Area 2071 in Dubai launches projects to support emerging tech companies

Area 2071, a centre for firms developing futuristic technologies, launched three pilot projects in the field of financing emerging technology companies on Saturday.

Area 2071, managed by the Dubai Future Foundation, has launched these projects to facilitate the access of emerging companies and startups to investment institutions, especially those that cannot borrow in their early stages to develop their businesses.

The three projects were selected from over 150 projects participating in a special programme launched by District 2071 in partnership with the “i-Dubai Lab” Innovation Center in Procter & Gamble that aims to enable emerging companies in various sectors and markets in the region achieve financial stability, said a statement carried by the Dubai Media Office.

“We are pleased to launch this first-of-its-kind initiative in the field of providing financing to small companies, which aims mainly to support our customers in emerging markets. Our partnership with Area 2071 employs the latest advanced technologies from all over the world and achieves our vision to support small companies in the retail sector to provide products and services of high quality and value,” said Omar El-Shenawy, CEO of Procter & Gamble in the Middle East, East and West Africa, and general export markets.

“Area 2071” – which is supervised by the #Dubai Future Foundation, launches 3 pilot projects in the field of financing emerging technology companies.https://t.co/wT5nQDAMh7 pic.twitter.com/e28mMshQEm

— Dubai Media Office (@DXBMediaOffice) October 10, 2020

The projects were developed by SwipeZoom from the UAE, Next Billion from Singapore, and Hello Gold from Malaysia.

The SwipeZoom project, founded in Dubai in 2012, focuses on providing integrated solutions to make payments and deliver logistical services, allowing e-commerce companies to ship their products globally. It connects financial institutions and small businesses in need financing in a fully automated process.

Next Billion specialises in developing rural products and rapid market processes that can be modified to suit consumer and retail initiatives. It help small retailers increase their profits by pooling local distributors and third-party logistics services at the local and national levels.

HelloGold meanwhile developed the world’s first Shariah-compliant gold platform to buy and sell gold. Since its launch in 2015, the project has attracted more than 200,000 users from around the world.

In January, Sheikh Mohammed bin Rashid Al Maktoum UAE Vice President, Prime Minister and Ruler of Dubai, announced the launch of a Dhs1bn fund to support new economy companies who will operate out of Dubai Future District, and who have the “potential and foresight” to support the emirate’s position as a preferred destination for global talents and entrepreneurs.

Read: New ‘Future District’ created in Dubai, Dhs1bn fund launched for ‘new economy’ firms