Fintech PR
in5 start-up funding grows to AED 8 billion as Dubai’s pro-innovation frameworks nurture growth
- Total funding raised by start-ups at Dubai’s leading incubator grows by 163% over 2023 figures
- TECOM Group incubator to showcase ecosystem of more than 1,000 innovators, including Grambell and Estaie, at Expand North Star
DUBAI, UAE, Oct. 14, 2024 /PRNewswire/ — Funding raised by start-ups within TECOM Group PJSC’s entrepreneurship incubator in5 since its inception has crossed AED 7.8 billion as Dubai’s pro-innovation framework nurtures the growth of enterprises and talent. Announced on the sidelines of Expand North Star, the world’s largest event for start-ups and investors being held in Dubai on 13-16 October, the remarkable figure represents 163% growth over total funding raised as of 2023, demonstrating the accelerated growth of in5’s start-ups this year.
“Start-ups are powerful engines of long-term economic growth that tangibly benefits future generations,” said Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, on behalf of in5. “The funding milestone achieved by in5’s start-ups strengthens our mission to unlock entrepreneurial excellence by facilitating opportunities, partnerships, and investor engagement avenues. in5’s dynamic and global community is driving Dubai’s efforts to foster a globally attuned innovation landscape that achieves the goals of the Dubai Economic Agenda ‘D33’.”
in5 has nurtured more than 1,000 start-ups across the technology, media, design, and science sectors since its inception in 2013 by TECOM Group, the creator of 10 specialised business districts and vibrant communities in Dubai. This includes in5 Tech, housed at a dedicated in5 Innovation Centre at Dubai Internet City as well as in5 Media, based at Dubai Production City and in5 Design, based at Dubai Design District (d3). in5 Media’s active start-up numbers noted annual growth of 20% in the first half of this year as government initiatives to strengthen the regional creative economy, including Dubai Media’s vision to bolster the competitiveness of media institutions, attract a wider cohort of talent to the city.
in5 Science, which marked its first anniversary in June 2024, provides an enabling platform to more than 35 future-focused science start-ups. Launched in collaboration with Dubai Science Park, TECOM Group’s dedicated ecosystem for the life, energy, and environment sciences, in5 Science is cultivating a regional base of innovators in line with the Dubai Research and Development Programme’s vision.
Landscape maturity
While global trends are indicative of a shift in start-up funding amid the prioritisation of sustainable ventures, funding for artificial intelligence (AI) companies has held steady in 2024. Shored up by strategies such as Dubai Economic Agenda ‘D33’, Dubai’s pro-innovation framework is enriching the regional pool of entrepreneurs harnessing technology to offer improved consumer services. This is underscored by the incubator’s recent success stories, including Ziina, a fintech start-up providing peer-to-peer payment for mobile apps, that raised AED 80.8 million in a Series A funding round in September 2024. Podeo, the world’s largest podcast distribution platform founded at in5, raised AED 19.8 million in a Series A funding round that same month.
in5 offers start-ups in technology, media, design, and science a platform to scale up with access to advisory, mentorship, and potential investment opportunities. in5 Tech is also home to the in5 Investor Hub, a space where angel investors, venture capitalists, and institutional investors can directly engage with start-ups at in5 for funding and partnership opportunities.
in5’s participation at Expand North Star is part of its commitment to spotlighting its innovative ecosystem to more than 1,200 global investors expected at the event, including start-ups such as AI-enabled communications specialist Grambell, based at in5 Tech, and flexible stay online travel agency (OTA) Estaie, incubated at in5 Media.
in5 is the start-up and entrepreneurship incubator founded by TECOM Group, which has contributed to Dubai’s economic ambitions for more than two decades through sector-focused districts including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Design District (d3) and Dubai Industrial City.
About TECOM Group PJSC
TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.
The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses, and land – to over 11,000 customers and more than 124,000 professionals.
TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, ‘axs’, which enhances ease of doing business and provides community members with a seamless experience.
TECOM Group also provides industry-specialised facilities, including media production studios, laboratories, and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the ‘GoFreelance’ package serves freelancers.
For more information, please visit www.tecomgroup.ae.
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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