UAE government at forefront to offer startups the required support to unlock their potential and help the nation build a better tomorrow

MAGNiTT News khaleejtimes.com - 1 year ago - Tue, Apr 16, 2019, 5:20 AM

UAE government at forefront to offer startups the required support to unlock their potential and help the nation build a better tomorrow
Author: MAGNiTT

By Khaleej Times / Sandhya D'Mello

 

SOURCE: Khaleej Times - UAE government at forefront to offer startups the required support to unlock their potential and help the nation build a better tomorrow


The UAE's entrepreneurial risk and appetite are both growing as more and more funding programmes come to forefront to encourage the youth to display their talent and innovation as technology supersedes all the sectors of the economy. The growing number of startups, incubators, mentors covering the entire ecosystem in the UAE makes the market very competitive and encourages the youth to press forward with latest innovations.

The UAE government - both Abu Dhabi and Dubai - has been at forefront to offer all the requires support for the startups to unlock their potential and help the nation build better and smarter tomorrow.

Dubai-based Relam Investment - founded in 2018 - through a partnership between Vault Investments - diversified investment company established in 2012, Dubai - and MIG Holdings. Relam now focuses on investments in Vietnam, Thailand, UAE, Middle East, UK, Turkey, Far East and South East Asia.

"Relam Investment started an initiative called Relam Star to support growing technology companies through a dedicated fund. Relam through its accelerator programme called Relam Star will challenge the startups and SME's to showcase their ideas, challenges to grow to the next level and as a result of this fund, winners will be awarded funding according to the programme funding procedures and the uniqueness of the entrepreneur's idea," said Sultan Ali Rashed Lootah, chairman and managing director, co-founder, Relam Investment.

Sultan Lootah occupies the role of the Chairman and CEO of Hetachain and Managing partner of Vault Investments currently, as well as being the Chairman of Emirati- Norwegian chamber of commerce in Oslo and the Chairman of Vietgate General trading.

The venture is self funded and investments have been strategically diversified into various sectors. "We have invested in real estate projects in Vietnam and are in the next level of discussion in India and Egypt. We have also invested in technology projects in public sector in UAE on BOOT (Build Own Operate and Transfer) model. We are in the next stage of discussion in the F&B and retail where we have signed up with one the renowned UK company which has well-known brands for UAE," said Lootah. "We have invested in the field of technology to support different apps and companies more than $6 million and have dedicated $50 million to support startups."

Relam Star eveolved after a through study on the top areas of technology where it covered cross technology sectors fintech, blockchain, shared economy, fleet management, services sector and any other upcoming sectors. We hope to achieve successful outcome from this programme from an investment point of and corporate social responsibility to our society, informs the co-founder.


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