News

NEOM Launches Accelerator To Support Saudi Entrepreneurs

The program will support small to medium enterprises and innovative businesses.

Published

1 year ago

March 28, 2023

Nour Nasir

NEOM

A new accelerator program called Seven Senses has been launched by the social responsibility department of NEOM, Saudi Arabia’s hyper-futuristic city development.

The program will support SMEs, as well as craftsmen and other professionals, with the aim of driving innovation and change in the NEOM and Tabuk regions.

نسعى لنترك أثرًا ونغيّر واقعًا ونبني مستقبلًا بجهودٍ مشتركة ومواهب شابة وأفكارٍ لا حدود لها، لنلهم بها غيرنا ونضع بصمتنا في يوم #المسؤولية_الاجتماعية #نلتزم_بمسؤوليتنا_الاجتماعية #نغير_الحاضر pic.twitter.com/EoOXPIDy9m

— المسؤولية الاجتماعية في نيوم (@NEOM_CSR) March 23, 2023

The accelerator program is welcoming applications until May 14. Although the Seven Senses program is open to anyone, officials are keen to encourage media, arts and culture, food, clothing, and new media projects.

The program will begin with a two-day entrepreneurial boot camp on May 28, where 150 entrepreneurs will receive training in business building, marketing, and attracting investors. After that, participants will present their ideas to an expert panel to compete for a place in the accelerator, held between late May and August.

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“The idea of the NEOM accelerator program Seven Senses, which was designed after extensive studies of the market reality, came to support entrepreneurs and owners of emerging companies in the regions of NEOM and Tabuk through scientific and practical paths that contribute to developing their capabilities,” says Meshari Al Mutairi, Executive Director of Government Affairs at NEOM.

After completing the program, participants will enjoy priority access to entrepreneurial opportunities in the NEOM area, as well as lucrative investment opportunities.

News

du Considers Adding Crypto & Investment Tools To New Service

The company plans to bridge gaps in one of the financial market’s most underserved demographics, according to its CEO.

Published

1 day ago

April 23, 2024

Nour Nasir

du considers adding crypto and investment tools to new service

The Emirates Integrated Telecommunications Company, better known as Dubai-based du, is contemplating incorporating cryptocurrency and investment tools into its recently launched financial technology platform, according to CEO Nicolas Levi.

According to Levi, the potential enhancements would enable improved portfolio management for investors. The new tools and features would be realized through future partnerships while continuing to adhere to strict UAE regulations.

“Cryptocurrencies are being used as an investment. Will we have an investment product one day potentially? I’m not saying no to that. Will we use crypto for our own transactions? There are some plans with the [UAE] central bank to work on that,” Levi said in a recent interview.

The UAE Central Bank does not currently recognize cryptocurrencies as legal tender. However, the regulator began implementing its own form of digital currency back in March 2023, known as Digital Dirham. Additionally, the UAE Central Bank’s endorsement of legitimate crypto enterprises for banking services underscores the Emirates’ commitment to addressing real-world financial needs.

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du Pay, the company’s inaugural venture into the FinTech sector, had a soft launch earlier this month after UAE Central Bank authorization. Offering an array of financial services like domestic and international transfers, bill payments, recharges, and salary receipts through a unique IBAN, du Pay marks a significant strategic move by the telecom firm into the digital finance space.

The rising trend of mobile-based financial services in the UAE, including digital wallets and online payments, mirrors global trends. Statista projects the digital payments market to balloon to $16.7 trillion by 2028, at a CAGR exceeding 9.5% from 2024’s estimated $11.53 trillion.