Majid Al Futtaim Ventures Invests in Beam Wallet

Beam Wallet, a mobile commerce and rewards platform developed and launched in the UAE in 2012 – has announced a landmark investment from Majid Al Futtaim Ventures.  

The partnership marks a first-time entry into the fast growing tech industry for Majid Al Futtaim Ventures.

Beam Wallet’s smart mobile phone application targets consumers in the UAE, with more than 100,000 users and over 1,100 retail outlets using the mobile commerce platform.

Enabling Beam Wallet to scale operations locally, regionally and internationally, the investment also gives Majid Al Futtaim Ventures an equity stake in the platform.  Majid Al Futtaim’s core business is in shopping malls, retail and leisure.

Beam Wallet’s mobile platform gives businesses an additional marketing channel and the capacity to reward customers directly.  Consumers can make secure payments, accrue benefits, offers and rewards, while also keeping track of their budgets.

BECO Capital increases its stake in propertyfinder

Following aggressive expansion in the region, going from two to seven markets in 12 months, propertyfinder’s lead investor, BECO Capital, has committed to further funding of the leading property site in the MENA region.

The additional funding will be used to develop the product and tech team and intensify the sales and operations in key markets such as Saudi Arabia.

propertyfinder employs 120 people across 7 markets and recently moved into a brand new 8,000 sq. ft. office in Dubai Media City.

Established in 2007, the Propertyfinder Group owns and operates market-leading real estate portals across the region. Available in both English and Arabic, our websites provide visitors with comprehensive search facilities covering residential and commercial properties, real estate news, home advice and buying and selling guides, whilst agents enjoy access to the region’s largest potential audience of property seekers.

Current propertyfinder traffic statistics show us as a leader in the industry with 1 million visitors and 150,000 enquiries per month. Visits have grown by over 105% in the last 12 months and an impressive 298% in the last two years.

A winner of the ‘Enterprise Agility Awards’, ‘Dubai SME 100’ for the second consecutive cycle, the SMEinfo ‘Online Business of the Year’ and the Arabian Business Start-Up ‘SME of the Year’ titles and the ‘Arabia Fast Growth 500’ award in 2012 and with a presence in the UAE, Qatar, Egypt, Lebanon, Bahrain, Morocco and Saudi Arabia, the propertyfinder group is one of the fastest growing companies in the region. 

The Group aims to be in a total of nine countries, with a focus on the GCC and other parts of the Middle East in the coming months.

Building Opportunities in a $4trillion GCC Construction Sector

Demand and investment in infrastructure construction projects across the GCC continues to show robust growth as regional governments look to diversify economies away from their rich oil and energy sectors.

The Middle East is expected to spend over $4 trillion on infrastructure in the next decade, which means vast and significant opportunities for companies providing construction services, materials, equipment, logistics, man power and consultancy.

In this blog post, I’ve collated a snap shot of each GCC country’s strengths and opportunities in the construction sector, together with an overview of the largest projects currently underway and forecast. A breakdown of projects by sector is also highlighted.

UAE Strengths

• Government-supported infrastructure spending in transport and utilities will intensify as a means of diversifying the economy away from oil, in addition to keeping the population quiescent at a time of wider unrest.

• A clear regulatory environment and the governing of private investments in infrastructure create a favourable investment climate.

• State-owned utilities (ADEWA, DEWA) are willing to take on majority equity stakes in projects and provide government guarantees in a bid to attract investors.

UAE Opportunities

• The decline in cement and steel prices in the region reduces the cost of new projects.

• The construction industry remains one of the largest sectors in the UAE, after oil & gas, as the country tries to transform its oil-dependent economy by spending billions of dollars on its infrastructure and tourism sectors.

• Government willingness in Dubai and Abu Dhabi to allow private participation in infrastructure still appears high.

• The UAE is becoming a hub for renewables and green tech, with Masdar spearheading new ventures.

KSA Strengths

• Saudi Arabia has the largest construction sector in the Middle East. Alongside active government spending, efforts are also being made to increase private investment. Government-led activity boosted by oil windfalls is driving demand in the construction industry.

• The Ninth Development Plan for the Kingdom of Saudi Arabia sets out plans to invest SAR 1,444bn (US$385bn) in social and economic infrastructure between 2010 and 2014.

• The total value of contracts issued in the Kingdom's construction sector grew by 50% year-on-year in H212 (following a 140% y-o-y increase in awards during 2011).

KSA Opportunities

• The number of ongoing mega-projects means that many multinational firms have a presence in the country.

• Increasing private investment should provide opportunities for large foreign contractors to increase their involvement in the country.

• As other construction industries in the Gulf stagnate, construction companies look to Saudi Arabia for opportunities.

• Saudi Arabia remains a 'construction safe heaven' amid both wider political and financial turmoil.

Qatar Strengths

• Construction of large-scale transport infrastructure projects is under way - a move that will ease the strain on existing infrastructure.

• A number of international companies operate in the country, which is open to international private sector involvement.

Qatar Opportunities

• Qatar is developing its non-oil sector, thereby supporting infrastructure development.

• Hosting the FIFA 2022 World Cup should yield considerable contracts across the construction and infrastructure sectors.

Kuwait Strengths

• With large oil reserves, Kuwait has a significant cushion to weather economic difficulties.

• The country has been generating surpluses for a number of years, meaning it has financing available for large projects.

• USD 12.6bn infrastructure investment will further boost development and growth.

• Tighter integration with neighboring states makes Kuwait a more enticing investment prospect.

• Kuwait has a strong country structure and Kuwaiti firms have considerable infrastructure and construction expertise.

Kuwait Opportunities

• The tight integration of infrastructure development between Gulf states throughout the GCC provides opportunities for Kuwaiti firms to win contracts in the region.

• The Al-Zour refinery project appears to be back on track, offering opportunities for both energy infrastructure and wider construction projects.

• The government's continuing support for infrastructure stimulus provides opportunities for developments. Improvements in power and transmission systems are particularly beneficial for sustained growth.

Oman Strengths

The government’s strategy to diversify away from oil is well under way and is helping to drive infrastructure and tourism development.

• The government is keen to attract the private sector, including foreign companies, and has a strong market orientation.

Oman Opportunities

• Growing tourism and transport infrastructure offer opportunities for developers and new business in the country.

• Diversification of the economy will lead to a number of construction contracts and investment into accompanying infrastructure.

Anticipation builds for region’s largest-ever SME event

SME Beyond Borders gets underway on November 30 at the Madinat Arena, with the eyes and ears of the GCC keenly watching developments. 

The event brings to the UAE a high-powered cluster of international thought leaders in the SME and Enterprise space, including figures such as Deutsche Bank’s Roberto Mancone, Microsoft’s Mohamad Mourad and Markus Massi, Managing Director, the Boston Consulting Group. 

The event develops the all-important theme of the ‘West-East corridor’ and the value-chain that it opens for regional SMEs as they venture onto the world’s latest trade superhighway. 

Event presenting partner National Bank of Abu Dhabi believes that SME Beyond Borders can give every SME practical and unique guidance on how to benefit from the quantum shifts currently taking place in the world economy.

Luxury Superyacht app launches in the Middle East

The world’s leading luxury superyacht brokerage service, Yachting Partners International (YPI), has launched a new mobile app in the Middle East to enable wealthy individuals to book bespoke holidays at the touch of a button.

The app opens up a new world of astounding holiday experiences that cater to a customer’s every need. The yachts are kitted out with fully air-conditioned gymnasiums, private Jacuzzis and even helipads, a popular feature with executives flying in from abroad.

Accessible through the app is the world’s first live interactive dedicated yacht search, Yachts Around Me, based on yachts’ real-time location. The filterable search feature allows users to find out more about the yachts they see around them or yachts they specifically would like to know more about. Users also benefit from stunning photo galleries of a yacht, along with details indicating whether the vessel is available for charter or sale.

The app presents an overview of luxury yachting including the locations, the yachts and how luxury yacht charter works. It includes features, interviews and easy-to-understand beginners’ guides together with recommended exclusive holiday destinations, itineraries and yacht galleries.

The app is now available on both the Play and App store for free download.

TURN8 Seed Accelerator launches search for new round of innovative start-ups

Dubai-based TURN8 seed accelerator has commenced the Scouting Phase of its fourth round, searching for early stage technology business ideas at a number of events around the world and via an online portal. 

Founded in 2013 by DP World, TURN8 continues its mission to enhance entrepreneurship and innovation in the region by offering mentorship, training and seed funding to exceptional business start-ups, which it fosters from idea to market as part of a four-month accelerator program in Dubai. 

The TURN8 program seeks innovative businesses or technology ideas in a variety of areas, including Web or mobile applications, e-commerce portals, Arabic content advancements, education and e-learning enhancements, sustainable living technologies, crowdsourced services, social networking innovations and healthcare technologies. 

Entrepreneurs are encouraged to apply for the program via the online portal. In addition, idea pitching events will be held in select cities including Dubai and Abu Dhabi, as well as Beirut, Lebanon; Barcelona, Spain; and Nis, Serbia. Winning startups will be invited to Round 4 of TURN8, beginning 1 February, 2015.

Mohamed Elwazer, CEO and Founder of KinTrans and a TURN8 graduate said: "Building your start-up is a very tough process. Entrepreneurs need people around them to offer advice and support, people who you feel really believe in you. I found that with TURN8, and that is what has made KinTrans so successful up to now." 

For information about Round 4 events or to apply online, go to http://www.turn8.co/apply.