From left, Asra Rahmdel of Linovate, Yahya Iqelan of Dwak and Shamsa Al Mazrouei of Fegi. They student entrepreneurs from UAE University. Pawan Singh / The National
From left, Asra Rahmdel of Linovate, Yahya Iqelan of Dwak and Shamsa Al Mazrouei of Fegi. They student entrepreneurs from UAE University. Pawan Singh / The National
From left, Asra Rahmdel of Linovate, Yahya Iqelan of Dwak and Shamsa Al Mazrouei of Fegi. They student entrepreneurs from UAE University. Pawan Singh / The National
From left, Asra Rahmdel of Linovate, Yahya Iqelan of Dwak and Shamsa Al Mazrouei of Fegi. They student entrepreneurs from UAE University. Pawan Singh / The National

UAE start-ups to solve world problems


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New ideas are stirring at the Science and Innovation Park (SIP), the incubator of UAE University in Al Ain campus that Nihel Chabrak launched in 2015 with the theme “Challenge for Innovation”.

The outcome of the first cohort were two companies: Green Steps Energy, which transforms kinetic energy into electricity; and Bayanetto, a platform aiming to transition students to their first job while making the candidate pool more relevant to recruiters. Both are founded by Emirati female teams.

Iskren Krusteff is the Global Advisory Panel member at SIP. He focuses on the design and delivery of "Idea to Prototype" (I2P) and "Prototype to Market" (P2M) programmes, and teams under his care have won national and international competitions.

“We send to Silicon Valley young entrepreneurs who successfully complete prototypes to market. We have a partnership with French Tech Hub there,” he says.

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The SIP is funded entirely by UAE University, but aims to partner with the full ecosystem of policymakers, large corporations and the industry support sector. Following the push for ecosystem collaboration, two UAEU female students are laying the foundations of Linovate, a platform designed to solve the problems encountered by big corporations.

Linovate connects entities with researchers and students, who together decide the milestones on creating a project for a specific market area. Linovate’s second prototype integrates the feedback from potential customers and will launch in six months.

"In UAE alone we are targeting more than 2,000 paying entities between universities and companies, and 120,000 students in UAE universities will be customers," says Asra Rahmdel, the co-founder of Linovate.

The project expects to break even in three years and will expand to the GCC and the Mena region, the co-founders say.

“The way to bring the money back is to make a donation to the Science Park after they breakeven, says Mr Krusteff. “The SIP vision is to build a community of entrepreneurs who literally acts like a family,” says Mr Krusteff, who recommends teams to start small, get feedback from a hundred people and adapt.

“By the fifth person, you start asking yourself ‘what I can improve’? By the sixth and seventh, you have improved it already, and suddenly the people will start talking about you, and you will not stop. You will not give up.”

SIP teams do not compete locally, but when they go global, the programme follows a different path compared to other accelerators and incubators.

"Our long-term vision is that we can see 50 years from now what people will benefit from," says Mr Krusteff.

“They test locally and globally, they amend and make it better, and they go full force to market. The concept is about creating a value. Don’t think about the money. Money will follow,” he says.

Dwak is a very good case. The app is a pioneer in sharing the follow up of patient prescriptions by doctors, patients and care givers. Everything started when the pharmacist Fatima Iqelan complained that patients were often not regular with their medication and often forgot their doses and, with her brother Yahya, she and a small team design the app.

"Dwak was tested in one pharmacy. Now the Government wants to enforce it with the legislation that every patient should have this free app," says Mr Krusteff. After winning the global competition of Pitch at the Palace London earlier this year, the Dwak team is looking at how to protect the app.

“We started with a provisional patent before we go to a complete one because it is much more costly. Our solution is a smartphone app, and if you change a line in the code, your patent is invalid and anyone can steal it,” says Mr Iqelan.

"Pitch at the Palace is about connections and networking. We have to ask for something that is not money, so we asked for Boots Pharmacy, and we received an email from someone in the audience with very close relationship with them, so we are currently writing what we want to ask for exactly."

A different case is FEGI, a start-up at SIP that develops educational games and collaborates with the Ministry of Education to teach Arabic as part of the curriculum to grade one students.

FEGI’s second prototype is now implemented Al Dhafra School in Al Ain, where higher exam grades are proving the effectiveness of the game approach. The project is aimed at the 20,000 first graders of public schools and it will be exclusive for the Ministry of Education.

“In 2019 we will expand to private schools  and to the app stores, so everyone in the Mena region and the world can use it,” says the co-founder Shamsa Al Mazrouei.

FEGI's path has been long and sometimes painful for the two co-founders before getting into SIP.

“Many organisations didn’t treat us officially, but when we came to the incubator, they helped us. So this is the shift: the SIP gave us credibility,” says Ms Al Mazrouei.

Until then, the FEGI co-founders could not reach either specific users or the ministry.

“It wasn’t easy until we got the minister himself and he told his team to talk to us and discuss everything about the game. Being recognised by the Ministry of Education is not something easy. Many competitors tried to do it but their content was not aligned with the ministry’s content. And that was the hit in our proposal,” says Ms Al Mazrouei.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Results

Stage 5:

1. Jonas Vingegaard (DEN) Team Jumbo-Visma  04:19:08

2. Tadej Pogacar (SLO) UAE Team Emirates  00:00:03

3. Adam Yates (GBR) Ineos Grenadiers

4. Sergio Higuita (COL) EF Education-Nippo 00:00:05

5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26

2.  Adam Yates (GBR) Ineos Grenadiers 00:00:45

3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12

4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54

5. Neilson Powless (USA) EF Education-Nippo 00:01:56

UAE currency: the story behind the money in your pockets
Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

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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UAE currency: the story behind the money in your pockets
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

On sale: Now

Price: From Dh117,059

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The biog

Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball

Company%20Profile
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Rashid & Rajab

Director: Mohammed Saeed Harib

Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five 

COMPANY%20PROFILE
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Ireland (15-1):

Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy

Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour

Coach: Joe Schmidt (NZL)