News

Foundster Is Dubai’s New AI-Driven Company Setup Service

The AI-powered platform revolutionizes business formation using conversational AI while offering personalized guidance on visas and more.

Published

2 years ago

December 16, 2024

Nour Nasir

foundster is dubai's new ai-driven company setup service

Foundster is a new AI-powered platform designed to simplify the often convoluted process of starting a business in Dubai. Using conversation-based artificial intelligence, the service streamlines company formation, making the process far more efficient for aspiring entrepreneurs.

At its core, Foundster employs advanced AI technology trained on over 980,000 words of specialized content related to UAE corporate law and Freezone regulations. This gives the chatbots the expertise needed to act like knowledgeable business consultants. Entrepreneurs can share their business ideas with AI Assistants through the Foundster website or even via WhatsApp. After evaluating the business concept, AI then ensures compliance with legal requirements and offers tailored solutions to create an optimal company structure.

The process is straightforward and conversational: Founders describe their project, and the AI responds with relevant questions to guide them, helping with everything from selecting the right business activities to choosing a company name and configuring the shareholder structure. The entire experience feels more like chatting with a seasoned consultant than dealing with the traditional complexities of setting up a business.

Even after a company is established, the Foundster Assistant remains a reliable guide. It supports visa applications by sending reminders, providing directions to government offices, and offering quick answers to questions about processes like medical checks and biometric scans. This 24/7 assistance ensures a smooth journey through every stage of the business setup.

Also Read: The Most AI-Proof Career Opportunities In The Middle East

Tobias Hieb, a successful German internet entrepreneur and the driving force behind Foundster, shared his vision in a press release: “At Foundster, we use AI in a very focused way: It handles tasks where it provides founders with the greatest added value. Our experience from supporting hundreds of companies has shown us where the most common challenges lie. We address exactly these pain points with our AI Assistant, making the formation process significantly more efficient”.

The platform’s current focus is on formations in the IFZA Freezone, but the team has ambitious plans for growth. “The successful launch […] is just the beginning,” Hieb stated. “We’re expanding Foundster to include additional Freezones and Mainland formations. Our ultimate goal is to make Foundster the central digital hub for company setups in the UAE. Founders will be able to compare all available options and identify the best solution for their business model”.

News

Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

Egypt’s telecom regulator says $57.6 billion moved through more than 57 million wallets in six months. And one operator handled 77% of the value.

Published

4 days ago

September 12, 2026

Nour Nasir

egypt's mobile wallets are booming but cash still has power

Egypt’s mobile wallets handled EGP 2.96 trillion ($57.6 billion) in transactions in the first half of 2026, according to the National Telecom Regulatory Authority – a 56% rise on the EGP 1.90 trillion ($36.9 billion) recorded a year earlier. Transactions grew faster still, up 62% to 2.22 billion, while registered wallets climbed 23% to 57.01 million.

On one reading, that is exactly what Egypt’s regulators have been pushing for: a payments system that runs through telecom-linked wallets rather than banknotes. But the same data shows how far cash still reaches into it. Cash withdrawals made up just 12% of the transactions taking money out of wallets, yet 75% of the value withdrawn or spent.

Money arrives mostly from bank accounts: transfers through InstaPay accounted for 78% of deposit transactions and 58% of the value deposited, while incoming remittances from abroad made up 3% of deposit transactions but 10% of their value. Once inside, it largely moves between wallets – wallet-to-wallet transfers accounted for 54% of all transactions and 67% of total value, with mobile and internet top-ups a distant second at 25% of volume. In effect, the wallet is serving as a transfer layer: the place money passes through between the bank account and the banknote.

That layer also runs predominantly through one operator. Vodafone Cash held 53% of registered wallets and 57% of active ones, but handled 69% of transactions and 77% of their value. Its nearest rival, e& money, held 23% of registered wallets but 14% of transaction value; Orange Cash 20% and 8%; WE Pay 4% of wallets. How many of the 57.01 million are active is not stated.

Also Read: Visa’s Return To Syria Starts With A Test And A Bank In Lebanon

Adoption is rather uneven in other respects. Men held 38 million wallets, or 67% of the total, against 19 million held by women. Users aged 26 to 45 accounted for half of all wallets, and Cairo alone had 10.6 million, or 19% of the national total, with Giza next at 6.5 million.

The NTRA says it is continuing to work with telecom operators on the regulatory framework for wallet services, part of a wider effort to expand electronic payments and financial inclusion. Its own figures show that effort succeeding on the way in. On the way out, three-quarters of the value still leaves as cash.