Sheikh Mohammed bin Rashid: Welcome to the state of the future

The Honorable The vice president, prime minister, and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, may God protect him, extended a warm greeting to all the dignitaries of the nations, businesses, and academic institutions taking part in the World Telecommunications Conference 2023, which the UAE is hosting.

His Highness explained via the X application:

The countries of the world agree on wireless communications, their frequencies, and their role in new sectors such as health, education, manufacturing, smart cities, etc. stated His Highness at the 2023 World Telecommunications Conference.

His Highness said, We are happy that the government of the United Arab Emirates is hosting this international event. We extend a warm welcome to all representatives of nations, businesses, and academic institutions. Come and join us in the country of the future, the United Arab Emirates."

Conversely, a number of startup companies in Dubai operating in a variety of fields—from fintech to the hotel technology sector and the metaverse—were asked about their thoughts in order to determine the most important approaches and factors that can facilitate growth and the development of a successful business that can command a high market valuation, as well as the difficulties. dreaming about a unicorn.

a nurturing atmosphere

"Companies like Careem are the right examples of determined, agile, and resilient startups," stated Philippe Bahoushi, founder and CEO of MAGNITT. "We saw unicorn Careem celebrate its 10th anniversary earlier this year."

"It's great to see the UAE, a melting pot of cultures, giving local startups this push and momentum to grow and expand across the region," Bahoushi continued.

Bahoushi noted that while the difficulties faced by startups are the same regardless of the state of the economy, they get more challenging during hard times. This is particularly true given that the US Federal Reserve is still enforcing its strict anti-inflation policy, which has had a negative impact on the amount of venture capital financing that has been provided in the past.

He went on to say that one of the biggest challenges facing new businesses today is expansion and access to new markets, particularly given the disparities in economic power in the region. He also said that it is extremely difficult to grow your market by reaching new geographic areas, which makes project financing more challenging and competition fierce. The expense of living and the allure of the United Arab Emirates have resulted in a rivalry for talent and rising pay, which has made it difficult to keep existing talent as well as recruit new talent, even though economic indicators point to a slowdown in economies.

Actual value added

The CEO and co-founder of the Tharwa platform, Mark Shahwan, stated that the platform and financial application were introduced in February 2018 in Dubai and are headquartered in the Dubai International Financial Center. The website makes it easier for customers to invest in international markets and lets them buy equities and exchange-traded funds. Purchasing and selling virtual currencies, long-term savings and investing, and a host of other financial goods.

According to Shahwan, the platform has raised a total of $25 million through several funding rounds to date. We began in 2017 with a seed round, progressed to a series A round, and concluded with a series B round with the backing of Mubadala Company, which was the lead investor along with other partners like the Global 500 Fund, the Shurooq Fund, the Dubai International Financial Center Financial Fund, and the Kuwaiti KIPCO Fund.

In response to a question about his hope that the startup business will become a unicorn, Shahwan stated that a number of factors would help the company's evaluation rise. The most crucial of these is the initiation and launch stage, which is reflected by three key elements: time, attractiveness, and the work team. Of course, the business needs the right kind of funding in order to develop, grow, and produce a product for the market.

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