Fincasa and IMT Dubai sign agreement to help grow US$1 billion start-up eco-system
Fincasa, a Dubai-based investment advisory, has signed an agreement with IMT Business School Dubai, an international business school that is devoted to preparing industry-ready, socially responsible, and aware professionals for businesses in the Middle East and around the world, that will support budding entrepreneurs to grow their businesses in the UAE and help expand the start-up eco-system in the UAE.
Fincasa is a well-established financial advisory firm in UAE that invests in young talents and budding businesses.
The agreement will help fund business ideas of students of IMT Business School and turn them into successful start-ups with the support of Fincasa. This will eventually help breed new businesses, create employment and help the UAE economy grow.
Sayed Varis, CEO of Fincasa, “We get a lot of funding requests, a difficult choice indeed is to select the worthiest ones. However, this agreement will help us to support good business ideas coming from the students of IMT Business School and turn them into successful start-ups, help them grow.
“If things go as planned, we could see scores of start-ups being created through our collaborative efforts. Instead of becoming job-seekers, we will see IMT Business School produces job-creators through the start-ups.”
A staggering $1.03 billion was plowed into MENA-based startups in 2020, marking a 13 per cent increase from 2019, startup data platform MAGNiTT said, despite the devastating impact of the COVID-19 pandemic.
Three innovation hotspots – the UAE, Egypt and Saudi Arabia – accounted for 68 per cent of the total deals disclosed in 2020. The UAE led the pack with 56 per cent of all capital deployed regionally, equalling $579m and with 26 per cent of the deals, with 129 transactions last year.
IMT Business School Dubai produces a good number of young talented and skilled management professionals in the UAE.
Dr. Subhajyoti Ray, Director of IMT Business School Dubai, says, “The UAE ecosystem for the startup has never been better, but you still need the right skills and knowledge to be successful. This collaboration has the potential to revolutionize the start-up scenario in UAE.”
Dubai is a financial hub and is a city of opportunities. The city has seen a boost in startup companies being established. The government of UAE is popularly known to be a startup-friendly government due to its relaxed taxation policies, safe and secure environment, great infrastructure, and strong technological support available for a business to start and grow fast.
The government has implemented the Golden Visa for “investors and young talents”. A foreigner can study, live and work without any support from a national sponsor as well as he can possess his own business in the UAE province. The Golden Visa will be issued for 5 or 10 years giving full opportunity to entrepreneurs to understand the market and flourish their business.
Apart from these, the UAE government has come up with various start-up friendly initiatives like free zones, stable exchange rate, multicultural environment, friendly immigration laws. In the above scenario the collaboration between these two giants, IMT and Fincasa are ready to write numerous new success stories of startups.