UAE to boost African start ups

Startups from the UAE and Africa will participate in the first-ever Chamberthon event organised and hosted by Dubai Chamber of Commerce and Industry during the Africa Tech Summit in Kigali, Rwanda, on February 13-15 2019.

Background

The United Arab Emirates is a country in Western Asia at the southeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing maritime borders with Qatar to the west and Iran to the north. The sovereign absolute monarchy is a federation of seven emirates consisting of Abu Dhabi (which serves as the capital), Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain. Each emirate is governed by a ruler; together, they jointly form the Federal Supreme Council. One of the rulers serves as the President of the United Arab Emirates.

Sheikh Zayed, the ruler of Abu Dhabi and the first President of the UAE, oversaw the development of the Emirates and steered oil revenues into healthcare, education and infrastructure. The UAE's economy is the most diversified in the Gulf Cooperation Council, while its most populous city of Dubai is an important global city and international aviation and maritime trade hub. Nevertheless, the country is much less reliant on oil and gas than in previous years and is economically focusing on tourism and business.

The UAE's rising international profile has led to it being recognised as a regional and middle power. It is a member of the United Nations, the Arab League, the Organisation of Islamic Cooperation, OPEC, the Non-Aligned Movement and the Gulf Cooperation Council.

Analysis

The Manager, Public Relations and Corporate Communications, Dubai Chamber of Commerce and Industry, Ruba Abdel Halim in a statement said the details about the Chamberthon and mentorship programme were revealed during a kick-off meeting held at Dubai Chamber’s headquarters, which was attended by the UAE startups that will be joining the Dubai Chamber-led trade mission to Kigali this week.

The Chamberthon will provide a creative environment where UAE and African startups can collaborate and develop new innovative ideas that will be used to structure the Global Business Forum Mentorship Programme, a holistic three-month programme that will pair startups with mentors who can provide them with valuable expertise, support and guidance.

The new mentorship programme is an extension of the Dubai Chamber’s Global Business Forum on Africa platform. During the Chamberthon event, 20 UAE and African startups will be divided into mixed teams and develop and present their concepts for the mentorship programme, while the participating startups will also be given an opportunity to attend the Africa Tech Summit in Kigali.

A total of 10 startups from the UAE and Africa that make the final cut will be selected to participate in the mentorship programme later this year, which will be joined by a pool of expert mentors. The programme provides many benefits beyond mentorship, including access to networking and Dubai Startup Hub services and support, as well as speaking and exhibiting opportunities at the 5th Global Business Forum (GBF) on Africa in Dubai, taking place in November 2019.

Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry said: “By bringing UAE startups to Africa to participate in the Chamberthon and Africa Tech Summit, we are creating a platform for continued cooperation between the two business communities. We are very optimistic about the prospects for the Chamberthon and we are confident that it will achieve its objectives and create a programme that really benefits startups and support them with mentorship and expansion.”

He added that the Chamberthon and the GBF Mentorship programme falls in line with Dubai Chamber’s strategy exploring promising markets around the world and identifying business opportunities in African markets that offer the most potential to its members and the business community in Dubai.

Assessment

Our assessment is that the UAE’s decision to support domestic and African startups is a sign of their willingness to diversify its oil-dependent economy. We believe that by supporting grassroot level startups in Africa, the UAE will deepen its influence in the FinTech and technology innovation industry on the continent.

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Image Courtesy: Africa News