scale.
“Now more than ever, the world needs more entrepreneurs to unleash their ideas, develop innovative solutions and make the world a better place – the Entrepreneurship World Cup is helping founders at all stages do just that.”
Hub71 also signed an agreement with the Misk Foundation last year to create a dynamic market for start-ups by improving the cross-market access between the UAE and Saudi Arabia.
Selected Team UAE start-ups will be also be shortlisted to compete for the Hub71 Incentive Programme, the accelerator said. The programme offers 100 per cent free housing, office space and health insurance for two years for seed companies and 50 per cent subsidies for three years for emerging companies.
Hub71, which was set up in March 2019 by the Abu Dhabi government, Mubadala Investment Company, Abu Dhabi Global Market, Microsoft and SoftBank, is a flagship initiative of the Dh50 billion economic stimulus programme, Ghadan 21.
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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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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